1.09.第9章货币市场.ppt

第9章 货币市场 第一节 货币市场的定义 第二节 货币市场的目的 第三节 货币市场的参与者 第四节 货币市场工具 第五节 货币市场证券的比较 Chapter Preview We review the money markets and the securities that are traded there. In addition, we discuss why the money markets are important in our financial system. Topics include: The Money Markets Defined(定义) The Purpose(目的) of Money Markets Who Participates(参与者) in Money Markets? Money Market Instruments(工具) Comparing(比较) Money Market Securities 第一节 货币市场的定义 货币市场交易的是期限在1年期以内金融工具 Regulations The term “money market” is a misnomer (用词不当). Money (currency) is not actually traded in the money markets. The securities in the money market are short term with high liquidity, therefore they are close to being money. 货币市场证券的特点 期限短 They mature in one year or less from their issue date 风险低 They have low default risk 流动性高 Money market securities are usually sold in large denominations ($1,000,000 or more) Why Do We Need Money Markets? In theory, the banking industry should handle the needs for short-term loans and accept short-term deposits. Banks also have an information advantage on the credit-worthiness of participants. 银行业可以缓解信息不对称问题；而且具有规模效应。 Why Do We Need Money Markets? Banks do mediate between savers and borrowers; however, they are heavily regulated. （管制成本 ） 信息不对称问题并不严重. This creates a distinct cost advantage for money markets over banks. Cost Advantages 银行准备金 Reserve requirements create additional expense for banks that money markets do not have; 利率管制 Regulations on the level of interest for purpose to reduce the competition among banks (lessen of Great Depression in 1930s); Cost Advantages Even today, the cost structure of banks limits their competitiveness to situations where their informational advantages outweighs (超过) their regulatory costs. 第二节 货币市场的目的 储存盈余资金 Investors in money market find that the MM Provides a place for warehousing (储存) surplus funds for short periods of time; 短期资金来源 Borrowers from money market find that the money market provides a low-cost