Metallgesellschaft (Germany)
Allied Lyons (U.K.)
Year 1994 1994 1993 1993 1991
Losses $102 million $20 million $1.54 billion $1.3 billion $265 million
Contracts Interest rate swap
How We Study Financial Markets
w 基本分析框架
è 1. 供需分析 è 2. 均衡 è 3. 获利 è 4. 交易成本和不完全信息
How We Study Financial Markets
w Features
è 1. 案例分析 è 2. 定量计算 è 3. 公式推导 è 4. 阅读金融杂志、报刊 è 5. 实践
è The Practice of International Financial Management: More Demanding
不断变化的金融市场格局
w 某些变化是渐进式的.
è 美国和美元的地位逐渐下降 è 新的金融产品、机构和新兴市场越来越重要
w 某些变化是突发性的.
è 1973 年布雷顿森林(Bretton Woods)体系的崩溃 è 20世纪90年代后期的金融危机 (Mexico, Thailand,
Long-Term Capital 1998 Mgmt (U.S.8 Boston (Swiss-U.S.)
Barings Bank (U.K.)
1995
Daiwa Bank (Japan)
1995
Sumitomo Corp. (Japan)
1996
Losses
Accidents along the International Financial Superhighway
Corporate Sector
Organization
Procter & Gamble (U.S.)
Gibson Greetings (U.S.)
Showa Shell (Japan)
Interest rate swap
Foreign exchange
Oil futures
Foreign exchange options
Accidents along the International Financial Superhighway
Financial Firms
Organization Year
Overview
w The Changing Financial Landscape
è The Expanding Menu of Financial Choices è Greater Volatility as a Feature of Financial Markets è Increased Competition Within and Among
• Policy Issues for Public Policymakers in International Financial Markets
Overview
w Challenges in the Study of International Financial Markets and the Practice of International Financial Management
国际金融市场与工具
2020年4月23日星期四
国际金融市场与工具
主讲人： 郭炜 62028469 guoweicl@
国际金融市场与工具
参考书目： w 王宗军．金融市场概论．武汉：华中理工大
学出版社，1999年1月 w 姜波克．国际金融新编（第三版）. 上海：
复旦大学出版社，2001年8月 w Frederic S. Mishkin, Stanley G. Eakins.
• Price Determinants • Price Relationships • Price Changes • Pricing Efficiency
è Policy Issues in International Financial Markets
• Policy Issues for Individuals and Private Enterprises in International Financial Markets
Financial Markets è Financial Crises and Contagion Among
International Financial Markets
Overview
w Major Themes
è Prices in International Financial Markets
è The Importance of Foreign Exchange outside the United States
è The Importance of Foreign Exchange in the United States
è The Study of International Financial Markets: More Demanding
Financial Markets and Institutions(Third Edition). 北京：清华大学出版社，2001年9 月
国际金融市场与工具
w 第一章 国际金融市场概论 w 第二章 国际货币体系回顾 w 第三章 外汇市场 w 第四章 货币市场 w 第五章 股票市场 w 第六章 债券市场 w 第七章 金融衍生工具市场
Contracts
$4 billion Leveraged spread & convergence trades
Korea, etc.).
不断变化的金融市场格局
w 不断扩展的可选金融工具.
è 一家美国公司需要固定汇率的美元贷款，有哪 些可选途径？
è 金融工程: 企业和个人借助期货和期权来消除因 宏观经济波动或公司特殊事件所产生的风险
w 金融市场的波动性越来越大.
è 德国马克对美元的汇率 è 日经指数 è 导致对金融预测的需求增加和风险管理的重视