BankingandMoneyMarket(国际财务管理,英文版)

Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition6ChapterSixInternationalBankingandMoneyMarketChapterObjective:Thischapterservestobeginourdiscussionofworldfinancialmarketsandinstitutions.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ChapterSixOutlineInternationalBankingServicesTheWorld’sLargestBanksIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ChapterSixOutlineInternationalBankingServicesReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ChapterSixOutlineInternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCorrespondentBankRepresentativeOfficesForeignBranchesSubsidiaryandAffiliateBanksEdgeActBanksOffshoreBankingcentersInternationalBankingFacilitiesIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ChapterSixOutlineInternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCapitalAdequacyStandardsIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ChapterSixOutlineInternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCapitalAdequacyStandardsInternationalMoneyMarketEurocurrencyMarketsEurocreditsForwardRateAgreementsEuronotesEuro-Medium-TermNotesEurocommercialPaperIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ChapterSixOutlineInternationalBankingServicesReasonsforInternationalBankingTypesofInternationalBankingOfficesCapitalAdequacyStandardsInternationalMoneyMarketInternationalDebtCrisisHistoryDebt-for-EquitySwapsTheSolution:BradyBondsTheAsianCrisisIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.InternationalBankingServicesInternationalBanksdoeverythingdomesticbanksdoand:Arrangetradefinancing.Arrangeforeignexchange.Offerhedgingservicesforforeigncurrencyreceivablesandpayablesthroughforwardandoptioncontracts.Offerinvestmentbankingservices(whereallowed).Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.TheWorld’s10LargestBanksBankofAmericaU.S.CitigroupU.S.HSBCHoldingsU.K.CréditAgricoleGroupFranceChaseManhattanU.S.Industrial&CommercialBankofChinaChinaUBSSwitzerlandDeutscheBankGermanyWellsFargoU.S.BankOneU.S.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.LowMarginalCostsManagerialandmarketingknowledgedevelopedathomecanbeusedabroadwithlowmarginalcosts.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.LowMarginalCostsKnowledgeAdvantageTheforeignbanksubsidiarycandrawontheparentbank’sknowledgeofpersonalcontactsandcreditinvestigationsforuseinthatforeignmarket.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesLocalfirmsinaforeignmarketmaybeabletoobtainmorecompleteinformationontradeandfinancialmarketsinthemultinationalbank’shomenationthanisobtainablefromforeigndomesticbanks.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeVerylargemultinationalbankshavehighperceivedprestige,whichcanbeattractivetonewclients.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageMultinationalbanksareoftennotsubjecttothesameregulationsasdomesticbanks.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.LowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyBanksfollowtheirmultinationalcustomersabroadtoavoidlosingtheirbusinessathomeandabroad.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ReasonsforInternationalBankingLowMarginalCostsKnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyRetailDefensiveStrategyMultinationalbanksalsocompeteforretailservicessuchastravelerschecks,touristandforeignbusinessmarket.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KnowledgeAdvantageHomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyRetailDefensiveStrategyTransactionsCostsMultinationalbanksmaybeabletocircumventgovernmentcurrencycontrols.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.HomeNationInformationServicesPrestigeRegulatoryAdvantageWholesaleDefensiveStrategyRetailDefensiveStrateg