新編金融英語教程Chapter8MoneyMarketsversusCapitalMarkets課件

1、Money Markets versus Capital MarketsChapter 8Lead-inLanguage NotesKey PointsFollow-up Tasks8.4CONTENTSExtended Tasks8.58.1Lead-inIn this chapter, we will first of all introduce the money markets by looking at their definition, structure, instruments and functions. Then it will examine the c

2、apital markets in a similar way. Finally, this chapter will reveal the similarities and differences between these two markets.￥$Money markets are markets that trade debt securities or instruments with maturities of one year or less. There are several money market instruments, including treasury bill

3、s, commercial paper, bankers acceptances, deposits, certificates of deposit, bills of exchange, repurchase agreements, federal funds, and short-lived mortgage- and asset-backed securities. On the one hand ,Money markets provide a variety of functions for individuals, corporations and government enti

4、ties. on the other hand, Investors use the money markets to invest funds in a safe manner.Money Markets8.2 Key Points8.2.1 Money Markets￥$Capital markets are markets that trade equity and debt instruments with maturities of more than one year. Capital markets are perhaps the most widely followed mar

5、kets. Both the stock and bond markets are closely followed, and their daily movements are analyzed as proxies for the general economic condition of the world markets.;Capital markets channel the wealth of savers to those who can put it to long-term productive use; The institutions operating in the c

6、apital markets access them to raise capital for long-term purposes;Capital Markets8.2 Key Points8.2.2 Capital Markets8.2 Key Points8.2.3 Comparisons between Money Markets and Capital Marketsdifferences similaritiesFrom the issuer or sellers standpoint, both markets provide a necessary business funct

7、ion: maintaining adequate levels of funding. Capital markets offer higher-risk investments, while money markets offer safer assets. Money market returns are often low but steady, while capital markets offer higher returns.The liquidity between money markets and capital markets is different.anomaly n

8、mli 異常acceptance kseptns 承兌匯票benchmark bentm:k 基準(zhǔn)conduit kndjut 中轉(zhuǎn)人，中轉(zhuǎn)機(jī)構(gòu)debt det 債務(wù)deposit dpzt 存款entity entti 機(jī)構(gòu)8.3 Language NotesI. Wordsequity ekwti 股權(quán)fraud fr:d 欺詐fluctuation flkten 波動(dòng)issue sju 發(fā)行l(wèi)iquidity lkwdti 流動(dòng)性maturity mtrti 周期proxy prksi 代理人return rt:n 收益scrutinize skru:tnaz 審查acceptance

9、houses asset-backed commercial paper (ABCP)bills of exchange capital marketscollateral loanscommercial banksdebt/bond market debt securitieseconomic agents equity/stock market8.3 Language NotesII. Phrases General Electricinadvertent risk London Interbank Offered Rate (LIBOR)money markets mortgage ba

10、nks over-the-counter (OTC) marketsprice fluctuationsprimary marketsecondary marketthe U.S. Treasury 美國(guó)財(cái)政部unit of account計(jì)量單位1. There are several money market instruments, including treasury bills, commercial paper, bankers acceptances, deposits, certificates of deposit, bills of exchange, repurchase

11、 agreements, federal funds, and short-lived mortgage- and asset-backed securities. 2. The money market plays a key role in ensuring companies and governments maintain the appropriate level of liquidity on a daily basis, without falling short and needing a more expensive loan or without holding exces

12、s funds and missing the opportunity of gaining interest on funds.3. Risk-adverse investors are willing to access them with the anticipation that liquidity is readily available.4. Both the stock and bond markets are closely followed, and their daily movements are analyzed as proxies for the general e

13、conomic condition of the world markets.5.Many investors access the capital markets to save for retirement or education, as long as the investors have long time horizons, which usually means that they are young and are risk takers.8.3 Language NotesIII. Sentences 8.4 Follow-up TasksI. MatchingDirecti

14、ons: Match the English words and phrases in the left column with the proper Chinese equivalents in the right column. ( )1. central banks A. 流動(dòng)性需求( )2. corporate bonds B. 保險(xiǎn)公司( )3. financial market C. 政府債券( )4. government bonds D. 長(zhǎng)期資產(chǎn)( )5. insurance company E. 時(shí)間范圍( )6. liquidity needs F. 金融市場(chǎng)( )7.

15、long-term assetsG. 企業(yè)債券( )8. operating expenses H. 營(yíng)運(yùn)資本( )9. time horizon I. 中央銀行( )10. working capital J. 運(yùn)營(yíng)費(fèi)用8.4 Follow-up TasksII. JudgmentsDirections: Decide whether each of the following statements is true (T) or false (F). 1.Both money markets and capital markets are important components of th

16、e financial market. ( )2.Compared with capital markets, money markets have a higher liquidity. ( )3.The financial instruments used in capital markets include deposits, collateral loans, acceptances and bills of exchange. ( )4.Money markets are safer, but less lucrative than capital markets. ( ) 5.Th

17、e higher the investment risk is, the higher the market return will be. ( )8.4 Follow-up TasksIII. Short Answer Questions Directions: Answer each of the following questions briefly.1. What are the differences between money markets and capital markets in terms of maturities?2. What are the two subsidi

18、ary markets of the capital markets?3. Can you list three financial institutions that operate in the money markets?4. Can you list three financial institutions that operate in the capital markets?5Why are capital markets likely to be the most widely followed markets?8.4 Follow-up TasksIV. Translation

19、 Directions: Translate the following Chinese paragraph into English.貨幣市場(chǎng)是指以期限在1年之內(nèi)的金融工具為媒介進(jìn)行短期資金融通的市場(chǎng)。其特點(diǎn)是交易期限短，流動(dòng)性強(qiáng)，風(fēng)險(xiǎn)相對(duì)較低。資本市場(chǎng)是指證券融資和經(jīng)營(yíng)一年以上的資金借貸和證券交易的場(chǎng)所，又稱為中長(zhǎng)期資金市場(chǎng)。根據(jù)融資方式的不同，可以把資本市場(chǎng)分為銀行中長(zhǎng)期信貸市場(chǎng)和證券市場(chǎng)。根據(jù)金融工具的基本性質(zhì)，可以把資本市場(chǎng)分為股票市場(chǎng)和債券市場(chǎng)。和貨幣市場(chǎng)相比，資本市場(chǎng)的交易不僅期限長(zhǎng)，而且具有一定的風(fēng)險(xiǎn)性和投機(jī)性。A man without money is a bow without an arrow.Thomas Full