Chapter 9 International Financial Market(国际金融国家级课程上海金融学院).pdf

ChaChapppp ter 9ter 9 International Financial MarketInternational Financial Market • 国际金融市场的概念： 国际间居民与非居民之间国际间居民与非居民之间，，非居民与非居民之间非居民与非居民之间 进行金融活动的场所和关系的总和。 11. InternationalInternational moneymoney marketmarket vsvs. InternationalInternational capital market; 22. InternationalInternational securitysecuritysecuritysecurity marketmarket andand stockstock market;market; 3. Traditional (on-shore) market and offoff--shoreshore markket; FFormation oormation offff International International ffff inancialinancial marketmarket——Conditions:Conditions: 1. Economic and political stability; 2. No strict exchange control, currency convertibility, and national treatment; 3. Developed (mature) domestic financial market, and agglomeration of financial institutions; 4. Advanced facilities for international communication and location of easy transportation. 5. Rich in skilled and trained personnel and staff members. Development of international financialDevelopment of international financial markemarkett——11 Before Center: LLondonondon World War I Key Currency: Pound Sterling BBankk off EEngllandd ddomiinatedd During and after Center: LondonLondon WWorldld WWar II; Sterling Bloc Sterling Area 1914~1931 Declining of British Dominance After World War Center 1: New YorkNew York ; Key Currency dollar II;II; both moneyy and cappital market Center 2: ZurichZurich ; Foreign Exchange market and gold market Center 3: LondonLondon ; Development of international financialDevelopment of international financial