欧洲货币市李场的利弊.pptVIP

The Pros and Cons of the Eurocurrency Markets 欧洲货币市场的利弊 Eurocurrency Market Some Concerns Expressed about Eurocurrency Markets The major one: Eurocurrency markets have enormous amounts of funds and the potential to create credit and yet remain unregulated. Another concern: their potential impact on inflation. Other concerns The major concern: a ticking time-bomb under the world financial system The failure of one Euro-bank ↓↓↓ serious knock-on effects on other Euro-banks ↓↓↓ endanger the entire international financial system Inter-bank activity: 同业拆借 同业拆借是指金融机构(主要是商业银行)之间为了调剂资金余缺，利用资金融通过程的时间差、空间差、行际差来调剂资金而进行的短期借贷。我国金融机构间同业拆借是由中国人民银行统一负责管理、组织、监督和稽核。金融机构用于拆出的资金只限于交足准备金、留足5%备付金、归还人民银行到期贷款之后的闲置资金，拆入的资金只能用于弥补票据清算、先支后收等临时性资金周转的需要。严禁非金融机构和个人参与同业拆借活动。 Potential Impact on Inflation? Fact: the rapid growth of the Eurocurrency markets in the 1960s and 1970s coincided with a pronounced rise in the inflation rates of the industrialized nations. Argument of some policy-makers and economists: Eurocurrency market growth is partly responsible for it Basis: the growth of Eurocurrency markets with no reserve requirements have an expansionary effect on national supplies and help to fuel inflation rates Reserve ratio：银行准备金率，用于保证银行对客户的正常支付，限制信贷扩张 Redeposit：转存，转存的意思就是说定期到期了，银行自动给你续存 Furthermore, McKinnon has made the important point that what is important in deciding whether Euro-banks are responsible for credit creation is their net addition to the supply of dollars, i.e. the addition to the global supply of dollars as compared with the supply of dollars in their absence On this basis he found little evidence to support the view that they have led to a massive expansion of global money supplies. Other concerns Hogan and Pearce: the rapid growth of Eurocurrency markets is due to one set of countries being in persistent balance-of-payment surplus, and another group in persistent deficit. The Euromarkets are viewed as recycling funds from the surplus countries