BankingandMoneyMarket(国际财务管理,英文版).pptx

BankingandMoneyMarket(国际财务管理,英文版).pptx

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,INTERNATIONALFINANCIALMANAGEMENT,EUN/RESNICK,SecondEdition,6,ChapterSix,InternationalBankingandMoneyMarket,ChapterObjective:

Thischapterservestobeginourdiscussionofworldfinancialmarketsandinstitutions.,ChapterSixOutline,InternationalBankingServicesTheWorldsLargestBanks,ChapterSixOutline,InternationalBankingServicesReasonsforInternationalBanking,ChapterSixOutline,InternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCorrespondentBankRepresentativeOfficesForeignBranchesSubsidiaryandAffiliateBanksEdgeActBanksOffshoreBankingcentersInternationalBankingFacilities,ChapterSixOutline,InternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCapitalAdequacyStandards,ChapterSixOutline,InternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCapitalAdequacyStandardsInternationalMoneyMarketEurocurrencyMarketsEurocreditsForwardRateAgreementsEuronotesEuro-Medium-TermNotesEurocommercialPaper,ChapterSixOutline,InternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCapitalAdequacyStandardsInternationalMoneyMarketInternationalDebtCrisisHistoryDebt-for-EquitySwapsTheSolution:

BradyBondsTheAsianCrisis,InternationalBankingServices,InternationalBanksdoeverythingdomesticbanksdoand:

Arrangetradefinancing.Arrangeforeignexchange.Offerhedgingservicesforforeigncurrencyreceivablesandpayablesthroughforwardandoptioncontracts.Offerinvestmentbankingservices（whereallowed）.,TheWorlds10LargestBanks,LowMarginalCostsManagerialandmarketingknowledgedevelopedathomecanbeusedabroadwithlowmarginalcosts.,ReasonsforInternationalBanking,LowMarginalCostsKnowledgeAdvantageTheforeignbanksubsidiarycandrawontheparentbanksknowledgeofpersonalcontactsandcreditinvestigationsforuseinthatforeignmarket.,ReasonsforInternationalBanking,LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesLocalfirmsinaforeignmarketmaybeabletoobtainmorecompleteinformationontradeandfinancialmarketsinthemultinationalbankshomenationthanisobtainablefromforeigndomesticbanks.,ReasonsforInternationalBanking,LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeVerylargemultinationalbankshavehighperceivedprestige,whichcanbeattractivetonewclients.,ReasonsforInternationalBanking,LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageMultinationalbanksareoftennotsubjecttothesameregulationsasdomesticbanks.,ReasonsforInternationalBanking,LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyBanksfollowtheirmultinationalcustomersabroadtoavoidlosingtheirbusinessathomeandabroad.,ReasonsforInternationalBanking,ReasonsforInternationalBanking,LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyRetailDefensiveStrategyMultinationalbanksalsocompeteforretailservicessuchastravelerschecks,touristandforeignbusinessmarket.,KnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyRetailDefensiveStrategyTransactionsCostsMultinationalbanksmaybeabletocircumventgovernmentcurrencycontrols.,ReasonsforInternationalBanking,HomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyRetailDefensiveStrategyTransactionsCostsGrowthForeignmarketsmayofferopportunitiestogrowthnotfounddomestically,ReasonsforInternationalBanking,PrestigeRegulatoryAdvantageWholesaleDefensiveStrategyRetailDefensiveStrategyTransactionsCostsGrowthRiskReductionGreaterstabilityofearningsduetodiversification.,ReasonsforInternationalBanking,TypesofInternationalBankingOffices,CorrespondentBankRepresentativeOfficesForeignBranchesSubsidiaryandAffiliateBanksEdgeActBanksOffshoreBankingCentersInternationalBankingFacilities,CorrespondentBank,Acorrespondentbankingrelationshipexistswhentwobanksmaintaindepositswitheachother.CorrespondentbankingallowsabanksMNCclienttoconductbusinessworldwidethroughhislocalbankoritscorrespondents.,RepresentativeOffices,ArepresentativeofficeisasmallservicefacilitystaffedbyparentbankpersonnelthatisdesignedtoassistMNCclientsoftheparentbankindealingswiththebankscorrespondents.Representativeofficesalsoassistwithinformationaboutlocalbusinesscustoms,andcreditevaluationoftheMNCslocalcustomers.,ForeignBranches,Aforeignbranchbankoperateslikealocalbank,butislegallypartofthetheparent.Subjecttoboththebankingregulationsofhomecountryandforeigncountry.Canprovideamuchfullerrangeofservicesthanarepresentativeoffice.BranchBanksarethemostpopularwayforU.S.bankstoexpandoverseas.,SubsidiaryandAffiliateBanks,Asubsidiarybankisalocallyincorporatedbankwhollyorpartlyownedbyaforeignparent.Anaffiliatebankisonethatispartlyownedbutnotcontrolledbytheparent.U.S.parentbankslikeforeignsubsidiariesbecausetheyallowU.S.bankstounderwritesecurities.,EdgeActBanks,EdgeActbanksarefederallycharteredsubsidiariesofU.S.banksthatarephysicallylocatedintheU.S.thatareallowedtoengageinafullrangeofinternationalbankingactivities.TheEdgeActwasa1919amendmenttoSection25ofthe1914FederalReserveAct.,OffshoreBankingCenters,Anoffshorebankingcenterisacountrywhosebankingsystemisorganizedtopermitexternalaccountsbeyondthenormalscopeoflocaleconomicactivity.Thehostcountryusuallygrantscompletefreedomfromhost-countrygovernmentalbankingregulations.,OffshoreBankingCenters,TheIMFrecognizestheBahamasBahraintheCaymanIslandsHongKongtheNetherlandsAntillesPanamaSingaporeasmajoroffshorebankingcenters,“Shell”Branches,Shellbranchesneedtobenothingmorethanapostofficebox.Theactualbusinessisdonebytheparentbankattheparentbank.ThepurposewastoallowU.S.bankstocompeteinternationallywithouttheexpenseofsettingupoperations“forreal”.,InternationalBankingFacilities,Aninternationalbankingfacilityisaseparatesetofaccountsthataresegregatedontheparentsbooks.Aninternationalbankingfacilityisnotauniquephysicalorlegalidentity.AnyU.S.bankcanhaveone.InternationalbankingfacilitieshavecapturedalotoftheEurodollarbusinessthatwaspreviouslyhandledoffshore.,CapitalAdequacyStandards,Bankcapitaladequacyreferstotheamountofequitycapitalandothersecuritiesabankholdsasreserves.Therearevariousstandardsandinternationalagreementsregardinghowmuchbankcapitalis“enough”toensurethesafetyandsoundnessofthebankingsystem.,CapitalAdequacyStandards,Whiletraditionalbankcapitalstandardsmaybeenoughtoprotectdepositorsfromtraditionalcreditrisk,theymaynotbesufficientprotectionfromderivativerisk.Forexample,BaringsBank,whichcollapsedin1995fromderivativelosses,lookedgoodonpaperrelativetocapitaladequacystandards.,InternationalMoneyMarket,Eurocurrencyisatimedepositinaninternationalbanklocatedinacountrydifferentthanthecountrythatissuedthecurrency.Forexample,EurodollarsareU.S.dollar-denominatedtimedepositsinbankslocatedabroad.Euroyenareyen-denominatedtimedepositsinbankslocatedoutsideofJapan.TheforeignbankdoesnthavetobelocatedinEurope.,MostEurocurrencytransactionsareinterbanktransactionsintheamountof$1,000,000andup.CommonreferenceratesincludeLIBORtheLondonInterbankOfferedRatePIBORtheParisInterbankOfferedRateSIBORtheSingaporeInterbankOfferedRateAnewreferenceratefortheneweurocurrency,EurocurrencyMarket,EURIBORtherateatwhichinterbanktimedepositsofareofferedbyoneprimebanktoanother.,Eurocredits,Eurocreditsareshort-tomedium-termloansofEurocurrency.TheloansaredenominatedincurrenciesotherthanthehomecurrencyoftheEurobank.Oftentheloansaretoolargeforonebanktounderwrite;anumberofbanksformasyndicatetosharetheriskoftheloan.Eurocreditsfeatureanadjustablerate.OnEurocreditsoriginatinginLondonthebaserateisLIBOR.,ForwardRateAgreements,Aninterbankcontractthatinvolvestwoparties,abuyerandaseller.Thebuyeragreestopaythesellertheincreasedinterestcostonanotationalamountifinterestratesfallbelowanagreedrate.Theselleragreestopaythebuyertheincreasedinterestcostifinterestratesincreaseabovetheagreedrate.,ForwardRateAgreements:

Uses,ForwardRateAgreementscanbeusedto:

Hedgeassetsthatabankcurrentlyownsagainstinterestraterisk.Speculateonthefuturecourseofinterestrates.,Euronotes,Euronotesareshort-termnotesunderwrittenbyagroupofinternationalinvestmentbanksorinternationalcommercialbanks.Theyaresoldatadiscountfromfacevalueandpaybackthefullfacevalueatmaturity.Maturityistypicallythreetosixmonths.,Euro-Medium-TermNotes,Typicallyfixedratenotesissuedbyacorporation.Maturitiesrangefromlessthanayeartoabouttenyears.Euro-MTNsispartiallysoldonacontinuousbasisthisallowstheborrowertoraisefundsastheyareneeded.,EurocommercialPaper,Unsecuredshort-termpromissorynotesissuedbycorporationsandbanks.Placeddirectlywiththepublicthroughadealer.Maturitiestypicallyrangefromonemonthtosixmonths.Eurocommercialpaper,whiletypicallyU.S.dollardenominated,isoftenoflowerqualitythanU.S.commercialpaperasaresultyieldsarehigher.,InternationalDebtCrisis,Someofthelargestbanksintheworldwereendangeredwhenlo