国际金融学-上海金融学院.ppt

Interest Rate Swap-2 绝对优势 相对优势 A方 B方 比较成本 信用等级 AAA BBB 借入资金 固定利率筹资成本 11?% 14% 2?% 浮动利率筹资成本 LIBOR LIBOR+1% 1% 净差 1?% Interest Rate Swap-3 A 方 B 方 固定利率资金市场 11?% 浮动利率资金市场 LIBOR+1% 固定利率 LIBOR 互换 Prospect of Eurocurrency Market—English version 2 Freedom from reserve requirements is probably the most important regulatory factor that makes Eurocurrency trading attractive to banks and their customers. Eurodollar deposits are available in shorter maturities than the corresponding time deposits banks are allowed to issue in the United States. Prospect of Eurocurrency Market—English version 3 In 1981, the Fed allowed resident banks to set up international banking facilities (IBFs) in the United States for the purpose of accepting time deposits and making loans to foreign customers. IBFs are not subject to reserve requirements or interest rate ceilings, and they are exempt from state and local taxes. But an IBF is prohibited from accepting deposits from or lending money to U.S. residents. Technically speaking, a dollar deposit in an IBF is not a Eurodollar because the IBF resides physically within the United States. Asian Offshore Currency Markets--1 Many countries intend to lure lucrative international banking business to their shores while trying to insulate domestic financial systems from the banks’ international activities. Similar international banking enclaves in the Asian Currency Units of Singapore, Hong Kong and the Tokyo Offshore Market. Asian Offshore Currency Markets--2 亚洲货币市场的形成和发展 1968.10.1为标志该市场诞生。美国银行新加坡分行获准在银行内部设立一个亚洲货币单位(Asian Currency Unit)。批准16家银行经营离岸金融业务。吸收存款3.9亿美元。 1978香港开始亚洲美元的争夺业务。1982取消外币存款利息收入15%的预扣税。将全世界欧洲美元存款吸引过来。（马尼拉的离岸业务1977开始） 1986.12.1东京离岸金融市场模拟美国的国际银行业务设施(IBF)并且有日元国际化后盾的支持。 Of Samurai and Sushi: IOpening Japan’s Financial Markets Starting in the late 1970s the Japanese began to liberalize the capital account by removing restrictions on foreign purchases of domestic assets. In Many 1984, under American pressure, the U.S. Tre