国际金融英文版(全)

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国际金融与一国的国内金融既有密切联系,又有很大区别。国内金融主要受一国金融法令、条例和规章制度的约束,而国际金融则受到各个国家互不相同的法令、条例以及国际通用的惯例和通过各国协商制订的各种条约或协定的约束。

International finance The global business finance environment Foreign direct investment

Inventory of international Financial resources

1.introduction2.the environment international monetary system 1.non-bank financial institution financial resources 2.international financial markets 3.international derivatives exchange-traded

the balance of payment3.the theories of foreign exchange rate determination 4.foreign exchange exposure

4.nonexchange traded derivatives

Inventory of international financial resources Yu feng yaoNon-bank financial institutions in global finance International financial markets International derivatives exchange-traded International non-exchange traded derivatives

Non-bankPublic international financial institutions public global financial institutions regional public national public Private international financial institutions global private regional private national private

International financial marketsEurocurrency markets International debts markets-long-term global bonds/foreign bonds/eurobonds/special types of bonds Short-and medium-term debt markets Euro-commercial paper and euro-medium-term notes/floating rate euro-notes International equities

International derivatives exchange-tradedUsers of derivatives/risks of derivatives Currency futures and options Interest rate futures and options

International non-exchange traded derivativesCurrency and interest rate swaps Inter-bank currency futures and options Exotic derivatives

International financial markets

Eurocurrency markets

International Debt Markets-long-termShort-and Medium-term Debt Markets International Equities

Eurocurrency markets 1.The Eurocurrency market has been referred to as a stateless vat of money,essentially owing to no allegiance to any nation.It is a huge ,global inter-bank money and capital market that facilitates loans with maturities range from 90 days to 10 years or more and that is almost totally outside all government regulations.

Eurocurrency markets 2.The cost of funds in this market is based on LIBOR,the London Inter-bank Offer Rate,the rate at which banks in the inter-bank system charge each other for funds of many different maturities 3.Origin of the market A number of reasons have been given for the origin of the Eurocurrency market.Some analysts go so far as to say that the Soviets initiated the process of trading Eurocurrencies before the western Europeans used foreign deposits.

After World WAR II,the Soviets used dollars instead of rubles for foreign trade and had maintained a large inventory of hard currencies,especially the dollar.In order to earn interest on these deposits,the soviets began to lend these deposits to Europeans or to American operating in Europe,thus creating Eurocurrencies.

International Debt Markets-long-term 1.domestic bonds-The domestic bond is issued locally by a domestic borrower and is usua

lly denominated in the local currency 2.global bonds The foreign bonds Eurobonds

Global bonds-Global bonds were first issued in 1989 and 1990 when the World Bank borrowed in the international capital markets by floating global bonds denominated in U.S. dollars.following are the key features of global bonds: 1.they are large in size,usually $1 billion or more; 2.they are generally given the highest grades by bond rating services , e.g. .Aaa or AAA; 3.they are non-callable with intermediate maturities of 5,7,or 10 years and longer maturities to 40 years; 4.they are offered for simultaneous placement in the United States,Europe, and the Far East by an international syndicate of banks active in the worldwide trading of U.S. dollar bonds; 5…

Foreign bonds-foreign bonds are issued in local market by a foreign borrower,with the assistance of a large investment bankers,and are denominated in a local currency. Eurobonds-eurobonds are financed by long-term funds in the Eurocurrency markets.They are underwritten by a multinational syndicate of banks and placed in countries other than the one in whose currency they are denominated.

Short-and Medium-term Debt Markets Euro-commercial paper (ECP)and Euro-medium-term

notes(EMTN) Floating rate Euro-notes(Floating rate notes(FRN)represent an early innovation in the eurobond market.Interest is usually paid semiannually and they trade at a spread of the reference rate,e.g.,LIBOR.Margin above LIBOR may amount to 25-100 basis points or more.After 6 months ,the rate is reset with the same margin. International REPO market(repurchase agreement ,or REPOS)

International Equities

Currency futures and options

Interest rate futures and options

一国际金融的概念﹑重要性及特点

1.概念国际金融一般是指与国际间的货币流通和银行信用有关的一切业务活动

3.重要性(1)宏观——在开放条件下一国宏观经济需要从全球视角进行考察。其中的货币金融问题是国际金融的重要研究对象。 (2)微观——企业在生产经营过程中的筹资或投资等活动都直接或间接受到国际金融市场变化的影响。 (3)个人——国际金融市场的各种发展变化也直接或间接影响个人收入.,消费.投资.就业等切身利益。

2.研究对象(1)国际货币及借贷资本运动规律 (2)国际货币经营和管理的各种业务及组织机构 (3)国际货币信用制度及政策措施

一国际金融的概念﹑重要性及特点

4.国际金融的特点(1)是一种全球性的货币信用活动 (2)不仅是货币信用空间的相对简单的扩大，其所涉及的范围更广，影响因素更为复杂。 (3)必须借助于国际支付手段 (4)国际货币信用活动要涉及不同的语言文字和风俗习惯 (5)不仅受各国法律约束，

而且受各种国际协议，国际准则及惯例的严格约束。

二 “国际金融”课程的主要内容

1.国际金融基础知识(1)外汇与国际收支 (3)汇率与汇率制度 (2)国际储备 (4)外汇交易

2.国际金融基本理论(1)国际收支调节理论 (2)汇率决定理论

3.国际金融政策与管理(1)国际收支调节政策 (2)汇率政策 (3)外汇管制政策 (4)国际储备政策与管理

4.国际金融市场(1)国际金融市场概述(2)欧洲货币市场

5.国际协调与国际货币体系(1)国际协调的基本原理 (2)国际协调的制度安排：国际货币体系 a国际金本位制 b布雷吨森林体系 c牙买加体系 (3)国际金融机构

三国际金融与相关学科的区别

1与货币银行学的区别(1)“货”:国内货币供给与国内价格问题 “国”:外汇供求及相对价格——汇率问题 (2)“货”:货币市场均衡问题； “国”:外汇市场与国际收支均衡。