国际金融英文版课件刘园 ISBN9787811341027 PPTChapter 10 The Eurocurrency and Eurobond Markets.ppt

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1、Chapter10TheEurocurrencyandEurobondmarkets10.1ParticipantsintheEurocurrencyandEurobondMarkets10.2TheEurocurrencymarkets10.3TheEurobondmarketsThevarioustypesofcapitalflowsbetweeneconomicagentsofdifferentcountriesaremotivatedbyvariousfactorswhichinclude:10.1Parti

2、cipantsintheEurocurrencyandEurobondMarkets--Tradefinancingmotives--Borrowing/lendingmotives--Speculativemotives--Capitalflightmotives10.2TheEurocurrencymarketsTheCharacteristicsoftheEurodollarmarketEurobanksaregenerallyfreeofgovernmentregulations,andmorespecifi

3、callytheydonotfacecompulsoryreserverequirements,interestcellingsordeositinsurance.OneoftheinterestingcharacteristicsofthestructureofEurobanks’assets(loans)andliabilities(deposits)isthattheyarepredominatelyofashort-termnaturewithsomedepositsbeingasshortasoneday(

4、overnightdeposit),andthevastmajorityundersixmonths.Anothermotivationbehindtheclosematchingofassetsandliabilitiesisthatitreducestheriskstothebanksduetointerestfluctuations.ThecompetitiveadvantageofEurobanksFigure10.1ComparisonofUSandEurodollarinterestspreadsThel

5、owerEuro-interestspreadcanbeaccountedforbyanumberoffactors:--Eurobanks,unlikedomesticbanks,arefreeofregulatorycontrolandinparticulartheyarenotrequiredtoholdreserveassets.--Eurobanksbenefitfromeconomiesofscale;theaveragesizeofEurobankdepositandloans(usuallyhundr

6、edsofthousandsandmillionsofdollars)isconsiderablygreaterthanthoseofdomesticbanks(usuallytens,hundredsandthousandsofdollars).--Eurobanksavoidmuchofthepersonnel,administrationcostsanddelaysassociatedwithcomplyingwithdomesticbankingregulations.--TheEurobankingbusi

7、nessishighlycompetitiveinternationallywithrelativelyeasyentrancerequirementsascomparedtodomesticbankingactivity;thisencouragesgreaterefficientlyandmorecompetitivepricingonthepartofEurobanks.--EurobanksdonothavetopaydepositinsurancewhereasUSbankshavetoinsurethei

8、rdepositbasewiththeFederalDepositInsuranceCorporation(FDIC).--EurobanklendingisalmostexclusivelytohighqualitycustomerswithavirtuallynegligibledefaultrateThecoexistenceofdome