1. - global perspectives1 :

2. 2013 3. : - (deposit) - (loan) - (foreign exchange) 4. (Net Interest Margin, NIM)- - - - . 5. CD (91) 717 , Fitch , CD 2008 6. 20% (116 ) 43% 3 911 7. : - ( ) - , ( )- , inflation, - : - - : 0.25% - 19% (1954-2008) - : 0.5% - 15% (1989 - 2009) - : 90% (1920) - 2% (2000) - 2007 800% hyper-inflation 8. 9. C 10. C - Kim Choongsoo Country: South KoreaGrade: CKim Choongsoo, Governor of the Bank of Korea, has retained the C grade he received in 2011. Hehas been at the helm of Asias fourth-largest economys central bank since 2010.The South Korean central bank has garnered a reputation for repeatedly wrong-footing markets andresponding to political interests rather than making a decision based on the economysperformance. The central bank had surprised markets in at least half of its dozen rate meetings in2011, either by holding rates when investors had anticipated a hike, or raising them when no movehad been predicted.In July, the central bank shocked markets by cutting its benchmark interest rate for the first time inmore than three years to 3 percent on global slowdown concerns, but drew criticism forinconsistency because prior to the rate cut, the bank had stressed rate normalization or increasesto combat inflation. Kim was forced to deny that he had cut rates in response to political pressurefrom South Koreas president, as the decision came two days after he attended a meeting withgovernment officials. (CNBC) 11. - (RP), * (base rate) . * 7 RP , 7RP (minimum bid rate) . -100bp +100bp . , , . , , . 12. 13. : . . 14. factor ;- - - - 15. CD - 712 : 715 : / 717 : CD 7 25 : Fitch , comment 7 25 : , 86 : CD 8 : , , 16. Global Market (QE, quantitative easing) 17. :- , - , , - , , , - Deflation - 18. , 19. - 1990 IT bubble (Y2K) - 1990- 9/11, 2001, Iraq War (March 2003), SAS (May 2003) - - 2000house bubble, Sub-prime crisis, , - 2008 , Wall Street , 5 - 4 20. ; inflation . deflation 21. ;- - a global deflator- , - India, Brazil inflation - (velocity of money) - , , 22. ;2014 BenBernanke- QE 3 - - - 2012 Jackson Hole meeting- . 23. C. :Libor (London Inter-bank Offered Rate)- 10 - - Libor BBA Libor (British Bankers Association Libor)- 10 , (over-night) 1 15- 350 Libor 24. Libor (London Inter-bank Offered Rate) , : - 11reference - 1130 Thomson Reuters . - 18 major global bank - 4, 4 10 . 25. Libor :- 1986 , , - 16 10 - Australian dollar (AUD) - British pound sterling (GBP)- Canadian dollar (CAD) - Japanese yen (JPY)- Swiss franc (CHF) - New Zealand dollar (NZD) - Danish krone (DKK)- Swedish krona (SEK) - Euro (EUR)- U.S. dollar (USD) 26. Libor : - 1998 1 1 - 2001 1 2 - 1 day - 1 week - 2 weeks - 1 month- 2 month - 3 month - 4 months - 5 months - 6 months- 7 months - 8 months - 9 months- 10 months- 11 months - 12 months 27. Libor : Libor 1988 Sibor(Singapore inter-bank offered rate) 2006 Hibor (Hong Konginter-bank offered rate) . 28. Federal funds rate ; - (FederalReserve Bank) . - Fed funds - FOMC, . 29. Fed funds effective rate ; - - federal funds effective rate, . 30. federal funds target rate ; - Federal Open MarketCommittee (FOMC, ) fed funds . - FOMC 7 1 8 . - (open marketoperation) . 31. discount rate : - . - . - fed funds , discount window fed funds . - fed funds . 32. Libor Fed funds ; - Libor fed funds inter-bankmarket . - fed funds FOMC . - fed funds effective rate, ( ) . - Libor . 33. Prime rate- , .- Prime rate 300 bps(3%) . 3.25%, 3% .- Libor , Prime .- , , , .- Prime rate , , spread () . 34. Libor Scandal ( ) ; Libor manipulation to lower rate Hi Guys, We got a big position in 3m libor for thenext 3 days. Can we please keep the libor fixing at5.39 for the next few days. It would really help.We do not want it to fix any higher than that. Tksa lot. Barclays Bank trader in New York to submitter,13 September 2006[9] 35. Libor manipulation to raise ratePls go for 5.36 libor again, very importantthat the setting comes as high as possible... thanks.Barclays Bank trader in New York tosubmitter,29 July 2007[9] 36. :- ( )- funding ( ) 37. - 2007 . - 2008 4 , . BOE (BBA) - 2010 4 Snider and Youle, funding Libor rate . (2009 1, Citigroup$14.2, BOA $ 49.7 , JP Morgan Chase $ 49.3 ) - 2012 Barclays Bank