金融市场第十一章

第十一章货币需求一、填空1．流通速度2．商品价格商品价格水平3．资产4．现金交易现金余额5．利率6．预防动机投机动机7．收入利率8．预防性货币需求9．恒久性收入10．物价变动11．机会成本12．保值生利13．规模机会成本二、判断1．错2．对3．对4．错5．错6．对7．对8．对9．对10．错三、单选1．C 2．A四、多选1．ABD 2．BCD 3．AD 4．BCD 5．ABC6．ABCD 7．AB四、问答1．阐明马克思关于流通中货币量的理论。

答：首先，马克思是以完全的金币流通为假设条件。

他的论证是：（1）商品价格取决于商品的价值和黄金的价值，而价值取决于生产过程，所以商品是带着价格进入流通的；（2）商品价格有多大，就需要有多少金来实现它；（3）商品与货币交换后，商品退出流通，金却留在流通之中可以使另外的商品得以出售，从而一定数量的金，流通几次，就可使相应倍数价格的商品出售。

因此，有：执行流通手段职能的货币量＝商品价格总额/同名货币的流通次数公式表明，货币量取决于价格的水平、进入流通的商品数量和货币的流通速度三个因素。

马克思在分析这个问题时还有一个极其重要的假设，即在该经济中存在着一个数量足够大的黄金贮藏：流通中需要较多的黄金，金从贮藏中流出，流通中有一些黄金不需要了，多余的金退出流通，转化为贮藏。

也正是由于假设存在这样一个调节器，所以流通需要多少货币，就有多少货币存在于流通之中。

但在实际经济生活中，并不一定必然存在这样的假设条件。

其次，马克思进而分析了纸币流通条件下货币量与价格之间的关系。

他指出，纸币是由金属货币衍生来的。

纸币所以能流通，是由于国家的强力支持。

同时，纸币本身没有价值，只有流通，才能作为金币的代表。

如果说，流通中可以吸收的金量是客观决定的，那么流通中无论有多少纸币也只能代表客观所要求的金量。

也就是说，纸币流通规律与金币流通规律不同：在金币流通条件下，流通所需要的货币数量是由商品价格总额决定的；而在纸币为惟一流通手段的条件下，商品价格水平会随纸币数量的增减而涨跌。

第十一章开放宏观均衡与国际收支调节和汇率制度选择[选择]开放经济的宏观均衡分析通常使用的模型是IS-LM-BP。

[选择]由国内通货膨胀或通货紧缩而导致的国际收支平衡，称为货币性失衡。

[选择]代表满足产品市场供求均衡的实际收人与名义利率组合的曲线是IS曲线。

[选择]代表国际收支平衡的实际收入与名义利率组合是BP曲线。

[选择]国际收支平衡是指经常账户差额与资本和金融账户差额之和为零。

[选择]开放经济的一般均衡点是LM曲线与IS曲线、BP曲线的交点。

[选择]如果是大国经济，我们希望采用的汇率制度是浮动汇率制度。

[选择]由于国民收入变化而引起的国际收支不平衡称为收入性不平衡。

[选择]改变国内外支出在国内产品和国外产品的分布格局，以此调节国际收支差额和国内总供求对比状况的政策是支出转移政策。

[选择]固定汇率制下扩张性的货币将导致该国出现国际收支逆差。

[选择]一般来讲，对于开放效果在固定汇率政策下实现内外均衡的最佳选择是财政政策。

[选择]研究经验表明，在浮动汇率制下，外汇市场非理性的投机活动很容易造成汇率错位，即汇率超调。

[选择]当传闻货币供给存在意外扩张时，投机者会产生悲观的通货膨胀预期，结果抛售本币力度大于货币扩张所引起的本币抛售程度，从而使本币贬值程度超过正常水平，这是汇率的随波效应。

[选择]我国香港特别行政区实行货币局制度。

[选择]允许市场汇率围绕中心平价更大幅度地波动的汇率制度是钉住平行幅度。

[选择]将本币发行权一并放弃，直接使用其他货币作为本国流通中的法定货币，这种行为称为美元化。

[选择]各国的宏观经济政策目标包括经济增长、物价稳定、充分就业、国际收支平衡。

[选择]关于BP曲线说法正确的是若利率弹性为零，则BP曲线垂直于横轴、若利率弹性无限大，则BP曲线垂直于纵轴、资本流动的利率弹性大于货币需求的利率弹性，则BP曲线比LM曲线平坦。

[选择]属于货币政策的政策工具的是公开市场业务、贴现政策、法定存款准备金率。

第十一章金融体系结构第一节金融体系与金融功能金融体系金融体系的五个构成要素:1、由货币制度所规范的货币流通。

2、金融市场。

3、金融中介机构。

4、金融工具。

5、国家的管制框架。

金融功能传统理论对金融体系的研究分为两个基本的方面：一是分析金融市场上各经济行为主体之间的关系;二是分析金融中介(如银行、保险公司等）机构的活动。

一个新的分析框架：金融功能框架。

金融功能观认为：为了分析不同国度、不同时期的金融机构为什么大不相同，应采用的概念框架，其主线是功能而不是机构：一是金融功能比金融机构更为稳定；二是机构的形式随功能而变化，机构之间的创新和竞争最终会导致金融系统执行各项功能的效率提高。

金融系统（既包括金融机构，又包括金融市场）基本的、核心的功能：1、在时间和空间上转移资源。

2、提供分散、转移和管理风险的途径。

3、提供清算和结算的途径，以完结商品、服务和各种资产的交易。

4、提供了集中资本和股份分割的机制。

5、提供价格信息。

6、提供解决“激励”问题的方法.第二节金融体系的两种结构中介与市场对比的不同结构金融功能是由金融中介和金融市场的运作来实现。

中国的金融体系，从静态观点看，银行占绝对优势；就动态观点看，中国的资本市场发展迅速，似乎正在向美国模式发展.不同金融体系格局是怎么形成的一个国家金融体系格局的形成受多种因素的影响，其中非常最要的一项就是受到人为政策管制的影响，管制政策大多取决于对某次经济危机、金融危机的反应，而体制一旦形成，就会出现路径依赖-—-变革体制的成本通常大于维持原有体制的成本.现代金融体系最早形成于欧洲。

不同的金融体制在形成之初并没有抽象的理论研究，或者是优劣比较，甚至可以说具有一定的历史偶然性。

优劣比较要求理论论证现代金融理论常常假设金融市场是最好的金融运作形式;金融市场发达的体系，要比主要依靠银行的体系，处于更高的发展阶段.但是，不仅历史上绝大多数的国家主要是依靠银行体系推进经济增长，而且直至今日，主要依靠银行体系的国家，它们的经济增长也还在取得不俗的表现.因此，有关银行优越性和必要性的分析也同时存在.比较优劣的理论分析是多视角的:从风险分担与管理方面比较优劣；从信息处理方面比较优劣；从监管方面比较优劣；从公司治理方面比较优劣……不同角度的论证，几乎都存在不同的见解,而且反复驳辩，头绪越来越多，虽然不同的见解均有见地，但要想根据这样纷繁的议论归纳出是市场重要还是机构重要的定论，纵然不是不可能,恐怕也是极难做到的。

Financial Markets and Institutions, 8e (Mishkin)Chapter 11 The Money Markets11.1 Multiple Choice1) Activity in money markets increased significantly in the late 1970s and early 1980s because ofA) rising short-term interest rates.B) regulations that limited what banks could pay for deposits.C) both A and B of the above.D) neither A nor B of the above.Answer: CTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition2) Money market securities have all the following characteristics except they are notA) short term.B) money.C) low risk.D) very liquid.Answer: BTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition3) Money market instrumentsA) are usually sold in large denominations.B) have low default risk.C) mature in one year or less.D) are characterized by all of the above.E) are characterized by only A and B of the above.Answer: DTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition4) The banking industryA) should have an efficiency advantage in gathering information that would eliminate the need for the money markets.B) exists primarily to mediate the asymmetric information problem betweensaver-lenders and borrower-spenders.C) is subject to more regulations and governmental costs than the money markets.D) all of the above are true.E) only A and B of the above are true.Answer: DTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition5) In situations where asymmetric information problems are not severe,A) the money markets have a distinct cost advantage over banks in providing short-term funds.B) the money markets have a distinct cost advantage over banks in providinglong-term funds.C) banks have a distinct cost advantage over the money markets in providing short-term funds.D) the money markets cannot allocate short-term funds as efficiently as banks can. Answer: ATopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition6) Brokerage firms that offered money market security accounts in the 1970s had a cost advantage over banks in attracting funds because the brokerage firmsA) were not subject to deposit reserve requirements.B) were not subject to the deposit interest rate ceilings.C) were not limited in how much they could borrow from depositors.D) had the advantage of all the above.E) had the advantage of only A and B of the above.Answer: ETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition7) Which of the following statements about the money markets are true?A) Not all commercial banks deal for their customers in the secondary market.B) Money markets are used extensively by businesses both to warehouse surplus funds and to raise short-term funds.C) The single most influential participant in the U.S. money market is the U.S. Treasury Department.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition8) Which of the following statements about the money markets are true?A) Most money market securities do not pay interest. Instead, the investor pays less for the security than it will be worth when it matures.B) Pension funds invest a portion of their assets in the money market to have sufficient liquidity to meet their obligations.C) Unlike most participants in the money market, the U.S. Treasury Department is always a demander of money market funds and never a supplier.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 11.3 Who Participates in the Money Markets? Question Status: Previous Edition9) Which of the following are true statements about participants in the money markets?A) Large banks participate in the money markets by selling large negotiable CDs.B) The U.S. government and corporations borrow in the money markets because cash inflows and outflows are rarely synchronized.C) The Federal Reserve is the single most influential participant in the U.S. money market.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition10) The most influential participant(s) in the U.S. money marketA) is the Federal Reserve.B) is the U.S. Treasury Department.C) are the large money center banks.D) are the investment banks that underwrite securities.Answer: ATopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition11) The Fed is an active participant in money markets mainly because of its responsibility toA) lower borrowing costs to encourage capital investment.B) control the money supply.C) increase the interest income of retirees holding money market instruments.D) assist the Securities and Exchange Commission in regulating the behavior of other money market participants.Answer: BTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition12) Commercial banks are large holders of ________ and are the major issuer of________.A) negotiable certificates of deposit; U.S. government securitiesB) U.S. government securities; negotiable certificates of depositC) commercial paper; EurodollarsD) Eurodollars; commercial paperAnswer: BTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition13) The primary function of large diversified brokerage firms in the money market is toA) sell money market securities to the Federal Reserve for its open market operations.B) make a market for money market securities by maintaining an inventory from which to buy or sell.C) buy money market securities from corporations that need liquidity.D) buy T-bills from the U.S. Treasury Department.Answer: BTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition14) Finance companies raise funds in the money market by sellingA) commercial paper.B) federal funds.C) negotiable certificates of deposit.D) Eurodollars.Answer: ATopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition15) Finance companies play a unique role in money markets byA) giving consumers indirect access to money markets.B) combining consumers' investments to purchase money market securities on their behalf.C) borrowing in capital markets to finance purchases of money market securities.D) assisting the government in its sales of U.S. Treasury securities.Answer: ATopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition16) When inflation rose in the late 1970s,A) consumers moved money out of money market mutual funds because their returns did not keep pace with inflation.B) banks solidified their advantage over money markets by offering higher deposit rates.C) brokerage houses introduced highly popular money market mutual funds, which drew significant amounts of money out of bank deposits.D) consumers were unable to take advantage of higher rates in money markets because of the requirement of large transaction sizes.Answer: CTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition17) Which of the following is the largest borrower in the money markets?A) Commercial banksB) Large corporationsC) The U.S. TreasuryD) U.S. firms engaged in foreign tradeAnswer: CTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition18) Money market instruments issued by the U.S. Treasury are calledA) Treasury bills.B) Treasury notes.C) Treasury bonds.D) Treasury strips.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition19) Which of the following statements are true of Treasury bills?A) The market for Treasury bills is extremely deep and liquid.B) Occasionally, investors find that earnings on T-bills do not compensate them for changes in purchasing power due to inflation.C) By volume, most Treasury bills are sold to individuals who submit noncompetitive bids.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition20) Suppose that you purchase a 91-day Treasury bill for $9,850 that is worth $10,000 when it matures. The security's annualized yield if held to maturity is aboutA) 4 percent.B) 5 percent.C) 6 percent.D) 7 percent.Answer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition21) Suppose that you purchase a 182-day Treasury bill for $9,850 that is worth $10,000 when it matures. The security's annualized yield if held to maturity is aboutA) 1.5%.B) 2%.C) 3%.D) 6%.Answer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition22) Treasury bills do notA) pay interest.B) have a maturity date.C) have a face amount.D) have an active secondary market.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition23) If your competitive bid for a Treasury bill is successful, then you willA) certainly pay less than if you had submitted a noncompetitive bid.B) probably pay more than if you had submitted a noncompetitive bid.C) pay the average of prices offered in other successful competitive bids.D) pay the same as other successful competitive bidders.Answer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition24) If your noncompetitive bid for a Treasury bill is successful, then you willA) certainly pay less than if you had submitted a competitive bid.B) certainly pay more than if you had submitted a competitive bid.C) pay the average of prices offered in other noncompetitive bids.D) pay the same as other successful noncompetitive bidders.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition25) Federal fundsA) are short-term funds transferred between financial institutions, usually for a period of one day.B) actually have nothing to do with the federal government.C) provide banks with an immediate infusion of reserves.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition26) Federal funds areA) usually overnight investments.B) borrowed by banks that have a deficit of reserves.C) lent by banks that have an excess of reserves.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition27) The Fed can influence the federal funds interest rate by adjusting the level of reserves available to banks. The Fed canA) lower the federal funds interest rate by adding reserves.B) raise the federal funds interest rate by removing reserves.C) remove reserves by selling securities.D) do all of the above.E) do only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition28) The Federal Reserve can influence the federal funds interest rate by buying securities, which ________ reserves, thereby ________ the federal funds rate.A) adds; raisingB) removes; loweringC) adds; loweringD) removes; raisingAnswer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition29) The Fed can lower the federal funds interest rate by ________ securities, thereby ________ reserves.A) selling; addingB) selling; loweringC) buying; addingD) buying; loweringAnswer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition30) If the Fed wants to lower the federal funds interest rate, it will ________ the banking system by ________ securities.A) add reserves to; sellingB) add reserves to; buyingC) remove reserves from; sellingD) remove reserves from; buyingAnswer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition31) If the Fed wants to raise the federal funds interest rate, it will ________ securities to ________ the banking system.A) sell; add reserves toB) sell; remove reserves fromC) buy; add reserves toD) buy; remove reserves fromAnswer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition32) Government securities dealers frequently engage in repos toA) manage liquidity.B) take advantage of anticipated changes in interest rates.C) lend or borrow for a day or two with what is essentially a collateralized loan.D) do all of the above.E) do only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition33) Repos areA) usually low-risk loans.B) usually collateralized with Treasury securities.C) low interest rate loans.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition34) A negotiable certificate of depositA) is a term security because it has a specified maturity date.B) is a bearer instrument, meaning whoever holds the certificate at maturity receives the principal and interest.C) can be bought and sold until maturity.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition35) Negotiable certificates of depositA) are bearer instruments because their holders earn the interest and principal at maturity.B) typically have a maturity of one to four months.C) are usually denominated at $100,000.D) are all of the above.E) are only A and B of the above.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition36) Commercial paper securitiesA) are issued only by the largest and most creditworthy corporations, as they are unsecured.B) carry an interest rate that varies according to the firm's level of risk.C) never have a term to maturity that exceeds 270 days.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition37) Unlike most money market securities, commercial paperA) is not generally traded in a secondary market.B) usually has a term to maturity that is longer than a year.C) is not popular with most money market investors because of the high default risk.D) all of the above.E) only A and B of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition38) A banker's acceptance isA) used to finance goods that have not yet been transferred from the seller to the buyer.B) an order to pay a specified amount of money to the bearer on a given date.C) a relatively new money market security that arose in the 1960s as international trade expanded.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition39) Banker's acceptancesA) can be bought and sold until they mature.B) are issued only by large money center banks.C) carry low interest rates because of the very low default risk.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition40) EurodollarsA) are time deposits with fixed maturities and are, therefore, somewhat illiquid.B) may offer the borrower a lower interest rate than can be received in the domestic market.C) are limited to London banks.D) are all of the above.E) are only A and B of the above.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition41) Which of the following statements about money market securities are true?A) The interest rates on all money market instruments move very closely together over time.B) The secondary market for Treasury bills is extensive and well developed.C) There is no well-developed secondary market for commercial paper.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition42) Money market transactionsA) do not take place in any one particular location or building.B) are usually arranged purchases and sales between participants over the phone by traders and completed electronically.C) are both A and B of the above.D) are none the the above.Answer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition43) Two important characteristics of any financial market are flexibility andA) risk.B) innovation.C) tolerance.D) capital.Answer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition44) The main role of investment companies in the money market is toA) trade on behalf of commercial accounts.B) mediate the symmetric information problem between server-lender and borrower-spenders.C) both A and B of the above.D) neither A nor B of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition45) In a direct placementA) the issuer bypasses the dealer and sells indirectly to the end investor.B) the dealer sells directly to the end investor.C) the issuer bypasses the dealer and sells directly to the end investor.D) none of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition46) The advantage of mutual funds is that theyA) require no cash up front.B) give investors with relatively small amounts of cash to invest access tolarge-denomination securities.C) always yield the highest returns.D) both A and B of the above.Answer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition47) Asset-backed commercial paper differs from conventional commercial paper in thatA) it is backed (secured) by some bundle of assets.B) its maturity usually extends well beyond 1 year.C) both A and B of the above.D) neither A nor B of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: New Question48) The usual maturity range for commercial paper is ________.A) 1 to 270 daysB) 1 to 15 daysC) 4, 13, and 26 weeksD) 1 to 7 daysAnswer: ATopic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: New Question49) The usual maturity range for fed funds is ________.A) 1 to 270 daysB) 1 to 15 daysC) 4, 13, and 26 weeksD) 1 to 7 daysAnswer: DTopic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: New Question11.2 True/False1) Money market securities are short-term instruments with an original maturity of less than one year.Answer: TRUETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition2) Money market securities include Treasury bills, commercial paper, federal funds, repurchase agreements, negotiable certificates of deposit, banker's acceptances, and Eurodollars.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition3) The term money market is actually a misnomer, because liquid securities are traded in these markets rather than money.Answer: TRUETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition4) Money markets are referred to as retail markets because small individual investors are the primary buyers of money market securities.Answer: FALSETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition5) The U.S. Treasury Department is the single most influential participant in the U.S. money market.Answer: FALSETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition6) The U.S. Treasury Department is the single largest borrower in the U.S. money market.Answer: TRUETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition7) Banks are unusual participants in the money market because they buy, but do not sell, money market instruments.Answer: FALSETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition8) Money markets are used extensively by businesses both to warehouse surplus funds and to raise short-term funds.Answer: TRUETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition9) The market for U.S. Treasury bills is a shallow market because so few individual investors buy T-bills.Answer: FALSETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition10) The T-bill is not an investment to be used for anything but temporary storage of excess funds because it barely keeps up with inflation.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition11) The main purpose of federal funds is to provide banks with an immediate infusion of reserves should they be short.Answer: TRUETopic: Chapter 11.2 The Purpose of the Money MarketsQuestion Status: Previous Edition12) The Fed can influence the federal funds rate by adjusting the level of reserves in the banking system.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition13) Commercial paper securities are unsecured promissory notes, issued by corporations, that mature in no more than 270 days.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition14) A banker's acceptance is an order to pay a specified amount of money to the bearer on a given date. Banker's acceptances have been used since the twelfth century. Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition15) Interest rates on banker's acceptances are low because the risk of default is very low.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition16) The size of the asset-backed commercial paper market nearly doubled between 2004 and 2007 to about $1 trillion.Answer: TRUETopic: Chapter 11.4 Money Market Instruments17) In general, money market instruments are low-risk, high-yield securities. Answer: FALSETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition18) Commercial paper has been used in various forms since the 1930s.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition19) The Treasury accepts noncompetitive bids in ascending order of yield until the accepted bids reach the offering amount.Answer: FALSETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition20) Not all commercial banks deal in the secondary money market for their customers.Answer: TRUETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition11.3 Essay1) Explain why banks, which would seem to have a comparative advantage in gathering information, have not eliminated the need for the money markets. Topic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition2) Explain how the Federal Reserve can influence the federal funds interest rate. Topic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition3) Explain why the money markets are referred to as wholesale markets.Topic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition4) Explain why money market interest rates move so closely together over time. Topic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: Previous Edition5) How are Treasury bills sold? How do competitive and noncompetitive bids differ? Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition6) What are the main characteristics of money market securities?Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition7) What are the major types of securities and who are the major participants in the money markets?Topic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition8) Explain how and why repurchase agreements would be used.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition9) The size of the asset-backed commercial paper market nearly doubled between 2004 and 2007 to about $1 trillion. Discuss how the subprime meltdown and collapse of the ABCP market almost led to the collapse of the money market mutual fundmarket as well.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: New Question10) Why would we expect rates on money market securities to move together? Topic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: New Question。

第十一章资本资产定价模型在金融领域，资本资产定价模型（Capital Asset Pricing Model，简称 CAPM）是一个具有重要地位的理论模型。

它为投资者理解资产的预期收益与风险之间的关系提供了关键的框架。

首先，我们来了解一下什么是资本资产定价模型。

简单来说，CAPM 试图解释在均衡市场中，资产的预期收益率是如何由其系统性风险所决定的。

这里的系统性风险，通常用贝塔（β）系数来衡量。

贝塔系数反映了一项资产相对于整个市场的波动程度。

如果一项资产的贝塔系数大于 1，意味着它的波动幅度比市场平均水平大，属于高风险高收益的资产；反之，如果贝塔系数小于 1，则其波动相对较小，风险也较低。

而当贝塔系数等于 1 时，该资产的风险和收益与市场平均水平相当。

那么，资本资产定价模型是如何得出的呢？它基于一系列的假设条件。

比如说，投资者是理性的，他们追求风险调整后的最大收益；市场是完美的，不存在交易成本、税收等因素的干扰；信息是完全对称的，所有投资者都能同时获得相同的信息。

在实际应用中，资本资产定价模型具有多方面的用途。

对于投资者而言，它可以帮助评估不同资产的预期收益，从而做出更明智的投资决策。

比如，通过计算资产的贝塔系数，结合无风险利率和市场预期收益率，投资者能够大致估计该资产的合理预期回报。

如果实际预期收益高于模型计算出的结果，那么可能意味着这是一个值得投资的机会；反之，如果低于计算结果，则可能需要重新考虑投资策略。

对于企业来说，CAPM 也有重要意义。

在进行项目评估和资本预算时，企业可以利用该模型确定项目所需的最低回报率，从而判断项目是否具有经济可行性。

此外，它还可以帮助企业确定合理的资本成本，为融资决策提供依据。

然而，资本资产定价模型也并非完美无缺。

它的假设条件在现实中往往难以完全满足。

例如，投资者并不总是完全理性的，市场也并非完全有效，信息不对称的情况时有发生。

而且，贝塔系数的计算可能会受到市场波动和数据选取的影响，从而导致结果的不确定性。

金融市场课程作业4（第十章至第十一章）一、名词解释1．远期利率协议2．金融互换3．金融期货4．金融期权5．看涨期权6．看跌期权7．市场组合二、填空题1．按照巴塞尔银行监管委员会1997年7月发布的定义，衍生工具是一种，包括、、和期权合约，其价值取决于作为基础标的物的资产或指数。

2．一般而言，金融衍生工具市场有四类交易主体：、、和。

3．衍生金融市场的功能包括：、、和。

4．按基础资产的性质划分，金融远期合约主要有、和。

5．互换产生的条件可以归纳为两个方面：①；②。

6．货币互换的作用主要体现在两个方面：一是；二是。

7．期货可以分为和两大类。

8．目前国际市场上最主要、最典型的金融期货交易品种有：、和。

9．外汇期货的套期保值交易，主要是通过和两种交易方式进行的。

10．按期权权利性质划分，期权可分为和。

11．按期权到期日划分，期权可分为和。

12．资本市场上的资产定价理论和模型是以为前提条件的。

13．资本市场中的金融资产是一种，其价值取决于其。

14．有效集曲线具有如下特点： ，它反映了“高收益、高风险“的原则；②；③。

15．在现实生活中，无风险资产包含的条件是：和。

16．在允许无风险借贷的情况下，有效集变成。

三、单项选择题1．从学术角度探讨，（）是衍生工具的两个基本构件。

A．远期和互换 B．远期和期货 C．远期和期权 D．期货和期权2．金融互换市场中，下列哪一个交易主体进入市场的目的是为了进行投机性交易（）。

A．直接用户 B．互换经纪商 C．互换交易商 D．互换代理商3．根据国际清算银行（BIS）的统计，2005年末，在全球场外衍生产品交易市场上，（）是交易最活跃的衍生工具。

A．外汇远期 B．利率互换 C．远期利率协议 D．利率期权4．根据国际清算银行（BIS）的统计，2005年末，在全球交易所衍生产品交易市场上，（）是交易最活跃的衍生工具。

A．利率期货 B．股指期权 C．外汇期权 D．利率期权5．利率期货的基础资产为价格随市场利率波动的（）。