货币银行学名词解释
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货币银行学名词解释Chapter2: An Overview of the Financial System一级市场：筹集资金的公司或政府机构将其新发行的股票或债券等证券销售给最初购买者的金融市场。
Primary market:A financial market in which new issues of a security are sold to initial buyers by the corporation or government agency borrowing the funds.二级市场：交易已经发行的证券的金融市场。
Secondary market:A financial market in which securities that have been previously issued can be resold.场外市场：二级市场的一种组织形态，即分处各地的拥有证券存货的交易商随时向与它们联系并愿意接受它们报价的人在柜台上买卖证券。
Over-the-counter (OTC) market: A method of organizing a secondary market in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over-the-counter” to anyone who comes to them and is willing to accept their prices.货币市场：交易短期债务工具（通常原始期限为1年以下）的金融市场。
Money market:A financial market in which only short-term debt instruments (generally those with original maturity of less than one year) are traded.资本市场：交易长期债务工具（通常原始期限在1年或1年以上）与股权工具的金融市场。
Capital market:The market in which longer-term (generally those with original maturity of one year or greater) and equity instruments are traded.逆向选择：在交易之前，信息不对称所导致的问题。
金融市场上的逆向选择是指，那些最可能造成不利（逆向）后果，即制造信贷风险的潜在借款人，往往是那些最积极寻求贷款，并且最可能获取贷款的人。
Adverse selection:The problem created by asymmetric information before the transaction occurs.Adverse selection in financial markets occurs when the potential borrowers who are the most likely to produce an undesirable (adverse) outcome–the bad credit risks–are the ones who most actively seek out a load and are thus most likely to be selected.道德风险：在交易之后，信息不对称所导致的问题。
金融市场上的道德风险是指，借款人从事不利于贷款人（不道德）活动的风险，因为这些活动增大了贷款无法清偿的概率。
Moral hazard:The problem created by asymmetric information after the transaction occurs.Moral hazard in financial markets is the risk (hazard) that the borrower might engage in activities that are undesirable (immoral) from the lender’s point of view, because they make it less likely that the loan will be paid back.外国债券：在国外发行并以发行国货币计价的债券。
Foreign bonds:Bonds sold in a foreign country and are denominated in that country’scurrency.欧洲债券：在外国市场上发行，但并非以发行国货币计价的债券。
Eurobonds:A bond denominated in a currency other than that of the country in which it is sold.欧洲货币：存放在本国之外的银行的外国货币。
Eurocurrencies:Foreign currencies deposited in banks outside the home country.欧洲美元：存放在美国之外的外国银行或美国银行的国外分支机构的美元。
Eurodollars:U.S. dollars deposited in foreign banks outside the United States or in foreign branches of U.S. banks.Chapter4: Understanding Interest Rates息票债券：在到期日之前每年向债券持有人支付定额的利息（息票利息），到期时再偿还事先规定的最终金额（债券面值）的债券。
Coupon bond:A coupon bond pays the owner of the bond a fixed interest payment (coupon payment) every year until the maturity date, when a specified final amount (face value or par value) is repaid.贴现发行债券或零息债券：购买价格低于其面值（贴现发行），到期时按照面值偿付的债券。
Discount bond (zero-coupon bond): A bond bought at a price below its face value (at a discount), and the face value is repaid at the maturity date.统一公债或永续债：没有到期日、不必偿还本金、永远只需要支付固定的息票利息的永久性债券。
Consol or perpetuity: A perpetual bond with no maturity date and no repayment of principal that makes fixed coupon payments forever.到期收益率：使债务工具所有未来回报的现值等于其今天的价值的利率。
Yield to maturity:The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today.当期收益率：年息票利息ii CC除以证券价格。
Current yield:The ratio that ii CC, the yearly coupon payment divided by the price of the security.贴现基础上的收益率（贴现收益率）：定义式为ii dddd=FF−PP FF×360到期天数的收益率。
Yield on a discount basis (discount yield):The interest rate quoted because of the difficulty to calculate interest rates as a yield to maturity, defined by the formula ii dddd= FF−PP FF×360dddddddd tttt mmddttmmmmmm tt dd.Chapter5: The Behavior of Interest Rates费雪效应：预期通货膨胀率的上升会引起利率的上升。
Fisher effect:When expected inflation rises, interest rates will rise.Chapter 6: The Risk and Term Structure of Interest Rates利率的期限结构：具有不同到期期限的债券之间的利率联系。
Term structure of interest rates:The relationship among interest rates on bonds with different terms to maturity.收益率曲线：期限不同，但风险、流动性和税收政策相同的债券的收益率连接成的一条曲线。
Yield curve:A plot of the yields on bonds with differing terms to maturity but the same risk, liquidity, and tax considerations.预期理论：长期债券的利率等于在其有效期内人们所预期的短期利率的平均值。
Expectations theory:The interest rate on a long-term bond will equal an average of the short-term interest rates that people expect to occur over the life of the long-term bond.分割市场理论：不同到期期限的债券市场是完全独立和相互分割的，每种债券的利率取决于该债券的供给与需求，其他到期期限的债券的预期回报率对此毫无影响。
