金融英语考试词汇解释 第二章.pdfVIP

第二章 1 Financial intermediaries 1 Financial intermediaries 11、FFiinnaanncciiaall iinntteerrmmeeddiiaarriieess 金融中介 A special and important type of financial institution Transforming financial assets acquired through the market and constituting 组合them into a different, and more widely preferable, type of asset, which becomes their liability. 1 Depository institutions 1 Depository institutions 11 DDeeppoossiittoorryy iinnssttiittuuttiioonnss 存款机构 Acquire the bulk of their funds by offering their liabilities to the public mostly in the form of deposits. 2 Direct investments 2 Direct investments 22 DDiirreecctt iinnvveessttmmeennttss 直接投资 Intermediaries obtain funds from market participants and invest these funds 3 Indirect investments 3 Indirect investments 33 IInnddiirreecctt iinnvveessttmmeennttss 间接投资 Market participants who give their funds to the intermediaries and who thereby hold claims on these institutions 4 commercial bank 4 commercial bank 44、ccoommmmeerrcciiaall bbaannkk 商业银行 accepts deposits and uses the proceeds to lend funds to consumers and businesses. 5 Investment company 5 Investment company 55、IInnvveessttmmeenntt ccoommppaannyy 投资公司 It pools the funds of market participants and uses those funds to buy a portfolio of securities such as stocks and bonds. 6 Maturity intermediation 6 Maturity intermediation 66、MMaattuurriittyy iinntteerrmmeeddiiaattiioonn 期限中介 The investor (depositor) often wants only a short-term claim, which the intermediary can turn into a claim on long-term assets. This function of a financial intermediary is called maturity intermediation 7 Diversification 7 Diversification 77、DDiivveerrssiiffiiccaattiioonn 分散化投资 Transforming more risky assets into less risky ones. 8 Information processing costs 8 Information processing costs 88、IInnffoorrmmaattiioonn pprroocceessssiinngg ccoossttss 信息处理成本 e.g. the opportunity cost of the time to pr