金融专业英语课件Part_Ⅱ

Financial English 2014
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Opposition to the Bank
be opposed to… 反对… be in the best interest of sb. / be in sb.’s best interest 某人的最大/最佳利益 in question
讨论中的；谈及的
私营部门和公共部门
Financial English 2014
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II. Membership
--To become a member of the WBG, what should a country do first? --How should a member pay for the 195 Bank shares? -- Where does the president of the World Bank come from? --What are the five largest shareholders? --Where does the World Bank get its funding?
Financial English 2014
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The Parts That Make Up the Whole
Its five agencies are:
International Bank for Reconstruction and Development (IBRD)
国际复兴开发银行
International Development Association (IDA)
Chapter
3
The World Bank Group
Financial English

➢ The first modern organized futures exchange began in 1710 at the Dojima Rice Exchange in Osaka, Japan.
➢ The London Metal Market and Exchange Company ➢ Chicago Mercantile Exchange ➢ New York Mercantile Exchange (NYMEX)
9.1.1 What is futures?
9.1.2 Margins
➢ To minimize credit risk to the exchange, traders must post a margin or a performance bond*, typically 5%-15% of the contract's value.
金 融 专 业 英语
Part Three
Financial Instruments and Foreign Exchange
Contents
7
8
9
Securities
ቤተ መጻሕፍቲ ባይዱ
Foreign Exchange
Futures & Options
9 Futures &
Chapter
Options
Learning Objectives（学习目标）
Students will be able to:
Master clearing, settlement and mark-to-market in future
Master the meaning, types and ways to trade of the options

• 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.

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M2 is the most often used reference to money supply. M3 is the most often used reference to M2 is an even broader definition of the money supply, as it includes all money supply. M2是衡量货币供应量最 常用的参考值。 of the components of M1 and M2 plus a number金融资产 of financial assets and financial assets instruments generally employed by financial instruments n. 金融票据 large (jumbo) certificates of deposit.
2013-9-27
Chen Jianhui
8
Strictly enforced government regulations control how many of the deposited dollars must be held in fractional reserve loans. reserve to support deposit money expansion activities 部分准备金存 Loans made against this fractional 款扩张业务 reserve are a key factor in banking and current fractional reserve deposit money expansion activities. a

❖ Businesses demand loanable funds to invest in long-term (fixed) and short-term assets. The quantity of funds demanded by businesses depends on the number of business project to be implemented. Businesses evaluate a project by comparing the present value of its cash flows to its initial investment, as follows:
• In addition, the market values of securities (such as bonds) held by depository institutions or nondepository institutions are affected as well. Thus, managers of financial institutions attempt to anticipate interest rate movements so that they can capitalize on favorable movements or reduce their institution’s exposure to unfaverable movements.
❖For example, if tax rates on household income are expected to significantly decrease in the future, households might believe that they can more easily afford future loan repayment and thus be willing to borrow more funds. For any interest rate, the quantity of loanable funds demanded by households would be greater as a result of tax law adjustment. This represents an outward shift in the demand schedule.

➢ 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.

─ 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
© 2012 Pearson Education. All rights reserved.

economy.
Key Topics
1 What is Money; 2 Functions of Money; 3 Evolution of the payment; 4 Measuring Money; 5 Money Policy.
Text contents
Section 1.1 What is Money? Section 1.2 Functions of Money Section 1.3 Evolution of the Payment System Section 1.4 Measuring Money
在一般情况下，货币是在任何形式或可核查的记录中，被 普遍接受作为付款的商品和服务，并在一个特定的国家或 社会经济背景下可以偿还的债务。
What is “Money”?
Imagine a world without using of money Barter (物物交换)
What is “Money”?
Learn the functions of money;
2
Know the definition of money;
1
3 4
Learning Objectives
Understand how the money can be measured;
Learn how the
5
money policy can effect the
金 融 专 业 英语
Part One
Money and Economics
Contents
1
2
3
Money
Financial Markets
Polities and Economics

• But the record also shows a number of officials arguing that the Fed should nevertheless get ready to act again if the jobs market and inflation numbers were in line with expectations or stronger than forecast. • After lifting rates twice in two years, Janet Yellen, Fed chair, and her fellow ratesetters are contemplating stepping up the pace of increases as economic growth accelerates and prospects rise of tax cuts by the Republican-controlled Congress.
1. Central Bank and Its Functions The brief history of central bank Bank of Sweden (1656) was the first central bank, followed by the Bank of England (1694) and the Bank of France (1800). Bank of Japan was established in 1888, and the US Federal Reserve System in 1913. The People’s Bank of China was founded in 1948 and authorized to exercise the functions of the Central Bank of China in 1983.

同等信用评级的公司债券和结构化金融产品分层面对的系统性 风险是不同的，这些优先层级将在经济形势系统性变坏之时遭 受更大的损失。 因为单个公司债券所面对的风险包括其发行者 自身的独有风险，而优先层的独有风险已经在构建资产池的过 程中被分散化了，它所面对的风险几乎全部是系统性风险。
MBS的结构化拆分——“部分”or“分层”（即tranche）
MBS发行者从银行和金融公司购买了大量按揭贷款后，形成资产池，
并以资产池未来现金流来偿还投资者利息和本金。由于对同一MBS的投资
者中有人担忧按揭贷款被提前偿还，而另一部分希望尽可能早收回投资的
投资者却面临延长风险。因此发行人把MBS分为不同的“部分(tranche)”，
每个TRANCHE代表了对同一MBS 按揭池产生的现金流的不同级别的权利。
售给SPV，自留B类债权（因为这类债权不容易卖出好价钱），然后
SPV将这些贷款证券化出售给投资者。通过这种方式，可以将风险资
产转出资产负债表进而规避监管要求，如果是资信良好的大银行这样
做，甚至可以赚取利润。
CDO根据其标的资产的不同，可以分为CBO（以bond，市场流通
的债券为标的），和CLO（以loan,银行贷款为标的资产）两种类型。
性)
spectacular [spek'tæ kjələ(r) ] n. 奇观, 壮观; 豪华巨片; 展览物; 豪华电视片 adj. 壮观的; 引人注目的; 壮丽的; 惊人的 例句：The goalkeeper made a spectacular dive to save the
goal. 守门员一个极为精彩的鱼跃扑住了那个射门。
例如，一个CMO(Collateralized Mortgage Obligations指将房地产抵押贷