MoneyMarket论文解读.docx

MoneyMarket论文解读.docx

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MoneyMarket论文解读

金融市场与机构

题目：

MoneyMarket

姓名：

胡金义

学号：

2014132127

学院：

外国语学院

目录

1.MoneyMarketsDefined……………………………………………………3

2.Functionsofthemoneymarket……………………………………………5

3.Participants…………………………………………………………………7

4.Commonmoneymarketinstruments……………………………………9

MoneyMarket

Abstract:

Asmoneybecameacommodity,themoneymarkethasbecameacomponentofthefinancialmarketsforassetsinvolvedinshort-termborrowing,lending,buyingandsellingwithoriginalmaturitiesofoneyearorless.Tradinginmoneymarketsisdoneoverthecounterandiswholesale.Itprovidesliquidityfundingfortheglobalfinancialsystem.Moneymarketsandcapitalmarketsarepartsoffinancialmarkets.Theinstrumentsbeardifferingmaturities,currencies,creditrisksandstructure.Thereforetheymaybeusedtodistributetheexposure.

Keywords:

moneymarket；trading；funding.

Themoneymarketplaysacrucialroleinfinancingbothinternalandinternationaltrade.Togetherwiththecapitalmarket,theyconstitutethecoreandmainbodyofonecountry’sfinancialmarket.

China’smoneymarketwitnessesarapidgrowthin1998.Sincethen,China’smoneymarketkeepsflourishing.Tosomeextent,themoneymarketinChinaisaconsequenceoftheinitiationofthesocialistmarketeconomyandalsoitisthenaturalresultofthereforminChina’smarketeconomy.Withmorethanonedecade’sdevelopment,themoneymarketinChinahasbeenshapedwithacertainscopeandhasformeditsownframeworkandsubmarketsincludingtheinterbanklendingandborrowingmarket,therepurchasemarket,thebondmarketandthebillmarket.Now,China’smoneymarketperformssignificanceinChina’sfinancialmarketandhasamajoreffectonmonetarypolicies.

However,theliquiditytightnessthathappenedfromJune,2013soundsthealarmtousthatChina’smoneymarketisstillimmature.ThiseventreflectsabunchofdeficienciesinChina’smoneymarketandmakespeoplefeelcompelledtoreassesstheexistingmodeofChina’smoneymarketandseekforsolutionstowardstheproblems.

Actually,themarketshowedsignsoftightnesssincelateMay,2013,whileitexplodedonJune20,whentheShanghaiInterbankOfferedRateorShiborincreasedto13.44percent,exceedingeventhehighspostedduringthefinancialcrisisin2008andsettinganewrecordhighforthedecade. Atthesametime,TheEconomicObserverreleasedanarticlecalledChina'sMoneyMarketMeltdown,sayingthat,“AtemporaryshortageofcapitalsweptthroughChina'sfinancialmarketsandmostfinancialinstitutionsrushedthemarkettolocatefunds.Investmentmanagers,financialanalystsandeventheadministratorschargedwithregulatingthesystemwereallaskingthesamequestion:

 ‘Doyoustillhavemoney?

’”,whichpointedouttheseverityofthisincident.

Thisincidentwasmainlyduetotheexcessivefaithinshort-terminter-bankloansandexcessivelendingthatsurpassedthelimitssetbyregulators.Banksshouldbeabletosolvetheliquidityproblembythemselves,insteadofrelyingontheCentralBankorotherlargebanks.Whileinfact,somebankshavebeenoverdependentonlargescalelendingfromotherbanksonthewholesalemarketbuttherewereseriousproblemsintermsofamismatchingofmaturity,whichbroughtalotofpressureonthemanagementliquidity.Actually,theexampleaboveisjustaminiatureofcurrentproblemsinthemoneymarket.Nowthebiggestproblemistheunbalanceddevelopmentexistingwithinthemoneymarketandbetweenthemoneymarketandthecapitalmarket.Inadeepsense,thecurrentliquiditytightnessiscausedbyit.

1.MoneyMarketsDefined

Moneymarketsecuritiesareusuallysoldinlargedenominations（$1,000,000ormore）.Theyhavelowdefaultriskandmatureinoneyearorlessfromtheirissuedate.Moneymarketsaretheglobalfinancialmarketsforborrowingandlendingintheshortterm.Onthesemarkets,TreasuryBillsareboughtandsold,asarecommercialdepositsandbankers’acceptances.Financialinstitutionsandthosewhodealinmoneyarethemainparticipantsinthismarketwhentheywishtoborroworlendmoney.Theycanengageinthesedealingsforshort-termperiodsofuptothirteenmonths.Manypeopledonotrealizethatbanksborrowfromeachotherusingthistypeofmarket.Asegmentofthefinancialmarketinwhichfinancialinstrumentswithhighliquidityandveryshortmaturitiesaretraded.Atypicalmoneymarketinstrumentisworth$1millionormore.Theseinstrumentshavematuritiesrangingfromonedaytooneyear（theaverageislessthanthreemonths）andareextremelyliquid.Consequently,theyareconsideredtobenear-cashequivalents—indeed,evenpartofthe moneysupplybysomedefinitions—hencethenamemoneymarketinstruments.Forthelender/investor,themarketprovidesamodestrateofreturnonfundsthatarenotbeingusedpresently,but