资源描述：
《国际金融市场管理Ch03InternationalFinancialMarkets》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、InternationalFinancialMarkets3ChapterSouth-Western/ThomsonLearning©2003Todescribethebackgroundandcorporateuseofthefollowinginternationalfinancialmarkets:foreignexchangemarket,Eurocurrencymarket,Eurocreditmarket,Eurobondmarket,andinternationalstockmarkets.Chapter
2、ObjectivesMotivesforUsing InternationalFinancialMarketsThemarketsforrealorfinancialassetsarepreventedfromcompleteintegrationbybarrierssuchastaxdifferentials,tariffs,quotas,laborimmobility,communicationcosts,culturaldifferences,andfinancialreportingdifferences.Ye
3、t,thesebarrierscanalsocreateuniqueopportunitiesforspecificgeographicmarketsthatwillattractforeigninvestors.Investorsinvestinforeignmarkets:totakeadvantageoffavorableeconomicconditions;whentheyexpectforeigncurrenciestoappreciateagainsttheirown;andtoreapthebenefit
4、sofinternationaldiversification.MotivesforUsing InternationalFinancialMarketsCreditorsprovidecreditinforeignmarkets:tocapitalizeonhigherforeigninterestrates;whentheyexpectforeigncurrenciestoappreciateagainsttheirown;andtoreapthebenefitsofinternationaldiversifica
5、tion.MotivesforUsing InternationalFinancialMarketsBorrowersborrowinforeignmarkets:tocapitalizeonlowerforeigninterestrates;andwhentheyexpectforeigncurrenciestodepreciateagainsttheirown.MotivesforUsing InternationalFinancialMarketsForeignExchangeMarketTheforeignex
6、changemarketallowscurrenciestobeexchangedinordertofacilitateinternationaltradeorfinancialtransactions.Thesystemforestablishingexchangerateshasevolvedovertime.From1876to1913,eachcurrencywasconvertibleintogoldataspecifiedrate,asdictatedbythegoldstandard.ForeignExc
7、hangeMarketThiswasfollowedbyaperiodofinstability,asWorldWarIbeganandtheGreatDepressionfollowed.The1944BrettonWoodsAgreementcalledforfixedcurrencyexchangerates.By1971,theU.S.dollarappearedtobeovervalued.TheSmithsonianAgreementdevaluedtheU.S.dollarandwidenedthebou
8、ndariesforexchangeratefluctuationsfrom±1%to±2%.ForeignExchangeMarketEventhen,governmentsstillhaddifficultiesmaintainingexchangerateswithinthestatedboundaries.In1973,t
