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1、PartⅠFinancialMarketsChapter1FunctionsofFinancialMarkets Chapter2MoneyMarkets Chapter3CapitalMarkets Chapter4ForeignExchangeMarketsChapter1 FunctionsofFinancialMarkets1.1SignificanceTheword“finance”signifiescapitalinmonetaryform,thatis,intheformoffundslentorborrowed,normallyforcapitalp
2、urposes,throughfinancialmarketsorfinancialinstitutions.Whenfinancegoesinternational,itisthenaninternationalfinance.Whatisafinancialmarket?Itisaplacewherefinancialtransactionstakeplace.Financialmarketsfacilitatethelendingoffundsfromsaverstothosewhowishtoundertakeinvestments.Thosethatwis
3、htoborrowtofinanceinvestmentprojectssellfinancialinstrumentstosavers.Whenaninvestorpurchasesthesecuritiesissuedbyultimateborrowers(thosewhousethefundstoinvestinrealassets),capitalmarketoperationsforequities,bondswouldfalllargelyintothiscategory.Whenaninvestorchoosestoinvestintheobligat
4、ionsoffinancialintermediaries,whichinturnlendthefundstothosewhoinvestinrealassets,theyareoperationsinmoneymarketfortermdepositsandloans,interbanktransactionsofsuchnature.Theprimarydistinctionbetweenthetwochannelsisthat,inthefirstcase,i.e.directfinancing,theinvestorisfaceddirectlywithth
5、ecreditriskoftheissuer,whileinthesecondcase,i.e.financingthroughfinancialintermediation,afinancialinstitution,suchasabank,interjectsitselfbetweenusersandprovidersoffunds.Anyanalysisofthesectorofmoneymarketdominatedbyfinancialintermediariesmustbeverymuchconcernedwiththesefinancialinstit
6、utionsthemselves(theirpolicies,financialconditionsandofficialregulatoryenvironment)inadditiontothosefactorsgoverningthesuppliersandusersoffunds.Internationalfinancialtransactionsincludepurchasesandsalesofforeigncurrency,securities,goldbullion,andlendingandborrowing.Foreignexchangemarke
7、rdealswiththeexchangesofdifferentmeansofpayment.Theseexchangesarenecessaryforinternationalcapitalflows.Astherelativevaluesamongdifferentcurrencies(theexchangerates)willfluctuateaccordingtoeconomicandpoliticalcircumstancesofthecurrenciesoftherelativecountries,internationalinvestorsorf
