文档介绍：第三章货币市场 The Money Markets
导论
货币市场是一个错误的概念
The term of money market is a misnomer.
一个并不交易货币(money or currency)的货币市场。
在货币市场上交易的是具有短期性和流动性的证券(the securities that do trade are short-term and highly liquid, they are close to being money)。
Copyright©Zhenlong Zheng2003, Department of Finance, Xiamen University*
导论
货币市场工具的特征
The basic characteristics of money market instruments
Money market securities are usually sold in large denominations
They have low default risk
They mature in one year or less from their original issue date. Most money market instruments mature in less than 120 days.
Copyright©Zhenlong Zheng2003, Department of Finance, Xiamen University*
导论
货币市场的交易场所
The money market transactions do not take place in any one particular location or building. Traders usually arrange purchases and sales between participants over the phone plete the electronically.
Because this characteristic, money market securities usually have an active secondary market.
Copyright©Zhenlong Zheng2003, Department of Finance, Xiamen University*
导论
The money market is a wholesale market.
The most transactions are very large
The size of these transactions prevents most individual investors from participating directly in the money markets.
Financial innovation and the money market mutual funds
Copyright©Zhenlong Zheng2003, Department of Finance, Xiamen University*
导论
Why the money markets exist at all?
The banking industry exists primarily to mediate the asymmetric information problems between saver-lenders and borrower-spenders, so Banks can earn profits by capturing economies of scale while providing this service.
The banking industry is subject to more regulations and governmental costs than money markets are. In situations where the asymmetric information problem is not severe, the money markets have a distinct costs advantage over banks in providing short-term funds.
Copyright©Zhenlong Zheng2003, Department of Finance, Xiamen University*
导论
Cost advantage of money m