Chapter头 International Financial Market 国际金融市场的概念: 国际间居民与非居民之间,非居民与非居民之间 进行金融活动的场所和关系的总和 1 International money market vsInternational capital market 2: International security market and stock market 3. Traditional(on-shore) market and off-shore marke
Chapter 9 International Financial Market • 国际金融市场的概念： 国际间居民与非居民之间，非居民与非居民之间 进行金融活动的场所和关系的总和。 1. International money market vs. International capital market; 2. International security market and stock market; 3. Traditional (on-shore) market and off-shore market;
Formation of International financial 点 marketconditions Economic and political stability 2. No strict exchange control, currency convertibility, and national treatment 3 Developed(mature) domestic financial market, and agglomeration of financial institutions 4. Advanced facilities for international communication and location of easy transportation 5. Rich in skilled and trained personnel and staff members
Formation of International financial market—Conditions: 1. Economic and political stability; 2. No strict exchange control, currency convertibility, and national treatment; 3. Developed (mature) domestic financial market, and agglomeration of financial institutions; 4. Advanced facilities for international communication and location of easy transportation. 5. Rich in skilled and trained personnel and staff members
Development of international financial market Before Center London World War I Key Currency: Pound Sterling Bank of England dominated During and after Center: London World War I Sterling Bloc= Sterling Area 1914~1931 Declining of British Dominance After World War I Center 1: New York: Key currency dollar 194190 both money and capital market Center 2: Zurich, Foreign Exchange market and gold market Center 3: London
Development of international financial market—1 Before World War I Center: London Key Currency: Pound Sterling Bank of England dominated During and after World War I; 1914~1931 Center: London Sterling Bloc Sterling Area Declining of British Dominance After World War II; 1944~1950 Center 1: New York; Key Currency dollar both money and capital market Center 2: Zurich; Foreign Exchange market and gold market Center 3: London;
Development of international financial market 1960s Off-shore Dollar Market: Escape control Euro-Dollar Market: Euro-Money market London. Paris. Frankfurt. bruxelles Amsterdam, Milan, Stockholm, Tokyo Montreal 1970s Tat Haven" Off-shore Center Bahamas(Nassau), Grand Cayman(along Caribbean Sea), Luxembourg, Singapore Late 1970s Emerge of Asian Financial Market Singapore, Hong Kong, Thailand, Indonesia, The Philippines was
Development of international financial market—2 1960s Off-shore Dollar Market: Escape control Euro-Dollar Market; Euro-Money Market London, Paris, Frankfurt, Bruxelles, Amsterdam, Milan, Stockholm, Tokyo, Montreal 1970s “Tax Haven” Off-shore Center: Bahamas (Nassau), Grand Cayman (along Caribbean Sea), Luxembourg, Singapore Late 1970s Emerge of Asian Financial Market: Singapore, Hong Kong, Thailand, Indonesia, The Philippines
Functions of International Financial Market 国际金融市场的作用: 1离岸金融市场为各国筹集资金提供子方便。 尤其是欧洲美元方场的出现 2,加速资本国际化,推动了国际贸易,为跨国 公同的发展提供了条件 3资本流动自由化,是国际信贷,跨国银行业 务也有长是发展 与此同时,增大了各国政府对自际游资管理 的难度
Functions of International Financial Market • 国际金融市场的作用： 1. 离岸金融市场为各国筹集资金提供了方便。 尤其是欧洲美元市场的出现。 2. 加速资本国际化，推动了国际贸易，为跨国 公司的发展提供了条件。 3. 资本流动自由化，是国际信贷，跨国银行业 务也有长足发展。 • 与此同时，增大了各国政府对国际游资管理 的难度