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1、PartⅠFinancialMarketsChapter1FunctionsofFinancialMarkets Chapter2MoneyMarkets Chapter3CapitalMarkets Chapter4ForeignExchangeMarketsChapter1 FunctionsofFinancialMarkets1.1SignificanceTheword“finance”signifiescapitalinmonetaryform,thatis,intheformoffundslentorbo
2、rrowed,normallyforcapitalpurposes,throughfinancialmarketsorfinancialinstitutions.Whenfinancegoesinternational,itisthenaninternationalfinance.Whatisafinancialmarket?Itisaplacewherefinancialtransactionstakeplace.Financialmarketsfacilitatethelendingoffundsfromsav
3、erstothosewhowishtoundertakeinvestments.Thosethatwishtoborrowtofinanceinvestmentprojectssellfinancialinstrumentstosavers.Whenaninvestorpurchasesthesecuritiesissuedbyultimateborrowers(thosewhousethefundstoinvestinrealassets),capitalmarketoperationsforequities,b
4、ondswouldfalllargelyintothiscategory.Whenaninvestorchoosestoinvestintheobligationsoffinancialintermediaries,whichinturnlendthefundstothosewhoinvestinrealassets,theyareoperationsinmoneymarketfortermdepositsandloans,interbanktransactionsofsuchnature.Theprimarydi
5、stinctionbetweenthetwochannelsisthat,inthefirstcase,i.e.directfinancing,theinvestorisfaceddirectlywiththecreditriskoftheissuer,whileinthesecondcase,i.e.financingthroughfinancialintermediation,afinancialinstitution,suchasabank,interjectsitselfbetweenusersandpro
6、vidersoffunds.Anyanalysisofthesectorofmoneymarketdominatedbyfinancialintermediariesmustbeverymuchconcernedwiththesefinancialinstitutionsthemselves(theirpolicies,financialconditionsandofficialregulatoryenvironment)inadditiontothosefactorsgoverningthesuppliersan
7、dusersoffunds.Internationalfinancialtransactionsincludepurchasesandsalesofforeigncurrency,securities,goldbullion,andlendingandborrowing.Foreignexchangemarkerdealswiththeexchangesofdifferentmeansofpayment.Theseexchangesarenecessaryforinternationalcapitalflows.A
8、stherelativevaluesamongdifferentcurrencies(theexchangerates)willfluctuateaccordingtoeconomicandpoliticalcircumstancesofthecurrenciesoftherelativecountries,internationalinvestorsorf
