第三章 货币市场

Chapter 3 Money MarketNew Words and Expressionsmoney market 货币市场fixed income security 固定收益证券bond 债券maturity 到期short-term 短期bear market 熊市bull market 牛市risk return tradeoff 风险收益平衡liquidity 流动性dealer 交易商broker 经纪商treasury bills 国库券par value 面值money market mutual funds 货币市场共同基金coupon bonds 息票债券certificate of deposit (CD) 大额存单time deposit 定期存款check account 支票帐户default risk 违约风险compound interest 复利commercial paper 商业票据accounts receivable 应收账款inventory 存货discount 折扣credit rating 信用评级bankers' acceptance 银行承兑汇票negotiable 可转让primary market 一级市场secondary market 二级市场Eurodollars 欧洲美元repurchase agreement 回购协议financial market 金融市场municipal notes 市政票据federal funds 联邦基金BackgroundFinancial MarketsSay that you are recently married, have a good job, and want to buy a house. You earn a good salary, but because you have just started to work, you have not yet saved much.比如，你新婚燕尔，有一份称心如意的工作，还想购置一套住宅，尽管你的薪水丰厚，但是因为你刚刚参加工作，所以积蓄甚微。

Over time you would have enough money to buy the house, but by then you would be too old to get full enjoyment from it.毫无疑问，将来你会积蓄到足够多的钱来实现买房，但是，到那时你年老体衰，不能从中获取充分的享受。

Without financial markets, you cannot buy the house and will continue to live in your tiny apartment. 没有金融市场，你无法购置住宅而只能继续住在狭小的公寓里。

If a financial market were set up so that people who had savings could lend you the money to buy the house, you would be happy to pay them some interest in order to own a home.如果存在金融市场，使拥有储蓄的人得以把钱贷给你去购置住宅，那么，即使要支付一些利息，你也会十分高兴。

Financial markets perform the essential economic function of channeling funds from people who have saved surplus funds to people who have a shortage of funds.channel动词，意思是引导，导向。

金融市场履行的基本经济功能是，从那些积蓄了盈余资金的人那里把资金引导到那些资金短缺的人那里。

Structure of Financial MarketsNow that we understand the basic function of financial markets, let's look at their structure.1. Debt and Equity Markets债务和股权市场2. Primary and Secondary Markets一级市场和二级市场A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to initial buyers by the corporation or government agency borrowing the funds.一级市场是借款的公司或政府代理机构向最初购买者出售新发行的债券和股票等证券的金融市场。

A secondary market is a financial market in which securities that have been previously issued can be resold. 二级市场是再出售过去发行的证券的金融市场。

Secondary markets can be organized in two ways二级市场的组织形态有两种。

3. Exchanges and Over-the-Counter Markets交易所和场外市场4. Money and Capital Markets货币市场和资本市场The money market is a financial market in which only short-term debt instruments (maturity of less than one year) are traded; 货币市场是短期债务工具(期限为1年以下)交易的金融市场；the capital market is the market in which longer-term debt (maturity of one year or greater) and equity instruments are traded.资本市场则是长期债务(期限在1年和年以上)和股权工具交易的市场。

Money market securities are usually more widely traded than longer-term securities and so tend to be more liquid. 货币市场证券比长期证券的交易更为广泛，因此，也更具有流动性。

Comprehension of the T ext1. What money market is?2. What the instruments of the money market are?3. What are the terms of most T-bills?4. What a certificate of deposit is?5. What a commercial paper is?6. Why would a company issue commercial paper?7. What a banker's acceptance is?8. Definition of Eurodollars.课文难句理解Money market securities consist of negotiable certificates of deposit (CDs)，bankers acceptances, U.S. treasury bills, commercial paper, munic ipal notes, federal funds and repurchase agreements (repos).货币市场证券包括可转让大额存单、银行承兑汇票、美国国库券、商业票据、市政票据、联邦基金和回购协议。

The money market is a subsection of the fixed income market.货币市场是固定收益市场的子市场。

我们通常把“固定收益”等同于债券。

The difference between the money market and the bond market is that the money market specializes in very short-term debt securities (debt that matures in less than one year).货币市场和债券市场的不同之处在于，货币市场专注于短期债券（期限短于一年的债券）。

bear market 熊市bull market 牛市risk return tradeoff 风险收益平衡Because they are extremely conservative, money market securities offer significantly lower return than most other securities.因为它们都表现的极其稳健，货币市场证券比大多数其他证券提供更低的收益。

The easiest way for us to gain access to the money market is with a money market mutual funds,or sometimes through money market bank account.进入货币市场的最简单方式是通过购买货币市场共同基金，或者有时通过货币市场银行账户。

T-bills are basically a way for the U.S. government to raise money from the public.国库券是美国政府向公众筹集资金的基本方式之一。

T-bills are short-term securities than mature in one year or less from their issue date.国库券是自其发行日起期限不超过一年的短期证券。

Y ou buy T-bills for a price less than their par (face) value, and when they mature, the government pays you their par value.投资者按低于面值的价格购买，在债券到期日，政府向债券持有人支付面值。