金融英语课件李丽 马跃ISBN 9787810788175 PPTchapter_6.ppt

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1、Chapter6TheMoneyMarketAlltransactionscarriedoutinthefinancialmarketsseemtobebasicallythesame:borrowersissuefinancialassetsthatlenderspurchase.Closerexaminationofthefinancialsystemreveals,however,thatbeyondthesimpleactofexchangingfinancialassets,therearemajordiffe

2、rencesbetweenonefinancialtransactionandanother.Differentpurposesforwhichmoneyisborrowedresultinthecreationofdifferentkindsoffinancialassets,havingdifferentmaturities,risks,andotherfeatures,thusdifferentfinancialmarkets.Moneymarketisthemarketforshort-termcredit.20

3、21/9/172Chapter6TheMoneyMarketMoneymarketsecuritieshavethreebasiccharacteristicsincommon:Theyareusuallysoldinlargedenominations.Theyhavelowdefaultrisk.Theymatureinoneyearorlessfromtheiroriginalissuedate.Mostmoneymarketinstrumentsmatureinlessthan120days.1.Characte

4、risticsoftheMoneyMarket2021/9/173Chapter6TheMoneyMarketMoneymarkettransactionsdonottakeplaceinanyoneparticularlocationorbuilding.Instead,tradersusuallyarrangepurchasesandsalesbetweenparticipantsoverthephoneandcompletethemelectronically.Becauseofthischaracteristic

5、,moneymarketsecuritiesusuallyhaveanactivesecondarymarket.Anactivesecondarymarketmakesmoneymarketsecuritiesveryflexibleinstrumentstousetofillshort-termfinancialneeds.2021/9/174Chapter6TheMoneyMarket2.ThePurposeoftheMoneyMarketsThewell-developedsecondarymarketformo

6、neymarketinstrumentsmakesthemoneymarketanidealplaceforafirmorfinancialinstitutionto“warehouse”surplusfundsforshortperiodsoftimeuntiltheyareneeded.Similarly,themoneymarketsprovidealow-costsourceoffundstofirms,thegovernment,andintermediariesthatneedashort-terminfus

7、ionoffunds.2021/9/175Chapter6TheMoneyMarketMostinvestorsinthemoneymarketwhoaretemporarilywarehousingfundsareordinarilynottryingtoearnunusuallyhighreturnsontheirmoneymarketfunds.Rather,theyusethemoneymarketasaninteriminvestmentthatprovidesahigherreturnthanholdingc

8、ashormoneyinbanks.Investmentadvisersoftenholdsomefundsinthemoneymarketsothattheywillbeabletoactquicklytotakeadvantageofinvestmentopportunitiestheyidentify.Most