Chapter6 国际金融市场.pdf

Chapter6国际金融市场 Chapter6  国际金融市场的概念： 国际间居民与非居民之间，非居民与非居民之间 进行金融活动的场所和关系的总和。 1. International money market vs. International capital market; 2. International security market and stock market; security 3. Traditional (on-shore) market and off-shore off-shore market; Formation of International financial Formation of International financial market—Conditions(条件): market—Conditions(条件): 1. Economic and political stability; 2. No strict exchange control, currency convertibility, and national treatment; 3. Developed (mature) domestic financial market, and agglomeration of financial institutions; 4. Advanced facilities for international communication and location of easy transportation. 5. Rich in skilled and trained personnel and staff members. Development of international financial Development of international financial market—1 market—1 Before Center: London London World War I Key Currency: Pound Sterling Bank of England dominated During and after Center: London London World War I; Sterling Bloc Sterling Area 1914~1931 Declining of British Dominance After World War Center 1: New York ; Key Currency dollar New York II; 1944~1950 both money and capital market Center 2: Zurich ; Foreign Exchange Zurich market and gold market Center 3: London ;