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金融学基础(英语)复习资料

金融学基础(英语)复习资料
金融学基础(英语)复习资料

名词解释:

Credit refers to a behavior of borrowing and lending with the feature of repayment

of the principals plus interests .

Financial markets refer to the whole of the places and activities of the financing and transactions of financial instruments.

Sale on commission(推销): It refers to the case in which investment bankers sell securities on behalf of issuers and earn from what they have sold, but have no obligation to take up what’s left Money demand refers to the quantity of money that the whole economy needs as medium of exchange, means of payment and store of value under certain economic condition.

Inflation is a continuous and obvious rise of the price level caused by great increase of money supply and it reduces the purchasing power of each unit of a currency.

1 General equivalent 一般等价物

2 Public credit 国家信用

3 Default risk 违约风险

4 Repurchase agreement(RP)回购协议

5 Interest-rate future 利率期货

6 Re-discount 再贴现

7 Compound interest 复利

8 Liquidity preference 流动偏好即货币需求

9 Speculative motive 投机动机

10 Adverse selection 逆向选择

11 Require reserves 存款准备金

12 Overdraft 透支

13 Time lag 时滞

14 velocity of money 货币流通速度

15 money stock 货币存量

16 derivative deposit 派生存款

17 excess reserve 超额储备

18 Money multiplier 货币乘数

19 Endogenous 内生性

判断题

T F 1. When a central bank carries out expansionary monetary policy, bank reserves R will increase.

T F 2. The monetary base consists of banking system reserves and the currency held by the non-bank public

T F 3. The moral hazard arises before a financial transaction begins.

T F 4. As is subject to time limit, the commercial credit can only be short-term one.

T F 5. Sale on commission refers to the case in which investment bankers sell securities on

behalf of issuers and earn from what they have sold, but have no obligation to take up

what’s left.

T F 6. If a central bank wants to cool an inflationary boom, it will raise the discount rate, which will lead to a general interest rates rise for loans, decreasing the demand for

borrowing.

T F 7. A central bank is the financial institution that can gain profit in its operation and businesses, but it is not a profit-seeker.

T F 8. When a central bank carries out tight monetary policy, interest rates fall.

T F 9. The theory of “Quantity theory of money” means that an increase in prices of all goods and services leads to an increase in the supply of money when everything remains

unchanged.

T F 10. Banker’s credit is an indirect credit

英译汉

1.On the one hand, although the central bank does not make loans to enterprises and can not derive deposits directly, it controls the sources of commercial banks` money creation—the creation and supply of the monetary base; and on the other hand commercial banks` money creation through taking in deposits and granting loans is based on the central bank's monetary base.

一方面,尽管中央银行并不直接为企业发放贷款,也不能产生派生存款,但是中央银行却控制着商业银行创造货币的源泉——基础货币的供给和创造。另一方面,商业银行利用中央银行提供的基础货币,通过吸收存款和发放贷款来创造信用货币

2.Post- Keynesian school complement the theory of partial equilibrium and develop the theory of general equilibrium which stresses the interaction of both the commodity and the money market. The main viewpoint is as follows——A central bank adopts expansionary monetary policy, which will lead to the increase of money supply and further the fall of interest rates, which will stimulate investment; then the aggregate demand will increase, which will push up the total output; and finally income will rise.

后凯恩斯学派丰富了具备均衡理论并且发展了一般均衡理论,后者强调了商品市场和货币市场之间的相互作用。其主要观点如下——中央银行如若采取扩张性的货币政策,就会导致货币供给的增加,并由此促使利率水平的下降,而这将会刺激投资水平的提升,最终,总需求将会增加,总需求的增长会推动产出增长,最终收入水平将会随之上升。

3.Generally speaking , there is a relatively long-time lag between the adoption of monetary policy and the changes of the final targets of monetary policy, and the time-lag usually lasts 9 or 12 months. It would be too late if the central bank adjusts the monetary policy instruments after the change of the final targets of monetary policy

一般来说,从实施货币政策开始,到货币政策最终目标发生变化,这中间存在相对较长的时滞,通常时滞时间为9至12个月。如若中央银行在货币政策最终目标发生改变之后才开始调整货币政策工具可能就会太晚了。

简答题(Counter-measures of inflation (Policies concerning demand controlling))

Tight monetary policy

The policy is squeezing money carried out by a central bank to raise the purchasing power of money by reducing the quantity of money in circulation. The concrete measures are as followings:

(1)Raising the discount rate and lending rate for the purpose of increasing the market interest rate.

(2)Selling government securities in the open-market to push up interest rates indirectly.

(3)Raising the required reserve ratio, which reduces the funds that commercial banks can loan and weakens the derivative ability of money so that money supply can decrease.

Tight fiscal policy

The policy includes increase of tax and reduction of government spending.

The tight fiscal policy will result in the increase of unemployment and the fall of output, and further an economic depression in the short run.

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