金融市场介绍[外文翻译].doc

金融市场介绍[外文翻译]

金融专业 本科毕业论文文献翻译部分 关于金融市场的翻译 来自64—66页《金融学》 莫琳.伯顿 与雷.隆贝拉 中国人民大学出版社


THE FINANCIAL SYSTEM AND THE ECONOMY
PRINCIPLES OF MONEY&BANKING
(Fourth Edition)
Maureen Burton
Ray Lombra
Chapter 4  Introducing Financial Markets
In general,a market for financial claims (instruments) can be viewed as the process or mechanism that connects the buyers and sellers of claims regardless of where they happen to be physically located. As you will see in this chapter , financial markets can be classified in many different ways. One of the most popular classifications divides the financial markets into individual sub-markets according to the type of financial claim that is traded;stock market, corporate bond market, Treasury bill market, commercial paper market, and so forth. There is, however, at least one difficulty with this classification scheme;it suggests that the individual sub-markets are separate, more or less unconnected compartments. A central message of this chapter is that the markets for the individual financial claims are connected and in many respects are more alike than different.
Another classification system, which recognizes that there are some similarities among the instruments, assigns the various financial markets to either the money market or the capital market based on the length of the term of the instruments traded there. The money market includes those markets where securities with original maturities of one year or less are traded. Examples of such securities include Treasury bills, commercial paper, and negotiable certificates of deposit(CDs). As you might guess, the capital market includes those markets where securities with original maturities of more than one year are traded. Examples here include corporate bonds, stocks, mortgages......

金融市场介绍
 总的来说，一个市场在金融要求（工具）可以被视作这样一种过程或者机制即无论买方或者买方是否碰巧处于相同地点它都能够满足他们需求。在这章你将发现，金融市场的分类有许多方法。最普通的一种分类是根据次级市场交易的对象将金融市场分为股票市场、企业债券市场、短期国库券市场、流通票据市场等等。然而，根据这种模式划分至少面临这样的困难，它暗示了次级市场是被分割的没有多少联系的。本章最主要的信息就是市场在金融方面的要求是有联系的而且在许多方面相似点多于不同点。
 另外一种分类体系就是，承认这些金融工具之间的相似处，它根据这些工具交割的时间跨度将金融市场分为货币市场与资本市场。货币市场是指交易的有价证券的初定期偿还期在一年或一年以内的市场，这些有价证券包括短期国库债券、流通票据及讨价还价的短期存单。同时你可能也猜到了，资本市场就是指交易的有价证券的初定偿还期为一年以上的市场。这类有价证券又是指像企业债、股票、抵押贷款及美国财政部发行的票据和债券。毫无疑问，某些人将货币市场比作短期市场，将资本市场比作长期市场......