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1. Foiz stavkalari va ularning turlari
2. Foiz stavkasining darajasiga tasir etuvchi omillar
3. Riskli aktivlarning daromadlilik stavkalari va ularning o‘lchash tartibi
4. Inflyasiya va real foiz stavkalari
Foiz stavkalari - Olin(ayot)gan mablag‘lar bo‘yicha va’da qilin(ayot)gan (promised) daromadlik stavkasiga (yoki daromad stavkasi) foiz stavkasi deb ataladi. Olin(ayot)gan mablag‘larning turiga qarab, turli xil foiz stavkalari mavjud. Masalan, uy sotib olish uchun qarz oluvchi kishi ushbu qarzni garov bo‘yicha foiz stavkasi (mortgage rate) deb nomlanuvchi foiz stavkasi bo‘yicha to‘laydi. Bank tomonidan firmalardan undiriladigan stavka esa tijorat krediti bo‘yicha foiz stavkasi (commercial loan rate) deb ataladi. Kreditning har qanday turi yoki qayd qilingan daromadga ega vosita bo‘yicha foiz stavkasi miqdori bir qator omillarga bog‘liq. Bulardan eng muhimlari hisob-kitob pul birligi (unit of account), to‘lov muddati (maturity) va kredit kelishuvi shartlarining qarz oluvchi tomonidan bajarilmaslik riski, yoki defolt riskidir (default risk). Ushbu omillarning har birini batafsilroq ko‘ribchiqamiz.Hisob-kitob pul birligi to‘lovlar amalga oshiriluvchi pul birligini o‘z ichiga oladi. Hisob-kitob birligi bo‘lib, qoidaga ko‘ra, u yoki bu mamlakatning valyutasi hisoblanadi: dollar, yevro, frank, funt, rubl, so‘m, peso va hokazolar. Ba’zida birlik sifatida qandaydir bir tovar qo‘llaniladi, masalan, oltin, kumush yoki tovar va
xizmatlarning standart «savati». Foiz stavkasi hisob-kitob pul birligiga bog‘liq holda o‘zgaradi. Qayd qilingan daromadga ega bo‘lgan vosita bo‘yicha to‘lov muddati - bu davomiyligida jami olingan summani to‘lash lozim bo‘lgan vaqt. Qisqa muddatli instrument (vosita)lar bo‘yicha foiz stavkasi, uzoq muddat-lilarining foiz stavkasidan yuqori, past yoki teng bo‘lishi mumkin. To‘lanmaslik riski qayd qilingan daromadga ega instrument (vosita) bo‘yicha qarzning asosiy summasi yoki foizning qandaydir bir qismi qarz oluvchi tomonidan to‘lanmaslik ehtimolini o‘z ichiga oladi. Bu riskning darajasi qanchalik
baland bo‘lsa, qarz oluvchi o‘z investorlariga uning qimmatli qog‘ozlarini sotib olishga rozilik bildirishlari uchun shunchalik yuqori foiz stavkasini va’da qilishi lozim.
Endi, keling, ushbu uch omil amalda qanday qilib foiz stavkasi darajasi (o‘lchami)ga ta’sir etishini ko‘rib chiqamiz. Foiz stavkasiga hisob-kitob pul birligining ta’siri. Qayd qilingan daromadga ega bo‘lgan instrument (vosita) faqatgina aniq hisob-kitob pul birligiga muvofiq risksiz, ishonchli hisoblanadi. Uning o‘zgarishi bilan foiz stavkasi ham nihoyatda jiddiy ravishda o‘zgarib ketishi mumkin. Keling, bu hodisani aniqroq tushuntirish uchun, nominallari turli xil valyutalarda ko‘rsatilgan obligatsiyalarni
ko‘rib chiqamiz. Faraz qilaylik, Britaniya Qo‘shma Qirolliklarining davlat obliga-tsiyalari bo‘yicha foiz stavkalari Yaponiyaning davlat obligatsiyalariga qaragandaancha yuqori va ular taxminan bir xil qoplash muddatiga ega. Mazkur toifa obligatsiyalari to‘lanmay qolish riskidan ozod ekanligi inobatga olingan holda, mazkur shartlar
barcha investorlar Qo‘shma Qirolliklarning obligatsiyalarini afzalroq ko‘rishiga olib kelmaydimi?. Mazkur holatda javob salbiy bo‘ladi. Chunkiushbuobligatsiyalarning nominallari turli valyutalarda: Qo‘shma Qirollik obligatsiyalari - funt sterlingda, Yaponiyaniki esa - iyenda aks ettirilgan. Ikki mamlakatning mazkur toifa (klass)
obligatsiyalari ishonchli daromadlilik stavkasini ushbu mamlakatlar valyutasida taklif etishiga qaramasdan, daromadlilik stavkasi har qanday boshqavalyutada noaniq bo‘ladi, chunki u kelajakda to‘lovni olish paytida ushbu ikki valyutaning almashish kursiga bog‘liqdir.Keling, bu fikrga aniq misol keltiramiz. Faraz qiling, Siz ma’lum bir mablag‘ni bir yil muddatga investitsiya qilishga qaror qildingiz. Yaponiya davlat obligatsiyalari bo‘yicha yillik foiz stavkasi 3%ni, Qo‘shma Qirollik obligatsiyalari bo‘yicha esa 9%ni tashkil etadi. Boshqa valyutaga nisbatan bir valyutaning bahosini o‘z ichiga olgan valyuta kursi (exchange rate), 1 funt sterling 150 iyenaga teng.Endi, tasavvur qiling, Siz o‘z kapitalingizni iyenda qaysidir ishonchli aktivga investitsiya qilmoqchi bo‘lgan yapon investori hisoblanasiz. Yapon obligatsiyalarini sotib olib, Siz o‘zingizga 3%lik daromadni kafolat-laysiz. Agar Britaniyaning davlat obligatsiyalari sotib olinsa, iyenada daromadlilik stavkasi bir yil o‘tgandan keyin iyena va funt sterlingning almashuv kursi qanday bo‘lishiga bog‘liq bo‘ladi. Faraz qilaylik, Siz 100 funt sterlingga Birlashgan Qirollikningobligatsiyalarini sotib olishga qaror qildingiz. Buni qilish uchun, Siz 15000 iyenni funt sterlingga konvertatsiya qilishingiz lozim bo‘ladi, ya’ni Sizning dastlabki sarflaydigan mablag‘ingiz 15 000 iyenni tashkil etadi. Birlashgan Qirollik obligatsiyalarining foiz stavkasi 9% teng bo‘lganligi uchun bir yildan so‘ng Siz 109 funt sterlingni olasiz. Biroq bu pul miqdorining iyenga o‘girilgan narxini oldindan bilish imkoniyati yo‘q. Sababi: kelajakda valyuta kursining qanday bo‘lishini hech kim bilmaydi.
Shunday qilib, mazkur operatsiya natijasida olingan real daromad-lilik stavkasi quyidagicha bo‘ladi:
Ds(iyen)= (109 funt sterling X iyendagi kelajak funt sterling kursi - 15 000 yen) : 15 000 iyen
Bu yerda:
D_s(iyen) - daromadlilik stavkasi (iyen)
Tasavvur qilaylik, bir yilda funt sterling kursi tushib ketdi va bir funt 140 iyenni tashkil etdi. Bunday holatda Birlashgan Qirollik obligatsiyalari bo‘yicha iyendagi daromadlilik stavkasi qanday bo‘ladi? Yangi ma’lumotlarni yuqoridagi tenglamaga qo‘yib, quyidagilarni olamiz:
Ds(iyen) = (109 funt sterling X 140 iyen/funt sterling - 15000 iyen) : 15 000 iyen = 0,017333.
Bu yerda: D_s(iyen) - daromadlilik stavkasi (iyen)
Tasavvur qilaylik, bir yilda funt sterling kursi tushib ketdi va bir funt 140 iyenni tashkil etdi. Bunday holatda Birlashgan Qirollik obligatsiyalari bo‘yicha iyendagi daromadlilik stavkasi qanday bo‘ladi? Yangi ma’lumotlarni yuqoridagi tenglamaga qo‘yib, quyidagilarni olamiz:
Ds(iyen) = (109 funt sterling X 140 iyen/funt sterling - 15000 iyen) : 15 000 iyen = 0,017333.
Bu yerda: D_s(iyen) - daromadlilik stavkasi (iyen)
Shunday qilib, Sizning real daromad stavkangiz 1,73%ni tashkil etadi. Bu esa Siz aynan shunday qaytarish muddati bilan yapon obliga-tsiyalarini sotib olish orqali olishingiz mumkin bo‘lgan 3%dan kamroqdir.
Foiz stavkasiga to‘lov muddatining ta’siri. Foiz stavkasiga to‘lov muddatining qanday ta’sirini yaqqol ko‘rish uchun navbatdagi betdagi 1-rasmga qarang. Unda AQSh G‘aznachilik veksellarining 20xx yil x iyun holatiga daromadlilik egri chizig‘i (yield curve) tasvirlangan. Daro-madlilik egri chizig‘i AQSh G‘aznachiligi tomonidan muomalaga chiqarilgan veksellarning belgilangan daromad bo‘yicha foiz stavkalari miqdorlari (daromadlilik) va ularni qaytarish muddatlarining o‘zaro nisbatini aks ettiradi.
biz bir yillik g‘aznachilik majburiyatlarning daromadi hisobi yiliga 5,25%ni tashkil etganini, bu ko‘rsatkich qaytarish muddati o‘sgan sari ortib borishini va qaytarish muddati 30 yil bo‘lganda 6%ni tashkil etganini ko‘ramiz.
bu yaqqol ko‘rinmasa ham, daromaddorlik egri chizig‘ining shakli va darajasi vaqt o‘tishi bilan juda o‘zgaradi. O‘tmishda, qisqa muddatli foizli stavkalar uzoq muddatlinikidan yuqori bo‘lgan, shuning
AQSh G‘aznachilik qimmatli qog‘ozlari daromadlilik egri chizig‘i
Foiz stavkasiga to‘lanmaslik riskining ta’siri. Belgilangan daromadli instrument (vosita)lar bo‘yicha to‘lanmaslik riski qanchalik yuqori bo‘lsa, hatto boshqa barcha ko‘rsatkichlar o‘zgarishsiz qolganda ham, ushbu instrument (vosita)larning foiz stavkasi shuncha yuqori bo‘ladi. Quyidagi jadvalda qarz oluvchilar tomonidan chiqarilgan va o‘z qarzlari bo‘yicha noto‘lovlarning turli darajadagi risklari bilan xarakterlanuvchi dollar nominalidagi xilma-xil foiz stavkalari keltirilgan.
The financial market is the area of ​​sale of financial assets and the economic relationship between sellers and buyers of these assets. The financial activity of enterprises is inextricably linked with the activity of the financial market, the development of its types and segments and the state of its conjuncture. The financial market is a market in its most general form, in which the object of purchase and sale of various financial instruments and financial services.
The concept of “financial market” is somewhat collective, generalized. In real practice, it describes a comprehensive system of separate types of financial markets, each with different interconnected segments.
Of course, the financial market as a whole is one of the most important components of the market. The concept therefore faces the uncertainty inherent in such a description of the market. Now there is no single idea about the essence of the financial market, its structure, that is, there is no generally accepted understanding of it.
Definitions of the financial market are the most general, in particular, depend on a particular phenomenon and therefore narrow the scope of the concept.
According to most authors, the essence of the financial market is the sum of economic relations and the institutions that serve them, ensuring the conversion of money into capital through financial instruments.
Like any other, the financial market is designed to establish direct links between buyers and sellers of financial resources. The financial market is a more complex structure that unites different types of markets, each with its own segments.
To reveal the essence of the financial market, we describe its components. Analysis of the performance of financial markets involves the segmentation, separation, and separation of individual markets that operate according to their rules. There are different approaches to the classification of financial markets.
Classification - by the period of circulation of financial assets (instruments). The following types of financial markets are distinguished: money market and capital market.
In the money market, market financial instruments and financial services of all considered financial markets with a maturity of up to one year are sold and purchased. The activities of this short-term sector in the financial markets will allow enterprises to solve the problems associated with filling the cash deficit to ensure the current solvency and effective use of the temporarily idle balance. Financial assets circulating in the money market are the most liquid; they have the lowest level of financial risk and the pricing system for them is relatively simple.
In the capital market, transactions are made in the same way, only the term of the transaction exceeds one year. The functioning of the capital market allows enterprises to form investment resources for the implementation of real investment projects and solve the problem of effective financial investments (long-term financial investments). Financial assets circulating in the capital market are usually less liquid, they have the highest financial risk and, accordingly, a high level of profitability.
The main classification of the financial market is by type of current financial assets (instruments, services). The following components of the financial market are distinguished:
- credit market;
- securities market (or stock market);
- foreign exchange market;
- insurance market;
- precious metals market.
The credit market is a common feature of markets where there is a demand and supply for these different payment instruments. Credit operations are usually mediated by the movement of various lending instruments that are borrowed and narrowed by credit institutions or sold and bought in the stock market. Thus, the credit market provides funds to invest in the management of enterprises, and it is precisely because this money is directed to these sectors of the economy that more money is directed to the deficient sectors. In the credit market, businesses receive money to finance their investments; sometimes businesses give money in the form of loans, but, as a rule, receive more than the manufacturing sector gives. Therefore, one of the main tasks of the credit market is to direct the funds of the population and available funds to intermediaries for investments.
The credit market promotes the growth of production and trade, the movement of capital within the country, the conversion of savings into investments, the implementation of the scientific and technological revolution, and the renewal of fixed capital. The economic role of the credit market is its ability to pool small, disproportionate funds in the interests of all capitalization of capital. This allows the market to actively influence the concentration and centralization of production and capital.

2. The structure of the financial market. Description of its elements

It can be synonymous with system, shape, model, organization. Structure is in its basic sense the internal structure of something. The internal structure is related to the categories of the whole and its parts. Determining relationships, studying the interactions and subordination of components of objects of different natures allows us to identify similarities in their organization and to construct abstractly in relation to real objects. allows you to learn. The structure of the financial market is the interdependence of credit, stock, currency, insurance and precious metals markets. In turn, each of these components has its own complex structure and device. The components of the financial market are its elements:
- market objects;
- market participants;
- market infrastructure;
- regulatory and supervisory bodies.
Objects of the financial market are financial assets that circulate in this market. Financial assets are money in national or foreign currency, securities, real estate, precious metals, deposits and credit capital. The subjects of the financial market are the sellers and buyers of financial assets that are traded in this financial market. The state, population and organizations can be subjects. Financial market infrastructure is a set of legal forms of financial market objects, tools, systems, services, enterprises that serve the financial market and ensure its normal functioning. Simply put, the infrastructure of the financial market is a set of institutions and enterprises that serve its direct participants in order to increase the efficiency of its activities.
The efficiency of the financial market is largely determined by the level of development of its infrastructure and the quality of the organization of interaction of financial market operators and institutional investors with its elements. The development of the financial market is ultimately based on its infrastructure and development.Regulation of the financial market is the regulation of the activities of all its participants and the operations between them. Regulation of the financial market is carried out by bodies or organizations authorized to perform regulatory functions.

3. Securities market

The stock market is a set of economic relations related to the issuance and circulation of securities as a means of financing and economic development. As an economic category, securities are rights to resources that are separated from funds and even have their own material form (e.g., paper certificate, account entries, etc.), as well as those that have the following main characteristics: to reach an agreement; access to civil transport; standard and series; documentary; Regulation and state recognition; marketability; liquidity; danger.
The working mechanism of this market allows you to conduct financial transactions faster and at fair prices than in other financial markets. This market is very prone to financial engineering - the process of targeted development of new financial instruments and new schemes of financial transactions.
The stock market is divided into primary and secondary. Primary markets are securities that are sold to previously issued buyers. Already trading in secondary markets. This difference between them is very important. If the newly issued shares of the company are sold, then the company receives the transferred funds, if the previously issued and previously sold shares are sold, then the transferred funds pass to the final owner. Secondary markets help corporations sell their newly issued shares or bonds and increase their liquidity.
The stock market can be classified according to various criteria. Depending on the place of trade, stock and over-the-counter markets differ. Accordingly, securities are traded on the stock exchange and over-the-counter. Depending on the level of regulation, the market is divided into organized and unorganized. The terms of the transaction are cash (urgent) and urgent. In the spot market, purchases and payments are made at the same time. Instruments in the derivative market are derivative securities, i.e., contracts in which the securities are bought or sold in the future, rather than the securities themselves.
Depending on the type of securities, the stock market is divided into securities, debt and derivative securities markets. The securities available in modern world practice are divided into two classes: basic securities and derivative securities or derivative materials.
The foreign exchange market is a market in which transactions in foreign currency or financial instruments are concluded, the basis of which is the currency. When there is a currency market where you can freely sell and buy currency, currency relations can develop successfully. Without such an opportunity, economic counterparties will not be able to carry out their currency relations - they will not have foreign currency to meet their foreign obligations, they will not be able to convert foreign exchange earnings into national currency to meet their domestic obligations.
In the foreign exchange market, they use the currency not only to make payments, but also for other purposes: speculative transactions, currency risk protection operations, and so on. In addition, these operations are becoming more widespread. In terms of its economic content, the foreign exchange market is an area where the supply and demand for a particular commodity, such as money market, currency, is balanced. The insurance market describes a market that has insurance coverage in the form of the various insurance products offered. As market relations develop, the demand for these market services will increase significantly.
1. Interest rates and their types
2. Factors affecting the level of interest rates
3. Yield rates of risky assets and the order of their measurement
4. Inflation and real interest rates
Interest Rates - The promised rate of return on a loan is called the interest rate (or rate of return) on the promised rate of return. There are different interest rates depending on the type of funds received. For example, when a borrower buys a home, he pays it back at an interest rate called the mortgage rate. The rate charged by a bank to a firm is called the commercial loan rate. The interest rate on any type of loan or instrument with a fixed income depends on a number of factors. The most important of these are the unit of account, maturity, and the risk that the borrower will not meet the terms of the loan agreement, or the risk of default. Let's take a closer look at each of these factors. A settlement currency is a currency in which payments are made. A unit of account is, as a rule, the currency of a country: the dollar, the euro, the franc, the pound, the ruble, the soum, the peso, and so on. Sometimes a commodity is used as a unit, such as gold, silver, or commodity
standard "basket" of services. The interest rate varies depending on the currency of the account. The payback period for an instrument with a fixed income is the time during which the total amount received must be paid. The interest rate on short-term instruments may be higher, lower or equal to the interest rate on long-term instruments. The risk of default includes the probability that the borrower will default on the principal amount or a portion of the interest on the instrument (instrument) with the stated income. This is the level of risk
if it is high, the borrower must promise its investors such a high interest rate that they will agree to buy its securities.
Now, let's look at how these three factors actually affect interest rates. The effect of the settlement currency on the interest rate. An instrument (instrument) with a fixed income is considered risk-free and reliable only in accordance with a clear currency. As it changes, interest rates can fluctuate dramatically. To illustrate this point, let's look at bonds denominated in different currencies
let's see Suppose that interest rates on government bonds in the United Kingdom are higher than in Japanese government bonds and have a similar maturity. These terms and conditions apply, provided that this category of bonds is exempt from the risk of default
Wouldn't all investors prefer United Kingdom bonds? In this case, the answer is no. The denominations of these bonds are denominated in different currencies: United Kingdom bonds - in pounds sterling, and Japanese bonds - in yen. This category (class) of the two countries
Although bonds offer a reliable rate of return in the currencies of these countries, the rate of return is uncertain in any other currency because it depends on the exchange rate of these two currencies at the time of future payment. Let us give a clear example. Suppose you decide to invest a certain amount of money for a year. Japan has an annual interest rate of 3% on government bonds and 9% on UK bonds. The exchange rate, which includes the value of one currency against another, is 150 yen to 1 pound. Now, imagine that you are a Japanese investor who wants to invest his capital in a trusted asset in yen. By purchasing Japanese bonds, you guarantee yourself a 3% return. If British government bonds are bought, the rate of return on the yen will depend on what the exchange rate of the yen and pound sterling will be after one year. Suppose you decide to buy a UK bond for £ 100. To do this, you will need to convert 15,000 yen into pounds, which means that your initial investment will be 15,000 yen. With a UK interest rate of 9%, you will receive £ 109 a year later. However, it is not possible to predict the value of this amount in yen. The reason is that no one knows what the exchange rate will be in the future.
Thus, the real rate of return on this transaction is:
Ds (yen) = (109 pounds sterling Future pound exchange rate at X yen - 15,000 yen): 15,000 yen
Here:
Ds (yen) - rate of return (yen)
Imagine that in one year the pound sterling fell to 140 yen per pound. In this case, what is the rate of return on the UK bond in yen? Putting the new data into the above equation, we get:
Ds (yen) = (109 pounds X 140 yen / pound sterling - 15,000 yen): 15,000 yen = 0.017333.
Here: Ds (yen) - rate of return (yen)
Imagine that in one year the pound sterling fell to 140 yen per pound. In this case, what is the rate of return on the UK bond in yen? Putting the new data into the above equation, we get:
Ds (yen) = (109 pounds X 140 yen / pound sterling - 15,000 yen): 15,000 yen = 0.017333.
Here: Ds (yen) - rate of return (yen)
Thus, your real income rate is 1.73%. That's less than the 3% you can get by buying Japanese bonds with the same payback period.
The effect of maturity on interest rates. See Figure 1 on the next page to see the effect of the maturity on the interest rate. It shows the yield curve of U.S. Treasury bills as of June 20xx. The yield curve shows the ratio of interest rates (yields) on promissory notes issued by the US Treasury and their maturity.
we see that the yield on one-year treasury bonds is 5.25% per annum, which increases as the payback period increases, and 6% when the repayment period is 30 years.
while this may not be obvious, the shape and extent of the profitability curve will change significantly over time. In the past, short-term interest rates have been higher than long-term ones
U.S. Treasury Securities Yield Curve
Impact of interest rate risk. The higher the risk of default on fixed income instruments, the higher the interest rate on those instruments, even if all other indicators remain unchanged. The table below shows the different dollar denomination interest rates issued by borrowers and characterized by different levels of risk of default on their debts.

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