《金融英语复习》PPT课件.ppt

Chapter 1 Money,the Functions of Money and the Financial SystemProfessional Terms1accrued bond interest应计债券利息在付息日前售出债券，利息不归出售者所有，不过购买者必须依据上一次付息日至结算日债券的持有时间按比例给出售者相应补偿。上次付息日累积的利息额称为应计利息。公式：应计利息=以小数表示的息票利率*计息期年分数*面值。Professional Terms5bear operation卖空行为 卖空是指股票投资者当某种股票价格看跌时，便从经纪人手中借入该股票抛出，在发生实际交割前，将卖出股票如数补进，交割时，只结清差价的投机行为。若日后该股票价格果然下落时，再从更低的价格买进股票归还经纪人，从而赚取中间差价。Professional Terms15capital turnover rate资本周转率资本周转率又称净值周转率，表示为可变现的流动资产与长期负债的比例，反映公司清偿长期债务的能力。该指标旨在衡量企业自有（经营）资本的运用程度，即衡量企业资产管理效率的重要财务比率，在财务分析指标体系中具有重要地位。这一指标通常被定义为销售收入与股东权益平均金额之比Professional Terms28derived deposit派生存款派生存款指银行由发放贷款而创造出的存款。是原始存款的对称，是原始存款的派生和扩大。是指由商业银行发放贷款、办理贴现或投资等业务活动引申而来的存款。派生存款产生的过程，就是商业银行吸收存款、发放贷款，形成新的存款额，最终导致银行体系存款总量增加的过程。用公式表示：派生存款原始存款（1法定准备率1）Professional Terms34equalization fund(外汇)平衡基金外汇平准基金一般由外汇、黄金和本国货币等构成,当某一时期外汇汇率持续上升、本币汇率持续下跌时,就通过平准基金在外汇市场上卖出外汇,买进本币;反之则卖出本币,买入外汇,以此稳定汇率。Professional Terms铸币税（Seigniorage）也称为“货币税”。发行货币的组织或国家的政府可以不需任何补偿地用纸制货币向自己的居民换取实际经济资源，从中攫取发行货币所产生的特定收益。这部分由货币发行主体垄断性地享受“通货币面价值超出生产成本”的收益，就被定义为“铸币税”。Part 1 Money1.Origin of Money2.Definition of Money3.Functions of Money4.Forms of Money1.Origin of MoneyBarterexchange goods with goods.Such as:Goat,stone,ox,salt,shell,peal,jade,iron,Disadvantages of BarterDeteriorationIndivisibilityInefficient and Protracted(rate of exchange)Double coincidence of wantssilver,gold overcame such shortcomingsEvolution of MoneyPaper currency(fiat money)(intrinsically worthless)Fiat money has not only no particular value in use;it doesnt even really have a value in exchange except that which is decreed that it would have.Checks 18th centuryElectronic means of payment credit card.2.Definition of MoneyQuestion 1:What is money?see p1,p9Money can be described as any commodity or token that is generally acceptable as a means of payment for goods or services or in the repayment of debt.货币是普遍作为支付手段接受的任何一种商品或符号。Can you list some kinds of money?Paper cash,coins2.Definition of MoneyQuestion 2:Do you know currency and money?Currencyconsisting of dollar bills and coins,is one type of money.And there are other types of money are not currency,such as check,saving deposits.2.Definition of MoneyQuestion 3:Do you know the difference between wealth and money?Wealth means great amount of property,money,etc.(1)In the private sense,all property which has a money value.(2)In the public sense,all objects,esp.material objects,which have economic utility.Can you list some kinds of wealth do not belong to money?Art,houses,stocks,bonds,cars,jewels2.Definition of MoneyQuestion 4:Do you know the difference between income and money?Income is a flow of earnings per unit of time;Money is a stock:it is a certain amount at a given point in time.Additional questionWhat is difference between revenue and income?For corporations,revenues minus cost of sales,operating expenses,and taxes,over a given period of time.Functions of moneyMedium of exchangeUnit of accountStore of valueMedium of exchangeIn almost all market transactions in our economy,money in the form of currency or checks is a medium of exchange;it is used to pay for goods and services.The use of money as a medium of exchange promotes economic efficiency by eliminating much of the time spent in exchanging goods and services.Medium of exchangeThe time spent trying to exchange goods or services is called a transaction cost.In a barter economy,transaction costs are high because people have to satisfy a“double coincidence of wants”they have to find someone who has goods or service they want and who also wants the goods or service they have to offer.Medium of exchangeMoney is therefore essential in an economy it is a lubricant that allows the economy to run more smoothly by lowering transaction costs,thereby encouraging specialization and the division of labor.Unit of accountThe second role of money is to provide a unit of account;that is,it is used to measure value in the economy.We measure the value of goods and services in terms of money,just as we measure weight in terms of pounds or distance in terms of miles.Store of valueMoney also functions as a store of value:it is a repository of purchasing power over time.It is an asset.Its something that we can use to store value away to be retrieved at a later point in time.So we can not consume today,we can hold money insteadand transfer that consumption power to some point in the future.Is money the only choice we have to store value?They often pay the owner a higher interest rate than money,experience price appreciation,and deliver services such as providing a roof over ones head.If these assets are a more desirable store of value than money,why do people hold money at all?LiquidityThe relative ease and speed with which an asset can be converted into a medium of exchange.LiquidityLiquidity is highly desirable.Money is the most liquid asset of all because it is the medium of exchange;it does not have to be converted into anything else in order to make purchases.Other assets involve transaction costs when they are converted into money.The Monetary AggregatesM0 现金(currencypaper money and coins)M1 狭义货币供应量=M0+活期存款(demand deposit)M2 广义货币供应量=M1+定期存款(time deposit)+储蓄存款(savings deposit)+其他存款+货币市场共同基金M3=M2+大额定期存款和期限存款M0 现金(currencypaper money and coins)The bills and coins that we use today are known as currency 我们今天所用的纸币和硬币通称为现金。Deposits at banks and other financial institutions are also money because they can be converted into currency and because they are used to settle debts 在银行和其他金融机构的存款也是货币，因为它们可以变为现金和用于结清债务。M1 狭义货币供应量=M0+活期存款(demand deposit)M1 consists of currency and travelers checks plus checking deposits owned by individuals and businesses and it does not include currency held by banks，and it does not include currency and checking account owned by the government M1包括个人与企业拥有的现金和旅行支票加支票存款，M1不包括银行持有的现金，也不包括政府所拥有的现金和支票存款。M2M2 consists of M1 plus savings deposits，time deposits，money market mutual funds，and other，deposits M2包括M1加储蓄存款、定期存款、货币市场共同基金，以及其他存款。M3M3,which consists of M2 plus largescale time deposits and term deposits M3包括M2加大额定期存款和期限存款。大额定期存款存款单有一定的最低额，例如美国的美元可转让存款单为10万美元，伦敦的英镑可转让存款单为5万英磅，金额的最小单位为千，故又称大额存单。期限存款的期限一般较长，如教育储蓄等Chapter 2 The Banking systemProfessional Terms6.foreign correspondent国外代理银行代理行是指相互间建立委托办理业务的，具有往来关系的银行。代理行的建立，一般经过三个步骤。首先，开展资信调查。主要考察对方银行的资信，通过多方渠道了解对方银行所在国的有关政策、法规、市场信息等。第二，在分析与评价的基础上，确定建立代理行关系的层次。代理行的层次分为：一般代理关系、账户代理关系与议定透支额度关系。第三，签订代理行协议(AGENCY ARRANGEMENT)。代理行协议由双方银行负责人签署后才开始生效。Professional Terms特许经营权（Franchising）是指有权利当局授予个人或法人实体的一项特权。国际特许经营协会（International Franchise Association）认为：特许经营是特许人和受许人之间的契约关系，对受许人经营中的经营诀窍和培训的领域，特许人提供或有义务保持持续的兴趣；受许人的经营是在由特许人所有和控制下的一个共同标记、经营模式和过程之下进行的，并且受许人从自己的资源中对其业务进行投资。Franchising特许经营是特许人将自己的商标、商号、产品、专利、技术秘密、配方、经营管理模式等无形资产以特许经营合同的形式授予被特许人（受许人）使用，按照特许人统一的经营模式从事经营活动，并向被特许人收取费用的经营形式,其实质是无形资产的有偿转让。Franchising一是由政府机构授权，准许特定企业使用公共财产，或在一定地区享有经营某种特许业务的权利如准许航空公司在政府规定的航线上，利用国有的机场设施，经营客货运业务 Franchising二是一家企业有期限地成永久地授予另一家企业使用其商标、商号、专利权、专有技术等专有权利，按照合同规定，在特许者统一的业务模式下从事经营活动，并向特许人支付相应费用。Professional Terms73moral hazard道德风险道德风险并不等同于道德败坏。道德风险是80年代西方经济学家提出的一个经济哲学范畴的概念，即“从事经济活动的人在最大限度地增进自身效用的同时做出不利于他人的行动。”或者说是：当签约一方不完全承担风险后果时所采取的自身效用最大化的自私行为。道德风险亦称道德危机。Moral Hazard斯蒂格里茨在研究保险市场时，发现了一个经典的例子：美国一所大学学生自行车被盗比率约为10%，有几个有经营头脑的学生发起了一个对自行车的保险，保费为保险标的15%。按常理，这几个有经营头脑的学生应获得5%左右的利润。但该保险运作一段时间后，这几个学生发现自行车被盗比率迅速提高到15%以上。何以如此？Moral Hazard这是因为自行车投保后学生们对自行车安全防范措施明显减少。在这个例子中，投保的学生由于不完全承担自行车被盗的风险后果，因而采取了对自行车安全防范的不作为行为。而这种不作为的行为，就是道德风险。可以说，只要市场经济存在，道德风险就不可避免。Moral Hazard风险的潜在性。很多逃废银行债务的企业，明知还不起也要借。风险的长期性。观念的转变是一个长期的、潜移默化的过程。风险的破坏性。思想道德败坏了，事态就会越变越糟。控制的艰巨性。当前银行的不良资产处理措施，都具滞后性。Professional Terms76.capital adequacy ratio资本充足率资本充足率是指资本总额与加权风险资产总额的比例。资本充足率反映商业银行在存款人和债权人的资产遭到损失之前，该银行能以自有资本承担损失的程度。规定该项指标的目的在于抑制风险资产的过度膨胀，保护存款人和其他债权人的利益、保证银行等金融机构正常运营和发展。各国金融管理当局一般都有对商业银行资本充足率的管制，目的是监测银行抵御风险的能力。capital adequacy ratio资本充足率有不同的口径，主要比率有资本对存款的比率、资本对负债的比率、资本对总资产的比率、资本对风险资产的比率等。作为国际银行监督管理基础的巴塞尔协议规定，资本充足率以资本对风险加权资产的比率来衡量，其目标标准比率为8。Banking systemPart 1.Central Bank&Monetary PolicyPart 2.Commercial BankPart 3.Investment BankPart 1.Central Bank&Monetary Policy1.Central bank2.System of Central Bank3.The functions of a central bank4.The main goals of monetary policy5.The major tools of monetary policyAbout Central BankCentral banks are key economic policy institutions in most modern economies.But around the world,the role and functions of central banks have been under challenge from changing fashions in monetary policy and from the deregulation and globalization of financial markets Origin and Development of Central BankNecessity of Central BankNecessity of uniform bank notesNecessity of uniform clearing and settlement systemNecessity of a lender of last resort mechanismNecessity of financial management and supervisionNecessity of uniform bank notesBank note is a kind of bank bills which is used to replace the commercial bill.It is issued for make up the shortage of metal currency.Because of this shortage,commercial banks issued their own bank notes one by one.Necessity of uniform bank notesThat resulted there are almost hundred kinds of bank notes staying in a same market.With the expansion of market,some conflicts between fragmented circulation and exchange of goods and services occurred.Necessity of uniform bank notesAfter many small banks going to bankrupt,all of bank notes issued by them became impossible to be encashed.The cases of credit dissension were becoming more,until massive credit crisis.Necessity of uniform clearing and settlement systemThe credit relationship became quite complex in modern economy.If the bank clearing and settlement cannot be conducted appropriately and efficiently,the health of economy surely will be infracted.(侵害)Necessity of a lender of last resort mechanismIn an economy cycle,its very important and necessary to establish a backing system for commercial banks,especially during the depression period.By doing that,commercial banks will be protected away from bankruptcy.Necessity of financial management and supervisionIt is inevitable that competition exists among different commercial banks.But the government has to make sure that competition will be active and benign and avoid negative impacts for the health of the economy.History Questions:Do you know the oldest central bank?The oldest central bank in the world is the Riksbank in Sweden,which was opened in 1668 with help from Dutch（荷兰的）businessmen.This was followed in 1694 by the Bank of England,created by Scottish businessman William Paterson in the City of London at the request of the English government to help pay for a war.HistoryWith the collapse of the gold standard after World War II,central banks became much more widespread.on December 23,1913,The US Federal Reserve was created Australia established its first central bank in 1920,Colombia in 1923,Mexico and Chile in 1925 and Canada and New Zealand in the aftermath of the Great Depression in 1934.The First Central Bank(U.S.)The first Banks of the US appeared in 17911811 and 181636,and were followed by the Independent Treasury,18461914.These institutions,together with the Suffolk Bank and the New York Clearing House,exercised important central banking function before the creation of the Federal Reserve System in 1913 Establishment of the Federal Reserve SystemBanking panics occurred periodically in the United States throughout the nineteenth century and in 1907.Typically,the crisis originated in the loss of bank reserves that occurred regularly at harvest time each year.Establishment of the Federal Reserve SystemUnder its mandate to provide an elastic currency,the Fed was expected to supply reserves to the banking system when deposits were withdrawn and to remove them when currency was subsequently redeposited.Establishment of the Federal Reserve SystemThe elastic currency was provided through the discounting facilities offered by the Fed to its members.To reduce high-powered money later,the Fed simply stopped replacing maturing bills with new ones.In this way,loan repayments produced a reduction in outstanding Federal Reserve notes.Establishment of the Federal Reserve SystemThe Fed was established as the central bank of the United States under the Federal Reserve Act of 1913 and started operations in 1914.Its original functions were to provide an“elastic”currency,facilities for discounting commercial banks holding of commercial bills,and better bank supervision.System of Central BankNational Central BankMulti-national Central BankDependent Central BankQuasi Central BankSystem of Central BankNational Central BankUnitaryonly one uniform bank institution in a country,setting one head office and several branchesBinarytwo levels of bank institution,central and regional,relatively independentTernarythree levels of bank institution,Federal Reserve System of USOrganization and Functions of the Federal Reserve SystemThe power of the Board of Governors springs from three sources1.the Board determines reserve requirements and margin requirements.额定保证金额定保证金 The amount that an investor must deposit in a margin account before buying on margin or selling short,as required by the Federal Reserve Boards Regulation T.Margin Account投资者在证券公司开设的一种账户形式。通过该账户，投资者可以用股票作抵押，按账户资产总市值的一定比例借用证券公司资金进行投资。如果市场出现下跌，股票市值达不到抵押的最低标准，投资者必须追加保证金或抛售股票。System of Central BankMulti-national Central BankEuropean UnionIt is consisted of all the country members who join into a specific currency unionDependent Central BankCentral Bank of LiberiaLocal currency circulates with a foreign currency together.Most of those countries are small developing countries.Central banks in those countries are unable to regulate the circulation of currency and to formulate or execute monetary policies.System of Central BankQuasi Central BankMonetary Authority of Singapore,Board of Commissioners of Currency(新加坡金融和货币管理局新加坡金融和货币管理局)Those central banks actually arent real central banks,instead of institutions authorized by the government which can carry out some of typical functions of real central bank.Central Bank isThe Issurances BankThe Bankers Bank.The Governments BankIssuance BankCentral bank is the only one institution which can legally issues currency in a country.Bankers BankCentral Bank is a keeper of required reservesCentral Bank is a lender of last resortrediscount and remortgageCentral Bank is a clearing and settlement centre for bank notesGovernments BankCentral Bank can surrogate the treasuryCentral Bank can surrogate the issuance of treasury billCentral Bank can back up the government with credit supportCentral Bank can manage the supply and demand of foreign exchange and goldCentral Bank can formulate and execute financial policiesWhat are the functions of a central bank?Functions of a central bank(not all functions are carried out by all banks):implementing monetary policydetermining Interest ratescontrolling the nations entire money supplythe Governments banker and the bankers bank(lender of last resort)Simply SpeakingWhat are the functions of a central bank?Functions of a central bank(not all functions are carried out by all banks)managing the