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米什金货币金融学英文版习题答案chapter14英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 14 Central Banks: A Global Perspective14.1 Origins of the Federal Reserve System1) The First Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) was fundamental in helping the Federal Government finance the War of 1812.D) None of the above.Answer: AAACSB: Reflective Thinking2) The Second Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) is considered to be the primary cause of the bank panic of 1907.D) None of the above.Answer: BAACSB: Reflective Thinking3) The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known asA) the First Bank of the United States and the Second Bank of the United States.B) the First Bank of the United States and the Central Bank of the United States.C) the First Central Bank of the United States and the SecondCentral Bank of the United States.D) the First Bank of North America and the Second Bank of North America.Answer: AAACSB: Reflective Thinking4) The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the American public finally became convinced thatA) the First Bank of the United States had failed to serve as a lender of last resort.B) the Second Bank of the United States had failed to serve as a lender of last resort.C) the Federal Reserve System had failed to serve as a lender of last resort.D) a central bank was needed to prevent future panics.Answer: DAACSB: Reflective Thinking5) What makes the Federal Reserve so unique compared to other central banks around the world is itsA) centralized structure.B) decentralized structure.C) regulatory functions.D) monetary policy functions.Answer: BAACSB: Reflective Thinking14.2 Structure of the Federal Reserve System1) Which of the following is NOT an entity of the Federal Reserve System?A) Federal Reserve BanksB) the Comptroller of the CurrencyC) the Board of GovernorsD) the Federal Open Market CommitteeAnswer: BAACSB: Reflective Thinking2) Which of the following is an entity of the Federal Reserve System?A) the U.S. Treasury SecretaryB) the FOMCC) the Comptroller of the CurrencyD) the FDICAnswer: BAACSB: Reflective Thinking3) The three largest Federal Reserve banks (New York, Chicago, and San Francisco) combined hold more than ________ percent of the assets of the Federal Reserve System.A) 25B) 33C) 50D) 67Answer: CAACSB: Analytical Thinking4) The Federal Reserve Banks are ________ institutions since they are owned by the ________.A) quasi-public; private commercial banks in the district where the Reserve Bank is locatedB) public; private commercial banks in the district where the Reserve Bank is locatedC) quasi-public; Board of GovernorsD) public; Board of GovernorsAnswer: AAACSB: Reflective Thinking5) Each Federal Reserve bank has nine directors. Of these ________ are appointed by the member banks and ________ are appointed by the Board of Governors.A) three; sixB) four; fiveC) five; fourD) six; threeAnswer: DAACSB: Reflective Thinking6) The nine directors of the Federal Reserve Banks are split into three categories: ________ are professional bankers, ________ are leaders from industry, and ________ are to represent the public interest and are not allowed to be officers, employees, or stockholders of banks.A) 5; 2; 2B) 2; 5; 2C) 4; 2; 3D) 3; 3; 3Answer: DAACSB: Reflective Thinking7) Member commercial banks have purchased stock in their district Fed banks; the dividend paid by that stock is limited by law to ________ percent annually.A) fourB) fiveC) sixD) eightAnswer: CAACSB: Reflective Thinking8) The Federal Reserve Bank of ________ houses the open market desk.A) BostonB) New YorkC) ChicagoD) San FranciscoAnswer: BAACSB: Reflective Thinking9) The president from which Federal Reserve Bank always hasa vote in the Federal Open Market Committee?A) PhiladelphiaB) BostonC) San FranciscoD) New YorkAnswer: DAACSB: Reflective Thinking10) An important function of the regional Federal Reserve Banks isA) setting reserve requirements.B) clearing checks.C) determining monetary policy.D) setting margin requirements.Answer: BAACSB: Reflective Thinking11) Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?A) check clearingB) conducting economic researchC) setting interest rates payable on time depositsD) issuing new currencyAnswer: CAACSB: Reflective Thinking12) All ________ are required to be members of the Fed.A) state chartered banksB) national banks chartered by the Office of the Comptroller of the CurrencyC) banks with assets less than $100 millionD) banks with assets less than $500 millionAnswer: BAACSB: Reflective Thinking13) Of all commercial banks, about ________ belong to the Federal Reserve System.A) 10%B) one halfC) one thirdD) 90%Answer: CAACSB: Reflective Thinking14) Prior to 1980, member banks left the Federal Reserve System due toA) the high cost of discount loans.B) the high cost of required reserves.C) a desire to avoid interest rate regulations.D) a desire to avoid credit controls.Answer: BAACSB: Reflective Thinking15) The Fed's support of the Depository Institutions Deregulation and Monetary Control Act of 1980 stemmed in part from itsA) concern over declining Fed membership.B) belief that all banking regulations should be eliminated.C) belief that interest rate ceilings were too high.D) belief that depositors had to become more knowledgeable of banking operations. Answer: AAACSB: Reflective Thinking16) Banks subject to reserve requirements set by the Federal Reserve System includeA) only nationally chartered banks.B) only banks with assets less than $100 million.C) only banks with assets less than $500 million.D) all banks whether or not they are members of the Federal Reserve System.Answer: DAACSB: Reflective Thinking17) The Depository Institutions Deregulation and Monetary Control Act of 1980A) established higher reserve requirements for nonmember than for member banks.B) established higher reserve requirements for member than for nonmember banks.C) abolished reserve requirements.D) established uniform reserve requirements for all banks.Answer: DAACSB: Reflective Thinking18) There are ________ members of the Board of Governors of the Federal Reserve System.A) 5B) 7C) 12D) 19Answer: BAACSB: Reflective Thinking19) Members of the Board of Governors areA) chosen by the Federal Reserve Bank presidents.B) appointed by the newly elected president of the United States, as are cabinet positions.C) appointed by the president of the United States and confirmed by the Senate.D) never allowed to serve more than 7-year terms.Answer: CAACSB: Reflective Thinking20) Each governor on the Board of Governors can serveA) only one nonrenewable fourteen-year term.B) one full nonrenewable fourteen-year term plus part of another term.C) only one nonrenewable eight-year term.D) one full nonrenewable eight-year term plus part of another term.Answer: BAACSB: Reflective Thinking21) The Chairman of the Board of Governors is chosen from among the seven governors and serves a ________, renewable term.A) one-yearB) two-yearC) four-yearD) eight-yearAnswer: CAACSB: Reflective Thinking22) While the discount rate is "established" by the regionalFederal Reserve Banks, in truth, the rate is determined byA) Congress.B) the president of the United States.C) the Senate.D) the Board of Governors.Answer: DAACSB: Reflective Thinking23) Which of the followings is a duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) regulating credit with the approval of the president under the Credit Control Act of 1969D) All governors advise the president of the United States on economic policy.Answer: AAACSB: Reflective Thinking24) Which of the followings is NOT a current duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) approving the discount rate "established" by the Federal Reserve banksD) voting on the conduct of open market operationsAnswer: BAACSB: Reflective Thinking25) The Federal Open Market Committee usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: CAACSB: Reflective Thinking26) The Federal Reserve entity that makes decisions regarding the conduct of open market operations is theA) Board of Governors.B) chairman of the Board of Governors.C) Federal Open Market Committee.D) Open Market Advisory CouncilAnswer: CAACSB: Reflective Thinking27) The Federal Open Market Committee consists of theA) five senior members of the seven-member Board of Governors.B) seven members of the Board of Governors and seven presidents of the regional Fed banks.C) seven members of the Board of Governors and five presidents of the regional Fed banks.D) twelve regional Fed bank presidents and the chairman of the Board of Governors. Answer: CAACSB: Reflective Thinking28) The majority of members of the Federal Open Market Committee areA) Federal Reserve Bank presidents.B) members of the Federal Advisory Council.C) presidents of member banks.D) the seven members of the Board of Governors.Answer: DAACSB: Reflective Thinking29) Each Fed bank president attends FOMC meetings; although only ________ Fed bank presidents vote on policy, all ________ provide input.A) three; tenB) five; tenC) three; twelveD) five; twelveAnswer: DAACSB: Reflective Thinking30) Although reserve requirements and the discount rate are not actually set by the ________, decisions concerning these policy tools are effectively made there.A) Federal Reserve Bank of New YorkB) Board of GovernorsC) Federal Open Market CommitteeD) Federal Reserve BanksAnswer: CAACSB: Reflective Thinking31) The research document given to the Federal Open Market Committee that contains information on the state of the economy in each Federal Reserve district is called theA) beige book.B) green book.C) blue book.D) black book.Answer: AAACSB: Reflective Thinking32) The teal book is the Fed research document containingA) the forecast of national economic variables for the next three years.B) forecasts of the money aggregates conditional on different monetary policy stances.C) information on the state of the economy in each Federal Reserve district.D) both A and B.E) A, B and C.Answer: DAACSB: Reflective Thinking33) The Federal Open Market Committee's "balance of risks" is an assessment of whether, in the future, its primary concern will beA) higher exchange rates or higher unemployment.B) higher inflation or a stronger economy.C) higher inflation or a weaker economy.D) lower inflation or a stronger economy.Answer: CAACSB: Reflective Thinking34) Subject to the approval of the Board of Governors, the decision of choosing the president ofa district Federal Reserve Bank is made byA) all nine district bank directors.B) the six district bank directors elected by the member banks.C) three district bank directors who are professional bankers.D) district bank directors who are not professional bankers.E) class A and class B directors.Answer: DAACSB: Ethical understanding and reasoning abilities35) Why does the Federal Reserve Bank of New York play a special role within the Federal Reserve System?Answer: The New York district contains the largest banks in the country. The New York Fed supervises and examines these banks to insure their soundness and the safety of the nation's financial system. The New York Fed conducts open market operations and foreign exchange transactions for the Fed and Treasury. The New York Fed belongs to the Bank for International Settlements, so its president and the chairman of the Board of Governors represent the U.S. at the monthly meetings of the world's central banks. The New York Fed president is the only president of a regional Fed who is a permanent voting member of the FOMC.AACSB: Reflective Thinking36) Who are the voting members of the Federal Open Market Committee and why is this committee important? Where does the power lie within this committee?Answer: The FOMC determines the monetary policy of the United States through its decisions about open market operations. It also effectively determines the discount rate and reserve requirements. The seven members of the Board of Governors, the president of the New York Fed, and four of the other eleven regional bank presidents are voting members on a rotating basis. Within the FOMC, the chairman of the Board of Governors wields the power.AACSB: Reflective Thinking14.3 How Independent is the Fed?1) Instrument independence is the ability of ________ to setmonetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: DAACSB: Reflective Thinking2) The ability of a central bank to set monetary policy instruments isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: DAACSB: Reflective Thinking3) Goal independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: AAACSB: Reflective Thinking4) The ability of a central bank to set monetary policy goals isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: BAACSB: Reflective Thinking5) Members of Congress are able to influence monetary policy, albeit indirectly, through their ability toA) withhold appropriations from the Board of Governors.B) withhold appropriations from the Federal Open Market Committee.C) propose legislation that would force the Fed to submit budget requests to Congress, as must other government agencies.D) instruct the General Accounting Office to audit the foreign exchange market functions of the Federal Reserve.Answer: CAACSB: Reflective Thinking6) Explain two concepts of central bank independence. Is the Fed politically independent? Why do economists think central bank independence is important?Answer: Instrument independence is the ability of the central bank to set its instruments, and goal independence is the ability of a central bank to set its goals. The Fed enjoys both types of independence. The Fed is largely independent of political pressure due to its earnings and the conditions of appointment of the Board of Governors and its chairman. However, some political pressure can be applied through the threat or enactment of legislation affecting the Fed. Independence is important because there is some evidence that independent central banks pursue lower rates of inflation without harming overall economic performance.AACSB: Reflective Thinking14.4 Should the Fed be Independent?1) The case for Federal Reserve independence does NOTinclude the idea thatA) political pressure would impart an inflationary bias to monetary policy.B) a politically insulated Fed would be more concerned with long-run objectives and thus be a defender of a sound dollar and a stable price level.C) policy is always performed better by an elite group such as the Fed.D) a Federal Reserve under the control of Congress or the president might make the so-called political business cycle more pronounced.Answer: CAACSB: Reflective Thinking2) The political business cycle refers to the phenomenon that just before elections, politicians enact ________ policies. After the elections, the bad effects of these policies (for example, ________ ) have to be counteracted with ________ policies.A) expansionary; higher unemployment; contractionaryB) expansionary; a higher inflation rate; contractionaryC) contractionary; higher unemployment; expansionaryD) contractionary; a higher inflation rate; expansionaryAnswer: BAACSB: Analytical Thinking3) The strongest argument for an independent Federal Reserve rests on the view that subjecting the Fed to more political pressures would impartA) an inflationary bias to monetary policy.B) a deflationary bias to monetary policy.C) a disinflationary bias to monetary policy.D) a countercyclical bias to monetary policy.Answer: AAACSB: Ethical understanding and reasoning abilities4) Critics of the current system of Fed independence contend thatA) the current system is undemocratic.B) voters have too much say about monetary policy.C) the president has too much control over monetary policy on a day-to-day basis.D) the Board of Governors is held responsible for policy missteps.Answer: AAACSB: Diverse and multicultural work environments5) Recent research indicates that inflation performance (low inflation) has been found to be best in countries withA) the most independent central banks.B) political control of monetary policy.C) money financing of budget deficits.D) a policy of always keeping interest rates low.Answer: AAACSB: Reflective Thinking6) Make the case for and against an independent Federal Reserve.Answer: Case for: 1. An independent Federal Reserve can shield the economy from the political business cycle, and it will be less likely to have an inflationary bias to monetary policy.2. Control of the money supply is too important to leave to inexperienced politicians.Case against: 1. It is undemocratic to have monetary policy be controlled by a small number of individuals that are not accountable. 2. In the past, an independent Fed has not used itsfreedom wisely. 3. Its independence may encourage it to pursue its own self-interest rather than the public's interest.AACSB: Ethical understanding and reasoning abilities14.5 Explaining Central Bank Behavior1) The theory of bureaucratic behavior suggests that the objective of a bureaucracy is to maximizeA) the public's welfare.B) profits.C) its own welfare.D) conflict with the executive and legislative branches of government.Answer: CAACSB: Reflective Thinking2) The theory of bureaucratic behavior when applied to the Fed helps to explain why the FedA) was supportive of congressional attempts to limit the central bank's autonomy.B) was so secretive about the conduct of future monetary policy.C) sought less control over banks in the 1980s.D) was willing to take on powerful groups that may threaten its autonomy.Answer: BAACSB: Reflective Thinking3) What is the theory of bureaucratic behavior and how can it be used to explain the behavior of the Federal Reserve?Answer: The theory of bureaucratic behavior concludes that the main objective of any bureaucracy is to maximize its own welfare, which is related to power and prestige. This can explain why the Federal Reserve has defended its autonomy, avoidsconflict with Congress and the president, and its push to gain more control over banks.AACSB: Analytical Thinking14.6 Structure and Independence of the European Central Bank1) Under the European System of Central Banks, the Executive Board is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: AAACSB: Reflective Thinking2) Under the European System of Central Banks, the Governing Council is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: BAACSB: Reflective Thinking3) Under the European System of Central Banks, the National Central Banks have the same role as the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: CAACSB: Reflective Thinking4) Members of the Executive Board of the European System of Central Banks are appointed to ________ year, nonrenewable terms.A) fourB) eightC) tenD) fourteenAnswer: BAACSB: Reflective Thinking5) Which of the following statements comparing the European System of Central Banks and the Federal Reserve System is TRUE?A) The budgets of the Federal Reserve Banks are controlled by the Board of Governors, while the National Central Banks control their own budgets and the budget of the European Central Bank.B) The European Central Bank has similar power over the National Central Banks when compared to the level of power the Board of Governors has over the Federal Reserve Banks. C) Just like the Federal Reserve System, monetary operations are centralized in the European System of Central Banks with the European Central Bank.D) The European Central Bank's involvement in supervision and regulation of financial institutions is comparable to the Board of Governors' involvement.Answer: AAACSB: Reflective Thinking6) The Governing Council usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: DAACSB: Reflective Thinking7) In the Governing Council, the decision of what policy to implement is made byA) majority vote of the Executive Board members.B) majority vote of the heads of the National Banks.C) consensus.D) majority vote of all members of the Governing Council.Answer: CAACSB: Reflective Thinking8) The central bank which is generally regarded as the most independent in the world because its charter cannot be changed by legislation is theA) Bank of England.B) Bank of Canada.C) European Central Bank.D) Bank of Japan.Answer: CAACSB: Reflective Thinking9) Explain the similarities and differences between the European System of Central Banks andthe Federal Reserve System.Answer: The similarities between the two are in their structure. The National Central Banks of the member countries of the Eurosystem have the same role as the Federal Reserve Banks in the Federal Reserve System. The Executive Board and theGoverning Council of the Eurosystem resemble the Board of Governors and the Federal Open Market Committee of the Federal Reserve System, respectively. There are three major differences between the two. The first difference is concerning the control of the budgets. In the Fed, the Board of Governors controls the budgets of the Reserve Banks while in the Eurosystem, the National Banks control the budget of the European Central Bank. The second difference is the monetary operations of the Eurosystem are conducted by the National Banks, so they are not as centralized as the monetary operations in the Federal Reserve System. Finally, the European Central Bank is not involved in the supervision and regulation of the financial institutions in the euro zone while the Federal Reserve is involved with the regulation and supervision of the financial institutions in the United States.AACSB: Reflective Thinking14.7 Structure and Independence of Other Foreign Central Banks1) On paper, the Bank of Canada has ________ instrument independence and ________ goal independence when compared to the Federal Reserve System.A) less; lessB) less; moreC) more; lessD) more; moreAnswer: AAACSB: Reflective Thinking2) The oldest central bank, having been founded in 1694, is theA) Bank of England.B) Deutsche Bundesbank.C) Bank of Japan.D) Federal Reserve System.Answer: AAACSB: Reflective Thinking3) While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence isA) limited by the Ministry of Finance's veto power over a portion of its budget.B) too great because it need not pursue a policy of price stability even if that is the popular will of the people.C) too great since the Ministry of Finance no longer has veto power over the bank's budget.D) limited since the Ministry of Finance can dismiss senior bank officials.Answer: AAACSB: Reflective Thinking4) Regarding central bank independenceA) the Fed is more independent than the European Central Bank.B) the European Central Bank is more independent than the Fed.C) the trend in industrialized nations has been to reduce central bank independence.D) the Bank of England has the longest tradition of independence of any central bank in the world.Answer: BAACSB: Reflective Thinking5) The trend in recent years is that more and moregovernmentsA) have been granting greater independence to their central banks.B) have been reducing the independence of their central banks to make them more accountable for poor economic performance.C) have mandated that their central banks focus on controlling inflation.D) have required their central banks to cooperate more with their Ministers of Finance. Answer: AAACSB: Reflective Thinking6) Which of the following statements about central bank structure and independence is TRUE?A) In recent years, with the exception of the Bank of England and the Bank of Japan, most countries have reduced the independence of their central banks, subjecting them to greater democratic control.B) Before the Bank of England was granted greater independence, the Federal Reserve was the most independent of the world's central banks.C) Both theory and experience suggest that more independent central banks produce better monetary policy.D) While the European Central Bank is independent, it is not as independent as the Federal Reserve.Answer: CAACSB: Reflective Thinking。
第三章5. Wine is more difficult to transport than gold and is also more perishable. Gold is thus a better store of value than wine and also leads to lower transactions cost. It is therefore a better candidate for use as money.10.Because of the rapid inflation in Brazil, the domestic currency, the real, is a poor store of value. Thus many people would rather hold dollars, which are a better store of value, and use them in their daily shopping.第四章4. The yield to maturity is less than 10 percent. Only if the interest rate was less than 10 percent would the present value of the payments add up to $4,000, which is more than the $3,000 present value in the previous problem.12.You would rather be holding long-term bonds because their price would increase more than the price of the short-term bonds, giving them a higher return.第五章7.In the loanable funds framework, when the economy booms, the demand for bonds increases: the public’s income and wealth rises while the supply of bonds also increases, because firms have more attractive investment opportunities. Both the supply and demand curves (B d and B s) shift to the right, but as is indicated in the text, the demand curve probably shifts less than the supply curve so the equilibrium interest rate rises. Similarly, when the economy enters a recession, both the supply and demand curves shift to the left, but the demand curve shifts less than the supply curve so that the interest rate falls. The conclusion is that interest rates rise during booms and fall during recessions: that is, interest rates are procyclical. The same answer is found with the liquidity preference framework. When the economy booms, the demand for money increases: people need more money to carry out an increased amount of transactions and also because their wealth has risen. The demand curve, M d, thus shifts to the right, raising the equilibrium interest rate. When the economy enters a recession, the demand for money falls and the demand curve shifts to the left, lowering the equilibrium interest rate. Again, interest rates are seen to be procyclical. 16.If the publi c believes the president’s program will be successful, interest rates will fall. The president’s announcement will lower expected inflation so that the expected return on goods decreases relative to bonds. The demand for bonds increases and the demand curve, B d, shifts to the right. For a given nominal interest rate, the lower expected inflation means that the real interest rate has risen, raising the cost of borrowing so that the supply of bonds falls. The resulting leftward shift of the supply curve, B s, and the rightward shift of the demand curve, B d, causes the equilibrium interest rate to fall.18.Interest rates will rise. The expected increase in stock prices raises the expected return on stocks relative to bonds and so the demand for bonds falls. The demand curve, B d, shifts to the left and the equilibrium interest rate rises.第六章3.During business cycle booms, fewer corporations go bankrupt and there is less default risk on corporate bonds, which lowers their risk premium. Similarly, during recessions, default risk on corporate bonds increases and their risk premium increases. The risk premium on corporate bonds is thus anticyclical, rising during recessions and falling during booms.7.(a) The yield to maturity would be 5 percent for a one-year bond, 5.5 percent for a two-year bond, 6 percent for a three-year bond, 6 percent for a four-year bond, and 5.8 percent for a five-year bond; (b) the yield to maturity would be 5 percent for a one-year bond, 4.5 percent for a two-year bond, 4 percent for a three-year bond, 4 percent for a four-year bond, and 4.2 percent for a five-year bond. The upward- and then downward-sloping yield curve in (a) would tend to be even more upward sloping if people preferred short-term bonds over long-term bonds because long-term bonds would then have a positive risk premium. The downward- and then upward-sloping yield curve in (b) also would tend to be more upward sloping because of the positive risk premium for long-term bonds.10.The reduction in income tax rates would make the tax-exempt privilege for municipal bonds less valuable,and they would be less desirable than taxable Treasury bonds.The resulting decline in the demand for municipal bonds and increase in demand for Treasury bonds would interest rates on municipal bonds while causing interest rates on Treasury bonds to fall.12.Lower brokerage commissions for corporate bonds would make them more liquid and thus increase their demand,which would lower their risk premium.第七章5.A stock market bubble can occur if market participants either believe that dividends will have rapid growth or if they substantially lower the required return on their equity investments, thus lowering the denominator in the Gordon model and thereby causing stock prices to climb. By raising interest rates the central bank can cause the required rate of return on equity to rise, thereby keeping stock prices from climbing as much. Also raising interest rates may help slow the expected growth rate of the economy and hence of dividends, thus also keeping stock prices from climbing.9.True, as an approximation. If large changes in a stock price could be predicted, then the optimal forecast of the stock return would not equal the equilibrium return for that stock. In this case, there would be unexploited profit opportunities in the market and expectations would not be rational. Very small changes in stock prices could be predictable, however, and the optimal forecast of returns would equal the equilibrium return. In this case, an unexploited profit opportunity would not exist.13.Probably not. Although your broker has done well in the past, efficient markets theory suggests that she has probably been lucky. Unless you believe that your broker has better information than the rest of the market, efficient markets theory indicates that you cannot expect the broker to beat the market in the future.第八章1.Financial intermediaries can take advantage of economies of scale and thus lower transactions costs. For example, mutual funds take advantage of lower commissions because the scale of their purchases is higher than for an individual, while banks’ large scale allows them to keep legal and computing costs per transaction low. Economies of scale which help financial intermediaries lower transactions costs explains why financial intermediaries exist and are so important to the economy.10.Ture.If the borrower turns out to be a bad credit risk and goes broke,the lender loses less,because the collateral can be sold to make up any losses on the loan.Thus adverse selection is not as severe a problem.11.The free-rider problem means that private producers of information will not obtain the full benefit of their information-producing activities, and so less information will be produced. This means that there will be less information collected to screen outgood from bad risks, making adverse selection problems worse, and that there will be less monitoring of borrowers, increasing the moral hazard problem.第九章5.The $50 million deposit outflow means that reserves fall by $50 million to $25 million. Since required reserves are $45 million (10 percent of the $450 million of deposits), your bank needs to acquire $20 million of reserves. You could obtain these reserves by either calling in or selling off $20 million of loans, by borrowing $20 million in discount loans from the Fed, by borrowing $20 million from other banks or corporations, by selling $20 million of securities, or by some combination of all of these.11.In order for a banker to reduce adverse selection she must screen out good from bad credit risks by learning all she can about potential borrowers. Similarly in order to minimize moral hazard, she must continually monitor borrowers to ensure that they are complying with restrictive loan covenants. Hence it pays for the banker to be nosy.第十四章3.The money supply fell sharply because when c rose,there was a shift from one component of the money supply(checkable deposits) with more multiple expansion to another (currency) with less.Overall multiple deposit expansion fell, leading to a decline in the monry supply.4.The rise in banks’ holdings of excess reserves relative to checkable deposits meant that the banking system in effect had fewer reserves to support checkable deposits. Thus the money multiplier fell and this led to a decline in the money supply.14.The increase in loan demand will cause interest rates to rise. The rise in interest rates increases the cost of holding excess reserves and the incentives to borrow from the Fed. Therefore, e falls, which increases the amount of reserves available to support checkable deposits, and the volume of discount loans increases, which raises the monetary base. The result is a higher money supply.第十五章2.When the public’s holding of currency increases, during Christmas, the currency–checkable deposits ratio increases and the money supply falls. To counteract this decline in the money supply, the Fed will conduct a defensive open market purchase.10.The costs are that banks that deserve to go out of business because of poor management may survive because of Fed discounting to prevent panics. This might lead to an inefficient banking system with many poorly run banks.。
中译英：一.1.金融管理是商业管理的重要方面之一,没有合适的金融计划企业是不可能成功的;Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful.2.金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资产;Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public.3.企业经营是有风险的,因而,财务经理必须对风险进行评估和管理;Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly.4.投资决策首先是指投资机会,常常指资本投资项目;The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects.5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和或是否有太多现金富裕;Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.6.按照金融学的观点,资本就是企业购买商品以生产其它商品或提供服务的货币资金;Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service.四.1.商业银行应积极开展银行转账功能风险评估和分类,依据收款账户的潜在风险高低,相应设置不同的转账额度和次数限制;A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account.2.商业银行相对其他行业属于信息化程度较高的行业,银行数据库里积累了海量的客户信息Commercial banks have gained more information and have large scale of data.3.商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素;Managers in Commercial banks have to consider many factors in analyzinga customer's loan request.4.除中国银行外,交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机构,便于你获得金融服务;Besides the Bank of China, the Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier for you to get financialservices.5.定期存款也叫CD,是存款证书的一种类型;A certificate of deposit, also called a CD, is a type of savings certificate.6.商业银行作为一家金融机构,其业务范围包括：从个人和公司吸收存款；通过提供贷款和其他对客户的财务或生意的运转很重要的金融业务来建立信贷,包括资金转账、支票兑现、银行保管箱等;A commercial bank is an financial institution established to: accept deposits from individuals and businesses; originate credit by providing loans and offering other financial services essential to the running of a customer's financial or business affairs, including fund transfers, check cashing, safe deposit boxes, etc.六.1.外汇交易市场,也称为"Forex"或"FX"市场,是世界上最大的金融市场,平均每天超过1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍;The Foreign Exchange Market, called by "Forex" market or FX market, is the biggest financial market in the world with trading volumes surpassing USD1 trillion average one-day, it is as big as 30 times of stock market.2."外汇交易"是同时买入一对货币组合中的一种货币而卖出另外一种货币;外汇是以货币对形式交易,例如欧元/美元EUR/USD或美元/日元USD/JPY;“Foreign exchange” is to buy one currency and sell another in currency pair at the same time. The trading form of foreign currency is the currency pair, for example EUR/USD OR USD/JPY.3.外汇交易市场是一个24 小时全球交易市场,市场交易每天从悉尼开始,并且随着地球的转动,全球每个金融中心的营业日将依次开始 , 首先是东京,然后伦敦,和纽约;Foreign exchange market is worldwide market where operating 24 hours a day, the market trading starts from Sydney, turning around the earth , the business day of every financial center in the world will star to trade in turn, then is Tokyo, next is London, and New York.4.外汇交易投资者可以对无论是白天或者晚上发生的经济,社会和政治事件而导致的外汇波动而随时反应;Investors of FX may make decisions base on the fluctuation of foreign currency price leaded by economics, society and political events no matter happens in day time or night.5.外汇交易市场是一个超柜台 OTC 或“ 银行内部”交易市场,因为事实上外汇交易是交易双方通过或者一个电子交易网络而达成的,外汇交易不象股票和期货交易市场那样,不是集中在某一个交易所里进行的;The foreign exchange market is Over the Counter OTC or interbank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.6.在外汇交易中,您会看到一个两边的报价,由买价与卖价组成,买价是在此价格上您拟卖掉基础货币同时买进相反货币;卖价是这个价格,在此价格上您可以买进基准货币时卖掉相反货币;You will see the price board consisted of bid price and ask price in trading of foreign currency, bid price is the price you sell your base currency at the same time buy reverse currency. Ask price is the price you buy base currency and sell reverse currency.七.1.企业融资是指企业在发展扩张中筹集所需资金的行为;Business financing is an action of raising money when firms extend business and development2.企业融资是为了满足企业战略调整、产业扩张、现金周转等方面的需要; Business financing is to meet the requirement of strategy adjustment, industry extending, and turnover of cash and so on.3.企业通过融资行为改变资本结构,使资金得以形成、集中、积累、组合,同时形成相应的产权关系和权利、责任、利益格局;The capital structure of the firm will be changed through raising money, the capital will be formed in the form of centralization, accumulation, combination, and at the same time relative property right relations and pattern of benefit, duty and right will be formed.4.内部融资的来源公司的自有资金,以及在生产经营过程中的资金积累部分,在公司内部通过计提折旧而形成现金,或通过留用利润等增加公司资本;The resource of internal financing comes from company’s internal fund, the part of fund accumulation of producing and operating, cash from depreciation, or capital from remaining earning.5.债权性融资主要有向金融机构贷款和发行企业债券两种形式;The two majority forms about debit financing are lending money from financial institutes and issuing company bond.6.目前国内企业在进行投资时采用的融资方式有股权性融资、债权性融资等; Presently financing methods used by domestic enterprises when investing are equity financing and debit financing, etc.九.1.组合投资原则,即将风险资金按一定比例投向不同行业、不同企业项目,或联合几个风险投资公司共同向一家企业投资;The principle of portfolio investment is that the venture capital is invested into different industries and different projects, or make a cooperation with other investing companies to invest a company. 2.风险投资主体多元化原则,在美国,风险资金来源相当广泛,既有政府、财团法人的资金,也有来自大众游资、民间企业和海外的投资,还有养老保险基金的积极参与;The principle of diversification of venture capital, in American, the resource of venture capital is quite widespread, it comes from government, financial institutes, and it can come from privates, private firms and oversea investment, and pension fund joint venture capital too.3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本;Venture investment is an equity capital which professional investors invest to a new, developing rapidly and more competitive firm.4.随着社会经济的快速发展,如何投资、如何理财已经成为商业人士关注的焦点;With society economy high-speed development, how to invest and finance is the focal point which business men focus on.5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求,以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.Venture capital is looking for long term capital return, the characteristic of diversification of investment and professional management adapts capital requirements of high-new technical industry, special investing model of venture capital, contract model and frame of organization solve problems of information asymmetry and incentive and restraint mechanisms flaw in partly.6.投资者可把目光聚焦到正在发售的银行保本基金上,这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感,而且可以利用此次利率上升的机会创造更高的收益；同时,加息导致债券价格下跌,实际上提高了即将入市的银行保本基金的债券投资收益率;Investors may focus on guaranteed fund issued by bank, it is new style of financing product which is welcomed in the international market, it is not only shows the safety like bank deposit, but also make higher return with the interest rate arise, at the same time, rising interest rates will lead to fall of the bond price, and make higher return of guaranteed fund which will be issued by banks.十.1.债券买卖是指交易双方以约定的价格买卖一定金额的债券并在规定的清算时间内办理债券款交割的交易方式;Security trading is a trading model that both of seller and buyer sign a contract with the confirmed bond price and number, during settlement both of seller and buyer make a delivery.2.债券回购是指交易双方进行的以债券为权利质押的一种短期资金融通业务;资金融入方正回购方在将债券卖给资金融出方逆回购方以融入资金的同时,双方约定在将来某一日期由正回购方按约定回购利率计算的金额向逆回购方买回相等数量的同品种债券的交易行为;Redeem of security is a short term financing business that both of issuer and holder of bond takes bond as right pledge, when the borrower of fund positive redeemer sells bond to lender of fund negative redeemer for financing, both of them sign a contract in there positive redeemer will redeem the bond that he issued with redeem interest from negative redeemer before maturity of bond.3.所谓可转换公司债券是指由公司发行的,投资者在一定时期内可选择一定条件转换成公司股票的公司债券,通常称作可转换债券或可转债;这种债券兼具债权和股权双重属性;Convertible bond is security issued by firm which investors have option to convert bond into firm’s stock during holding period, the convertible bond consists of two characters of bond and stock.4.证券交易必需受SEC及证券交易所自我约束机制的监管;Security trading must be managed by SEC and self-regulating mechanism of the stock exchange.5.场外交易市场不是一个正式的证券交易所,而是由经纪人和交易商组成的一个非正式的网络,他们通过这一网络协商证券的交易;The over-the-counter market is not official security exchange market, itis unofficial network grouped by dealers and brokers, dealers and brokers exchange securities through the network.6.一级市场上的发行方式也分为两种,公募和私募;The issue model of stock in the primary market can be classified into: public offering and private offering.十二.1.新股的发行价总是超过面值的,记录在公司帐上的这个差叫附加实缴资本,也叫资本公积;The price at which new shares are sold to inverstors almost always exceeds par value,the difference is entered the company’s accounts as additional paid-in capital, or capital surplus.2.尽管股票这个名字很大众化,但是,大部分人都不是充分了解它;Despite their popularity, however, most people don't fully understand stocks.3.公司的管理层的主要任务是增加公司股票持有人所持有公司资产的价值; The management of the company is supposed to increase the value of the firm for shareholders.4.有限责任是股票的一个十分重要的特征,这意味着公司在不能支付它的债务时股票持有者没有负债责任;An extremely important feature of stock is its limited liability, which means that, as an owner of a stock, you are not personally liable if the company is not able to pay its debts.5.理解股票供求关系是容易的,但是理解人们喜欢哪些股票不喜欢哪些股票是苦难的;Understanding supply and demand is easy, What is difficult to comprehend is what makes people like a particular stock and dislike another stock. 6.一些人人为预测股票价格变化是不可能的,而一些人认为通过画图和分析以前的价格变化就能决定买卖时间;Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.英译中：一.1. A cash budget is extremely important, especially for small businesses, because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems.现金预算是十分重要的,特别是对小企业,这是因为它决定了企业可以使用多大的赊销份额而不发生现金困难;2. Financial intermediaries include depository institutions commercial banks and credit union who acquired the bulk of their funds by offering their liabilities to the public mostly form of deposit. 金融中介机构包括：存款性机构商业银行和信用合作社主要通过存款的形式向公众借款,从而获得大部分资金;3. A corporation is a legally distinct from its owners, who are called shareholders or stockholders. 公司在法律上独立于其所有者,即股东;financial planning focus on the firm’s goals, the investment that will be needed to meet those goals, and the financing that must be raised. 长期财务计划是关于企业的长期目标、为实现目标所需要的投资以及因此必须筹集的资金的计划;are classified into nonfinancial and financial businesses. These entities borrow funds in the debt market and raise funds in the equity market. 企业可被分成金融企业和非金融企业两类;这些企业在债务市场借款和在权益市场融资;6. Finance is the set of activities dealing with the management of funds. More specifically, it is the decision of collection and use of funds. It is a branch of economics that studies the management of money and other assets.金融是涉及到一系列有关资金管理的活动;特别的,它是有关资金使用和筹集的决策;它是经济学的一个研究货币和其它资产管理的分枝;四. risk-based capital requirements imposed on commercial bank and saving and loan associations.对商业银行和存贷款协会实施以风险为基础的资本金要求;regulates commercial banks and thrifts and types of regulations imposed. 谁来监管商业银行与储蓄机构以及何种方式来进行;3. Banks generate income in three ways: 1the bid-ask spread;2capital gains on the securities or foreign currency used in transactions, and 3in the case of securities, the spread between interest income earned by holding the security and cost of funding the purchase of security.银行可以从三个方面产生收入：1买卖差价；2证券或外汇交易的资本利益；3证券的利息收入和购买证券资金成本之间的价格差异;4. Several types of deposit accounts are available. Checking accounts pay no interest and can be withdrawn upon demand.存款帐户有好几种,支票帐户不支付利息可以随时提取;certificate of deposit can take a wide variety of forms which are negotiable with the issuing bank. 定期存单可以采取多种多样的形式是可转让的发卡银行;that raise most of their funds from the domestic and international money markets, relying less on depositors for funds, are called money center banks.货币中心银行是指较少依赖存款,并在国内或国外货币市场筹集资金的银行;六.1,The foreign exchange market is a place to trade foreign exchange currency, or it is also a place for the transaction of all foreign currency. 外汇市场是交易外国货币或各国货币的场所.foreign exchange rate is the relative value between two currencies. In particular, it is the quantity of one currency required to buy or sell one unit of the other currency.汇率是两种货币间的相对价值, 特别是, 它是买卖一个其它货币单位所代表的本币量值.. dollars are not used to express an exchange rate, the term "cross rate" is usually used to express the relative values between two currencies.在美元被用来表示汇率的地方,套汇汇率就被用来表示两种货币间的相对价值.an online currency trader wants to survive in the business, he must learn to limit his losses. This is one of the keys to smart money management. 如果一个网络货币交易者要持续他的交易他必须学习限制损失,这是货币管理的关键点.is safer to get into a currency position in multiple lots than to do it all at once.在多个地点持有外汇头寸比同时持有多个头寸安全.Forex market itself consists of a worldwide network of primarily interbank traders connected by telephone lines and computers. FX traders constantly negotiate prices between one another and the resulting market bid/ask price for a particular currency is then fed into computers and displayed on official quote screens.外汇市场本身含有提供给银行交易者通过线和计算机连接的全球范围的网络,外汇交易者讨论的汇率价格产生了市场上某种货币的报价和询价并通过计算机系统显示在交易屏幕上.七. you have too much debt, your business may be considered overextended and risky and an unsafe investment.如果你的企业负债比重过高,投资者则会认为企业是扩张过度,对投资者来说是不安全和高风险的;financing is attractive because you do not have to sacrifice any ownership interests in your business, interest on the loan is deductible, and the financing cost is a relatively fixed expense.债务融资对企业权益者是有吸引力的因为债务融资不会牺牲权益者的利益,借款利息可在收益中扣减,财务成本是相对固定费用.corporation is a separate legal entity that can be created only by compliance with state statutes.公司是一个其所有权与经营权相分离的经济实体即法人组织,公司的成立要遵守洲法.partners raise equity funds through their own capital contributions, by adding a new partner, or by restructuring the relative ownership interests of the existing partners to reflect new contributions.合伙人企业可通过出让合伙人自己的资本份额,或增加合伙人的方式来增加企业资本,或采用对原有合伙人所拥有的相对资本份额进行重组的方式来反映新的资本.financing requires that you sell an ownership interest in the business in exchange for capital.权益融资需要企业所有者出让企业的所有权利益来换取资本.major disadvantage to equity financing is the dilution of your ownership interests and the possible loss of control that may accompany a sharingof ownership with additional investors.权益融资的主要缺点是稀释了所有者的利益,随着其他投资者所占权益份额的扩大企业控制权也可能失去.九. is when everything in the economy is great, people are finding jobs, is growing, and are rising. Things are just plain rosy during a bull market is easier because everything is going up.牛市意味着经济发展强劲,工作岗位多,GDP 增长,股票价格上升.前景变得光明.在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.markets cannot last forever though, and sometimes they can lead to dangerous situations if stocks become overvalued.牛市不可能永远持续,如果股票价格被高估则牛市就将导致崩盘.a person is optimistic, believing that stocks will go up, he or she is called a "bull" and said to have a "bullish outlook."如果一个人乐观的认为股票价格将上升,他或她被称做”多头”和有一个行情看涨的形象.investments it is critical to distinguish between an expected return the anticipated return for some future period and a realized return the actual return over some past period. Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized returns.投资学对期望收益预测的将来某时间段的收益和已实现收益过去某时段的实际收到的收益有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后,他们只得到实际的收益.investors actually earn from their holdings may turn out to be more or less than what they expected to earn when they initiated the investment. This point is the essence of the investments process: investors must always consider the risk involved in investing.投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是:投资者在投资时必须牢记风险的成在.are three important factors you need to consider before buying a bond. The first is the person issuing the bond. The second is the interest or coupon you will receive. The third is the maturity date, the day when the borrower must pay back the principal to the lender.在投资债券前你要考虑三个重要因素:第一是债券发行人;第二是你将得到的利息或折扣;第三是到期时间, 在到期日债券发行人必须将本金退给债券持有人.十. higher rate of return the bond offers, the more risky the investment. There have been instances of companies failing to pay back the bond default, so, to entice investors, most corporate bonds will offer a higher return than a government bond.债券收益率越高投资风险越大,已有公司不能在到期日偿还债券本金违约的先例,所以, 为了诱使投资者购买公司债券大多数公司都发行高于政府债券利率的债券.is important for investors to research a bond just as they would a stock or mutual fund. The bond rating will help in deciphering the default risk.象研究股票和共同基金样研究债券对投资者来说是必要的, 辨别债券等级将有助于识别违约风险.interest is added to the contract price of a bond transaction.应计利息要加到债券交易合同价格中.Gain. An increase in the value of a investment or real estate that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A may be short term one year or less or long term more than one year and must be claimed on income taxes.资本利得是资本价值投资或不动产的增加,也就是高于购买价格的增值部分,利得只有在这些资产出售后才能实现, 资本利得可以是短期一年以内或长期一年以上, 资本利得必须征税.any other type of investment vehicle, fixed-income securities should be viewed in terms of their risk and return. Generally speaking, bonds are exposed to five major types of risks: interest rate risk, purchasing power risk, business/financial risk, liquidity risk, and call risk.象任何其它投资工具一样,固定收益证券也应该按照它们的风险和收益来进行评价. 一般看来, 证券有五种主要的风险:利率风险,购买力风险,商业风险,流动性风险和回购风险.far we've discussed the factors of face value, coupon, maturity, issuers and yield. All of these characteristics of a bond play a role in its price.到目前我们已经讨论了债券的面值,利息率,到期日,发行人和收益,全部这些特征都会影响到债券的价格.十二. splits,like stock dividents, do not increase the assets or earning capacity of the firm,the split does decrease the price of the stock and thereby may increase its marketability.股票拆分与股票股利一样,并不能增加公司的资产或者提高公司的盈利能力,拆分降低了股票的价格,从而增加了股票的流动性;may repurchase shares to reduce the chance of an unwanted takeover attempt.管理层可以回购股票来避免公司被收购;two most important characteristics of common stock as an investment are its residual claim and limited liability features.作为投资的普通股的两个最重要的特征是剩余索取权和有限责任;stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.大部分股票都是在证券交易所交易,买卖双方在那儿搓合股票价格;5. The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them.6. Stock prices change every day as a result of market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock demand than sell it supply, then the price moves up.由于市场的原因股票价格每天都在变化,股票价格是由于供求关系的原因而变化的,如果买的人比卖的人多则股票价格上升;。
金融英语第十四章答案Chapter 14I . Answer the following questions in English.1.Why use options?Answer: There are two main reasons why an investor would use options: to speculate and to hedge.2. What are options?Answer: An option is a contract that gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a certain date.3. How many types of options?Answer:The two types of options are calls and puts.4.What is a call option?Answer:A call gives the holder the right to buy an asset at a certain price within a specific period of time. Calls are similar to having a long position on a stock. Buyers of calls hope that the stock will increase substantially before the option expires.5. What is a put option?Answer:A put gives the holder the right to sell an asset at a certain price within a specific period of time. Puts are very similar to having a short position on a stock. Buyers of puts hope that the price of the stock will fall before the optionexpires.6. What is the function of stock option?Answer:As a way to attract and to keep talented employees, especially management.7. What is an option's premium?Answer:When you buy an option, the purchase price is called the premium. If you sell, the premium is the amount you receive.The premium isn't fixed and changes constantly - so the premium you pay today is likely to be higher or lower than the premium yesterday or tomorrow. What those changing prices reflect is the give and take between what buyers are willing to pay and what sellers are willing to accept for the option. The point at which there's agreement becomes the price for that transaction, and then the process begins again.8. What is advantage of options?Answer:The advantage of options is that you aren't limited to making a profit only when the market goes up.II. Fill in the each blank with an appropriate word or expression.1.An option is a contract between a buyer and a seller that gives the buyer the right -- but not the obligation -- to buy or to sell a particular asset (the underlying asset) at a later day at an agreed price.2.A call gives the holder the right to b uy an asset at a certain price within a specific period of time. Calls are similar to having a long position on a stock. Buyers of calls hope that the stock will increase substantially before the option expires.3.A put gives the holder the right to sell an asset at a certain price within a specific period of time. Puts are very similar to having a short position on a stock. Buyers of puts hope that the price of the stock will fall before the option expires.4.People who buy options are called holders and those who sell options are called writers; furthermore, buyers are said to have long positions,and sellers are said to have short positions.5. Many companies use stock options as a way to attract and to keep talented employees, especially management.6. Intrinsic value is the amount in-the-money, which, for a calloption, means that the price of the stock equals the strike price. Time value represents the possibility of the optionincreasing in value.III. Translate the following sentences into English. 1.期权是一份和约，在这份合约中期权出售方授予期权的买方在规定的时间内从卖方购买或卖给卖方一定的产品的权利。
第一章货币与货币制度1．钱、货币、通货、现金是一回事吗？银行卡是货币吗？答：（1）钱、货币、通货、现金不是一回事，虽然其内容有所重叠，但这几个概念之间是有区别的。
钱是人们对货币的俗称。
经济学中被称为货币的东西，就是在日常人们生活中被称为钱的东西。
货币是由国家法律规定的，在商品劳务交易中或债务清偿中被社会普遍接受的东西。
通货即流通中的货币，指流通于银行体系外的货币。
现金就是指家庭个人、工商企业、政府部门所拥有的现钞，包括纸币现钞、硬币现钞。
现金是货币的一部分，这部分货币的流动性强，使用频率高，对人们日常消费影响大。
（2）银行卡亦称“塑料货币”，是由银行发行，供客户办理存取款等业务的新型服务工具的总称，包括信用卡、支票卡、记账卡、自动出纳机卡、灵光卡等。
各种银行卡是用塑料制作的，可用于存取款和转账支付。
现在，特别在西方发达国家，各种银行卡正逐步取代现钞和支票，成为经济生活中广泛运用的支付工具。
因此，在现代社会银行卡也属于货币。
2．社会经济生活中为什么离不开货币?为什么自古至今，人们又往往把金钱看作是万恶之源?答：（1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
物物交换的局限性要求有某种商品充当共同的、一般的等价物，而金银的特性决定其成为货币的天然材料。
作为货币的金银等贵金属，便于携带、铸造和分割，大大推动了商品经济的发展。
随着经济的发展，货币形态不断发生变化。
经历了实物货币阶段、贵金属货币阶段、代用货币阶段和信用货币阶段。
当今货币正朝着专门化、无体化、扩张化、电子化的趋势发展。
但不管货币的具体形态如何，都是媒介商品经济所必需的。
对货币的使用是实现市场对资源合理配置的必要条件，也是市场经济正常运行的必要条件。
从这个意义上说，市场经济实际上是一种货币经济：货币方便了市场交换，提高了市场效率；货币保证了社会需求的实现，促进了市场对资源的有效配置。
从交易成本上看，节约是经济生活中最基本的规律。
金融学精编版课后习题答案金融学精编版课后习题答案金融学是一门研究金融市场、金融机构和金融工具的学科。
它涉及到许多重要的概念和理论，对于学习者来说，理解和掌握这些内容是非常重要的。
而课后习题则是检验学习者对所学知识的掌握程度的重要手段。
在这里，我们将为大家提供《金融学精编版》课后习题的答案，希望能够对大家的学习有所帮助。
第一章：金融学导论1. 金融学的定义是什么？金融学是研究个人、组织和政府如何有效地获取、使用和管理资金的学科。
2. 金融市场的功能有哪些？金融市场的功能包括资金配置、风险管理、信息传递和资源分配等。
3. 金融市场的分类有哪些？金融市场可以分为货币市场和资本市场两大类。
4. 金融机构的作用是什么？金融机构的作用包括资金的中介、风险管理、信息传递和支付清算等。
5. 金融工具的种类有哪些？金融工具的种类包括股票、债券、期货、期权等。
第二章：金融市场与金融机构1. 什么是货币市场？货币市场是指短期资金融通和短期证券交易的市场，包括银行间市场、票据市场等。
2. 什么是资本市场？资本市场是指长期资金融通和长期证券交易的市场，包括股票市场、债券市场等。
3. 金融机构的分类有哪些？金融机构可以分为商业银行、证券公司、保险公司等。
4. 什么是金融创新？金融创新是指金融机构和金融市场不断推出新的金融产品和服务的过程。
5. 金融市场的发展对经济有什么影响？金融市场的发展可以促进经济的增长和稳定，并提高资源配置的效率。
第三章：金融工具与金融市场1. 什么是股票？股票是一种代表股东所有权的金融工具，它代表了对公司所有资产和收益的权益。
2. 什么是债券？债券是一种代表债权人债权的金融工具，它代表了债务人对债权人的偿还承诺。
3. 什么是期货？期货是一种标准化合约，约定在未来某个时间以约定价格交割一定数量的标的资产。
4. 什么是期权？期权是一种购买或出售标的资产的权利，但并不是义务。
5. 金融市场的价格形成机制有哪些？金融市场的价格形成机制包括竞价定价、议价定价和指数定价等。
金融学课后答案What is a classic? It takes about 100 years to become a classic.Chapter1一．名词解释1.价值尺度：价值尺度是指货币赋予交易对象以价格形态的职能;2.无限法偿：无限法偿是指法律规定的无限制偿付能力,其含义是：法律保护取得这种能力的货币,不论每次支付数额多大,不论属于何种性质的支付,即不论是购买商品、支付服务、结清债务、缴纳税款等,支付的对方均不得拒绝接受;3.一般等价物一般等价物是指从商品中分离出来的充当其他一切商品的统一价值表现的商品,它的出现是商品生产和交换发展的必然结果;4.信用货币信用货币又称不兑现纸币,是指货币本身价值低于货币价值,而且不能兑换成贵金属的货币;5.货币流动性货币流动性是指不同的信用工具在市场上能够转化为直接支付能力的速度和方便程度;流动性高,即转化为直接支付能力的能力强；流动性低,即转化为直接支付能力的弱;二．判断题1.有限法偿只要是对本位币规定的,其含义是：在一次支付行为中,超过一定的金额,收款人有权拒收；在法定限额内,拒收则不受法律保护;错有限发偿主要是对辅币规定2.金属货币制发挥蓄水池功能的前提是要有足够大的币材金属贮藏;对3.铸造重量大、成色好的铸币是古代货币流通中反复发生的行为;错铸造重量轻,成色差的4.把各国不同货币的购买力加以比较,即可比出名称不同的货币单位相互之间的比值;对5.本位币的面值大多是辅币的1/10、1/100.错辅币的是本位币的1/10、1/100.6.强调货币的存在乃客观经济生活发展的必然,是通向认识本质的正确思路;循着这条思路,马克思用最完整的劳动价值论对货币产生的论证有划时代的意义;对7.银行券是一种信用货币;对8.香港特别行政区实行外汇管制;错回归后不实行外汇管制三．不定项选择题1.中国最早的铸币金属是AA铜B银C铁D贝2.在生活中,会用到的货币有ABCDA家庭与个人B公司、企业C非营利性的机关、团体D财政3.在我国的货币层次划分中,M2等于M1与准货币的加总,准货币包括CA长期存款B短期存款C长短期存款之和D公众持有的现金4.纸币的发行是建立在货币B职能的基础上的;A价值尺度B流通手段C支付手段D储藏手段5.在信用活动中,货币发挥的职能通常是BA储藏手段B支付手段C流通手段D价值尺度6.作为流通手段职能的货币是BA价值符号B现实的货币C信用货币D观念上的货币7.金本位制度下,汇价的基本决定因素是AA铸币平价B商品的价格C货币购买力D物价指数8.经济对货币的需求包括对BCA储藏手段的需求B流通手段的需求C支付手段的需求D世界货币的需求9.货币所具有的特征是ACDA表现商品价值B在世界范围内流通C衡量商品价值D与一切商品相交换10.我国的人民币制度属于DA金本位制B银本位制C金银复本位制D不兑现信用货币制度11.下列哪项说法不属于法定货币的特征DA可代替金属货币B代表是指商品或货物C发行者无将其兑现为实物的义务D不是足值货币12.格雷欣法则起作用于以下哪种货币本位制度BA平行本位制B双本位制C跛行本位制D单本位制13.国内只流通银行券且不能兑换黄金,国际储备除黄金外还有一定比例的外汇,外汇在国外才可兑换黄金,黄金是最后的支付手段,直射D的特点;A金块本位制B金币本位制C金条本位制D金汇兑本位制14.对货币单位的理解正确的有BEA国家法定的货币计量单位B规定了货币单位的名称C规定了本位币的币材D确定技术标准E规定了货币单位所含的货币金属量五．论述1.试论述对货币本质的理解;a对货币本质的理解,许多学说各有论述,观点不一;货币金属主义把货币定义为财富,认为货币就是金属；货币明目主义认为货币是国家创造的价值符号或票券；凯恩斯把货币定义为国家通过法律强制流通的国家创造物等等;这些观点多从经济现象的表面论证货币的本质,虽有一定合理的成分,却缺乏科学的解释;b马克思从货币的起源和逻辑分析的角度认识货币的本质是具有科学性的;马克思认为货币是固定充当一般等价物的特殊商品,他认为货币是一个历史的经济范畴,起源与商品的生产和交换的发展;随着经济社会的发展,从商品内在矛盾的冲突中可以得出交换是解决矛盾的唯一途径；从交换的发展所引起的价值形态演变中可以看出货币是价值形态发展的必然结果;c马克思的货币本质观表明了货币与商品世界的对应关系,这一分析有助于理解货币外在形式的不断变化并不改变货币的本质;2.试论述货币在经济发展中的作用;a赋予交易对象以价格形态,使商品和服务能够相互比较;b货币是商品实现价值的媒介物,现代经济活动中的生产、流通、交换、消费过程都离不开货币的作用;c现代经济是信用经济,实际交易过程发生大量的债券债务关系,货币成为重要的支付手段和结算工具,它对市场的正常运作、债权债务的清偿具有重要作用;d货币也是现代经济发展中储蓄和投资的重要工具;对储蓄资源的分配和投资活动发挥了巨大作用;货币能通过利率机制对投资活动进行刺激,并对国民经济发挥作用;马克思称货币是“经济发展的第一推动力”;。
1．答案可以不一样．答案示例：共产主义制度与亚当斯密的看不见得手是完全相反的.但是最近我们已经注意到了世界范围内许多共产主义国家的失败.在共产主义国家里,据信政府可以做出与私人相比更好的决策去推动经济的繁荣.但是很明显,这种制度没能推动经济的繁荣.亚当斯密认为，完全竞争的市场体制(而不是政府) 一般而言可以更好得配置资源从而推动经济的繁荣.但是,一个完全没有束缚的资本主义社会比如18世纪晚期的西方世界国家可能并不是一个完美的体制.看不见的手使富人更富同时穷人却得不到任何正式的帮助,于是政府计划最终建立了起来促进社会福利和公平.2．在资本主义社会,价格机制有利于做出正确的资源配置决策.资本流向那些能利用它获得最高回报率的部门.从而这样把资本分配到生产率最高的用处,借以增进社会经济的繁荣.而且,金融体系有自己的市场和调解机构,它们可以把风险从最不愿意承担的人那里转移到最愿意承担风险的人那里.一般而言,这将使社会受益而不会有任何的代价.并且,通过允许私人减少或者消除风险,可以形成一个承担商业冒险的社会氛围,这将使社会受益.3．清算和支付:在亚当斯密的时代,正如现在一样有纸币和硬币.但是,由于技术革新(主要是电脑技术的应用与发展)现在有许多其它不同形式的支付手段,例如个人支票,信用卡,资金的借方卡以及电子转帐.而且,某些信用卡和旅行支票在世界上的任何地方都可以被受理,使货币兑换成为过去的一种遗留物.聚集资源和分散股权:在亚当斯密的时代,大部分商业贸易规模都很小,并且由独资企业投资.因此,聚集资源进行大规模投资的需求不像今天这样普遍和重要.而且,电脑和电话技术的革命把全球的资本市场联系起来为更大规模的贸易融资.今天这些公司能进入全世界范围巨大的资产并且找到为大规模工程投资的最便宜的资源转移经济资源：在当代，世界范围内的金融体系使资源和风险及时的从一个人转移到另一个人，从一个地方转移到另一个地方变得更加容易.而在亚当斯密的时代,尽管有金融市场,但是作用有限, 与今天的相比它们都是区域性的,规模小,缺乏效率和创新.风险管理:在亚当斯密的时代,私人和商业都会面对许多与今天相同的风险(财产损毁的风险,金融损失的风险,粮食歉收风险等等)但是,过去只有有限的方法去化解风险.那时虽然有一些保险公司,但主要是管理商业风险而非个人风险,因此也就没有同类型保险去管理个人风险.比如,失业保险.在亚当斯密的时代,农场主几乎没有办法去降低粮食歉收以及粮食价格降低的风险.现在有大量的市场和部门去化解个人及商业风险,还有大量的网络保险公司去把风险从那些想减少的人那里转移到那些想承担更多风险的人那里.价格信息:在亚当斯密的时代,信息传播的速度很慢.当然,那时没有电话,电视和收音机等工具.信息只能通过报纸和信件进行传播.现在,信息可以在世界范围内及时传播.由于电脑和电话技术的发展和创新,安全的价格信息同时在世界范围内通过各种虚拟的途径获得.激励问题:正如上面所讨论的,当代的金融体系是大规模,创新和全球性的.在亚当斯密的时代,如果出现道德风险和逆向选择问题就没有像今天这样高效的金融体系去处理.4. 亚当斯密谈论的自由竞争市场作为一个完整的体系可以把资本分配到使用效率最高和最有价值的地方.在一个自由竞争的股票市场,股票的价格是由供给和需求决定的.那些得到最高回报的公司将会得到最高的价格(或者是最便宜的金融资本).而一些公司将得不到足够的资本因为他们是没有效率的.由于世界范围内的合意投资是巨大的以及有时对于投资者而言很难识别哪个公司是资本最有效率的雇佣者,因此规则应该被制定出来以保证相关的和合乎标准的信息传递给潜在的投资者.这将包括公开和内部的交易以及股票操作方面的规则.但是从市场效率方面而言,一些其它形式的市场规则可能就不是那末重要甚至将有碍整个社会福利的实现.5. 由于大部分学生现在还不能挣钱,也没有积蓄或其它的资本,所以没有哪个中间人会在任何合意的利率水平上承担这样的信用风险.6例如：医药公司；儿童安全设备生产公司；航空公司；银行；医院；环保咨询公司；危险性垃圾处理公司7 我用自己的钱投资的20000美元是（企业主的）股本，其他的80000美元是负债。
湖南财政经济学院金融学习题集系部：班级：学号：姓名：指导老师：目录第一章货币与货币制度第二章信用与信用工具第三章金融机构体系第四章利息与利率第五章金融市场及其构成第六章金融衍生工具与金融市场机制理论第七章商业银行及经营管理第八章中央银行货币供求与均衡第九章银行监管第十章货币需求第十一章货币供给第十二章通货膨胀与通货紧缩第十三章货币政策第十四章国际货币体系第一章货币与货币制度答案一、名词解释1.价值尺度：答价值尺度是货币最基本、最重要的职能.是指货币作为衡量和表现其他一切商品价值大小的工具.它是货币本质的体现。
商品价值的货币表现就是价格。
货币执行这一职能，不需现实货币，人们可以在观念上用货币来衡量商品价值，如商品标价。
货币的价值尺度功能,使得人们可以将不同形式的商品先转化为货币的价格形式，然后再与其他商品进行交换。
2.价值贮藏答：价值储藏是货币的职能之一，即货币暂时退出流通领域作为社会财富的一般代表被保存起来的职能.货币作为贮藏手段能够自发地调节流通中的货币量。
当流通中需要的货币量减少时，多余的货币就退出流通；当流通中需要的货币量增加时，部分被贮存的货币就进入流通。
作为储藏手段的货币应是足值的金属货币（如金银条块等)。
本质上,纸币不具备储藏手段的职能。
只有当纸币币值长期保持稳定的条件下，人们才会储藏纸币。
货币作为价值储藏手段的优点在于货币是最具流动性的资产，可以起到交易媒介的作用。
3.狭义货币答：按照金融资产的流动性不同，将货币划分为三个不同层次，即M0、M1和M2。
其中，M1就是狭义货币，通常由现金和活期存款组成.这里的现金是指流通中的通货.活期存款，在国外是指全部的活期存款，在我国只包括支票类和信用类活期存款.狭义货币是现实购买力的代表，是各国货币政策调控的主要对象.4.广义货币答按照金融资产的流动性不同，将货币划分为三个不同层次,即M0、M1和M2.其中，M2就是广义货币,通常由现金、活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。
CHAPTER 1WHAT IS FINANCE?ObjectivesDefine finance.Explain why finance is worth studying.Introduce the main players in the world of finance—households and firms—and the kinds of financial decisions they make.OutlineDefining FinanceWhy Study Finance?Financial Decisions of HouseholdsFinancial Decisions of FirmsForms of Business OrganizationSeparation of Ownership and ManagementThe Goal of ManagementMarket Discipline: TakeoversThe Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision-maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the tradeoffs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:To manage your personal resources.To deal with the world of business.To pursue interesting and rewarding career opportunities.To make informed public choices as a citizen.To expand your mind.The players in finance theory are households and business firms. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given.Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:Saving decisions: How much of their current income should they save for the future?Investment decisions: How should they invest the money they have saved?Financing decisions: When and how should they use other people’s money to satisfy their wants and needs?Risk management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision-making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise:Professional managers may be found who have a superior ability to run the business.To achieve the efficient scale of a business the resources of many households may have to be pooled.In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation of ownership and management.Savings in the costs of gathering information.The “learning curve” or “going concern” effect. When the owner is also the manager, the new owner has to learn the business from the old owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.Solutions to Problems at End of Chapter1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major trade-offs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buy is a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Trade-Offs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house or car OR save more money now but consume less than some of my friends.2. What is your net worth? What have you included among your assets and your liabilities? What have you excluded that you might have included?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless subletting is a possibility)Car payments (possibly)Students typically exclude the high value of their potential lifetime earning power when calculating their net worth.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.The head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will getsick or injured. And because there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wageearning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. At what age should children be expected to become financially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a decent paying job.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirementsbesides buying a car? Make a list of all the alternatives and write down the pros and cons.Takes you directly where you want to goFreeConvenie ntTakes a long timeDestination may be too farTakes you directly to where you want to goFreeConvenie ntRequires physical strength and enduranceDestination may be too farInexpensi veReaches distant destinationsMay not take you directly where you want to goMany stops, not efficientInexpensi veFastMay not take you directly where you want to goLocal destinations onlyReaches distant destinationsMay not take you directly where you want to goAirplan eReachesdistant destinationsFastExpensiveb.What are the different ways you can finance the purchase of a car?Finance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c.Obtain information from at least three different providers ofautomobile financing on the terms they offer.d.What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or isthere a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxes and/or insurance payments included in the monthly payments? Are there mileage restrictions?7. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrowany money.Any business which involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b.Now think of a business that you would want to start if you couldborrow any amount of money at the going market interest rate.Certainly there are many interesting businesses which could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c.What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d.Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds8. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives? Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:Church group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of time will be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.。
博迪《金融学》第2版课后习题及详解博迪的《金融学》第2版是一本广泛使用的金融学教材，其中的课后习题对于学生理解和掌握金融学概念和理论具有重要意义。
本文将选取一些具有代表性的课后习题，并提供详细的解答和分析。
答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
它涉及货币、投资、证券、银行、保险、基金等领域，主要研究如何在不确定的环境下对资源进行跨时期分配，以实现最大化的收益或满足特定的目标。
金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
它是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
假设某个投资者在2022年购买了一张面值为1000元，年利率为5%的债券，并在2023年以1100元的价格卖出。
请问该投资者的年化收益率是多少？(1100 - 1000) / 1000 × 100% = 10%其中，分子部分为投资者获得的收益，分母部分为投资者的初始投资金额。
答：现代金融学的三个主要理论包括资本资产定价模型（CAPM）、有效市场假说（EMH）和现代投资组合理论（MPT）。
资本资产定价模型（CAPM）是一种用来决定资产合理预期收益的模型，它认为资产的预期收益与该资产的系统性风险有关。
在投资决策中，投资者可以通过比较不同资产的预期收益与其系统性风险来确定最优投资组合。
有效市场假说（EMH）认为市场是有效的，即市场上的价格反映了所有可用信息。
根据这个理论，投资者无法通过分析信息来获取超额收益。
然而，在实践中，许多研究表明市场并非完全有效，投资者可以通过分析和利用信息来获得超额收益。
现代投资组合理论（MPT）是由Harry Markowitz于20世纪50年代提出的，它认为投资者应该通过多元化投资来降低风险。
What is Money?1. (b)3. Cavemen did not need money. In their primitive economy, they did not specialize inproducing one type of good and they had little need to trade with other cavemen.5. Wine is more difficult to transport than gold and is also more perishable. Gold is thus a betterstore of value than wine and also leads to lower transactions cost. It is therefore a better candidate for use as money.7. Not necessarily. Checks have the advantage in that they provide you withreceipts, are easier to keep track of, and may make it harder for someone to steal money out of your account. These advantages of checks may explain why the movement toward a checkless society has been very gradual.8. The ranking from most liquid to least liquid is: (a), (c), (e), (f), (b), and (d).10.Because of the rapid inflation in Brazil, the domestic currency, the real, is apoor store of value. Thus many people would rather hold dollars, which are a better store of value, and use them in their daily shopping.14. (a) M1, M2, and M3, (b) M2 and M3 for retail MMFs and M3 for institutional MMFs, (c) M3,(d) M2 and M3, (e) M3, (f) M1, M2, and M3.Understanding Interest Rates2.No, because the present discounted value of these payments is necessarily lessthan $20 million as long as the interest rate is greater than zero.4. The yield to maturity is less than 10 percent. Only if the interest rate was lessthan 10 percent would the present value of the payments add up to $4,000, which is more than the $3,000 present value in the previous problem.6. 25% = ($1,000 – $800)/$800 = $200/$800 = .25.8. If the interest rate were 12 percent, the present discounted value of the payments on thegovernment loan are necessarily less than the $1,000 loan amount because they do not start for two years. Thus the yield to maturity must be lower than 12 percent in order for the present discounted value of these payments to add up to $1,000.10. The current yield will be a good approximation to the yield to maturity whenever the bondprice is very close to par or when the maturity of the bond is over ten years.12. You would rather be holding long-term bonds because their price wouldincrease more than the price of the short-term bonds, giving them a higher return.14.People are more likely to buy houses because the real interest rate whenpurchasing a house has fallen from 3 percent (=5 percent - 2 percent) to 1 percent (= 10 percent - 9 percent). The real cost of financing the house is thus lower, even though mortgage rates have risen. (If the tax deductibility of interest payments is allowed for, then it becomes even more likely that people will buy houses.)The Behavior of Interest Rates1. (a) Less, because your wealth has declined; (b) more, because its relative expected return hasrisen; (c) less, because it has become less liquid relative to bonds; (d) less, because its expected return has fallen relative to gold; (e) more, because it has become less risky relative to bonds.3. (a) More, because it has become more liquid; (b) less, because it has become more risky; (c)more, because its expected return has risen; (d) more, because its expected return has risen relative to the expected return on long-term bonds, which has declined.5. The rise in the value of stocks would increase people’s wealth and therefore the demand forRembrandts would rise.7. In the loanable funds framework, when the economy booms, the demand forbonds increases: the public’s income and wealth rises while the supply of bonds also increases, because firms have more attractive investment opportunities. Both the supply and demand curves (B d and B s) shift to the right, but as is indicated in the text, the demand curve probably shifts less than the supply curve so the equilibrium interest rate rises. Similarly, when the economy enters a recession, both the supply and demand curves shift to the left, but the demand curve shifts less than the supply curve so that the interest rate falls. The conclusion is that interest rates rise during booms and fall during recessions: that is, interest rates are procyclical. The same answer is found with the liquidity preference framework. When the economy booms, the demand for money increases: people need more money to carry out an increased amount of transactions and also because their wealth has risen. The demand curve, M d, thus shifts to the right, raising the equilibrium interest rate.When the economy enters a recession, the demand for money falls and the demand curve shifts to the left, lowering the equilibrium interest rate. Again, interest rates are seen to be procyclical.10. Interest rates fall. The increased volatility of gold prices makes bonds relatively less riskyrelative to gold and causes the demand for bonds to increase. The demand curve, B d, shifts to the right and the equilibrium interest rate falls.12. Interest rates might rise. The large federal deficits require the Treasury to issue more bonds;thus the supply of bonds increases. The supply curve, B s, shifts to the right and the equilibrium interest rate rises. Some economists believe that when the Treasury issues more bonds, the demand for bonds increases because the issue of bonds increases the public’s wealth. In this case, the demand curve, B d, also shifts to the right, and it is no longer clear that the equilibrium interest rate will rise. Thus there is some ambiguity in the answer to this question.14. The price level effect has its maximum impact by the end of the first year, and since the pricelevel does not fall further, interest rates will not fall further as a result of a price level effect.On the other hand, expected inflation returns to zero in the second year, so that the expected inflation effect returns to zero. One factor producing lower interest rates thus disappears, so, in the second year, interest rates may rise somewhat from their low point at the end of the second year.16. If the public believes the president’s program will be successful, interest rateswill fall. The president’s announcement will lower expected inflation so that the expected return on goods decreases relative to bonds. The demand for bonds increases and the demand curve, B d, shifts to the right. For a givennominal interest rate, the lower expected inflation means that the real interest rate has risen, raising the cost of borrowing so that the supply of bonds falls.The resulting leftward shift of the supply curve, B s, and the rightward shift of the demand curve, B d, causes the equilibrium interest rate to fall.18. Interest rates will rise. The expected increase in stock prices raises the expected return onstocks relative to bonds and so the demand for bonds falls. The demand curve, B d, shifts to the left and the equilibrium interest rate rises.20. The slower rate of money growth will lead to a liquidity effect, which raises interest rates,while the lower price level, income, and inflation rates in the future will tend to lower interest rates. There are three possible scenarios for what will happen: (a) if the liquidity effect is larger than the other effects, then interest rates will rise; (b) if the liquidity effect is smaller than the other effects and expected inflation adjusts slowly, then interest rates will rise at first but will eventually fall below their initial level; and (c) if the liquidity effect is smaller than the expected inflation effect and there is rapid adjustment of expected inflation, then interest rates will immediately fall.The Risk and Term Structure of Interest Rates1. The bond with a C rating should have a higher interest rate because it has a higher default risk,which reduces its demand and raises its interest rate relative to that on the Baa bond.3. During business cycle booms, fewer corporations go bankrupt and there is less default risk oncorporate bonds, which lowers their risk premium. Similarly, during recessions, default risk on corporate bonds increases and their risk premium increases. The risk premium on corporate bonds is thus anticyclical, rising during recessions and falling during booms.5. If yield curves on average were flat, this would suggest that the risk premium on long-termrelative to short-term bonds would equal zero and we would be more willing to accept the expectations hypothesis.7. (a) The yield to maturity would be 5 percent for a one-year bond, 5.5 percentfor a two-year bond, 6 percent for a three-year bond, 6 percent for a four-year bond, and 5.8 percent for a five-year bond; (b) the yield to maturity would be5 percent for a one-year bond, 4.5 percent for a two-year bond, 4 percent for athree-year bond, 4 percent for a four-year bond, and 4.2 percent for a five-year bond. The upward- and then downward-sloping yield curve in (a) would tend to be even more upward sloping if people preferred short-term bonds over long-term bonds because long-term bonds would then have a positive risk premium. The downward- and then upward-sloping yield curve in (b) also would tend to be more upward sloping because of the positive risk premium for long-term bonds.9. The steep upward-sloping yield curve at shorter maturities suggests that short-term interestrates are expected to rise moderately in the near future because the initial, steep upward slope indicates that the average of expected short-term interest rates in the near future are above the current short-term interest rate. The downward slope for longer maturities indicates that short-term interest rates are eventually expected to fall sharply. With a positive risk premium on long-term bonds, as in the preferred habitat theory, a downward slope of the yield curve occurs only if the average of expected short-term interest rates is declining, which occurs only if short-term interest rates far into the future are falling. Since interest rates and expected inflation move together, the yield curve suggests that the market expects inflation to rise moderately in the near future but fall later on.11. The government guarantee will reduce the default risk on corporate bonds,making them more desirable relative to Treasury securities. The increased demand for corporate bonds and decreased demand for Treasury securities will lower interest rates on corporate bonds and raise them on Treasury bonds. 13. Abolishing the tax-exempt feature of municipal bonds would make them lessdesirable relative to Treasury bonds. The resulting decline in the demand for municipal bonds and increase in demand for Treasury bonds would raise the interest rates on municipal bonds, while the interest rates on Treasury bonds would fall.15. The slope of the yield curve would fall because the drop in expected future short rates meansthat the average of expected future short rates falls so that the long rate falls.The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis1. The value of any investment is found by computing the value today of all cashflows the investment will generate over its life.3. $1/(1+ .15) + $20/(1+.15) = $18.265. A stock market bubble can occur if market participants either believe that dividends will haverapid growth or if they substantially lower the required return on their equity investments, thus lowering the denominator in the Gordon model and thereby causing stock prices to climb. By raising interest rates the central bank can cause the required rate of return on equity to rise, thereby keeping stock prices from climbing as much. Also raising interest rates may help slow the expected growth rate of the economy and hence of dividends, thus also keeping stock prices from climbing.7. Although Joe’s expectations are typically quite accurate, they could still beimproved by his taking account of a snowfall in his forecasts. Since his expectations could be improved, they are not optimal and hence are not rational expectations.9. True, as an approximation. If large changes in a stock price could be predicted, then theoptimal forecast of the stock return would not equal the equilibrium return for that stock. In this case, there would be unexploited profit opportunities in the market and expectations would not be rational. Very small changes in stock prices could be predictable, however, and the optimal forecast of returns would equal the equilibrium return. In this case, an unexploited profit opportunity would not exist.11. The stock price will rise. Even though the company is suffering a loss, the price of the stockreflects an even larger expected loss. When the loss is less than expected, efficient markets theory then indicates that the stock price will rise.13. Probably not. Although your broker has done well in the past, efficient markets theorysuggests that she has probably been lucky. Unless you believe that your broker has better information than the rest of the market, efficient markets theory indicates that you cannot expect the broker to beat the market in the future.15. False. All that is required for the market to be efficient so that prices reflect information on themonetary aggregates is that some market participants eliminate unexploited profit opportunities. Not everyone in a market has to be knowledgeable for the market to be efficient.17. Because inflation is less than expected, expectations of future short-term interest rates wouldbe lowered, and as we learned in Chapter 7, long-term interest rates would fall. The decline in long-term interest rates implies that long-term bond prices would rise.19. No, because this expected change in the value of the dollar would imply thatthere is a huge unexploited profit opportunity (over a 100% expected return at an annual rate). Since rational expectations rules out unexploited profit opportunities, such a big expected change in the exchange rate could not exist.An Economic Analysis of Financial Structure1. Financial intermediaries can take advantage of economies of scale and thus lower transactionscosts. For example, mutual funds take advantage of lower commissions because the scale of their purchases i s higher than for an individual, while banks’ large scale allows them to keep legal and computing costs per transaction low. Economies of scale which help financial intermediaries lower transactions costs explains why financial intermediaries exist and are so important to the economy.3. No. If the lender knows as much about the borrower as the borrower does,then the lender is able to screen out the good from the bad credit risks and so adverse selection will not be a problem. Similarly, if the lender knows what the borrower is up to, then moral hazard will not be a problem because the lender can easily stop the borrower from engaging in moral hazard.5. The lemons problem would be less severe for firms listed on the New YorkStock Exchange because they are typically larger corporations that are better known in the market place. Therefore it is easier for investors to get information about them and figure out whether the firm is of good quality or isa lemon. This makes the adverse selection–lemons problem less severe.7. Because there is asymmetric information and the free-rider problem, not enough informationis available in financial markets. Thus there is a rationale for the government to encourage information production through regulation so that it is easier to screen out good from bad borrowers, thereby reducing the adverse selection problem. The government can also help reduce moral hazard and improve the performance of financial markets by enforcing standard accounting principles and prosecuting fraud.9. Yes, this is an example of an adverse selection problem. Because a person is rich, the peoplewho are most likely to want to marry him or her are gold diggers. Rich people thus may want to be extra careful to screen out those who are just interested in their money from those who want to marry for love.11. The free-rider problem means that private producers of information will not obtain the fullbenefit of their information-producing activities, and so less information will be produced.This means that there will be less information collected to screen out good from bad risks, making adverse selection problems worse, and that there will be less monitoring of borrowers, increasing the moral hazard problem.13. A financial crisis is more likely to occur when the economy is experiencing deflation becausefirms find that their real burden of indebtedness is increasing while there is no increase in the real value of their assets. The resulting decline in a firm’s net worth increases adverse selection and moral hazard problems facing lenders, making it more likely a financial crisis will occur in which financial markets do not work efficiently to get funds to firms with productive investment opportunities.15. A sharp increase in interest rates can increase the adverse selection problem dramaticallybecause individuals and firms with the riskiest investment projects are the ones who are most willing to pay higher interest rates. A sharp rise in interest rates which increases adverse selection means that lenders will be more reluctant to lend, leading to a financial crisis in which financial markets do not work well and thus to a declining economy.Banking and the Management of Financial Institutions1. Because if the bank borrows too frequently from the Fed, the Fed may restrict its ability toborrow in the future.3. The T-accounts for the two banks are as follows:First National Bank Second National BankAssets Liabilities Assets Liabilities5. The $50 million deposit outflow means that reserves fall by $50 million to $25 million. Sincerequired reserves are $45 million (10 percent of the $450 million of deposits), your bank needs to acquire $20 million of reserves. You could obtain these reserves by either calling in or selling off $20 million of loans, by borrowing $20 million in discount loans from the Fed, by borrowing $20 million from other banks or corporations, by selling $20 million of securities, or by some combination of all of these.7. Because when a deposit outflow occurs, a bank is able to borrow reserves inthese overnight loan markets quickly; thus, it does not need to acquire reserves at a high cost by calling in or selling off loans. The presence of overnight loan markets thus reduces the costs associated with deposit outflows, so banks will hold fewer excess reserves.9. To lower capital and raise ROE holding its assets constant, it can pay out more dividends orbuy back some of its shares. Alternatively, it can keep its capital constant, but increase the amount of its assets by acquiring new funds and then seeking out new loan business or purchasing more securities with these new funds.11. In order for a banker to reduce adverse selection she must screen out good from bad creditrisks by learning all she can about potential borrowers. Similarly in order to minimize moral hazard, she must continually monitor borrowers to ensure that they are complying with restrictive loan covenants. Hence it pays for the banker to be nosy.13. False. Although diversification is a desirable strategy for a bank, it may stillmake sense for a bank to specialize in certain types of lending. For example, a bank may have developed expertise in screening and monitoring a particular kind of loan, thus improving its ability to handle problems of adverse selection and moral hazard.15. The gap is $10 million ($30 million of rate-sensitive assets minus $20 millionof rate-sensitive liabilities). The change in bank profits from the interest rate rise is +0.5 million (5% ⨯ $10 million); the interest rate risk can be reduced by increasing rate-sensitive liabilities to $30 million or by reducing rate-sensitive assets to $20 million. Alternatively, you could engage in an interest rate swap in which you swap the interest on $10 million of rate-sensitive assets for the interest on another bank’s $10 million of fixed-rate assets.。
CHAPTER 14FORWARD AND FUTURES PRICESObjectives• To explain the economic role of futures markets• To show what information can and cannot be inferred from forward and futures prices.•Outline14.1 Distinctions Between Forward and Futures Contracts14.2 The Economic Function of Futures Markets14.3 The Role of Speculators14.4 Relation Between Commodity Spot and Futures Prices14.5 Extracting Information from Commodity Futures Prices14.6 Spot-Futures Price Parity for Gold14.7 Financial Futures14.8 The Implied Risk-Free Rate14.9 The Forward Price Is Not a Forecast of the Spot Price14.10 Forward-Spot Parity with Cash Payouts14.11 Implied Dividends14.12 The Foreign-Exchange Parity Relation14.13 The Role of Expectations in Determining Exchange RatesSummary• Futures contracts make it possible to separate the decision of whether to physically store a commodity from the decision tohave financial exposure to its price changes.• Speculators in futures markets improve the informational content of futures prices and make futures markets more liquid thanthey would otherwise be.• The futures price of wheat cannot exceed the spot price by more than the cost of carry:• The forward-spot price parity relation for gold is that the forward price equals the spot price times the cost of carry:This relation is maintained by the force of arbitrage . • One can infer the implied cost of carry and the implied storage costs from the observed spot and forward prices and the risk-free interest rate.• The forward-spot parity relation for stocks is that the forward price equals the spot price times 1 plus the risk-free rate less theexpected cash dividend.This relation can therefore be used to infer the implied dividend from the observed spot and forward prices and the risk-free interest rate.• The forward-spot price parity relation for the dollar/yen exchange rate involves two interest rates:where F is the forward price of the yen, S is the current spot price, r Y is the yen interest rate, and r $ is the dollar interest rate.• If the forward dollar/yen exchange rate is an unbiased forecast of the future spot exchange rate, then one can infer that forecasteither from the forward rate or from the dollar-denominated and yen-denominated risk-free interest rates.F S C-≤F S r s =++()1F S r D=+-()1F r S r Y11+=+$Solutions to Problems at End of ChapterForward Contracts and Forward-Spot Parity.1. Suppose that you are planning a trip to England. The trip is a year from now, and you have reserved a hotel room in London at a price of ₤ 50 per day. You do not have to pay for the room in advance. The exchange rate is currently $1.50 to the pound sterling.a.Explain several possible ways that you could completely hedge the exchange rate risk in this situation.b.Suppose that r₤=.12 and r$=.08. Because S=$1.50, what must the forward price of the pound be?c.Show that if F is $0.10 higher than in your answer to part b, there would be an arbitrage opportunity. SOLUTION:a.Ways to hedge the exchange rate risk:Pay for the room in advanceBuy the pounds you will need in the forward market.Invest the present value of the rental payments in a pound-denominated riskless asset.对冲外汇风险的几种方法：提前对这个房间付款；在期货市场购买英镑；将与现期价值的租金同等的英镑投资于无风险资产。
金融市场与金融机构答案中文 【篇一：fabozzi_ 金融市场与金融机构基础课后答案】the u.s. federal reserveand the creation of moneycentral banks and their purposethe primary role of a central bank is to maintain the stabilityof the currency and money supply for a country or a group of countries. the role of central banks can be categorized as: (1)risk assessment, (2) risk reduction, (3) oversight of payment systems, (4) crisis management.one of the major ways a central bank accomplishes its goalsis through monetary policy. for this reason, central banks are sometimes called monetary authority. in implementingmonetary policy, central banks, acting as a reserve bank,require private banks to maintain and deposit the requiredreserves with the central bank. in times of financial crisis,central banks perform the role of lender of last resort for the banking system. countries throughout the world may havecentral banks. additionally, the european central bank is responsible for implementing monetary policy for the member countries of the european union.there is widespread agreement that central banks should be independent of the government so that decisions of the central bank will not be influenced for short-term political purposessuch as pursuing a monetary policy to expand the economybut at the expense of inflation.in implementing monetary and economic policies, the unitedstates is a member of an informal network of nations. thisgroup started in 1976 as the group of 6, or g6: us, france, germany, uk, italy, and japan. thereafter, canada joined to forthe g7. in 1998, russia joined to form the g8.the central bank of the united states: the federal reservesystemthe federal reserve system consists of 12 banking districts covering the entire country. created in 1913, the federalreserve is the government agency responsible for the management of the us monetary and banking systems. it is independent of the political branches of government. the fed ismanaged by a seven-member board of governors, who are appointed by the president and approved by congress.the fed ’s tools for monetary management have been made more difficult by financial innovations. the public ’s increasing acceptance of money market mutual funds has funneled a large amount of money into what are essentially interest- bearing checking accounts. securitization permits commercial banks to change what once were illiquid consumer loans of several varieties into securities. selling these securities gives the banks a source of funding that is outside the fed ’s influence.instrument of monetary policy: how the fed influences the supply of moneythe fed has three instruments at its disposal to affect the level of reserves.under our fractional reserve banking system have to maintain specified fractional amounts of reserves against their deposits. the fed can raise or lower these required reserve ratios, thereby permitting banks to decrease or increase their lending and investment portfolios. a bank ’s total reserves equal its required reserves plus any excess reserves.the fed ’s most powerful instrument is its authority to conduct open market operation. it buys and sells in open debt markets government securities for its own accounts. the fed prefers to use treasury bills because it can make its substantial transactions without seriously disrupting the prices or yieldsof bills.the federal open market committee, or fomc, is the unit that decides on the general issues of changing the rate of growth in the money supply, by open market sales or purchases of securities. the implementation of policy through open market operations is the responsibility of the trading desk of the federal reserve bank of new york.the fed often employs variants of simple open market purchases and sales, these are called the repurchase agreement (or repo) and the reverse repo. in a repo, the fed buys a particular amount of securities from a seller that agrees to repurchase the same number of securities for a higher price at some future time. in a reverse repo, the fed sells securitiesand makes a commitment to buy them back at a higher price later.a bank borrowing from the fed is said to use the discount window. the discount rate is the rate charged to banks borrowing directly from the fed. raising the rate is designed to discourage such borrowing, while lowering should have the opposite effect.different kinds of moneymoney is that item which serves as a numeraire. in a basic sense money can be defined as anything that serves as a unit of account and medium of exchange. we measure prices in dollars and exchange dollars for goods. hence coins, currency, and any items readily exchanged into dollars (checking deposits or now accounts) constitute our money supply.money and monetary aggregatesmonetary aggregates measure the amount of money available to the economy at any time. the monetary base is defined as currency in circulation (coins and federal reserve notes) and reserves in the banking system. the instruments that serve as a medium of exchange can be narrowly defined as m1, which is currency and demand deposits. m2 is m1 plus time and savings accounts, and money market mutual funds. finally, m3 is m2 plus short-term treasury liabilities. while all three aggregates are watched and monitored, m1 is the most common form of the money supply, with its trait as being the most liquid. the ratio of the money supply to the economy ’s income is known as the velocity of money.the money multipier: the expansion of the money supplythe money multiplier effect arises from the fact that a small change in reserves can produce a large change in themoneysupply. through our fractional reserve system, a small increasewill allow an individual bank, to lend out the greater part of these additional funds. these loans subsequently become deposits in other banks allowing them to expand proportionately. so, while one bank can expand its loans (or deposits) by an amount 1% of reserves required, all banksinthe system can do likewise. thus, in a simple format total change in deposits can be stated as change in reserves divided by the reserve requirement, which is also theformulafor perpetuity. for example, if the change in the level ofreserves is $100 and the reserve requirement is 20%, the change in total deposits will be $500 for a multiplier of 5. of course, major assumptions are that banks will fully loan out their excess reserves and that depositors will not withdraw any of these extra reserves.the impact of interest rates on the money supplyhigh rates of interest may make keeping excess reserves costly, since unused funds represent loans not made and interest not earned. high rates of interest will also affect the pub lic ’s demand for holding cash. if deposits pay competitive interest rates, customers will be more willing to hold suchbank liabilities and less cash. therefore, a higher rate of interest can actually spur growth of the money supply. more likely, however, it will deter borrowing and slow monetary growth.the money supply process in an open economyin the modern era, almost every country has an open economy. foreign commercial and central banks hold dollar accounts in the united states. their purchases and sales of these deposits can affect exchange rates of the dollar against their own currency. the fed has responsibility for maintaining stability in exchange rates. a purchase of foreign exchange with dollars depreciates the dollar ’s value, but it also adds dollars to the accounts of foreign banks in this country, thus adding to the u.s. monetary base. most central banks of large economies own or stand ready to own a large amount of each of the world ’s major currencies, which are considered international reserves. sales of foreign exchange transactions have monetary base implication and hence consequences for the domestic money supply, emphasis is given to coordinating monetarypolicies among developed nations.answers to questions for chapter 4(questions are in bold print followed by answers.)1. what is the role of a central bank?the role of a central bank has several functions: risk assessment, risk reduction, oversight of payment systems,and crisis management. it can do this through monetary policies, and through the implementation of regulations.2. why is it argued that a central bank should be independent of the government?central banks should be independent of the short-term political interests and political influences generally in setting economic policies.3. identify each participant and its role in the process by which the money supply changes and monetary policy is implemented.the fed determines monetary policy and seeks to implement it through changes in reserves. it is up to the nation ’s banking system to act on changes in reserves thereby affecting deposits, which constitute the greater part of the m1 definition of the money supply.4. describe the structure of the board of governors of the federal reserve system.the board of governors of the federal reserve system consists of 7 members who are appointed to staggered 14-year terms. the board reviews discount operations and sets legal reserve requirements. in addition, all 7 members of the board serve on the federal open market committee (fomc), which determines the direction and magnitude of open-market operations. such operations constitute the key instrument for implementing monetary policy.5.a. explain what is meant by the statement “the united states has a fractional reserve banking system. ”b. how are these items related: total reserves, required reserves, and excess reserves?a. a fractional reserve system requires that a fraction or percent of a bank ’s reserve be placed either in currency in vault or with the federal reserve system.b. total reserves are the amounts that banks hold in cash or at the fed. required reserves are amounts required by the fed to meet some specific or legal reserve ratio to deposits. excess reserves are bank reserves in currency and at the fed which are in excess of legal requirements. since these amounts are non-interest bearing, banks are often willing to lend these surplus funds to deficit banks at the fed funds rate.【篇二：米什金《金融市场与金融机构》课后习题及其答案】class=txt>345【篇三：金融市场习题及答案】>1．金融市场是一个包含很多子系统的大系统；子系统之间也其实不是简单的并列关系。
第1章为什么研究货币，银行和金融市场？2。
图1，2，3和4的数据表明，实际产出，通货膨胀率和利率都将下降。
4。
你可能会更倾向于购买房子或汽车，因为他们的融资成本将下降，或你可能不太容易保存，因为你赚你的储蓄少。
6。
号的人借钱来购买房子或汽车，这是事实，更糟糕，因为它花费他们更多的资助他们购买，然而，储户的利益，因为他们可以赚取更高的储蓄利率。
7。
银行的基本业务是接受存款和发放贷款。
8。
他们的人不必为他们的生产使用的人的渠道资金，从而导致更高的经济效益。
9。
三个月期国库券利率比其他利率波动更是平均水平。
巴阿企业债券的利率平均高于其他利率。
10。
较低的价格为一个公司的股份，意味着它可以筹集的资金数额较小，所以在设施和设备投资将下降。
11。
较高的股票价格上涨意味着消费者的财富，是更高的，他们将更有可能增加他们的消费。
12。
这使得外国商品更加昂贵，因此，英国消费者将购买较少的外国商品和更多的国内商品。
13。
它使英国商品相对美国商品更加昂贵。
因此，美国企业会发现它更容易在美国和国外出售他们的货物，并为他们的产品的需求将上升。
14。
在中期到20世纪70年代末，在20世纪80年代末和90年代初，美元的价值低，使得出国旅游相对较昂贵，因此，它是在美国度假的好时机，看到大峡谷。
随着美元的价值在20世纪80年代初兴起，出国旅游变得相对便宜，使它成为一个很好的时间来参观伦敦塔。
15。
当美元价值的增加，外国商品相对美国商品变得更便宜，因此，你是更倾向于购买法国制造的牛仔裤比美国制造的牛仔裤。
在美国制造的牛仔裤的需求下降，因为强势美元造成伤害美国牛仔裤制造商。
另一方面，美国公司进口到美国的牛仔裤现在发现，其产品的需求上升，因此它是更好时，美元强劲。
第2章金融体系概述1。
微软股票的份额是其所有者的资产，因为它赋予雇主微软的收入和资产的份额。
份额是微软的责任，因为它是一个由该雇主的份额，其收入和资产的索赔。
2。
是的，我应该采取的贷款，因为我这样做的结果会更好。
用心用情品质文档精品行业资料，仅供参考，需要可下载并修改后使用！《金融基础知识》课后习题答案第14章习题答案1.标准化成本、交易成本和市场影响成本。
2.因为交易所提供的衍生产品一般有专门的清算所，客户不是直接从期权的卖方那里购买期权，清算所是期权卖方和买方的中介。
因此，如果期权的卖方违约，一般对买方不会有什么影响，清算所的资本金一般足以保证客户到期获得偿付。
由于清算所的资本金有差异，因此有破产倒闭的可能，但可能性比较小，所以客户从交易所购买产品面临的违约风险比较小。
3.不能，因为虽然交易所关闭几个小时甚至几天都可能性很小，但当存在严重的信息不对称的时候某种金融工具停止交易的可能性很大。
例如NYSE详细规定了停止某只股票交易的程序。
其它交易所，特别是期货交易所存在涨跌停板的限制。
还有在没有任何人想交易的时候，交易也就停止了。
因此交易所提供某个金融产品，并不意味着你随时能够随意地在交易所买入或卖出。
4.信用风险、其他于交易伙伴有关的风险、价格的透明度问题以及头寸中途冲销会面临困难。
5.在产品不存在又没有其他替代品的时候动态复制策略是个很好的选择，它可以实现有效的保值。
同时在产品很贵的时候，动态复制策略也可以降低保值成本。
此外运用动态复制策略的匿名性和保密性更好。
这样可以尽量避免将自己的信息暴露给竞争对手。
不过动态复制策略可能面临交易频率可能很高、流动性不足、模型风险和执行风险的问题。
6.一般静态复制策略的交易频率低，而且没有模型风险。
7.我们将买入或卖出回报和公司想要规避的风险相关的证券的做法称为内嵌衍生工具法。
8.一部分原因是金融创新面临的需求曲线是不确定的。
如果产品的需求比预计的低，那么产品就失败了。
这会影响发行公司的声誉和开发新产品的能力。
因此公司在初始发行的时候在价格上做出一定的让步以了解市场需求信息是可以理解的。
初始发行折价也有其它能够带来利润的原因，因为投资对新产品了解不多，他们必须全面地了解产品看看是否应该投资，因此投资者可能会以为等等看更有利可图，为了吸引投资者，发行者会在价格上做出一定的让步。
CHAPTER 14FORWARD AND FUTURES PRICESObjectives∙ To explain the economic role of futures markets∙ To show what information can and cannot be inferred from forward and futures prices.∙Outline14.1 Distinctions Between Forward and Futures Contracts14.2 The Economic Function of Futures Markets14.3 The Role of Speculators14.4 Relation Between Commodity Spot and Futures Prices14.5 Extracting Information from Commodity Futures Prices14.6 Spot-Futures Price Parity for Gold14.7 Financial Futures14.8 The Implied Risk-Free Rate14.9 The Forward Price Is Not a Forecast of the Spot Price14.10 Forward-Spot Parity with Cash Payouts14.11 Implied Dividends14.12 The Foreign-Exchange Parity Relation14.13 The Role of Expectations in Determining Exchange RatesSummary∙ Futures contracts make it possible to separate the decision of whether to physically store a commodity from thedecision to have financial exposure to its price changes.∙ Speculators in futures markets improve the informational content of futures prices and make futures marketsmore liquid than they would otherwise be.∙ The futures price of wheat cannot exceed the spot price by more than the cost of carry:∙ The forward-spot price parity relation for gold is that the forward price equals the spot price times the cost ofcarry:This relation is maintained by the force of arbitrage . ∙One can infer the implied cost of carry and the implied storage costs from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot parity relation for stocks is that the forward price equals the spot price times 1 plus the risk-free rate less the expected cash dividend.This relation can therefore be used to infer the implied dividend from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot price parity relation for the dollar/yen exchange rate involves two interest rates:where F is the forward price of the yen, S is the current spot price, r Y is the yen interest rate, and r $ is the dollarinterest rate. ∙ If the forward dollar/yen exchange rate is an unbiased forecast of the future spot exchange rate, then one caninfer that forecast either from the forward rate or from the dollar-denominated and yen-denominated risk-free interest rates.F S C -≤F S r s =++()1F S r D=+-()1F r S r Y11+=+$Solutions to Problems at End of ChapterForward Contracts and Forward-Spot Parity.1. Suppose that you are planning a trip to England. The trip is a year from now, and you have reserved a hotel room in London at a price of ₤50 per day. You do not have to pay for the room in advance. The exchange rate is currently $1.50 to the pound sterling.a.Explain several possible ways that you could completely hedge theexchange rate risk in this situation.b.Suppose that r₤=.12 and r$=.08. Because S=$1.50, what must theforward price of the pound be?c.Show that if F is $0.10 higher than in your answer to part b, therewould be an arbitrage opportunity.SOLUTION:a.Ways to hedge the exchange rate risk:Pay for the room in advanceBuy the pounds you will need in the forward market.Invest the present value of the rental payments in a pound-denominated riskless asset.对冲外汇风险的几种方法：提前对这个房间付款；在期货市场购买英镑；将与现期价值的租金同等的英镑投资于无风险资产。
b. F = S (1+r$)/(1+r£) = $1.50 x 1.08/1.12 = $1.4464 per pound1.4464美元/英镑c.If F is $1.55 then arbitrage profits can be made by borrowing dollars,investing in pounds and selling them forward at the inflated forward price.After paying off principle and interest on the dollars borrowed, you would have pure arbitrage profits left over.如果F是1.55美元，那么套利可以通过买进美元以获取收益，将美元投资于英镑然后在通货膨胀的价格下卖出。
在支付完所借到的美元的本金和利息后，你将得到剩下的纯套利收益。
For example,Borrow $1.50,Convert it into 1 pound,Invest it in pound-denominated bonds to have 1.12 pounds a year from now,Sell 1.12 pounds forward at $1.55 per pound to have $1.736 a year from now,例如，你可以借进1.50 美元，使起转变为1英镑，将起投资于英镑，一年后你会得到1.12英镑的，将这1.12英镑以1.55美元卖出，你将得到1.736美元。
After 1 year, pay off the principle and interest on the loan ($1.50x 1.08 = $1.62).This series of transactions leaves you with $.116 a year from now with no initial outlay of your money.在一年之后，将本金和利息支付，也就是1.50*1.08=1.62美元，这一系列的交易在没有创始费用的状况下将给你留下1.16美元。
Forward-Spot Parity Relation with Known Cash Payouts2. Suppose that the Treasury yield curve is flat at an interest rate of 7% per year (compounded semiannually).a.What is the spot price of a 30-year Treasury bond with an 8% couponrate assuming coupons are paid semiannually?b.What is the forward price of the bond for delivery six months fromnow?c.Show that if the forward price is $1 lower than in your answer to partb, there should be an arbitrage opportunity.SOLUTION:b. The forward price for delivery six months from now is $1,124.089:6个月后交割的债券远期价格是1,124.089美元F = S(1+r) - C = $1,124.724 x 1.035 - 40 =$1,124.089d.If the forward price is only $1,123.089, then arbitrage profits can be madeby selling the bond short and buying it forward at the low forward price. It can be described as follows:如果远期价格仅仅是1,123.089美元，那么套利获得收益可以这样进行：将近期的美元卖出，并在将来以较低的价格买进。
