第三章 货币市场.pptxVIP

第三章 货币市场 The Money Markets导论货币市场是一个错误的概念The term of money market is a misnomer. 一个并不交易货币（money or currency）的货币市场。在货币市场上交易的是具有短期性和流动性的证券（the securities that do trade are short-term and highly liquid, they are close to being money）。Copyright?Zhenlong Zheng2003, Department of Finance, Xiamen University导论货币市场工具的特征The basic characteristics of money market instrumentsMoney market securities are usually sold in large denominationsThey have low default riskThey mature in one year or less from their original issue date. Most money market instruments mature in less than 120 days.Copyright?Zhenlong Z