新编金融英语教程Chapter8MoneyMarketsversusCapitalMarkets课件

1、Money Markets versus Capital MarketsChapter 8Lead-inLanguage NotesKey PointsFollow-up Tasks8.4CONTENTSExtended Tasks8.58.1Lead-inIn this chapter, we will first of all introduce the money markets by looking at their definition, structure, instruments and functions. Then it will examine the c

2、apital markets in a similar way. Finally, this chapter will reveal the similarities and differences between these two markets.￥$Money markets are markets that trade debt securities or instruments with maturities of one year or less. There are several money market instruments, including treasury bill

3、s, commercial paper, bankers acceptances, deposits, certificates of deposit, bills of exchange, repurchase agreements, federal funds, and short-lived mortgage- and asset-backed securities. On the one hand ,Money markets provide a variety of functions for individuals, corporations and government enti

4、ties. on the other hand, Investors use the money markets to invest funds in a safe manner.Money Markets8.2 Key Points8.2.1 Money Markets￥$Capital markets are markets that trade equity and debt instruments with maturities of more than one year. Capital markets are perhaps the most widely followed mar

5、kets. Both the stock and bond markets are closely followed, and their daily movements are analyzed as proxies for the general economic condition of the world markets.;Capital markets channel the wealth of savers to those who can put it to long-term productive use; The institutions operating in the c

6、apital markets access them to raise capital for long-term purposes;Capital Markets8.2 Key Points8.2.2 Capital Markets8.2 Key Points8.2.3 Comparisons between Money Markets and Capital Marketsdifferences similaritiesFrom the issuer or sellers standpoint, both markets provide a necessary business funct

7、ion: maintaining adequate levels of funding. Capital markets offer higher-risk investments, while money markets offer safer assets. Money market returns are often low but steady, while capital markets offer higher returns.The liquidity between money markets and capital markets is different.anomaly n

8、mli 异常acceptance kseptns 承兑汇票benchmark bentm:k 基准conduit kndjut 中转人，中转机构debt det 债务deposit dpzt 存款entity entti 机构8.3 Language NotesI. Wordsequity ekwti 股权fraud fr:d 欺诈fluctuation flkten 波动issue sju 发行liquidity lkwdti 流动性maturity mtrti 周期proxy prksi 代理人return rt:n 收益scrutinize skru:tnaz 审查acceptance

9、houses asset-backed commercial paper (ABCP)bills of exchange capital marketscollateral loanscommercial banksdebt/bond market debt securitieseconomic agents equity/stock market8.3 Language NotesII. Phrases General Electricinadvertent risk London Interbank Offered Rate (LIBOR)money markets mortgage ba

10、nks over-the-counter (OTC) marketsprice fluctuationsprimary marketsecondary marketthe U.S. Treasury 美国财政部unit of account计量单位1. There are several money market instruments, including treasury bills, commercial paper, bankers acceptances, deposits, certificates of deposit, bills of exchange, repurchase

11、 agreements, federal funds, and short-lived mortgage- and asset-backed securities. 2. The money market plays a key role in ensuring companies and governments maintain the appropriate level of liquidity on a daily basis, without falling short and needing a more expensive loan or without holding exces

12、s funds and missing the opportunity of gaining interest on funds.3. Risk-adverse investors are willing to access them with the anticipation that liquidity is readily available.4. Both the stock and bond markets are closely followed, and their daily movements are analyzed as proxies for the general e

13、conomic condition of the world markets.5.Many investors access the capital markets to save for retirement or education, as long as the investors have long time horizons, which usually means that they are young and are risk takers.8.3 Language NotesIII. Sentences 8.4 Follow-up TasksI. MatchingDirecti

14、ons: Match the English words and phrases in the left column with the proper Chinese equivalents in the right column. ( )1. central banks A. 流动性需求( )2. corporate bonds B. 保险公司( )3. financial market C. 政府债券( )4. government bonds D. 长期资产( )5. insurance company E. 时间范围( )6. liquidity needs F. 金融市场( )7.

15、long-term assetsG. 企业债券( )8. operating expenses H. 营运资本( )9. time horizon I. 中央银行( )10. working capital J. 运营费用8.4 Follow-up TasksII. JudgmentsDirections: Decide whether each of the following statements is true (T) or false (F). 1.Both money markets and capital markets are important components of th

16、e financial market. ( )2.Compared with capital markets, money markets have a higher liquidity. ( )3.The financial instruments used in capital markets include deposits, collateral loans, acceptances and bills of exchange. ( )4.Money markets are safer, but less lucrative than capital markets. ( ) 5.Th

17、e higher the investment risk is, the higher the market return will be. ( )8.4 Follow-up TasksIII. Short Answer Questions Directions: Answer each of the following questions briefly.1. What are the differences between money markets and capital markets in terms of maturities?2. What are the two subsidi

18、ary markets of the capital markets?3. Can you list three financial institutions that operate in the money markets?4. Can you list three financial institutions that operate in the capital markets?5Why are capital markets likely to be the most widely followed markets?8.4 Follow-up TasksIV. Translation

19、 Directions: Translate the following Chinese paragraph into English.货币市场是指以期限在1年之内的金融工具为媒介进行短期资金融通的市场。其特点是交易期限短，流动性强，风险相对较低。资本市场是指证券融资和经营一年以上的资金借贷和证券交易的场所，又称为中长期资金市场。根据融资方式的不同，可以把资本市场分为银行中长期信贷市场和证券市场。根据金融工具的基本性质，可以把资本市场分为股票市场和债券市场。和货币市场相比，资本市场的交易不仅期限长，而且具有一定的风险性和投机性。A man without money is a bow without an arrow.Thomas Full