金融机构英文课件(3)

l If we assume the default rate has a gamma distribution then the probability of m defaults has a negative binomial distribution (see equation 21.4 and Table 21.4)
Table 21.2 page 447
Initial Rating Aaa Aa A Baa Ba B Caa Ca-C Default
Rating at end
Aaa
Aa
A
Baa
Ba
B
Caa
Ca-C Default
61.83% 28.85% 7.97% 1.02% 0.23% 0.06% 0.01% 0.00% 0.04%
l They are allowed to make a constant level of risk assumption (minimum liquidity horizon is three months)
Constant Level of Risk Assumption
l Suppose a bank has a BBB bond and uses a liquidity horizon of 3 months
3.19% 59.53% 30.10% 5.72% 0.90% 0.28% 0.08% 0.01% 0.19%
0.40% 8.67% 65.07% 20.36% 3.49% 1.12% 0.26% 0.04% 0.59%
0.18% 1.44% 14.58% 63.62% 12.63% 4.57% 0.98% 0.12% 1.87%
0.01% 0.06% 0.37% 6.17% 83.45% 8.06% 0.65% 0.07% 1.16%

– The Bank Balance Sheet – Basics of Banking – General Principles of Bank Management – Off-Balance Sheet Activities – Measuring Bank Performance
The Bank Balance Sheet
The Bank Balance Sheet: Assets (b)
• Securities: these are either U.S. government/agency debt, municipal debt, and other (non-equity) securities. These m Short-term Treasury debt is often referred to as secondary reserves because of its high liquidity.
• Banks invest these liabilities (sources) into assets (uses) in order to create value for their capital providers
The Bank Balance Sheet
• The next slide shows the aggregate balance sheet for all commercial banks as of 2007. We will then step through each item, discussing each in detail.
• The Balance Sheet is a list of a bank’s assets and liabilities

• 金匠发现在为客户保护货币时，存款 和取款往往相互冲销，这样保留在保险 箱的存款余额还算是稳定。
金融英语
• 8．The system of keeping one’s money on deposit with the goldsmith was safer than leaving money where it could be easily stolen, but it was a bit nuisance to have to visit the goldsmith each time money needed.
• 交易中介是交换所出售商品和服务时被 普遍接受的任何东西。玉米不是最终的 交换物而是最终交换物的中介。
金融英语
• 5 ． Rather than having to quote rate of exchange for each good in terms of every other good, as was the case in the barter economy, the price of everything could be measured in terms of corn.
• rate of inflation 通货膨胀率 scarce resources 稀缺资源
• social cost of funds 资 金 的 社 会 成 本 credit institution 信贷机构
• principal 资金 本金 基本财产 denomination
面值
金融英语
• 1. In any economy in which decision by individual economic units play a major role, interest rates perform several important function through which they exercise a pervasive influence over economic decision and performance, similar in scope to the influence of other economy-wide prices such as the exchange rate and the basic wage rate.

Types of financial statements
Balance sheet The income statement The statement of owner’s equity Statement of cash flows
ቤተ መጻሕፍቲ ባይዱ
F ro m b a n k Issu in g c e rta in se c u rity T ra d e c re d it a c c ru a ls
Language Points (语言点)：
1. generous adj. 慷 慨 的 ， 大 方 的 generous with one’s money 用钱大方 心地高尚的，无偏见的 a generous mind/spirit 高尚的心， 精神 2. owe v. owe sth. to sb. 欠某人债/将某事物归因或归功于 某人 He owes $50 to his father. 他欠他父亲 $50 。 He owes his success more to luck than to ability.他认为他的 成功靠运气而不是自己能力。 3. allow for sb./sth. 在计算、估计、考虑时包括某人/某事 I will take you half an hour to get to the station, allowing for traffic delays. 把路上的耽搁算进去，你要半小时才能到 车站。
Unit Three Part B Financial Statements
教学目的与要求（Teaching targets）： 1. to help students to understand the purposes, functions and types of financial statements, especially the types of financial statements. 2. to help students to get familiar with the special English words and expressions about financial statements 教学重难点(Emphases and difficult points） some important vocabulary: financial statement ， revenues and expenses，statement of financial position， balance sheet ， income statement ， statement of cash flows ， statement of owner’s equity ， net income ， net loss，capital transaction the types of financial statements. Some important special vocabulary and expressions, eg, balance sheet, income statement, statement of cash flows, net loss, expense/expenditure, as of, revenue/income.

• Capital must exceed 8% of the banks riskweighted assets and off-balance sheet activities (details follow)
• Has this spread of insurance been a good thing? Did it improve the performance of the financial system and prevent crises?
• Oddly enough, the answer appears to be no.
Asymmetric Information and Bank Regulation
1. Government Safety Net: Deposit Insurance and the FDIC
• The FDIC handles failed banks in one of two ways: the payoff method, where the banks is permitted to fail, and the purchase and assumption method, where the bank is folded into another banking organization.
1. Government Safety Net: Deposit Insurance and the FDIC:
• Regulators are reluctant to let the largest banks fail because of the potential impact on the entire system. This is known as the “Too Big to Fail” doctrine. This increases the moral hazard problem for big banks and reduces the incentive for large depositors to monitor the bank.

➢ Accommodating investment needs.
Financial institutions serve as intermediaries within the financial markets to channel funds from investors to corporations.
➢ Regulators.
Most countries need regulators who control their financial institutions and regulate dealings in securities markets with the objects of ensuring that the financial institutions are able to honour their commitments, that people have access to relevant information before they enter into contracts, and dealing in securities is fair.
Chapter 4 Financial Markets 4.1 Types of Financial Markets
Direct financial market and indirect financial market
• In direct financial market, borrowers borrow funds directly from lenders without using a third party service.
• International financial markets allow a number of traders who are not only across the country but also around the world to make transactions.

Personal banking services: Provide financial services to individuals, including deposit accounts, loans, investment advice, and other personal financial services.
Banking business processing
CATALOGUE
02
客户身份验证
账户类型选择
签署协议
账户开通
01
02
03
04
银行工作人员会核实客户的身份信息，以确保账户的安全性。
客户可以根据自己的需求选择合适的账户类型，如储蓄账户、支票账户等。
客户需签署开户协议，明确账户的用途和相关责任。
银行系统会根据客户提供的资料开设个人或企业银行账户。
客户向银行提供取款凭证，如银行卡、存折等。
取款凭证
银行工作人员会核实取款金额，并确保账户余额足够。
取款金额确认
客户可以选择柜台取款或ATM机取款。
取款方式选择
银行会记录每笔取款的日期、金额和账户信息，便于客户查询。
取款记录
Banking Business Exchange
Mobile banking services have brought great convenience to customers, and have become an important trend in the development of electronic banking business.
Customers can access online banking through personal computers, mobile phones, or other devices with internet access to conduct financial transactions, query account information, and other services.

─ Mutual Savings Banks ─ Savings and Loan Associations ─ Savings and Loans in Trouble: The Thrift Crisis ─ Political Economy of the Savings and Loan Crisis
篮球比赛是根据运动队在规定的比赛 时间里 得分多 少来决 定胜负 的，因 此，篮 球比赛 的计时 计分系 统是一 种得分 类型的 系统ຫໍສະໝຸດ Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
Mutual Savings Banks
▪ Depositors are the owners of the firm
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
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Introduction to Commercial Bank The general role of commercial banks is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy.（ 确保经济和社会的稳 定和经济的可持续发展）
Commercial Bank Operations Liabilities operations 1)Accepting Deposits 2) Borrowing Operations
Assets operations 1)Discounting Bills of Exchange 2) Loans 3) Securities Investment
Borrowing Operations • It mainly includes rediscounting or borrowing from the central bank, inter-bank borrowing, the issuance of financial securities, borrowing from the international money market, and the occupation of short-term capital in the process of settlement.
Accepting Deposits
• A primary function of money is its use as a means of payment. • Consequently, one of the most important reasons for becoming a bank depositor is to use the payment facilities of the commercial banking system.

10 5
0 -10 -5 0 5 10
-5
-10
Multivariate Gaussian Copula
l
l
l
We can similarly define a correlation structure between V1, V2,…Vn We transform each variable Vi to a new variable Ui that has a standard normal distribution on a “percentile-to-percentile” basis. The U’s are assumed to have a multivariate normal distribution
Gaussian Copula Models:
Creating a correlation structure for variables that are not normally distributed Suppose we wish to define a correlation structure between two variable V1 and V2 that do not have normal distributions We transform the variable V1 to a new variable U1 that has a standard normal distribution on a “percentile-to-percentile” basis. We transform the variable V2 to a new variable U2 that has a standard normal distribution on a “percentile-to-percentile” basis. U1 and U2 are assumed to have a bivariate normal distribution

spreads between bid and ask prices are narrow. =deep market=active market=liquid market
Thin market:淡市 A market in which trading volume is low, and
No consequently bid and asked quotes are wide and
Tight money:紧银根
Image Tight credit:信用紧缩
Tight market:旺市
No A market in which trading volume is high, trading is Image active and highly competitive, and consequently
Image Hong Kong for centralized funds-raising of growth
enterprises or new emerging companies from all industries and of all sizes who are temporarily not qualified to be listed in the main board.
Terms and Paraphrasing:
neutral: a.中立的，中性N 的，平静的o ，平淡的；n.中立人，中立国
Image
If a person or country adopts a neutral position or remains neutral,they don’t support anyone in a disagreement, war or

Chap 5
Financial intermediaries I: Commercial Banking industry
金融机构：商业银行
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西方国家金融机构体系构成
中央银行P154-162 商业银行 专业银行
开发银行 投资银行 进出口银行 储蓄银行 农业银行 住房信贷银行
FUNCTIONS OF COMMERCIAL BANKING SYSTEM
信息中介 商业银行利用其处理信息问题的优势解 决信息不对称导致的逆向选择和道德风
险；
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信息不对称(Information Asymmetry)：交易双方对交易 对象的掌握情况不对等。
FUNCTIONS OF COMMERCIAL BANKING SYSTEM
信用中介（融资中介）
• 信用中介是最基本、也是最能反映其经营活动特 征的职能；
• 通过负债业务集聚社会闲置资金，通过资产业务 将资金投放给需要的客户，引导资金从盈余单位 流向赤字单位；
• 时态转换（借短贷长）和规模转换（集聚小额资金，发放大额贷 款）
•信息不对称会带来交易前的逆向选 择和交易后的道德风险问题。
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逆向选择（Adverse Selection）：那些最可能 造成逆向（不利）结果的人，往往是那些寻找贷 款最积极，最可能获得贷款的人（交易发生前产 生）。 • 思考
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应用：对逆向选择和道德风险的影响的 经济分析

– Europeans have been using giro payments for decades (banks / post office transfers funds for bills) – Scandinavians are much bigger users of mobile technology and the Internet. Why?
E-Finance: Why are Scandanavians so far ahead of Americans with E-money
• The U.S. writes close to 100 billion checks, and most noncash transactions involve paper. In Europe, however, two-thirds of noncash transactions are electronic. Why the difference?
– I-bank customers seem concerned that their transactions are truly secure and private – Empirical evidence shows that long-term savings products are purchased more often face-to-fact – Technology glitches are still present
Financial Innovation: Electronic Banking
• Automatic Teller Machines (ATMs) were the first innovation on this front. Today, over 250,000 ATMs service the U.S. alone. • Automated Banking Machines combine ATMs, the internet, and telephone technology to provide “complete” service. • Virtual banks now exist where access is only possible via the internet. The next slide highlights this.

四川大学金融工程系
一、金融体系的基本功能
E.g. 某企业向65岁退休的人出售年金。A类：10年， B类：15年，C类：20年。
问：平均而言，65岁的人可以再存活15年。若该企业 索取反映15年预期寿命的价格，那么主要年金购买人是哪 一类？
四川大学金融工程系
一、金融体系的基本功能
Principal-agent problem（委托-代理问题）: Principals: Those who bear the risks associated
余额宝的规模是5413亿元。
四川大学金融工程系
一、金融体系的基本功能
货币基金
收益：4%-6% 流动性：T+0赎回 便捷性：无法直接
拥有支付和结算
支付宝
收益：无 流动性：即时 便捷性：可用于
网络支付和转 账
余额宝
收益：4%-6% 流动性：即时 便捷性：可用于
网络支付和转 账 风险：投资债券 、存款等低风 险资产
四川大学金融工程系
二、金融市场
（一）Basic types of financial assets Debt（债务）： An obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor It is also called fixed income instrument（固定收 益证券）.
四川大学金融工程系
二、金融市场
Equity（权益）：The claim（索取权） of the owners of a firm Common stocks（普通股）：代表对一家公司资产的 剩余索取权。在履行了该企业的其他所有金融合同之 后，普通股的所有者有权拥有剩余的任何资产。