金融学-第十二章

一、单选题1按照凯恩斯的观点，利率低于“正常”水平时，人们预期债券价格（B），货币需求量（B ）。

A. 下降，减少B. 下降，增加C. 上升，减少D. 上升，增加从货币需求方面看，利率越高（A ）。

A. 持币的机会成本越大B. 持币的机会成本越小C. 持币的效用越大D. 持币的收益越大2当发生“流动性陷阱”极端情况时，利率水平低到不能再低，就会出现（D）的现象。

A. 交易性货币需求无限大B. 货币总需求反而减少C. 预防性货币需求无限大D. 投机性货币需求无限大3对金融机构债权是中国人民银行投放基础货币的重要渠道，但主渠道是随着金融改革和时间的推移而变化，目前的主渠道是（C）。

A. 购买黄金B. 再贷款C. 再贴现D. 购买国债4弗里德曼货币需求函数中的收入是指（B）。

A. 未来的收入B. 持久性收入C. 过去的收入D. 当期收入5个人储蓄存款属于我国现阶段所公布的货币层次中的（D）。

A. M1B. M0C. M3D. M26基础货币主要由（D）构成。

A. 流通中现金和企业单位库存现金B. 流通中现金和原始存款C. 存款货币和存款准备金D. 流通中现金和存款准备金7（C）是通货膨胀的社会经济效应。

A. 投资成本升高B. 失业增加C. 强制储蓄D. 经济衰退8通货-存款比率主要取决于（A）。

A. 公众的行为B. 商业银行的行为C. 政府的行为D. 货币当局的行为9下列货币需求模型中，交易方程式是指（B）。

A. Md＝L1(y)＋L2(i)B. MV＝PTC. P＝KR/MD. Md＝kPY10在高通胀的经济环境中，下列表述最正确的是（A）。

A. 已从银行获得贷款的债务人受益B. 持有银行存款的债权人受益C. 高通胀将导致本国货币名义汇率对外大幅度升值D. 对有固定收入的群体有利11在货币供给的基本模型Ms=mB中，m代表（D）。

A. 派生存款B. 货币供给量C. 基础货币D. 货币乘数12中央银行的下列哪项业务不会引起基础货币的增加（B）。

第十三章金融法律制度第一节金融法概述一、金融的概述（一）金融的涵义金融有广义，狭义之分。

广义的金融，指全社会的货币资金的筹集、分配、融通、使用和管理活动的总和。

狭义的金融，指货币流通和信用分配活动的总和。

简单地说就是货币资金的融通。

金融学和金融法意义上的金融指狭义上的金融。

（参加主体：企业、银行、个人、国家等）（二）金融产生的条件金融的出现有其产生的条件：1、货币从商品交换过程中自发地分离出来，起一般等价物的特殊商品作用。

2、信用日益发展，多种信用形式的出现。

信用是指不同所有者之间以一定的财物或货币为客体，以偿还本金及支付利息为条件而实现的一种价值运动形式。

3、银行等专门金融机构的出现(三) 金融的分类1、从资金融通有无中介来看：（1）直接金融：指融资双方当事人即筹资人和投资人直接发生货币资金有偿借贷行为或投资行为，产生的法律上的债权债务关系。

（2）间接金融：指融资双方当事人通过银行等金融机构作为媒介体而发生资金有偿借贷行为，产生的法律上的债权和债务关系。

2、从金融资产交易的方式看：（1）证券融通（证券投资方式交易）（2）信贷融通（借贷方式交易）3、从筹资主体资产形成来源：（1）债务融资：信贷形式取得，筹资者必须承担还本付息的责任。

（2）股本融资：以证券形式进行，投资者自己承担融资风险（四）金融体系金融体系有广义和狭义之分。

狭义的金融体系是指一个国家的金融组织体系，即这个国家有哪些金融机构，这些金融机构在经济社会发展中发挥什么职能作用。

广义的金融体系是指包括金融工具、金融机构、金融市场和金融制度基本要素动态的金融体系。

１、金融工具。

又称信用工具，指一切能够证明金融债权债务关系的合法凭证。

存折（存款单）、借款合同、股票、债券、商业票据等，均为常见的金融工具。

２、金融机构。

是指专门从事各种金融活动的组织。

第一类，中央银行，即中国人民银行。

第二类，银行。

包括改策性银行、商业银行。

第三类，非银行金融机构。

第12章现代货币的创造机制二、填空1．现代经济生活中的货币都是___________。

2．现金在______银行帐户上是负债项目；而在_______银行帐户上则是资产项目。

3．存款货币的创造必须具备两个必要前提：______和______。

4．基础货币又称高能货币，包括存款货币银行的______和流通于银行体系之外的。

5．扩大资产业务不以负债的增加为前提是_______特有的权力。

6．从客观经济过程来说，中央银行为存款货币银行补充存款准备，支持其创造信用货币的能力要受到___________的约束。

7．银行派生创造存款的倍数大小如何，除了取决于法定存款准备率的高低以外，还要受到_________、__________和___________等多方面的制约。

8．定期存款与火气存款之比的变动主要决定于社会公众的。

9．作为存款货币创造的基础，基础货币是有___________提供的。

10．在经济增长的条件下，存款货币银行的________ 必须不断地得到补充，以便使之既能保证现金的不断提取，有能保证创造出经济生活所必需的越来越多的存款货币。

三、判断1．在现代经济生活中，作为辅币的金属货币也属于信用货币的范围。

2．国际货币基金组织所界定的存款货币仅包括活期存款，而不包括定期存款与储蓄存款。

3．信用货币之所以成为流通中货币的主要统治形态，是与信用这种经济联系全面覆盖经济生活紧密相关的。

4．在其他条件不变的情况下，定期存款的利率下调将使货币乘数减小。

5．现金的增发是以存款准备不断得到补充得以实现的。

6．向中央银行出售自己持有的外汇，可以增加商业银行的存款准备。

7．中央银行扩大了资产业务，也就相应形成了存款货币银行的准备存款。

8．基础货币直接表现为中央银行的资产。

9．通货作为基础货币的一部分，其自身也会随着存款货币的派生过程多倍增加。

四、不定项选择1．整个商业银行体系存款准备总额增加是来自于：A. 中央银行B. 商业银行自身C. 存款人D. 其他金融机构2．商业银行可以通过下列哪些途径增加自己的存款准备：A．向中央银行再贴现B．向中央银行再贷款C．向中央银行出售自己持有的外汇D．向中央银行出售自己持有的债券3．存款货币银行的存款准备包括：A．准备存款B．库存现金C．流通于银行体系之外的现金D．贷款4．现金漏损率越高，则存款货币创造乘数：A. 越大B. 越少C. 不变D. 不一定5．存款货币银行派生存款的能力：A．与原始存款成正比，与法定存款准备金率成正比B．与原始存款成正比，与法定存款准备金率成反比C．与原始存款成反比，与法定存款准备金率成正比D．与原始存款成反比，与法定存款准备金率成反比6．在基础货币一定的条件下，货币乘数越大，则货币供应量：A. 越多B. 越少C. 不变D. 不确定7．在其他条件不变的情况下，如果提高了定期存款利率，则货币创造乘数：A. 不变B. 增大C. 减少D. 不确定8．存款货币银行影响派生存款能力的因素有：A. 财政性存款B. 原始存款C. 法定存款准备金率D. 超额准备金率五、问答1．试举例分析现代金融体制下存款货币的创造过程。

金融学形考参考答案-第十二章第十二章1通货-存款比率主要取决于（）。

A.商业银行的行为■ B.公众的行为C.政府的行为D.货币当局的行为知识点提示：货币乘数及其影响因素。

参见教材本章第二节。

答案是：公众的行为2.当发生流动性陷阱”极端情况时，利率水平低到不能再低, 就会出现（）的现象。

-A.投机性货币需求无限大B.预防性货币需求无限大C.交易性货币需求无限大D.货币总需求反而减少知识点提示:凯恩斯的货币需求理论。

参见教材本章第一节。

答案是：投机性货币需求无限大3.基础货币主要由（）构成。

A.流通中现金和企业单位库存现金B.存款货币和存款准备金C.流通中现金和原始存款存D.流通中现金和存款准备金知识点提示：中央银行与基础货币供给。

参见教材本章第二节。

4・( ）是通货膨胀的社会经济效应正确答案是：流通中现金和存款准备金* A.强制储蓄B.失业增加C.经济衰退D.投资成本升高知识点提示：通货紧缩的社会经济效应。

参见教材本章第三节。

正确答案是：强制储蓄5•在货币供给的基本模型Ms=mB中，m代表（）。

A.货币供给量B.基础货币-C.货币乘数D.派生存款知识点提示：货币供给的基本模型。

参见教材本章第二节。

正确答案是：货币乘数6•商业银行创造存款货币的主要制约因素是（）。

A.汇率B.利率17C.法定存款准备金率17D.提现率（现金漏损率）“ E.超额准备金率识点提示:商业银行与存款货币创造。

参见教材本章第二节。

正确答案是：法定存款准备金率，提现率（现金漏损率），超额准备金率7•从宏观角度研究货币需求的有（）。

“ A.马克思的货币需求理论B.凯恩斯的货币需求理论C.剑桥方程式’ D.交易方程式E.弗里德曼的货币需求理论知识点提示:货币需求的主要理论解说。

参见教材本章第一节。

正确答案是：马克思的货币需求理论，交易方程式8.下列属于基础货币投放渠道的有（）。

厂A.央行购买办公楼17B.央行购买外汇、黄金国C.央行购买政府债券17D.央行向商业银行提供再贷款和再贴现• E.央行购买金融债券知识点提示：基础货币的收放渠道与方式。

马可福章12章逐节解释篇一：马可福章是当代日本著名的金融学家,他在其著作中提出了一系列的理论和模型,被称为“福章模型”。

12章逐节解释马可福章的《福章模型》是一本较为全面的介绍马可福章理论和模型的书籍,以下是对每一章的解释和拓展。

第一章:介绍福章模型的背景和意义本章主要介绍了福章模型的背景、起源以及在金融领域的重要性。

福章模型最初是由日本财务学家马可福章提出的,他在20世纪60年代提出了这一模型,用于解释股票市场的波动。

这一模型的重要性在于,它为投资者提供了一种有效的风险管理和投资决策工具。

第二章:福章模型的基本假设本章主要介绍了福章模型的基本假设,包括市场的有效性、价格粘性和波动性等。

市场的有效性是指市场可以自动调整价格,价格粘性是指股票价格不会无限制地上涨,波动性是指股票价格会出现周期性波动。

这些假设对于理解福章模型的理论基础至关重要。

第三章:福章模型的数学模型本章主要介绍了福章模型的数学模型,包括市场指数、加权平均资本成本(WACC)和风险平价模型等。

这些模型都是基于数学公式推导得出的,能够准确地描述福章模型的基本特征和运行过程。

第四章:福章模型的应用本章主要介绍了福章模型的应用,包括股票市场、债券市场和外汇市场等。

这些应用能够帮助投资者更好地了解市场的运作规律,并制定更有效的投资策略。

第五章:福章模型的局限性本章主要介绍了福章模型的局限性,包括市场风险、信息不对称和外部性等。

市场风险是指市场价格波动所带来的风险,信息不对称是指投资者和公司之间信息的不平衡,外部性是指政府政策对经济环境的影响。

这些局限性对于福章模型的实际应用具有一定的挑战性。

第六章:福章模型的改进本章主要介绍了福章模型的改进,包括风险管理和信息经济学等。

风险管理是指通过技术手段来降低市场风险和信息不对称的风险,信息经济学是指通过信息技术手段来优化市场资源配置。

这些改进能够进一步完善福章模型,使其更好地适应市场经济的发展。

第七章:福章模型的扩展本章主要介绍了福章模型的扩展,包括资产定价模型、投资组合理论等。

题目：总存款与原始存款之间的比率被称为（）。

选项A：准备-存款比率
选项B：货币乘数
选项C：通货-存款比率
选项D：存款乘数
答案：存款乘数
题目：弗里德曼货币需求函数中的收入是指（）。

选项A：过去的收入
选项B：当期收入
选项C：持久性收入
选项D：未来的收入
答案：持久性收入
题目：个人储蓄存款属于我国现阶段所公布的货币层次中的（）。

选项A：M0
选项B：M3
选项C：M1
选项D：M2
答案：M2
题目：（）是通货膨胀的社会经济效应。

选项A：投资成本升高
选项B：强制储蓄
选项C：失业增加
选项D：经济衰退
答案：强制储蓄
题目：通货-存款比率主要取决于（）。

选项A：公众的行为
选项B：政府的行为
选项C：货币当局的行为
选项D：商业银行的行为
答案：公众的行为
题目：货币供给过程的主要特点是（）。

选项A：货币供给的主体是央行和商业银行
选项B：央行创造现金通货，商业银行创造存款货币
选项C：企业和家庭的经济活动能够改变基础货币的大小
选项D：非银行金融机构对货币供给没有影响
选项E：非银行金融机构对货币供给有重要影响
答案：货币供给的主体是央行和商业银行, 央行创造现金通货，商业银行创造存款货币。

第十二章货币供求及均衡参考答案一、单项选择题（本大题共20小题，每小题1分，共20分）。

在每小题列出的四个备选答案中只有一个是最符合题目要求的，请将其代码分别填写在下列表格中。

错选、多选、漏选或未选记-1分）。

1.A2.A3.B4.B5.D6.B7.D8．C9.B10.D11.C12.A13．C14.C15.B16.B17.D18．D19.D20.B二、多项选择题（本大题共10小题，每小题1.5分，共15分）。

在每小题列出的五个备选答案中有二至五个是符合题目要求的，请将其代码分别填写在下列表格中。

错选、多选、未选均记-1.5分。

）1.ABC2.BCD3.ABCD4.ABCD5.ABCD6.ABC7.CDE8.ABC9.ABCD10.ABCDE三、计算题（本大题共2小题，每小题5分，共10分）。

根据所给资料和要求列出必要的计算过程，最终结果保留两位小数。

1．解：（1）存款乘数=1/（20%+3%+5%+0.65×10%）=2.90派生存款=50000万元×(2.90-1)=9500万元(2)货币乘数(M1层次)=(1+5%)/（20%+3%+5%+0.65×10%）=3.04狭义货币M1=2000×3.04=6080亿元2．解：货币必要量=待销售商品价格总量/货币流通速度=8000/5=1600亿元单位货币实际购买力=货币必要量/货币流通量=1600/2000=0.8四、简述题（本大题共5小题，每小题6分，共30分）。

简述要点并作相应的解释或说明。

1.答：影响和决定货币需求的因素有：（1）宏观角度：全社会的商品和劳务总量；商品的供求结构；一般物价水平；分配结构；货币流通速度；信用发达程度；其他因素（主要包括产业结构、人口规模及密度、经济结构以及交通运输状况等。

）（2）微观角度：收入状况；消费倾向；心理预期；消费偏好；市场价格水平；利率与金融资产收益率。

2.答：商业银行存款派生应具备的前提条件是：（1）实行部分准备金制度。

《⾦融学（第⼆版）》讲义⼤纲及课后习题答案详解⼗⼆章CHAPTER 12CHOOSING AN INVESTMENT PORTFOLIOObjectivesTo understand the process of personal investing in theory and in practice.To build a quantitative model of the tradeoff between risk and reward.Outline12.1 The Process of Personal Portfolio Selection12.2 The Trade-off between Expected Return and Risk12.3 Efficient Diversification with Many Risky AssetsSummaryThere is no single portfolio selection strategy that is best for all people.Stage in the life cycle is an imp ortant determinant of the optimal composition of a person’s optimal portfolio of assets and liabilities.Time horizons are important in portfolio selection. We distinguish among three time horizons: the planning horizon, the decision horizon, and the trading horizon.In making portfolio selection decisions, people can in general achieve a higher expected rate of return only by exposing themselves to greater risk.One can sometimes reduce risk without lowering expected return by diversifying more completely either withina given asset class or across asset classes.The power of diversification to reduce the riskiness of an investor’s portfolio depends on the correlations among the assets that make up the portfolio. In practice, the vast majority of assets are positively correlated with each other because they are all affected by common economic factors. Consequently, one’s ability to reduce risk through diversification among risky assets without lowering expected return is limited.Although in principle people have thousands of assets to choose from, in practice they make their choices from a menu of a few final products offered by financial intermediaries such as bank accounts, stock and bond mutual funds, and real estate. In designing and producing the menu of assets to offer to their customers theseintermediaries make use of the latest advances in financial technology.Solutions to Problems at End of Chapter1. Suppose that your 58-year-old father works for the Ruffy Stuffed Toy Company and has contributed regularly to his company-matched savings plan for the past 15 years. Ruffy contributes $0.50 for every $1.00 your father puts into the savings plan, up to the first 6% of his salary. Participants in the savings plan can allocate their contributions among four different investment choices: a fixed-income bond fund, a “blend” option that invests in large companies, small companies, and the fixed-income bond fund, a growth-income mutual fund whose investments do not include other toy companies, and a fund whose sole investment is stock in the Ruffy Stuffed Toy Company. Over Thanksgiving vacation, Dad realizes that you have been majoring in finance and decides to reap some early returns on that tuition money he’s been investing in your education. He shows you the most recent quarterly statement for his savings plan, and you see that 98% of its current value is in the fourth investment option, that of the Ruffy Company stock..a.Assume that your Dad is a typical risk-averse person who is considering retirement in five years. Whenyou ask him why he has made the allocation in this way, he responds that the company stock has continually performed quite well, except for a few declines that were caused by problems in a division that the company has long since sold off. Inaddition, he says, many of his friends at work have done the same. What advice would you give your dad about adjustments to his plan allocations? Why?b.If you consider the fact that your dad works for Ruffy in addition to his 98% allocation to the Ruffy stockfund, does this make his situation more risky, less risky, or does it make no difference? Why? SOLUTION:a.Dad has exposed himself to risk by concentrating almost all of his plan money in the Ruffy Stock fund. This is analogous to taking 100% of the money a family has put aside for investment and investing it in a single stock.First, Dad needs to be shown that just because the company stock has continually performed quite well is no guarantee that it will do so indefinitely. The company may have sold off the divisions which produced price declines in the past, but future problems are unpredictable, and so is the movement of the stock price. “Past performance is no guarantee of future results” is the lesson.Second, Dad needs to hear about diversification. He needs to be counseled that he can reduce his risk by allocating his money among several of the options available to him. Indeed, he can reduce his risk considerably merely by moving all of his money into the “blend” fund because it is diversifi ed by design: it has a fixed-income component, a large companies component, and a small companies component. Diversification isachieved not only via the three differing objectives of these components, but also via the numerous stocks that comprise each of the three components.Finally, Dad’s age and his retirement plans need to be considered. People nearing retirement age typically begin to shift the value of their portfolios into safer investments. “Safer” normally connotes less variability, so that the risk of a large decline in the value of a portfolio is reduced. This decline could come at any time, and it would be very unfortunate if it were to happen the day before Dad retires. In this example, the safest option would be the fixed-income bond fund because of its diversified composition and interest-bearing design, but there is still risk exposure to inflation and the level of interest rates. Note that the tax-deferred nature of the savings plan encourages allocation to something that produces interest or dividends. As it stands now, Dad is very exposed to a large decline in the value of his savings plan because it is dependent on the value of one stock.Individual equities over time have proven to produce the most variable of returns, so Dad should definitely move some, probably at least half, of his money out of the Ruffy stock fund. In fact, a good recommendation given his retirement horizon of five years would be to re-align the portfolio so that it has 50% in the fixed- income fund and the remaining 50% split between the Ruffy stock fund (since Dad insists) and the “blend” fund.Or, maybe 40% fixed-income, 25% Ruffy, 15% growth-income fund, and 20% “blend” fund. This latterallocation has the advantage of introducing another income-producing component that can be shielded by the tax-deferred status of the plan.b.The fact that Dad is employed by the Ruffy Company makes his situation more risky. Let’s say that the companyhits a period of slowed business activities. If the stock price declines, so will th e value of Dad’s savings plan. If the company encounters enough trouble, it may consider layoffs. Dad’s job may be in jeopardy. At the same time that his savings plan may be declining in value, Dad may also need to look for a job or go onunemployment. Thus, Dad is exposed on two fronts to the same risk. He has invested both his human capital and his wealth almost exclusively in one company.2. Refer to Table 12.1.a.Perform the calculations to verify that the expected returns of each of the portfolios (F, G, H, J, S) in thetable (column 4) are correct.b.Do the same for the standard deviations in column 5 of the table.c.Assume that you have $1million to invest. Allocate the money as indicated in the table for each of the fiveportfolios and calculate the expected dollar return of each of the portfolios.d.Which of the portfolios would someone who is extremely risk tolerant be most likely to select? SOLUTION:d.An extremely risk tolerant person would select portfolio S, which has the largest standard deviation but also thelargest expected return.3. A mutual fund company offers a safe money market fund whose current rate is4.50% (.045). The same company also offers an equity fund with an aggressive growth objective which historically has exhibited an expected return of 20% (.20) and a standard deviation of .25.a.Derive the equation for the risk-reward trade-off line.b.How much extra expected return would be available to an investor for each unit of extra risk that shebears?c.What allocation should be placed in the money market fund if an investor desires an expected return of15% (.15)?SOLUTION:a.E[r] = .045 + .62b.0.62c.32.3% [.15 = w*(.045) + (1-w)*(.020) ]4. If the risk-reward trade-off line for a riskless asset and a risky asset results in a negative slope, what does that imply about the risky asset vis-a-vis the riskless asset?SOLUTION:A trade-off line wit h a negative slope indicates that the investor is “rewarded” with less expected return for taking on additional risk via allocation to the risky asset.5. Suppose that you have the opportunity to buy stock in AT&T and Microsoft.a.stocks is 0? .5? 1? -1? What do you notice about the change in the allocations between AT&T andMicrosoft as their correlation moves from -1 to 0? to .5? to +1? Why might this be?b.What is the variance of each of the minimum-variance portfolios in part a?c.What is the optimal combination of these two securities in a portfolio for each value of the correlation,assuming the existence of a money market fund that currently pays 4.5% (.045)? Do you notice any relation between these weights and the weights for the minimum variance portfolios?d.What is the variance of each of the optimal portfolios?e.What is the expected return of each of the optimal portfolios?f.Derive the risk-reward trade-off line for the optimal portfolio when the correlation is .5. How much extraexpected return can you anticipate if you take on an extra unit of risk?SOLUTION:a.Minimum risk portfolios if correlation is:-1: 62.5% AT&T, 37.5% Microsoft0: 73.5% AT&T, 26.5% Microsoft.5: 92.1% AT&T, 7.9% Microsoft1: 250% AT&T, short sell 150% MicrosoftAs the correlation moves from -1 to +1, the allocation to AT&T increases. When two stocks have negativec orrelation, standard deviation can be reduced dramatically by mixing them in a portfolio. It is to the investors’benefit to weight more heavily the stock with the higher expected return since this will produce a high portfolio expected return while the standard deviation of the portfolio is decreased. This is why the highest allocation to Microsoft is observed for a correlation of -1, and the allocation to Microsoft decreases as the correlationbecomes positive and moves to +1. With correlation of +1, the returns of the two stocks will move closely together, so you want to weight most heavily the stock with the lower individual standard deviation.b. Variances of each of the minimum variance portfolios:62.5% AT&T, 37.5% Microsoft Var = 073.5% AT&T, 26.5% Microsoft Var = .016592.1% AT&T, 7.9% Microsoft Var = .0222250% AT&T, short 150% Microsoft Var = 0c. Optimal portfolios if correlation is:-1: 62.5% AT&T, 37.5% Microsoft0: 48.1% AT&T, 51.9% Microsoft.5: 11.4% AT&T, 88.6% Microsoft1: 250% AT&T, short 150% Microsoftd. Variances of the optimal portfolios:62.5% AT&T, 37.5% Microsoft Var = 048.1% AT&T, 51.9% Microsoft Var = .022011.4% AT&T, 88.6% Microsoft Var = .0531250% AT&T, short 150% Microsoft Var = 0e. Expected returns of the optimal portfolios:62.5% AT&T, 37.5% Microsoft E[r] = 14.13%48.1% AT&T, 51.9% Microsoft E[r] = 15.71%11.4% AT&T, 88.6% Microsoft E[r] = 19.75%250% AT&T, short 150% Microsoft E[r] = -6.5%f.Risk-reward trade-off line for optimal portfolio with correlation = .5:E[r] = .045 + .66/doc/31dbf23b580216fc700afd59.html ing the optimal portfolio of AT&T and Microsoft stock when the correlation of their price movements is 0.5, along with the results in part f of question 12-5, determine:a.the expected return and standard deviation of a portfolio which invests 100% in a money market fundreturning a current rate of 4.5%. Where is this point on the risk-reward trade-off line?b.the expected return and standard deviation of a portfolio which invests 90% in the money market fundand 10% in the portfolio of AT&T and Microsoft stock.c.the expected return and standard deviation of a portfolio which invests 25% in the money market fundand 75% in the portfolio of AT&T and Microsoft stock.d.the expected return and standard deviation of a portfolio which invests 0% in the money market fundand 100% in the portfolio of AT&T and Microsoft stock. What point is this?SOLUTION:a.E[r] = 4.5%, standard deviation = 0. This point is the intercept of the y (expected return) axis by the risk-rewardtrade-off line.b.E[r] = 6.03%, standard deviation = .0231c.E[r] = 15.9%, standard deviation = .173d.E[r] = 19.75%, standard deviation = .2306. This point is the tangency between the risk-reward line from 12-5part f and the risky asset risk-reward curve (frontier) for AT&T and Microsoft.7. Again using the optimal portfolio of AT&T and Microsoft stock when the correlation of their price movements is 0.5, take $ 10,000 and determine the allocations among the riskless asset, AT&T stock, and Microsoft stock for:a. a portfolio which invests 75% in a money market fund and 25% in the portfolio of AT&T and Microsoftstock. What is this portfolio’s expected return?b. a portfolio which invests 25% in a money market fund and 75% in the portfolio of AT&T and Microsoftstock. What is this portfolio’s expect ed return?c. a portfolio which invests nothing in a money market fund and 100% in the portfolio of AT&T andMicrosoft stock. What is this portfolio’s expected return?SOLUTION:a.$7,500 in the money-market fund, $285 in AT&T (11.4% of $2500), $2215 in Microsoft. E[r] = 8.31%, $831.b.$2,500 in the money-market fund, $855 in AT&T (11.4% of $7500), $6645 in Microsoft. E[r] = 15.94%, $1,594.c.$1140 in AT&T, $8860 in Microsoft. E[r] = 19.75%, $1,975.8. What strategy is implied by moving further out to the right on a risk-reward trade-off line beyond the tangency point between the line and the risky asset risk-reward curve? What type of an investor would be most likely to embark on this strategy? Why?SOLUTION:This strategy calls for borrowing additional funds and investing them in the optimal portfolio of AT&T and Microsoft stock. A risk-tolerant, aggressive investor would embark on this strategy. This person would be assuming the risk of the stock portfolio with no risk-free component; the money at risk is not onl y from this person’s own wealth but also represents a sum that isowed to some creditor (such as a margin account extended by the investor’s broker).9. Determine the correlation between price movements of stock A and B using the forecasts of their rate of return and the assessments of the possible states of the world in the following table. The standard deviations for stock A and stock B are0.065 and 0.1392, respectively. Before doing the calculation, form an expectation of whether that correlation will be closer to1 or -1 by merely inspecting the numbers.SOLUTION:Expectation: correlation will be closer to +1.E[r A] = .05*(-.02) + .15*(-.01) + .60*(.15) + .20*(.15) = .1175, or, 11.75%E[r B] = .05*(-.20) + .15*(-.10) + .60*(.15) + .20*(.30) = .1250, or, 12.50%Covariance = .05*(-.02-.1175)*(-.20-.125) + .15*(-.01-.1175)*(-.10-.125) +.60*(.15-.1175)*(.15-.125) + .20*(.15-.1175)*(.30-.125) =.008163Correlation = .008163/(.065)*(.1392) = .90210.Analyze the “expert’s” answers to the following questions:a.Question:I have approx. 1/3 of my investments in stocks, and the rest in a money market. What do you suggestas a somewhat “safer” place to invest another 1/3? I like to keep 1/3 accessible for emergencies.Expert’s answer:Well, you could try 1 or 2 year Treasury bonds. You’d get a little bit more yie ld with no risk.b.Question:Where would you invest if you were to start today?Expert’s answer:That depends on your age and short-term goals. If you are very young – say under 40 –and don’tneed the money you’re investing for a home or college tuition or such, you would put it in a stockfund. Even if the market tanks, you have time to recoup. And, so far, nothing has beaten stocks overa period of 10 years or more. But if you are going to need money fairly soon, for a home or for yourretirement, you need to play it safer.SOLUTION:a.You are not getting a little bit more yield with no risk. The real value of the bond payoff is subject to inflationrisk. In addition, if you ever need to sell the Treasury bonds before expiration, you are subject to the fluctuation of selling price caused by interest risk.b.The expert is right in pointing out that your investment decision depends on your age and short-term goals. In addition, the investment decision also depends on other characteristics of the investor, such as the special character of the labor income (whether it is highly correlated with the stock market or not), and risk tolerance.Also, the fact that over any period of 10 years or more the stock beats everything else cannot be used to predict the future.。

第12章　金融危机一、概念题1．金融自由化答：金融自由化亦称“金融深化”，是“金融压制”的对称，主张改革金融制度，政府改变对金融的过度干预，放松对金融机构和金融市场的限制，增强国内的筹资功能以改变对外资的过分依赖，放松对利率和汇率的管制使之市场化，从而利率能反映资金供求、汇率能反映外汇供求，促进国内储蓄率的提高，减少对外资的依赖，最终达到抑制通货膨胀、刺激经济增长、形成金融资产增长和经济增长之间的良性循环的目的。

金融自由化的标志是金融资产增长超过经济增长，金融相关比率不断提高。

2．次贷危机答：次贷危机源于房地产市场繁荣时期的大肆信贷扩张，当利率升高且房价开始下跌之后，借款人丧失还款能力，导致违约和丧失抵押品赎回权的比率剧增，次贷危机开始显现。

资产证券化则进一步将危机由抵押贷款市场传递到证券市场，使得危机迅速蔓延并传递到其他国家。

中国的银行业在次贷危机中也受到一定程度的影响。

3．货币危机与金融危机答：①货币危机又称国际收支危机，它的含义有广义和狭义两种。

从广义来看，一国货币的汇率变动在短期内超过一定幅度（有的学者认为该幅度为15%～20%），就可以称为货币危机。

就其狭义来说，货币危机是与对汇率波动采取某种限制的汇率制度相联系的，主要发生于固定汇率制下，它是指在市场参与者对一国的固定汇率失去信心的情况下，通质的事件。

②金融危机指金融体系和金融制度的混乱和动荡。

金融危机的特征是人们基于经济未来将更加悲观的预期，整个区域内货币币值出现较大幅度的贬值，经济总量与经济规模出现较大幅度的缩减，经济增长受到打击，往往伴随着企业大量倒闭的现象，失业率提高，社会普遍的经济萧条，有时候甚至伴随着社会动荡或国家政治层面的动荡。

主要表现是：强制清理旧债；商业信用剧减；银行资金呆滞，存款者大量提取现钞，部分金融机构倒闭；有价证券行市低落，发行锐减；货币饥荒严重，借贷资金缺乏，市场利率猛烈提高，金融市场动荡不安；本币币值下降。

金融学第12章自测题(形考计分)答案1.利率越高，持币的机会成本越大，这是从货币需求方面看的。

2.强制储蓄是通货膨胀的社会经济效应。

3.当发生“流动性陷阱”极端情况时，利率水平低到不能再低，就会出现投机性货币需求无限大的现象。

4.___货币需求函数中的收入是指持久性收入。

5.基础货币主要由流通中现金和存款准备金构成。

6.通货紧缩的“两个下降”和“一个伴随”是指物价持续下降、信贷和货币供给量下降，伴随着经济衰退。

7.经济活动中能影响通货-存款比率与准备-存款比率的经济主体行为有居民的经济行为、企业的经济行为、金融机构的经济行为和政府的经济行为。

8.货币供应量由货币乘数和基础货币决定，提现率越高，货币供应量越小，这是关于货币供应量的正确表述。

9.货币供给的主体是___和商业银行，___创造现金通货，商业银行创造存款货币，这是货币供给过程的主要特点。

10.国际收支失衡的原因有经济发展状况、货币性因素、经济结构影响、外汇投机与国际资本流动、经济周期影响。

11.高低法定准备金率与商业银行创造存款货币的能力之间不呈正相关关系。

12.治理通货紧缩通常采用扩张性的货币政策和财政政策，这是关于治理通货紧缩的错误表述。

13.存款扩张倍数或存款乘数并不等同于货币乘数，这是错的。

14.对货币需求者来说，重要的是货币具有的购买力高低而非货币数量的多寡，因而比较关心实际货币需求，这是正确的。

15.工资-价格螺旋上涨引起的通货膨胀是成本推动型通货膨胀，不是需求拉上型通货膨胀。

1.交易方程式指的是MV＝PT，是货币需求模型中的一种。

2.用外汇储备购买国外资产不会引起基础货币的增加，这是中央银行的一项业务。

3.按照凯恩斯的观点，利率低于“正常”水平时，人们预期债券价格下降，货币需求量增加。

4.在高通胀的经济环境中，已从银行获得贷款的债务人受益最多。

5.通货-存款比率主要取决于公众的行为。

6.商业银行创造存款货币的主要制约因素是法定存款准备金率、提现率（现金漏损率）和超额准备金率。

第十二章货币需求货币理论是金融学研究的一个重要方面，利率可以理解为单位货币的租金或价格，是由货币的供给和需求决定的，本章阐述货币需求的相关问题。

对货币需求问题的研究，是建立货币理论的起点。

货币需求理论所要研究和解决的是：什么是货币需求、人们为什么需要持有货币、决定货币需求的因素是什么等等相关问题。

本章首先介绍货币需求的涵义和决定因素，然后重点分析各种货币需求理论并进行对比分析。

第一节货币需求的涵义与决定因素一、货币需求的涵义经济学中的需求，是指行为人愿意并且又有支付能力的一种意愿，是能力和愿望的统一体。

在西方货币需求理论中，货币需求是指经济主体持有货币的意愿，是一种特殊的需求形式，是在一定时期内，社会各阶层愿意以货币形式持有财产的需要，或社会各阶层对执行流通手段、支付手段和价值贮藏手段的货币的需求。

但仅仅将货币需求简单地看作经济主体持有货币的意愿或欲望是不准确的，货币需求必须同时包含两个基本要素：一是必须有持有货币的愿望；二是必须有持有货币的能力。

如果只考虑人们持有货币的愿望，而不考虑是否有足够的能力持有货币，那么货币需求就转变为人们的欲望，人们当然希望持有尽可能多的货币，货币需求就会趋于无穷大，货币需求的理论也就失去了现实意义。

在现实中，人们产生对货币需求的根本原因在于货币所具有的职能，货币具有流通手段、支付手段与货币作为储藏手段的功能。

和其他资产相比，货币不能直接产生收益，但货币是流动性最强的资产，在现实经济生活中，人们持有的资产多种多样，一般而言，资产的流动性越差安全性也越差，但盈利性越高，人们会根据自己的偏好和现实的经济情况做出选择，使得自己的效用能够最大化，这就要求资产中保留一定比例的货币。

因此，货币需求的涵义也可作如下表述：货币需求是在一定的时间内，在一定的经济条件下（如资源约束、经济制度制约等），整个社会为了执行交易媒介、支付手段和价值贮藏等功能愿意且能够持有的货币数量。

二、影响货币需求的因素分析货币需求是以货币形式持有财富的行为，人们的总财富可以用多种形式保留，哪些因素决定人们到底持有多少货币呢？货币需求是受到哪些因素影响的呢？决定和影响货币需求的因素主要有以下方面：1.收入状况收入状况是决定货币需求的主要因素之一。