金融市场重点

名词解释：Chapter1Security(financialinstrument):aclaimontheissuer’sfutureincomeorassets.证券是发行人未来的收入或资产的一种凭证。Bond:adebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime.债券是一种在一定时期内承诺按周期支付的债务凭证。Aninterestrate:thecostofborrowingorthepricepaidfortherentaloffunds.利率是借钱的支出，或者是为了租借资金而支付的费用。Stock:ashareofownershipinacorporation.股票表示对某一家公司的一份所有权。Financialintermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandmakeloanstootherpeople金融中介是从有存款的人手中借钱并且贷款给其他人的机构。Financialcrises:majordisruptionsinfinancialmarketsthatarecharacterizedbysharpdeclinesinassetpricesandthefailuresofmanyfinancialandnonfinancialfirms.金融风险主要是以资产价格大幅下降和金融、非金融公司倒闭为特征的金融市场的崩溃。Financialinnovation:inparticular,theadventoftheinformationageande-finance.金融创新，特别是指信息时代和电子金融的到来和出现。Theaggregatepricelevel:theaveragepriceofgoodsandservicesinaneconomy.物价总水平是在某一经济中商品和服务的平均价格。Monetarypolicy:themanagementofthemoneysupplyandinterestrates.货币政策是对货币供给和利率的管理。Fiscalpolicydealswithgovernmentspendingandtaxation.财政政策处理政府支出与税收问题。Theforeignexchangemarket:wherefundsarecovertedfromeonecurrencyintoanother.外汇市场是资金从某一种货币转换到另外一种货币的地方。Theforeignexchangerate:thepriceofonecurrencyintermsofanothercurrency.外汇汇率是一种货币在另一种货币中的价格。Chapter2Directfinance:borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities.直接融资指借款人从金融市场中以出售证券的形式直接从出借人处借资金。Debtinstruments:promisetorepayadebt债务证券承诺偿还债务。Maturity:thenumberofyears(terms)untilexpirationdate.到期日是日期终结的年数（期限）。Equities:claimstoshareinthenetincomeandassetsofabusiness.股益是一次商业中所持有的的净收益和资产的份额的凭证。Dividends:theportionofcorporateprofitspaidouttostockholders.股息是公司利润中支付给股东的部分。Primarymarket:aprimarymarketisafinancialmarketinwhichnewissuesofsecurity.初级市场是新证券发行的金融市场。Secondarymarket:asecondarymarketisafinancialmarketinwhichsecuritiesberesold.二级市场是先前发行的证券被再次出售的金融市场。Moneymarketsdealinshort-termdebtinstruments.货币市场经销短期债务证券。Capitalmarketsdealinlonger-termdebtandequityinstruments.资本市场经销长期债务证券和股票。Foreignbonds:soldinaforeigncountryanddenominatedinthatcountry’scurrency.外国债券是在外国出售的并以那个国家货币命名的债券。Eurobond:bonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.欧洲债券是指不以发行国货币命名的债券。Eurocurrencies:foreigncurrenciesdepositedinbanksoutsidethehomecountry.欧洲货币是指存在外国银行里的外国货币。Eurodollars:U.S.DollarsdepositedinforeignbanksoutsidetheU.S.OrinforeignbranchesofU.S.Banks.欧洲美元是指存于美国以外的银行内的美元。Transactioncost:timeandmoneyspentincarryingoutfinancialtransactions.交易成本指进行金融交易所花费的时间和金钱。Asymmetricinformation:Inthefinancialmarkets,onepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions信息不对称：在金融市场上，交易一方对另一方缺乏充分的了解，以至于无法做出正确的决策。Economiesofscale:thereductionintransactioncostsperdollaroftransactionsasthesize(scale)oftransactionsincreases.规模经济：随着交易规模的扩大，平摊在每一美元交易上的成本在降低。Federalfundsrate:theinterestrateonloanswhicharetypicallyovernightandhappensbetweenbanksoftheirdepositsattheFederalReserveusingtheFed’swiretransfersystem.联邦基金利率：通常是指银行在美联储存款的隔夜贷款的利率。Chapter3Money:anythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.货币用来支付商品和服务或者用来偿还债务的被普遍接受的东西。Wealth:thetotalcollectionofpiecesofpropertythatservetostorevalue.财富是用来储藏价值的财产的总和。Income:flowofearningsperunitoftime.收益是每单位时间收入的获取量。Liquidity:ameasureoftheeaseandspeedanassetcanbeturnedintoamediumofexchange.流动性是衡量一种资产转化为交易媒介的难易程度和速度。M1=currency+traveler’schecks+demanddeposits+othercheckabledepositsM2=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundsharesChapter4Futurevalue:thevalueonsomefuturedateofaninvestmentmadetoday.未来值是一些现在做的投资在未来产生的价值。Presentvalue:thevaluetodayofapaymentthatispromisedtobemadeinthefuture.现值是某种将要在未来实现的支付手段现在所具备的价值。Fixedpaymentloan:thelenderprovidestheborrowerwithanamountoffunds,whichmustberepaidbymakingthesamepaymenteveryperiod.固定支付贷款：借出人提供借款人一定数额的资金，要求借款人每过一固定时间偿还固定数额。Couponbond:Acouponbondpaystheownerafixedinterestpaymenteveryyearuntilthematuritydate,whenaspecifiedfinalamountisrepaid.息票债券每年支付给持有人一个固定的利率，直到到期日时最后一笔规定数额的资金被归还。Discountbond:isboughtatapricebelowitsfacevalue,andthefacevalueisrepaidatthematuritydate.贴现债券是以低于面值的价格买入，到到期日时按面值支付本息的债券。Yieldtomaturity:theinterestratethatequatesthepresentvalueofcashflowpaymentsreceivedfromaninvestmentwithitsvaluetoday.到期收益率是使债务工具所有未来回报的现值与其今天的价值相等的利率。Currentyield:aneasytocalculateapproximationtotheyieldtomaturity.当期收益率：（年息票利息除以证券价格）经常被用来作为长期债券利率的近似值。Realinterestrate:theinterestratethatisadjustedbysubtractingexpectedchangesinthepricelevel(inflation).实际利率：根据预期物价水平的变动（通货膨胀）作出调整的利率。Return(rateofreturn):howwellapersondoesbyholdingabondoranyothersecurityoveraparticulartimeperiod回报（回报率）：衡量一个人在一个特定的时间段持有某种债券或其他有价证券所获取的收益的指标。Rateofcapitalgain:thechangeinthebond’spricerelativetotheinitialpurchaseprice.资本利得率：债券价格相对于最初购买价格的变动。Chapter5ExpectedReturn:thereturnexpectedoverthenextperiodononeassetrelativetoalternativeassets预期回报是相对于一种可替代资产而言的一种资产在下一个周期内的回报。Risk:thedegreeofuncertaintyassociatedwiththereturnononeassetrelativetoalternativeassets风险是一种资产相对于一种可替代资产而言的不确定程度。Demandcurve:therelationshipbetweenthequantitydemandedandthepricewhenallothereconomicvariablesareheldconstant.需求曲线反映了在其他所有经济变量不变的情况下，需求数量与价格之间的关系。Supplycurve:therelationshipbetweenthequantitysuppliedandthepricewhenallothereconomicvariablesareheldconstant.供给曲线反映了在其他所有经济变量不变的情况下，供给数量与价格之间的关系。Oppotunitycost:theamountofinterest(expectedreturn)sacrificedbynotholdingthealternativeasset.机会成本是指由于没有持有替代性资产，而丧失的利息收入。IncomeEffect:ahigherlevelofincomecausesthedemandformoneyateachinterestratetoincreaseandthedemandcurvetoshifttotheright收入效应：收入水平上升导致任一利率水平上的货币需求增加，推动需求曲线右移。Price-LevelEffect:ariseinthepricelevelcausesthedemandformoneyateachinterestratetoincreaseandthedemandcurvetoshifttotheright价格效应：物价水平的上升导致任一利率水平上的货币需求增加，推动需求曲线右移。Expected-Inflationeffect:anincreaseininterestratesbecauseanincreaseinthemoneysupplymayleadpeopletoexpectahigherpricelevelinthefuture(thedemandcurveshiftstotheright).通货膨胀预期效应：货币供给增加的通货膨胀预期效应是指利率随预期通货膨胀率的上升而上升。Fishereffect:Whenexpectedinflationrises,interestrateswillrise.费雪效应：预期通货膨胀率的上升会引起利率的上升。Chapter6Defaultrisk:probabilitythattheissuerofthebondisunableorunwillingtomakeinterestpaymentsorpayoffthefacevalue.违约风险：是指债券发行人无法或不愿意履行其之前承诺的支付利息或债券到期时偿付面值的义务。Riskpremium:thespreadbetweentheinterestrateonbondswithdefaultriskanddefault-freebonds,botho