金融市場(chǎng)英文教學(xué)課件：Summary-chapter 2

1、Summary-Chapter 2The basic function of financial markets is to channel funds from savers who have an excess of funds to spenders who have a shortage of funds. Financial markets can do this either through direct finance, in which borrowers borrow funds directly from lenders by selling them , or throu

2、gh indirect finance, which involves a financial intermediary that stands between the lender-savers and borrower-spenders and helps transfer funds from one to the other. This channeling of funds improves the . Because they allow funds to move from people who no investment oppotunities to those who ha

3、ve such oppotunities, financial markets contribute to economic efficiency. economic welfare of everyone in the society In addition, channeling of funds directly benefits consumers by allowing them to make purchases when they need them most.securities productive金融市場(chǎng)的基本功能是將資金從擁有盈余資金的儲(chǔ)蓄者手中轉(zhuǎn)移至資金短缺的消費(fèi)者手中

4、。金融市場(chǎng)發(fā)揮這一職能，可以通過直接融資的方式，即借款人通過發(fā)行證券的方式直接從貸款人手中獲取資金，也可以通過間接融資的方式，即貸款-儲(chǔ)蓄者和借款-消費(fèi)者之間的金融機(jī)構(gòu)幫助雙方實(shí)現(xiàn)資金的轉(zhuǎn)移。資金的這種流動(dòng)提高了社會(huì)中每個(gè)人的經(jīng)濟(jì)福利。由于資金可以從沒有生產(chǎn)性投資機(jī)會(huì)的人手中流向有生產(chǎn)性投資機(jī)會(huì)的人手中，從而提高了金融市場(chǎng)的經(jīng)濟(jì)效率。 此外，資金的流動(dòng)也給消費(fèi)者帶來了好處，它使得消費(fèi)者在最需要的時(shí)候可以進(jìn)行購買。Financial market can be classified as debt and equity market exchanges and over-the-counter

5、market金融市場(chǎng)可以被分為債券市場(chǎng)和股權(quán)市場(chǎng)、一級(jí)市場(chǎng)和二級(jí)市場(chǎng)、交易所和場(chǎng)外市場(chǎng)以及貨幣市場(chǎng)和資本市場(chǎng)primary and secondary market, and money and capital market. An important trend in rencent years is the growing internationalization of financial markets. , are now the dominant security in the international bond market and have surpassed U.S. cor

6、porate bonds as a source of new funds. ,which are U.S. dollars deposited in foreign banks, are an important source of funds for American bank. Eurobonds, which are denominated in a currency other than that of the country in which they are soldEurodollars近年來，金融市場(chǎng)發(fā)展的一個(gè)重要趨勢(shì)就是國(guó)際化程度日益增強(qiáng)。歐洲債券是一種在計(jì)價(jià)貨幣發(fā)行國(guó)以外

7、的國(guó)家發(fā)行的債券，目前已成為國(guó)際債券市場(chǎng)的主導(dǎo)證券，并且已經(jīng)超越美國(guó)企業(yè)債券，成為美國(guó)新的資金來源。歐洲美元是存儲(chǔ)在國(guó)外銀行的美元，已經(jīng)成為美國(guó)銀行重要的資金來源Financial intermediaries are financial institutions that acquire funds by issuing and, in turn, use those funds to acquire by purchasing securities or making loans. Financial intermediaries play an important role in the

8、 financial system because they reduce , allow risk sharing, and solve problems created by and . As a result, financial intermediaries allow small savers and borrowers to benefit from the existence of financial markets, thereby increasing the efficiency of the economy.liabilitiesassetstransaction cos

9、tsadverse selectionmoral hazard金融中介機(jī)構(gòu)是通過發(fā)行負(fù)債籌集資金，并將資金用于購買證券或發(fā)行貸款來獲得資產(chǎn)的金融機(jī)構(gòu)。金融機(jī)構(gòu)降低了交易成本、實(shí)現(xiàn)了風(fēng)險(xiǎn)分散、解決了由逆向選擇和道德風(fēng)險(xiǎn)所導(dǎo)致的問題，從而允許小額儲(chǔ)蓄者和借款人進(jìn)入金融市場(chǎng)，提高了經(jīng)濟(jì)效率，因此金融中介機(jī)構(gòu)在金融體系中發(fā)揮著重要作用。The principal financial intermediaries fall into three categories: (a)banks- commercial banks, , mutual savings banks, and ; (b) contra

10、ctual savings institutions- , fire and casualty insurance companies, and pension funds; and (c) investment intermediaries- , mutual funds, and money market mutual funds.savings and loan association credit unionslife insurance companiesfinance companies 主要的金融中介機(jī)構(gòu)可以分為三類：1.銀行-商業(yè)銀行、儲(chǔ)蓄和貸款協(xié)會(huì)、互助儲(chǔ)蓄銀行、信用合作社；

11、2.契約性儲(chǔ)蓄機(jī)構(gòu)，人壽保險(xiǎn)、火災(zāi)和意外傷害保險(xiǎn)、養(yǎng)老基金；3.投資中介機(jī)構(gòu)，財(cái)務(wù)公司、共同基金、貨幣市場(chǎng)共同基金。The government regulates financial markets and financial intermediaries for two main reasons: to increase the information available to investors and to ensure the of the financial system. Regulations include requiring disclosure of information to the public, restrictions on who can set up a financial intermediary, restrictions on the assets financial intermediaries can hold, the provision of , limits on copetitio