文档介绍：1 Offshore financial market Chapter Chapter 06 06 2 Section 01 Offshore money 3 What is offshore money ? Offshore money is called Eurocurrency, too. ? Eurocurrency refers mercial bank deposits outside the country of their issue. ? Is also called offshore deposits 。 4 ? The Euro-market is an international money and capital market that trades currencies which are outside their country of origin 。 5 Key points ? Deposit, not banknote. ? The key distinction between offshore and onshore is regulatory environment, not location. 6 Historical overview ? The origins of supply and demand for offshore banking. ? Not planed, not new. ? In 1950s, rather than return their dollar to . money market, eurobank lend dollar within Europe to finance foreign trade or other economic projects. ? Russians and Eastern European depositors. ? 1957, the use of sterling was restricted for foreign trade and external loans. 7 ? Onshore banking regulations boost the offshore market. ? Regulation Q in .. ? Interest Equalization Tax in 1963 in .. ? Foreign credit restraint program in .. ? Capital controls in Europe. 8 Creating Eurodollars Me = amount of the eurocurrency R = reserves to deposits ratio A = amount of the eurobank ’ eurocurrency reserves Is the eurocurrency pared with domestic money multiplier Ar Me?? 1 r 1)1 )(1(1 1cr??? 9 Characters of the eurocurrency ?(1)离岸美元是一笔原始美元存款的派生, 原始美元存款由欧洲银行转存美国银行,成为美国国内银行的负债,是美国 M1 货币供给量的一部分;而欧洲银行派生出的离岸美元并不是美国国内的货币供给,也不是美国在岸银行的负债。 10 ?(2 )离岸美元是非官方的世界货币;首先离岸美元并不是美国联邦储备银行或美国在岸银行的负债,而只是离岸银行的负债,其负债的信用保证是单个银行的信誉,是非官方的。其次, 离岸银行的离岸存款不存在着一个最后贷款人的保证。