????(Debt Markets)

1
Chapter 2

• ??????

2
? ?

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• ????,?????
• ?????????
• ????????????
• ?????????

3
???????

• ?????????????????
• ?????????????

4
???????

• ???????
• ????(Debt Markets)
• ????(???????)
• ????(??????????)
• ????(???????)
• ????(Equity Markets)
• ???
• ???????
• ????( primary markets)
• ???????????????????????
• ????( secondary markets)
• ????????????????????

5
???????

• ????????
• ???????
• ???(Exchanges)
• ?????????????????????
• ???????
• ????(Over-the-Counter Markets)
• ?????????????????
• ???????
• ??????????
• ????(Money Markets)
• ??????(???????)???????
• ????(Capital Markets)
• ?????????????????

6
????????

• ????????????????
• ????(foreign bonds)
• ?????????????????????
• ????(Eurobond)
• ????????????????
• ????(Eurocurrencies)
• ?????????????(????,Eurodollars)
• ??????
• ???????????????
• (??)??????(DJIA)??
• (??)??225????
• (??)????100?????(FT100-Shares)

7
???????

• ????(financial intermediation)
• ??????????????
• ????????????????
• ????(Transaction Costs)
• ?????????????????
• ????????????????????
• ????(Risk Sharing)
• ????(asset transformation)
• ?????????????,?????????????????????????
• ???(Diversification)
• ???????????????????????????,??????????????

8
???????

• ?????????????
• ?????(Asymmetric Information)
• ??????????????????????????????????
• ???(Adverse Selection)
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• ?????????????????????
• ????(Moral Hazard)
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• ?????????????????????????????
• ???????????????????????

9
?????
10
????????
11
????????
12
?????????

• ????????
• ?????????????
• ???(SEC)????????
• ??????????
• ??????(financial panic)
• ????
• ????????????????????????????????