欧洲货币市场的利弊

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1、TheProsandConsoftheEurocurrencyMarkets欧洲货币市场的利弊EurocurrencyMarketTickingtime-bomb？Excessiveborrowing？Inflation?Mostefficient?Amountspeculativeattacks?Build-upofdebtpossibilities?SomeConcernsExpressedaboutEurocurrencyMarketsThemajorone:Eurocurrencymarketshaveenormousamou

2、ntsoffundsandthepotentialtocreatecreditandyetremainunregulated.Anotherconcern:theirpotentialimpactoninflation.OtherconcernsThemajorconcern:atickingtime-bombundertheworldfinancialsystemNotregulatedDonothaveaccesstolender-of-resortfacilitiesHighdegreeofInter-bankactivitie

3、sThefailureofoneEuro-bank↓↓↓seriousknock-oneffectsonotherEuro-banks↓↓↓endangertheentireinternationalfinancialsystemInter-bankactivity:同业拆借同业拆借是指金融机构(主要是商业银行)之间为了调剂资金余缺，利用资金融通过程的时间差、空间差、行际差来调剂资金而进行的短期借贷。我国金融机构间同业拆借是由中国人民银行统一负责管理、组织、监督和稽核。金融机构用于拆出的资金只限于交足准备金、留足5%备付金、归还人民银

4、行到期贷款之后的闲置资金，拆入的资金只能用于弥补票据清算、先支后收等临时性资金周转的需要。严禁非金融机构和个人参与同业拆借活动。PotentialImpactonInflation?Fact:therapidgrowthoftheEurocurrencymarketsinthe1960sand1970scoincidedwithapronouncedriseintheinflationratesoftheindustrializednations.Argumentofsomepolicy-makersandeconomists:Eur

5、ocurrencymarketgrowthispartlyresponsibleforitBasis:thegrowthofEurocurrencymarketswithnoreserverequirementshaveanexpansionaryeffectonnationalsuppliesandhelptofuelinflationratesFriedmanandMayer:Euromarketshaveaexpansionaryeffectonmoneysuppliesbecauseoftheirlowreserveratio

6、sKlopstock:lowredepositratiosconsiderablyreducetheirabilitytocreatecreditReserveratio：银行准备金率，用于保证银行对客户的正常支付，限制信贷扩张Redeposit：转存，转存的意思就是说定期到期了，银行自动给你续存Furthermore,McKinnonhasmadetheimportantpointthatwhatisimportantindecidingwhetherEuro-banksareresponsibleforcreditcreation

7、istheirnetadditiontothesupplyofdollars,i.e.theadditiontotheglobalsupplyofdollarsascomparedwiththesupplyofdollarsintheirabsenceOnthisbasishefoundlittleevidencetosupporttheviewthattheyhaveledtoamassiveexpansionofglobalmoneysupplies.OtherconcernsHoganandPearce:therapidgrow

8、thofEurocurrencymarketsisduetoonesetofcountriesbeinginpersistentbalance-of-paymentsurplus,andanothergroupinper