新编金融英语教程Chapter8MoneyMarketsversusCapitalMarkets课件.pptx

1、Money Markets versus Capital MarketsChapter 8Lead-inLanguage NotesKey PointsFollow-up Tasks8.18.38.28.4CONTENTSExtended Tasks8.58.1Lead-inIn this chapter,we will first of all introduce the money markets money markets by looking at their definition,structure,instruments and functions.Then it will exa

2、mine the capital markets capital markets in a similar way.Finally,this chapter will reveal the similarities reveal the similarities and differences and differences between these two markets.￥$Money markets are markets that trade debt securities or instruments with maturities of one year or less.Ther

3、e are several money market instruments,including treasury bills,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 function

4、s for individuals,corporations and government entities.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 m

5、arkets are perhaps the most widely followed markets.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 produc

6、tive use;The institutions operating in the capital 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

7、 markets provide a necessary business function: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

8、capital markets is different.anomaly nmli 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

9、 收益scrutinize skru:tnaz 审查acceptance 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 Ra

10、te(LIBOR)money markets mortgage banks 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

11、 of exchange,repurchase 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 with

12、out holding excess 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

13、 the general economic 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.Match

14、ingDirections:Match the English words and phrasesEnglish words and phrases in the leftleft column with the proper ChineseChinese equivalents in the rightright 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(

15、)6.liquidity needs F.金融市场()7.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)true(T)or false(F).1.Both money markets and capital markets are import

16、ant components of the 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

17、.()5.The 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 brieflybriefly.1.What are the differences between money markets and capital markets in terms of maturities?2.What are the two

18、subsidiary 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.Transla

19、tion Directions:Translate the following Chinese paragraph into Englishinto 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 mone

20、y is a bow without an arrow.Thomas FullerIf theres a recession,Id buy stocks.Thats when you make money:when markets are spooked.Ben SteinToday the financial market is no good,but the money is there.Jack MaA fool and money are soon parted.George BuchananIf you would know the value of money,go and try

21、 to borrow some.Benjamin Franklin8.5 Extended TasksI.Proverbs and Quotes8.5 Extended TasksII.Interview ExcerptSteen Jakobsen is the Chief Investment Officer and Chief Economist of Saxo Bank.In this interview excerpt,Jakobsen expresses his view on the global financial market in 2018.8.5 Extended TasksIII.Movie ClipThe clip is a glimpse of venture capital.Thanks