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1、货币银行学要点-精简版货币银行学要点-精简版5。相似与股票和债券的区别是什么？Both are securities which are a sourceof funds for a corporation and a claim to future streams of payment.Stocks are ownership shares with infinite maturity, while bonds are debt with, in most cases, a finite maturity.都是一个公司和索赔支付未来流之资金来源证券。股票是无限的成熟股票的所有权，而债券是债务
2、，在大多数情况下， 一个有限的成熟。债券固定美元的承诺，而股票的价值是取决于发行人的性能。期货 Futures con tracts represe nt a promise by both sides to make a tran sacti on in the future.期权 Opti ons con tracts represe nt a promise by both sides to make atransaction in the future,the purchaser pay a sum of money to seller.The purchaser has the ri
3、ght but not the obligati on to exercise the opti on.期货合约是一个承诺，双方在未来做个交易。期权合约的独立的权利和义 务。期权的卖方承诺如果购买者的选择要指定的事务。期权的购买者将如果这 样做是有利可图的选择行使期权。买方有权但没有行使期权的义务。拍卖市场 The main feature of an auction market is that participants confront each other directly.拍卖市场的主要特征是，参与者面对对方直接经纪 人市 场 Brokered markets have sellers
4、 employingagents tosearch for buyers.经销商市场 A dealer market has a dealer continuouslybuying andsell ing and tak ing positi ons.存款准备金率 Deposit reserve rati on is the cen tral bank that sets the minimum reserves each bank must hold to customer deposits and no tes. 作用 1, ensure the liquidity of commerci
5、albank funds 2 Adjust thetotal money supply贴现率 Commercial banks deal with bill disco untingbus in ess,thebank will deduct the in terest, this in terest rate is the disco unt rate作用再贴现率； banks faced with reserve deficits can temporarily borrow reserves from their regi onal Federal Reserve bank at a p
6、rice作用1 As a commercial bank funding costs of the refere nee sta ndard2 Adjust the money supply 3 The discount rate affects the country's in terest rates公开市场操作 is an activity by a central bank to buy or sell government bonds on the open market. 作用1 Control the size of loans and moneysupply. 2 Th
7、e direct effect of interestrates and the interestrate structure大额可转让定期存单(Negotiable Certificate of Deposit简写为CDSA certificate of deposit with a minimum face value of $100,000. These are guara nteed by the bank and can usually be sold in a highly liquid sec on dary market, but they cannot be cashed-i
8、 n before maturity.商业票据(commercial paper ) is mostly held by mon eymarket mutual fun ds. It represe nts short-term liabilities of the most creditworthybus in essfirms欧洲美元；欧洲美元，它并不是一种特殊的美元，与美国国内流通的美元是同 质的，具有相同的流动性和购买力，所不同的是，欧洲美元不由美国境内金融 机构监管，不受美联储相关银行法规、利率结构的约束。它存放在美国境外的 各国银行、主要是欧洲和美国银行欧洲分行的美元存款，或是从这
9、些银行借到 的美元贷款U.S.-dollar It is U.S. dollar deposits which is stored in banks outside the USA 。They are not subject to U.S. financial institutions management7. What is the primary differeneebetween the moneymarket and the capitalmarket? Give three examples of finan cial in strume nts in each.The moneym
10、arket is for short-term borrowing (commercial paper, T-bills, certificates of deposit), and the capital market for Iong-term borrowing or selli ng own ership (stocks, bon ds, mortgages).7。货币市场与资本市场之间的主要区别是什么？在每一个给金融工具三例。货币市场短期借款(商业票据 commercial paper，短期国库券T-bills ，存款 单certificates of deposit )，以及资本市
11、场的长期借款或出售股权(股票 stocks，债券 bon ds,，抵押贷款 mortgages)货币市场； money market are the finan cialmarkets for buying andselli ngwith original maturities of one year or less资本市场：Capital markets are financial markets for the buying and selling of Ion g-term debt or equity-backed securitiesIn direct financeiaSaver-
12、le nders 贷Borrower-spe nders借款人Direct finance商业银行； A commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products.作用1 economic adjustment2 credit creation3, the credit intermediary4 payment intermediaries5 Financia
13、l ServicesMoney;money is just what you think it is- what you spend when you wantto buy something作用1a means of payment2a store of value3a standard of value4a medium of exchange流动性资产( liquid assets ): Liquid assets are the things that a person or company owns which can be quickly turned into cash if necessary