金融市场与机构Chapter01

ChapterOne Introduction 1 3 McGraw Hill Irwin WhystudyFinancialMarketsandInstitutions TheyarethecornerstonesoftheoverallfinancialsysteminwhichfinancialmanagersoperateIndividualsusebothforinvestingCorporationsandgovernmentsusebothforfinancing 1 4 McGraw Hill Irwin OverviewofFinancialMarkets PrimaryMarketsversusSecondaryMarketsMoneyMarketsversusCapitalMarketsForeignExchangeMarkets 1 5 McGraw Hill Irwin PrimaryMarketsversusSecondaryMarkets PrimaryMarketsmarketsinwhichusersoffunds e g corporations governments raisefundsbyissuingfinancialinstruments e g stocksandbonds SecondaryMarketsmarketswherefinancialinstrumentsaretradedamonginvestors e g NYSE NASDAQ 1 6 McGraw Hill Irwin MoneyMarketsversusCapitalMarkets MoneyMarketsmarketsthattradedebtsecuritieswithmaturitiesofoneyearorless e g CD s U S Treasurybills CapitalMarketsmarketsthattradedebt bonds andequity stock instrumentswithmaturitiesofmorethanoneyear 1 7 McGraw Hill Irwin MoneyMarketInstrumentsOutstanding 1990 2004 Bn 1 8 McGraw Hill Irwin CapitalMarketInstrumentsOutstanding 1990 2004 Bn 1 9 McGraw Hill Irwin ForeignExchangeMarkets FX marketsdealintradingonecurrencyforanother e g dollarforyen The spot FXtransactioninvolvestheimmediateexchangeofcurrenciesatthecurrentexchangerateThe forward FXtransactioninvolvestheexchangeofcurrenciesataspecifieddateinthefutureandataspecifiedexchangerate 1 10 McGraw Hill Irwin DerivativeSecurityMarkets Themarketsinwhichderivativesecuritiestrade DerivativeSecurityAnagreementbetweentwopartiestoexchangeastandardquantityofanassetatapredeterminedpriceonaspecifieddateinthefuture 1 11 McGraw Hill Irwin OverviewofFinancialInstitutions Institutionsthatperformtheessentialfunctionofchannelingfundsfromthosewithsurplusfundstothosewithshortagesoffunds e g banks thrifts insurancecompanies securitiesfirmsandinvestmentbanks financecompanies mutualfunds pensionfunds 1 12 McGraw Hill Irwin FlowofFundsinaWorldwithoutFIs DirectTransfer UsersofFunds Corporations SuppliersofFunds Households FinancialClaims Equityanddebtinstruments Cash Example Afirmsellssharesdirectlytoinvestorswithoutgoingthroughafinancialinstitution 1 13 McGraw Hill Irwin FlowofFundsinaworldwithFIs Indirecttransfer UsersofFunds FI Brokers FI Assettransformers SuppliersofFunds FinancialClaims Equityanddebtsecurities FinancialClaims Depositsandinsurancepolicies Cash Cash 1 14 McGraw Hill Irwin TypesofFIs CommercialbanksdepositoryinstitutionswhosemajorassetsareloansandmajorliabilitiesaredepositsThriftsdepositoryinstitutionsintheformofsavingsandloans creditunionsInsurancecompaniesfinancialinstitutionsthatprotectindividualsandcorporationsfromadverseevents continued 1 15 McGraw Hill Irwin SecuritiesfirmsandinvestmentbanksfinancialinstitutionsthatunderwritesecuritiesandengageinsecuritiesbrokerageandtradingFinancecompaniesfinancialinstitutionsthatmakeloanstoindividualsandbusinessesMutualFundsfinancialinstitutionsthatpoolfinancialresourcesandinvestindiversifiedportfoliosPensionFundsfinancialinstitutionsthatoffersavingsplansforretirement 1 16 McGraw Hill Irwin ServicesPerformedbyFinancialIntermediaries MonitoringCostsLiquidityandPriceRiskTransactionCostServicesMaturityIntermediationDenominationIntermediation 1 17 McGraw Hill Irwin ServicesProvidedbyFIsBenefitingtheOverallEconomy MoneySupplyTransmissionCreditAllocationIntergenerationalWealthTransfersPaymentServices 1 18 McGraw Hill Irwin RisksFacedbyFinancialInstitutions InterestRateRiskForeignExchangeRiskMarketRiskCreditRiskLiquidityRiskOff Balance SheetRiskTechnologyRiskOperationalRiskCountryorSovereignRiskInsolvencyRisk 1 19 McGraw Hill Irwin RegulationofFinancialInstitutions FIsprovidevitalfinancialservicestoallsectorsoftheeconomy therefore theirregulationisinthepublicinterestInanattempttopreventtheirfailureandthefailureoffinancialmarketsoverall 1 20 McGraw Hill Irwin GlobalizationofFinancialMarketsandInstitutions FinancialMarketsbecamemoreglobalasthevalueofstockstradedinforeignmarketssoaredForeignbondmarketshaveservedasamajorsourceofinternationalcapitalGlobalizationalsoevidentinthederivativesecuritiesmarket 1 21 McGraw Hill Irwin FactorsLeadingtoSignificantGrowthinForeignMarkets ThepoolofsavingsfromforeigninvestorshasincreasedInternationalinvestorshaveturnedtoU S andothermarketstoexpandtheiri