货币银行学自己整理ppt.docVIP

A bond is a debt security that promises to make payments periodically for a specified period of time承诺按一定利率支付利息并按约定条件偿还本金的债权债务凭证An interest rate is the cost of borrowing or the price paid for the rental of funds Common stock represents a share of ownership in a corporation A share of stock（股份）is a claim on the earnings and assets of the corporation The foreign exchange market: 外汇交易市场 The foreign exchange market is where funds are converted from one currency into another The foreign exchange rate is the price of one currency in terms of(折合) another currency The foreign exchange market determines（限定） the foreign exchange rate Financial intermediaries 金融中介: institutions that borrow funds from people who have saved and make loans to other people: Deposit 存放押金； advent 到来，出现；Aggregate 总计； expenditure 支出额； revenue总收入 Function of financial markets: Basic function: channeling funds from economic players that have saved surplus funds to those that have a shortage of funds 资金 Direct finance直接融资: borrowers borrow funds directly from lenders in financial markets by selling them securities 抵押品(bonds, stock , etc). ： （1）Promotes economic efficiency by producing an efficient allocation(分配) of capital, which increases production. （2）Directly improve the well-being of consumers by allowing them to time purchases better Structure of financial markets: Debt instruments (maturity) (债务)； equities(dividends)（股票的） Primary and secondary market: Investment banks underwrite承担责任 securities抵押品 in primary markets Brokers and dealers work in secondary markets Exchanges and over-the-counter markets Money and capital markets货币与金融市场: Monkey markets deal in short-term debt instruments Capital markets deal in longer-term debt and equity instruments Internationalization of financial markets (glossary): Foreign bonds: sold in a foreign country and denominated in that country’s currency 外国债券是指外国借款人（政府、私人公司或国际金融机构）所在国与发行市场所在国具有不同的国籍并以发行市场所在国的货币为面值货币发行的债券。Eurobond: bond denominated in a currency(通货) oth