金融市場重點

名詞解釋：Chapter1Security(financialinstrument):aclaimontheissuer’sfutureincomeorassets.證券是發(fā)行人未來的收入或資產(chǎn)的一種憑證。Bond:adebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime.債券是一種在一定時期內(nèi)承諾按周期支付的債務(wù)憑證。Aninterestrate:thecostofborrowingorthepricepaidfortherentaloffunds.利率是借錢的支出，或者是為了租借資金而支付的費用。Stock:ashareofownershipinacorporation.股票表示對某一家公司的一份所有權(quán)。Financialintermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandmakeloanstootherpeople金融中介是從有存款的人手中借錢并且貸款給其他人的機構(gòu)。Financialcrises:majordisruptionsinfinancialmarketsthatarecharacterizedbysharpdeclinesinassetpricesandthefailuresofmanyfinancialandnonfinancialfirms.金融風(fēng)險主要是以資產(chǎn)價格大幅下降和金融、非金融公司倒閉為特征的金融市場的崩潰。Financialinnovation:inparticular,theadventoftheinformationageande-finance.金融創(chuàng)新，特別是指信息時代和電子金融的到來和出現(xiàn)。Theaggregatepricelevel:theaveragepriceofgoodsandservicesinaneconomy.物價總水平是在某一經(jīng)濟中商品和服務(wù)的平均價格。Monetarypolicy:themanagementofthemoneysupplyandinterestrates.貨幣政策是對貨幣供給和利率的管理。Fiscalpolicydealswithgovernmentspendingandtaxation.財政政策處理政府支出與稅收問題。Theforeignexchangemarket:wherefundsarecovertedfromeonecurrencyintoanother.外匯市場是資金從某一種貨幣轉(zhuǎn)換到另外一種貨幣的地方。Theforeignexchangerate:thepriceofonecurrencyintermsofanothercurrency.外匯匯率是一種貨幣在另一種貨幣中的價格。Chapter2Directfinance:borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities.直接融資指借款人從金融市場中以出售證券的形式直接從出借人處借資金。Debtinstruments:promisetorepayadebt債務(wù)證券承諾償還債務(wù)。Maturity:thenumberofyears(terms)untilexpirationdate.到期日是日期終結(jié)的年數(shù)（期限）。Equities:claimstoshareinthenetincomeandassetsofabusiness.股益是一次商業(yè)中所持有的的凈收益和資產(chǎn)的份額的憑證。Dividends:theportionofcorporateprofitspaidouttostockholders.股息是公司利潤中支付給股東的部分。Primarymarket:aprimarymarketisafinancialmarketinwhichnewissuesofsecurity.初級市場是新證券發(fā)行的金融市場。Secondarymarket:asecondarymarketisafinancialmarketinwhichsecuritiesberesold.二級市場是先前發(fā)行的證券被再次出售的金融市場。Moneymarketsdealinshort-termdebtinstruments.貨幣市場經(jīng)銷短期債務(wù)證券。Capitalmarketsdealinlonger-termdebtandequityinstruments.資本市場經(jīng)銷長期債務(wù)證券和股票。Foreignbonds:soldinaforeigncountryanddenominatedinthatcountry’scurrency.外國債券是在外國出售的并以那個國家貨幣命名的債券。Eurobond:bonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.歐洲債券是指不以發(fā)行國貨幣命名的債券。Eurocurrencies:foreigncurrenciesdepositedinbanksoutsidethehomecountry.歐洲貨幣是指存在外國銀行里的外國貨幣。Eurodollars:U.S.DollarsdepositedinforeignbanksoutsidetheU.S.OrinforeignbranchesofU.S.Banks.歐洲美元是指存于美國以外的銀行內(nèi)的美元。Transactioncost:timeandmoneyspentincarryingoutfinancialtransactions.交易成本指進行金融交易所花費的時間和金錢。Asymmetricinformation:Inthefinancialmarkets,onepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions信息不對稱：在金融市場上，交易一方對另一方缺乏充分的了解，以至于無法做出正確的決策。Economiesofscale:thereductionintransactioncostsperdollaroftransactionsasthesize(scale)oftransactionsincreases.規(guī)模經(jīng)濟：隨著交易規(guī)模的擴大，平攤在每一美元交易上的成本在降低。Federalfundsrate:theinterestrateonloanswhicharetypicallyovernightandhappensbetweenbanksoftheirdepositsattheFederalReserveusingtheFed’swiretransfersystem.聯(lián)邦基金利率：通常是指銀行在美聯(lián)儲存款的隔夜貸款的利率。Chapter3Money:anythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.貨幣用來支付商品和服務(wù)或者用來償還債務(wù)的被普遍接受的東西。Wealth:thetotalcollectionofpiecesofpropertythatservetostorevalue.財富是用來儲藏價值的財產(chǎn)的總和。Income:flowofearningsperunitoftime.收益是每單位時間收入的獲取量。Liquidity:ameasureoftheeaseandspeedanassetcanbeturnedintoamediumofexchange.流動性是衡量一種資產(chǎn)轉(zhuǎn)化為交易媒介的難易程度和速度。M1=currency+traveler’schecks+demanddeposits+othercheckabledepositsM2=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundsharesChapter4Futurevalue:thevalueonsomefuturedateofaninvestmentmadetoday.未來值是一些現(xiàn)在做的投資在未來產(chǎn)生的價值。Presentvalue:thevaluetodayofapaymentthatispromisedtobemadeinthefuture.現(xiàn)值是某種將要在未來實現(xiàn)的支付手段現(xiàn)在所具備的價值。Fixedpaymentloan:thelenderprovidestheborrowerwithanamountoffunds,whichmustberepaidbymakingthesamepaymenteveryperiod.固定支付貸款：借出人提供借款人一定數(shù)額的資金，要求借款人每過一固定時間償還固定數(shù)額。Couponbond:Acouponbondpaystheownerafixedinterestpaymenteveryyearuntilthematuritydate,whenaspecifiedfinalamountisrepaid.息票債券每年支付給持有人一個固定的利率，直到到期日時最后一筆規(guī)定數(shù)額的資金被歸還。Discountbond:isboughtatapricebelowitsfacevalue,andthefacevalueisrepaidatthematuritydate.貼現(xiàn)債券是以低于面值的價格買入，到到期日時按面值支付本息的債券。Yieldtomaturity:theinterestratethatequatesthepresentvalueofcashflowpaymentsreceivedfromaninvestmentwithitsvaluetoday.到期收益率是使債務(wù)工具所有未來回報的現(xiàn)值與其今天的價值相等的利率。Currentyield:aneasytocalculateapproximationtotheyieldtomaturity.當(dāng)期收益率：（年息票利息除以證券價格）經(jīng)常被用來作為長期債券利率的近似值。Realinterestrate:theinterestratethatisadjustedbysubtractingexpectedchangesinthepricelevel(inflation).實際利率：根據(jù)預(yù)期物價水平的變動（通貨膨脹）作出調(diào)整的利率。Return(rateofreturn):howwellapersondoesbyholdingabondoranyothersecurityoveraparticulartimeperiod回報（回報率）：衡量一個人在一個特定的時間段持有某種債券或其他有價證券所獲取的收益的指標(biāo)。Rateofcapitalgain:thechangeinthebond’spricerelativetotheinitialpurchaseprice.資本利得率：債券價格相對于最初購買價格的變動。Chapter5ExpectedReturn:thereturnexpectedoverthenextperiodononeassetrelativetoalternativeassets預(yù)期回報是相對于一種可替代資產(chǎn)而言的一種資產(chǎn)在下一個周期內(nèi)的回報。Risk:thedegreeofuncertaintyassociatedwiththereturnononeassetrelativetoalternativeassets風(fēng)險是一種資產(chǎn)相對于一種可替代資產(chǎn)而言的不確定程度。Demandcurve:therelationshipbetweenthequantitydemandedandthepricewhenallothereconomicvariablesareheldconstant.需求曲線反映了在其他所有經(jīng)濟變量不變的情況下，需求數(shù)量與價格之間的關(guān)系。Supplycurve:therelationshipbetweenthequantitysuppliedandthepricewhenallothereconomicvariablesareheldconstant.供給曲線反映了在其他所有經(jīng)濟變量不變的情況下，供給數(shù)量與價格之間的關(guān)系。Oppotunitycost:theamountofinterest(expectedreturn)sacrificedbynotholdingthealternativeasset.機會成本是指由于沒有持有替代性資產(chǎn)，而喪失的利息收入。IncomeEffect:ahigherlevelofincomecausesthedemandformoneyateachinterestratetoincreaseandthedemandcurvetoshifttotheright收入效應(yīng)：收入水平上升導(dǎo)致任一利率水平上的貨幣需求增加，推動需求曲線右移。Price-LevelEffect:ariseinthepricelevelcausesthedemandformoneyateachinterestratetoincreaseandthedemandcurvetoshifttotheright價格效應(yīng)：物價水平的上升導(dǎo)致任一利率水平上的貨幣需求增加，推動需求曲線右移。Expected-Inflationeffect:anincreaseininterestratesbecauseanincreaseinthemoneysupplymayleadpeopletoexpectahigherpricelevelinthefuture(thedemandcurveshiftstotheright).通貨膨脹預(yù)期效應(yīng)：貨幣供給增加的通貨膨脹預(yù)期效應(yīng)是指利率隨預(yù)期通貨膨脹率的上升而上升。Fishereffect:Whenexpectedinflationrises,interestrateswillrise.費雪效應(yīng)：預(yù)期通貨膨脹率的上升會引起利率的上升。Chapter6Defaultrisk:probabilitythattheissuerofthebondisunableorunwillingtomakeinterestpaymentsorpayoffthefacevalue.違約風(fēng)險：是指債券發(fā)行人無法或不愿意履行其之前承諾的支付利息或債券到期時償付面值的義務(wù)。Riskpremium:thespreadbetweentheinterestrateonbondswithdefaultriskanddefault-freebonds,botho