金融市場介紹[外文翻譯]

金融專業(yè) 本科畢業(yè)論文文獻翻譯部分 關(guān)于金融市場的翻譯 來自64—66頁《金融學》 莫琳.伯頓 與雷.隆貝拉 中國人民大學出版社


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......

金融市場介紹
 總的來說，一個市場在金融要求（工具）可以被視作這樣一種過程或者機制即無論買方或者買方是否碰巧處于相同地點它都能夠滿足他們需求。在這章你將發(fā)現(xiàn)，金融市場的分類有許多方法。最普通的一種分類是根據(jù)次級市場交易的對象將金融市場分為股票市場、企業(yè)債券市場、短期國庫券市場、流通票據(jù)市場等等。然而，根據(jù)這種模式劃分至少面臨這樣的困難，它暗示了次級市場是被分割的沒有多少聯(lián)系的。本章最主要的信息就是市場在金融方面的要求是有聯(lián)系的而且在許多方面相似點多于不同點。
 另外一種分類體系就是，承認這些金融工具之間的相似處，它根據(jù)這些工具交割的時間跨度將金融市場分為貨幣市場與資本市場。貨幣市場是指交易的有價證券的初定期償還期在一年或一年以內(nèi)的市場，這些有價證券包括短期國庫債券、流通票據(jù)及討價還價的短期存單。同時你可能也猜到了，資本市場就是指交易的有價證券的初定償還期為一年以上的市場。這類有價證券又是指像企業(yè)債、股票、抵押貸款及美國財政部發(fā)行的票據(jù)和債券。毫無疑問，某些人將貨幣市場比作短期市場，將資本市場比作長期市場......