第3章 货币市场.ppt

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）。 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. 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 and complete the electronically. Because this characteristic, money market securities usually have an active secondary market. 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 导论 货币市场存在的必要性 In the theory, the money markets should not be needed. The banking industry exists primarily to provide short-term loans and to accept short-term deposits. Banks should have an efficiency advantage in gathering information, an advantage that should eliminate the need for the money market. 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. 导论 Cost advantage of money markets Banks must put aside a portion of their deposit