国际金融系统课件.ppt

《国际金融系统课件.ppt》由会员分享，可在线阅读，更多相关《国际金融系统课件.ppt（25页珍藏版）》请在得力文库 - 分享文档赚钱的网站上搜索。

1、第第2讲安排讲安排Passage 7 国际金融系统国际金融系统Passage 8Passage 9Passage 10Passage 11Passage 7Transparency and Improved Standards are Key to Stable and Efficient Financial System一点背景知一点背景知识vIOSCO：国：国际证监会会组织（International Organization of Securities Commissions,简称称IOSCO）是）是证券券监管管领域最重要的国域最重要的国际组织，成立于，成立于1983年。其前身年。其前身

2、为成立于成立于1974年的年的证监会美洲会美洲协会。会。IOSCO总部部设在西班牙在西班牙马德里，德里，现有有193个会个会员机构，机构，其中包括其中包括110个正式会个正式会员(ordinary member)，11个个联系会系会员(associate member)和和72个附属会个附属会员(affiliate member)。根据。根据IOSCO章程，同一章程，同一辖区区(jurisdiction)下只能有一个下只能有一个监管机构成管机构成为正式会正式会员，其它，其它监管机构可管机构可成成为联系会系会员（无（无选举权和被和被选举权），而交易所、金），而交易所、金融机构等可成融机构等可成为

3、附属会附属会员。v中国证监会已连续四届当选为中国证监会已连续四届当选为IOSCO执委会委员执委会委员。in Handbook of the Economics of FinancevFinancial intermediation:金融中介金融中介(pp66)The savings/investment process in capitalist economies is organized around financial intermediation,making them a central institution of economic growth.Financial interme

4、diaries are firms that borrow from consumer/savers and lend to companies that need resources for investment.In contrast,in capital markets investors contract directly with firms,creating marketable securities.The prices of these securities are observable,while financial intermediaries are opaque.Why

5、 do financial intermediaries exist?What are their roles?Are they inherently unstable?Must the government regulate them?Why is financial intermediation so pervasive?How is it changing?(pp66)vForeign direct investment:外商直接投外商直接投资vPortfolio investment:组合投合投资组合投合投资理理论认为，单个个证券的券的风险可以通可以通过投投资于由多个于由多个证券券组成

6、的分散化的投成的分散化的投资组合来减少。合来减少。实际上，在其他条件相同的上，在其他条件相同的情况下，国情况下，国际资产的不完全相关性可以减的不完全相关性可以减少少总风险，同，同时又又为投投资者提供了者提供了获利的利的机会。机会。vSecurities markets:证券市券市场,包括包括bond markets和和Equity marketsBond Markets:l国内债券（市场）国内债券（市场）l外国债券外国债券l欧洲债券（国际债券）欧洲债券（国际债券）l新兴市场债券与布雷迪债券新兴市场债券与布雷迪债券vABS:An ABS(asset-backed security)is a ty

7、pe of bond or note that is based on pools of assets,or collateralized by the cash flows from a specified pool.资产担保证券：由银行、信用卡公司或者其他信用提供者的贷款协议或者应收帐款作为担保基础发行的债券或票据 vMBS:Mortgage-backed securities are debt obligations with a pool of mortgages as collateral.They fall into the general category of asset-ba

8、cked securities,which package a group of securities and offer investors access to the cash flows generated by the underlying securities.按揭担保证券：指由一组按揭贷款为抵押品的债券，按揭担保证券：指由一组按揭贷款为抵押品的债券，利息的支付及本金的偿付，都是倚赖有关的按揭贷利息的支付及本金的偿付，都是倚赖有关的按揭贷款的定期供款及不定期提前偿付本金所形成的现金款的定期供款及不定期提前偿付本金所形成的现金流量来应付。按揭证券可能会得到担保、超额保证、流量来应付。按

9、揭证券可能会得到担保、超额保证、高级后偿结构、信用证或其他方式提升信用，以满高级后偿结构、信用证或其他方式提升信用，以满足投资者的需求。足投资者的需求。Passage 7Notes2 There was a very broad consensus for embarking on a major and immediate cooperative effort simultaneously to contain the crisis and to reform the“architecture”of the system.就遏制危机和改革现行体制“架构”两个方面运行深入和及时的合作努力，人们

10、已经达成了广泛的共识。Consensus n.agreement,unanimity,esp.in opinion;hence,general opinion.1Contain v.to have within,enclose;to restrain;to hold back;to keep in chech2Embark v.to engage in any business,to undertake,to invest,etc.3Passage 7Notes4 And a consistently stable macroeconomic framework will be a sine

11、qua non of national and global stability.而且一个持续稳定的宏观经济架构将是各国和全球稳定所必备的条件。Sine qua non:(Latin)an essential condition,qualification,etc;an indispensable thing;an absolute prerequisite绝对必要的条件，必备的资格，必需的东西。绝对必要的条件，必备的资格，必需的东西。1Passage 7Notes5 It would also be a world that benefits from the existence of in

12、ternational institutions with well-defined,but constantly evolving,mandates that promote the smooth functioning of markets and economies and,as far as the IMF is concerned,could strengthen and,if needed,broaden further its surveillance to better promote the stability of the global system.各国际机构如目前的IM

13、F，他们定位明确且又能够顺势而动，肩负促进经济和市场稳定运行及强化监管的责任，如果需要的话，他们可以进一步拓展其监管范围从而更好地推进国际体系的稳定性：他们的存在也将给全世界带来好处。Passage 7Notes6 golden rule:the rule of doing to others as you would have them do toward you.推己及人的金箴（即：你想人家怎样对你，你也要怎样对人）Passage 7Notes7tall/large order a very great task or demand.Passage 7Notes8 A consensus

14、of clearly crystallizing on the need to establish at the international level the discipline that has progressively come to prevail in domestic markets.对于建立那些在国内市场上已经逐步实行的国际性规范的必要性，正在清晰地形成共识。Crystallize v.to give a definite form to,e.g.To public opinion.形成公众意见形成公众意见1Passage 7Notes9 We are already liv

15、ing in the 21st century but with an absence of universally accepted rules and standards reminiscent of the domestic environment that prevailed at the end of the 19th century in the industrial countries.我们已然生活在21世纪，但缺乏国际公认的规则与标准令人会想到盛行于19世纪末期工业国家的那种国内环境。Reminiscent adj.bringing to mind sth.Else;sugge

16、stive of,1Passage 7Notes10 No wander that a number of countries have hesitated to expose themselves to such a risky environment.难怪一些国家迟迟不愿把自己暴露在这样的一种充满风险的环境当中。Passage 7Tailor v.to make or adopt so as to fit a special need exactly,A book ed to the low tastes of the idle rich.一本迎合悠闲富人的低级趣味的书一本迎合悠闲富人的低

17、级趣味的书5Pragmatic launching pad practical platform on which sth.Can be done easily as the prerequisite offered.4Bring to completion to make entire,thorough,or perfect3Concerted a.mutually planned;arranged or agreed on;combined,such as,Take action.采取一致行动采取一致行动2IOSCO:abbreviation of International Organization Of Securities Commissions1Passage 7Notes12 We would look to the standard-setting agencies to play an active role in developing methodologies for assessing observance of their standards.我们期待着标准制度机构在开发评估人们遵守其章程的方法方面发挥积极的作用。