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Chapter 24Risk Management in Financial Institutions24.1Multiple Choice24.1.1)Banks face the problem of _________ in loan markets because bad credit risks are the ones mostlikely to seek bank loans.A)adverse selectionB)moral hazardC)moral suasionD)intentional fraudAnswer:AQuestion Status:Previous Edition24.1.2)If borrowers with the most risky investment projects are more likely to seek bank loans thanborrowers with the safest investment projects, banks face the problem ofA)adverse credit risk.B)adverse selection.C)moral hazard.D)conflict of interest.Answer:BQuestion Status:Previous Edition24.1.3)Because borrowers, once they have a loan, are more likely to invest in high-risk investmentprojects, banks face theA)adverse selection problem.B)lemon problem.C)adverse credit risk problem.D)moral hazard problem.Answer:DQuestion Status:Previous Edition24.1.4)Banksʹ attempts to solve adverse selection and moral hazard problems help explain loanmanagement principles such asA)screening and monitoring of loan applicants.B)collateral and compensating balances.C)credit rationing.D)all of the above.E)only A and B of the above.Answer:DQuestion Status:Previous Edition24.1.5)In one sense, _________ appears surprising since it means that the bank is not _________ itsportfolio of loans and thus is exposing itself to more risk.A)specialization in lending; diversifyingB)specialization in lending; rationingC)credit rationing; diversifyingD)screening; rationingAnswer:AQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 351 24.1.6)From the standpoint of _________, specialization in lending is surprising but makes perfectsense when one considers the _________ problem.A)moral hazard; diversificationB)diversification; moral hazardC)adverse selection; diversificationD)diversification; adverse selectionAnswer:DQuestion Status:Previous Edition24.1.7)Provisions in loan contracts that proscribe borrowers from engaging in specified risky activitiesare calledA)proscription bonds.B)collateral clauses.C)restrictive covenants.D)liens.Answer:CQuestion Status:Previous Edition24.1.8)Banks attempt to screen good from bad credit risks to reduce the incidence of loan defaults. Todo this, banksA)specialize in lending to certain industries or regions.B)write restrictive covenants into loan contracts.C)expend resources to acquire accurate credit histories of their potential loan customers.D)do all of the above.Answer:DQuestion Status:Previous Edition24.1.9)A bankʹs commitment (for a specified future period of time) to provide a firm with loans up toa given amount at an interest rate that is tied to a market interest rate is calledA)credit rationing.B)a line of credit.C)continuous dealings.D)none of the above.Answer:BQuestion Status:Previous Edition24.1.10)Lines of credit and long-term relationships between banks and their customersA)reduce the costs of information collection.B)make it easier for banks to screen good from bad risks.C)enable banks to deal with moral hazard contingencies that are neither anticipated norspecified in restrictive covenants.D)do all of the above.E)do only A and B of the above.Answer:DQuestion Status:Previous Edition352 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.11)Compensating balancesA)are a particular form of collateral commonly required on commercial loans.B)are a required minimum amount of funds that a borrower (i.e., a firm receiving a loan)must keep in a checking account at the bank.C)allow banks to monitor firmsʹ check payment practices which can yield information abouttheir borrowersʹ financial conditions.D)all of the above.Answer:DQuestion Status:Previous Edition24.1.12)A bank that wants to monitor the check payment practices of its commercial borrowers, so thatmoral hazard can be prevented, will require borrowers toA)place a bank officer on their board of directors.B)place a corporate officer on the bankʹs board of directors.C)keep compensating balances in a checking account at the bank.D)do all of the above.E)do only A and B of the above.Answer:CQuestion Status:Previous Edition24.1.13)Of the following methods that banks might use to reduce moral hazard problems, the one notlegally permitted in the United States is the requirement thatA)firms keep compensating balances at the banks from which they obtain their loans.B)firms place on their board of directors an officer from the bank.C)loan contracts include restrictive covenants.D)individuals provide detailed credit histories to bank loan officers.Answer:BQuestion Status:Previous Edition24.1.14)When a lender refuses to make a loan, although borrowers are willing to pay the stated interestrate or even a higher rate, it is said to engage inA)constrained lending.B)strategic refusal.C)credit rationing.D)collusive behavior.Answer:CQuestion Status:Previous Edition24.1.15)When a lender refuses to make a loan, even though borrowers are willing to pay the statedinterest rate or even a higher rate, it is said to engage inA)specialized lending.B)strategic refusal.C)diversified lending.D)coercive behavior.E)none of the above.Answer:EQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 35324.1.16)Credit rationing occurs when a bankA)refuses to make a loan of any amount to a borrower, even when she is willing to pay ahigher interest rate.B)restricts the amount of a loan to less than the borrower would like.C)does either A or B of the above.D)does neither A nor B of the above.Answer:CQuestion Status:Previous Edition24.1.17)Because larger loans create greater incentives for borrowers to engage in undesirable activitiesthat make it less likely they will repay the loans, banksA)ration credit, granting borrowers smaller loans than they have requested.B)ration credit, charging higher interest rates to borrowers who want large loans than tothose who want small loans.C)ration credit, charging higher fees as a percentage of the loan to borrowers who wantlarge loans than to those who want small loans.D)do none of the above.Answer:AQuestion Status:Previous Edition24.1.18)When banks offer borrowers smaller loans than they have requested, banks are said toA)shave credit.B)discount the loan.C)raze credit.D)ration credit.Answer:DQuestion Status:Previous Edition24.1.19)Which of the following are not generally rate-sensitive assets?A)Securities with a maturity of less than one yearB)Variable-rate mortgagesC)Fixed-rate mortgagesD)All of the above are rate-sensitive assetsE)None of the above is a rate-sensitive assetAnswer:CQuestion Status:Previous Edition24.1.20)Liabilities that are partially, but not fully, rate-sensitive includeA)checkable deposits.B)federal funds.C)non-negotiable CDs.D)fixed-rate mortgages.E)money market deposit accounts.Answer:AQuestion Status:Previous Edition354 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.21)If a bank has more rate-sensitive liabilities than rate-sensitive assets, then a(n) _________ ininterest rates will _________ bank profits.A)increase; increaseB)increase; reduceC)decline; reduceD)decline; not affectAnswer:BQuestion Status:Previous Edition24.1.22)If a bank has more rate-sensitive assets than rate-sensitive liabilities, then a(n) _________ ininterest rates will _________ bank profits.A)increase; increaseB)increase; reduceC)decline; increaseD)decline; not affectAnswer:AQuestion Status:Previous Edition24.1.23)If a bank has _________ rate-sensitive assets than rate-sensitive liabilities, then a(n) _________in interest rates will increase bank profits.A)more; declineB)more; increaseC)less; increaseD)both A and CAnswer:BQuestion Status:Previous Edition24.1.24)The difference between rate-sensitive liabilities and rate-sensitive assets is known as theA)duration.B)interest-sensitivity index.C)interest-rate risk index.D)gap.Answer:DQuestion Status:Previous EditionFirst National BankAssets LiabilitiesRate-sensitiveFixed-rate$20 million$50 million $80 million$40 million Table 24.124.1.25)Referring to Table 24.1, First National Bank has a gap of _________.A)-30B)+30C)60D)0Answer:AQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 355 24.1.26)Referring to Table 24.1, if interest rates rise by 5 percentage points, then bank profits (measuredusing gap analysis) willA)decline by $0.5 million.B)decline by $1.5 million.C)decline by $2.5 million.D)increase by $1.5 million.Answer:BQuestion Status:Previous Edition24.1.27)Refer to Table 24.1. Assuming that the average duration of its assets is five years, while theaverage duration of its liabilities is three years, a rise in interest rates from 5% to 10% will causethe net worth of First National to _________ by _________ of the total original asset value.A)increase; 11%B)decline; 11%C)increase; 10%D)decline; 5%Answer:BQuestion Status:Previous EditionFirst National BankAssets LiabilitiesRate-sensitiveFixed-rate$40 million$50 million $60 million$40 million Table 24.224.1.28)Referring to Table 24.2, First National Bank has a gap of _________.A)-10B)10C)20D)0Answer:AQuestion Status:Previous Edition24.1.29)Referring to Table 24.2, if interest rates rise by 5 percentage points, then bank profits (measuredusing gap analysis) willA)decline by $0.5 million.B)decline by $1.5 million.C)decline by $2.5 million.D)increase by $2.0 million.Answer:AQuestion Status:Previous Edition356 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.30)Refer to Table 24.2. Assuming that the average duration of the bankʹs assets is four years, whilethe average duration of its liabilities is three years, a rise in interest rates from 5 percent to 10percent will cause the net worth of First National to _________ by _________ of the totaloriginal asset value.A)decline; 5%B)decline; 1.3%C)decline; 6.2%D)increase; 5%Answer:CQuestion Status:Previous Edition24.1.31)If First State Bank has a gap equal to a positive $20 million, then a 5 percentage point drop ininterest rates will cause profits toA)increase by $10 million.B)increase by $1.0 million.C)decline by $10 million.D)decline by $1.0 million.Answer:DQuestion Status:Previous Edition24.1.32)If First National Bank has a gap equal to a negative $30 million, then a 5 percentage pointincrease in interest rates will cause profits toA)increase by $15 million.B)increase by $1.5 million.C)decline by $15 million.D)decline by $1.5 million.Answer:DQuestion Status:Previous Edition24.1.33)Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gaptimes the change in the interest rate is calledA)basic duration analysis.B)basic gap analysis.C)interest-exposure analysis.D)gap-exposure analysis.Answer:BQuestion Status:Previous Edition24.1.34)Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gap forseveral maturity subintervals by the change in the interest rate is calledA)basic gap analysis.B)the segmented maturity approach to gap analysis.C)the maturity bucket approach to gap analysis.D)the segmented maturity approach to interest-exposure analysis.E)none of the above.Answer:CQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 35724.1.35)Duration gap analysisA)is a refinement of basic gap analysis that accounts for interest-rate changes over amultiyear period.B)is a refinement of basic gap analysis that accounts for how long a gap will last.C)is a complement to basic gap analysis that accounts for the effect of interest rate changeson market value.D)is a complement to basic gap analysis that accounts for the influence of partiallyrate-sensitive assets.Answer:CQuestion Status:Previous Edition24.1.36)Duration analysis involves comparing the average duration of the bankʹs _________ to theaverage duration of its _________A)securities portfolio; non-deposit liabilities.B)loan portfolio; non-deposit liabilities.C)loan portfolio; rate-sensitive liabilities.D)rate-sensitive assets; rate-sensitive liabilities.E)assets; liabilities.Answer:EQuestion Status:Previous Edition24.1.37)To use the concept of duration to analyze the effect of changes in interest rates on the marketvalue of an asset, a bank manager would multiplyA)the negative of the duration of the asset by the change in the interest rate, Δi.B)the negative of the duration of the asset by Δi/(1 +i).C)the duration of the asset by the change in the interest rate, Δi.D)the duration of the asset by Δi/(1 +i).Answer:BQuestion Status:Previous Edition24.1.38)If a bank has a duration gap of 2 years, then a rise in interest rates from 6 percent to 9 percentwill lead toA)a rise in the market value of its net worth of 5.66 percent.B)a rise in net interest income of 5.66 percent.C)a fall in the market value of its net worth of 5.66 percent.D)a fall in net interest income of 5.66 percent.E)an unknown change.Answer:CQuestion Status:Previous Edition24.1.39)If a bank has a duration gap of 2 years, then a fall in interest rates from 6 percent to 3 percentwill lead toA)a rise in the market value of its net worth of 5.66 percent.B)a fall in the market value of its net worth of 5.66 percent.C)a rise in net interest income of 5.66 percent.D)a fall in net interest income of 5.66 percent.E)an unknown change.Answer:AQuestion Status:Previous Edition358 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.40)If a decline in interest rates causes the market value of a bankʹs net worth to rise, then the bankmust have aA)negative duration gap.B)positive duration gap.C)negative gap.D)positive gap.Answer:BQuestion Status:Previous Edition24.1.41)If a rise in interest rates causes the market value of a bankʹs net worth to rise, then the bankmust have aA)negative duration gap.B)positive duration gap.C)negative gap.D)positive gap.Answer:AQuestion Status:Previous Edition24.1.42)One problem with duration gap analysis is that itA)is calculated assuming that the yield curve is flat.B)is calculated assuming that the yield curve does not change.C)does not measure the sensitivity of net worth to interest rate changes.D)does not measure the sensitivity of income to interest rate changes.E)applies only to financial institutions.Answer:AQuestion Status:Previous Edition24.1.43)One problem with basic gap analysis is that itA)is calculated assuming interest rates on all maturities are equal.B)is calculated assuming interest rates on all maturities change by equal amounts.C)measures the sensitivity of net worth to interest rate changes.D)does not measure the sensitivity of income to interest rate changes.E)applies only to financial institutions.Answer:BQuestion Status:Previous Edition24.1.44)A bank manager concerned about interest income who expects interest rates to rise and whoknows the bank currently has a positive gap should _________ rate-sensitive assets and_________ rate-sensitive liabilities.A)increase; increaseB)decrease; increaseC)decrease; decreaseD)increase; decreaseAnswer:DQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 35924.1.45)A bank manager concerned about interest income who expects interest rates to fall and whoknows the bank currently has a positive gap should _________ rate-sensitive assets and_________ rate-sensitive liabilities.A)increase; increaseB)decrease; increaseC)decrease; decreaseD)increase; decreaseAnswer:BQuestion Status:Previous Edition24.2True/False24.2.1)If a bank has more rate-sensitive liabilities than assets, then an increase in interest rates willreduce bank profits.Answer:TRUEQuestion Status:Previous Edition24.2.2)The difference between rate-sensitive liabilities and rate-sensitive assets is known as theduration gap.Answer:FALSEQuestion Status:Previous Edition24.2.3)If a bank has a negative gap, then a decrease in interest rates will increase income.Answer:TRUEQuestion Status:Previous Edition24.2.4)Banks face the problem of adverse selection in loan markets because bad credit risks are theones most likely to seek bank loans.Answer:TRUEQuestion Status:Previous Edition24.2.5)Due-on-sale clauses in loan contracts reduce moral hazard.Answer:FALSEQuestion Status:Previous Edition24.2.6)A correspondent account is sometimes required of a borrower as a condition for a loan.Answer:FALSEQuestion Status:Previous Edition24.2.7)Credit rationing reduces adverse selection problems.Answer:TRUEQuestion Status:Previous Edition24.2.8)Credit rationing occurs when lenders charge higher interest rates on the loans they make toriskier borrowers.Answer:FALSEQuestion Status:Previous Edition360 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.2.9)Developing and maintaining long-term customer relationships help to reduce banksʹ costs ofscreening and monitoring borrowers.Answer:TRUEQuestion Status:Previous Edition24.2.10)Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gap forseveral maturity subintervals by the change in the interest rate is called duration analysis.Answer:FALSEQuestion Status:Previous Edition24.2.11)If interest rates rise by 5 percentage points, then bank profits (measured using gap analysis)will increase regardless of the income gap.Answer:FALSEQuestion Status:Previous Edition24.3Essay24.3.1)What is the difference between credit risk and interest-rate risk?Question Status:Previous Edition24.3.2)How is credit risk related to the concepts of adverse selection and moral hazard?Question Status:Previous Edition24.3.3)What steps do banks take to reduce their exposure to credit risk?Question Status:Previous Edition24.3.4)How do the concepts of adverse selection and moral hazard explain the credit riskmanagement principles that banks adopt?Question Status:Previous Edition24.3.5)What is gap analysis and why is it important to a bank?Question Status:Previous Edition24.3.6)What is duration gap analysis and why is it important to a bank?Question Status:Previous Edition24.3.7)Explain how banks benefit from long-term customer relationships.Question Status:Previous Edition24.3.8)Explain how banks benefit from specialization in lending.Question Status:Previous Edition24.3.9)What special assumptions do income and duration gap analyses make about interest ratechanges and the yield curve?Question Status:Previous Edition。
金融硕士MF金融学综合（金融市场与机构）历年真题试卷汇编4(总分：60.00，做题时间：90分钟)一、单项选择题(总题数：8，分数：16.00)1.货币市场的主要功能是( )。
(复旦大学2015真题)（分数：2.00）A.短期资金融通√B.长期资金融通C.套期保值D.投机解析：解析：货币市场是期限在一年之内的资金融通的市场，所以主要功能是短期资金融通。
2.股票回报率由( )组成。
(对外经济贸易大学2013真题)（分数：2.00）A.票面利息与资本利得B.利息与到期收益率C.股利收益率和资本利得√D.股利收益率与到期收益率解析：解析：股票回报分为两部分，一部分是股利，另一部分是资本利得，即买卖价差。
3.美国地方政府发行的市政债券的利率低于联邦政府债券，其原因可能是( )。
(对外经济贸易大学2013真题)（分数：2.00）A.违约风险因素B.流动性差异因素C.税收差异因素√D.市场需求因素解析：解析：美国地方政府发行的市政债券的利息收入通常是免征联邦、州级可能的城市税收，而联邦政府债券(即美国国债)的利息收入是需要征税的，因此在考虑税收的情况下美国市政债券的利率可能会低于联邦政府债券的利率。
4.下列哪种外汇交易方式采取保证金制度( )。
(东北财经大学2014真题真题)（分数：2.00）A.期货交易√B.期权交易C.即期交易D.互换交易解析：解析：保证金制度也称押金制度，指清算所规定的达成期货交易的买方或卖方，应交纳履约保证金的制度。
在期货交易中，任何交易者必须按照其所买卖期货合同价格的一定比例(通常为5％～10％)缴纳资金，作为其履行期货合约的财力担保，然后才能参与期货合约的买卖，并视价格确定是否追加资金，这种制度就是保证金制度，所交的资金就是保证金。
5.价格发现功能是指在一个公平、公开、高效、竞争的期货市场中，通过( )的方式形成期货价格的功能。
(湖南大学2013真题)（分数：2.00）A.集中竞价√B.抽签C.公开投标D.协商定价解析：解析：价格发现功能是指在一个公开、公平、高效、竞争的期货市场中，通过集中竞价形成期货的交易价格。
《金融市场与金融机构》题集一、选择题（每题2分，共20分）1.下列哪一项不属于金融市场的功能？A. 资源配置B. 风险分散C. 价格发现D. 商品交易2.下列哪一项是货币市场的特点？A. 长期性B. 高风险性C. 高流动性D. 低流动性3.下列哪一项不是金融机构的主要功能？A. 资金中介B. 支付中介C. 信息服务D. 商品生产4.下列哪一项属于资本市场的工具？A. 国库券B. 商业票据C. 股票D. 银行定期存款5.下列哪一项是中央银行的主要职能？A. 吸收公众存款B. 发行货币C. 提供商业贷款D. 经营保险业务6.下列哪一项不是商业银行的业务？A. 吸收存款B. 发放贷款C. 办理结算D. 发行股票7.下列哪一项属于金融衍生品？A. 债券B. 股票C. 期货D. 存款8.下列哪一项是证券市场的特点？A. 交易对象固定B. 交易价格不固定C. 交易场所不固定D. 交易时间不固定9.下列哪一项是投资银行的主要业务？A. 吸收公众存款B. 发放贷款C. 证券承销与交易D. 办理保险10.下列哪一项不是金融市场的构成要素？A. 市场主体B. 市场客体C. 市场价格D. 市场环境二、填空题（每空2分，共20分）1.金融市场按照交易工具的期限可以分为______和______。
2.金融机构体系一般由______、______和其他金融机构组成。
3.中央银行的主要职能包括______、______和维护金融稳定。
4.资本市场的工具主要包括______和______。
5.金融衍生品市场包括______市场和______市场。
三、判断题（每题2分，共10分）1.金融市场是指资金供求双方进行资金融通和有价证券交易的市场。
（）2.货币市场是短期金融工具交易的市场，其交易工具的期限通常在一年以上。
（）3.商业银行是以盈利为目的，以多种金融负债筹集资金，多种金融资产为经营对象，具有信用创造功能的金融机构。
（）4.证券市场是股票、债券等有价证券发行和交易的场所，是资本市场的核心。
金融市场与金融机构一：名词解释1.金融市场是指以金融资产为交易对象而形成的供求关系及其机制的总和2.金融风险预警机制是指各种反映金融风险警情、警兆、警源及其变动趋势的组织形式、指标体系的预测方法等所构成的有机整体。
3.货币头寸又称现金头寸，是指商业银行每日收支相抵后，资金过剩或不足的数量。
4.汇票由出票人签发的，要求付款人按约定的付款期限，对指定的收款人无条件支付一定金额的票据。
5.证券投资基金是指通过发行基金单位，集中投资者资金，由管理人管理，由托管人托管，主要从事股票、债券等证券的投资，由持有人共享利益、共担风险的一种证券投资方式。
6.自由外汇指无需货币发行国批准就可以在国际金融市场上自由买卖，在国际支付中广泛使用并可以无限制地兑换成其他货币的外汇。
7.汇率是指两种不同货币之间的折算比价，也就是以一种货币表示的另一种货币的价格，也称汇价或外汇行市。
8.货币市场是指由一年期以内的短期金融工具交易所形成的供求关系及其运行机制的总和。
9.回购协议指的是在出售证券的同时，和证券的购买商签定协议，约定在一定期限后按原定价格或约定价格购回所卖证券，从而获取即时可用资金的一种交易行为。
10.开放式基金指基金发行总额不固定，基金单位总数随时增减，投资者可以按基金的报价在国家规定的营业场所申购或赎回的一种基金。
11.封闭式基金是指基金经理公司在设立基金时，限定了基金的发行总额，在初次发行达到了预定的发行计划后，基金即宣告成立，并进行封闭，在一定时期内不再追加发行新基金单位的一种基金。
12.指数基金就是脂按照某种指数构成的标准购买该指数包含的证券市场中的全部或者一部分证券的基金，其目的在于达到与该指数同样的收益水平。
13.保险是保险人通过收取保险费的形式建立保险基金用于补偿因自然灾害和意外事故所造成的经济损失或人身保险事故（包括死亡、疾病、伤残、年老、失业等）发生时给付保险金的一种经济补偿制度。
14.投保人又称要保人，是与保险人签订保险合同的另一方当事人，它是对保险标的具有可保利益，向保险人申请订立保险合同，并负有缴纳保险费义务的人。
1.金融体系的定义。
答：广义的金融体系是包含货币、资金交易的所有参与者、交易的市场、交易产品（工具）已经交易规则在内的复杂系统。
狭义的金融市场是指金融产品、金融机构、金融市场以及它们与实体经济部门和政府关系的总和。
2.金融体系的发展。
1）第一阶段：1979-1983年，基本延续了计划经济时期的金融体系，金融体系的运行主要是通过行政手段调控，金融机构直接为国家所有，金融资源的配置由政府计划配置。
但在这一时期，我国已经开始启动了金融体制改革，为后来进一步改革奠定基础。
2）第二阶段：1983-1990年，是我国金融市场体系建设的起步阶段，金融市场不断多元化，体现出明显的银行主导型金融体系的特征。
3）第三阶段：1990年以后至今，是转型期的中国市场逐步完善金融体系阶段和深化金融市场化改革阶段。
3.金融体系在经济发展中的作用。
答：1）清算结算服务2）资源积累和企业所有权分散体制3）遍历资源转移4）提供价格信息5）风险管理6）解决委托代理问题4.我国金融体系的特征和发展趋势。
1）金融机构：从分业经营到有限综合；2）国民经济发展过度依赖间接融资是我国金融体系的特点和主要矛盾；3）从间接融资为主向直接融资为主的过渡是我国金融体系转型发展的趋势。
5.分离型银行和全能型银体系的比较。
1）融资功能的差异。
理论上直接融资成本大于间接融资成本。
融资效率方面，银行贷款偏好于规模较大的企业，但证券市场可以为大多数企业的长期融资。
2）两种金融体系对信息的利用各有所长。
市场导向性金融体系中，有着充分透明的信息披露机制，能产生大量的公共信息。
金融机构可以获得大量私人信息，使资源更好地配置。
另一方面，增加了信息租金的可能性。
3）全能型银行在风险管理方面具有比较优势。
市场导向型的金融体系难以规避系统性风险，但银行可以通过跨期平滑分散系统性风险。
6.两种金融体系的启示。
1）在经济高速发展阶段，往往希望新兴产业的带动和支撑，而银行导向型的金融体系缺乏长期融资的意愿，所以新兴产业融资需要依赖证券市场，市场主导型的金融体系占据优势。
金融市场与金融机构试题库一、单项选择题（本大题共40小题，每小题1分，共40分）1.二战前，世界上最大的黄金市场是（）A.苏黎世黄金市场B.香港黄金市场C.纽约黄金市场D.伦敦黄金市场2. 以下不属于证券交易所的职责的是（）A.提供交易场所和设施B.制定交易规则C.制定交易价格D.公布行情3. 政府债券的风险主要变现为（）A.信用风险B.财务风险C.经营风险D.购买力风险4. 贴现债券的实际收益率与票面利率相比（）A.高B.相等C.低D.不确定5. 我国证券交易所的组织形式是（）A.公司制B.股份制C.会员制D.席位制6. 下列市场中属于资本市场的有（）A.股票市场B.短期国库券市场C.银行承兑汇票市场D.大额可转让定期存单市场7. 以下（）发行方式，承销商要承担全部发行失败的风险。
A.代销B.余额包销C.全额包销D.中央银行包销8. 投机性货币需求与利率水平之间呈（）A.正相关B.负相关C.不相关D.相关的不确定性9. 股票在证券交易所挂牌买卖，称为（）A.场内交易B.场外交易C.柜台交易D.议价市场10. 商业银行向中央银行所作的票据转让行为叫( ）A.贴现B.承兑C.转贴现D.再贴现11. 只靠收取佣金获利的经纪人被称为（）A.货币中间商B.票据经纪人C.佣金经纪人D.短期证券经纪人12. 社会公共设施的建立和维护属于（）A.企业储蓄B.企业投资C.政府储蓄D.政府投资13. 推动同业拆借市场形成和发展的直接原因是（）A.存款准备金制度B.再贴现政策C.公开市场政策D.存款派生机制14. 对于以金融工具形式保有财富的持有者，金融市场提供了低风险变现的机会。
这体现了金融市场的（）功能A.储蓄B.流动性C.风险D.信用15. 银行承兑汇票的转让一般通过（）方式进行。
A.承兑B.贴现C.再贴现D.转贴现16. 可转换债券转换为普通股，会导致公司（）A.资产总额增加B.资产总额减少C.自有资本增加D.自有资本减少17. 根据市场组织形式的不同，可以将股票流通市场划分为（）A.发行市场和流通市场B.国内市场和国外市场C.场内市场和场外市场D.现货市场和期货市场18. 证券交易所形成证券交易价格的方式是（）A.协商定价B.拍卖C.投标D.公开竞价19. 借款人在境外市场发行，不以发行所在国货币为面值的国际债券是（）A.欧洲债券B.外国债券C.扬基债券D.武士债券20. 投资者可以享受税收优惠的债券是（）A.优先股票B.公司债券C.政府债券D.金融债券21．以下对商业银行贷款的描述，不正确的是( )A．贷款是商业银行的基本负债业务，收益率较高但流动性较差，而且存在违约风险。
金融机构与金融市场练习题及答案二1、同业拆借市场的最重要参与者是（）A.保险公司B.中央银行C.证券公司D.商业银行正确答案是：商业银行2、同业拆借市场产生于（）政策的实施。
A.金融监管B.利率C.存款准备金D.财税正确答案是：存款准备金3、回购市场是通过（）进行短期资金融通交易的市场。
A.债券B.证券C.回购协议D.抵押贷款正确答案是：回购协议4、货币市场共同基金一般属于（）。
A.开放型基金B.封闭型基金C.公司型基金D.契约型基金正确答案是：开放型基金5、衡量货币市场基金表现好坏的标准是其（）。
A.风险系数B.投资收益率C.基金评级D.基金排名正确答案是：投资收益率6、货币市场就其结构而言，包括（）。
A.回购市场B.货币市场共同C.同业拆借市场D.商业票据市场正确答案是：同业拆借市场,回购市场,商业票据市场,货币市场共同7、回购协议市场的主要资金需求者包括（）A.非银行金融机构B.中央银行C.政府证券交易商D.商业银行正确答案是：商业银行,政府证券交易商8、商业票据市场的要素包括（）。
A.投资者B.信用评估C.发行者D.销售正确答案是：投资者,发行者,销售,信用评估9、货币市场共同基金提供一种有限制的存款账户。
正确答案是：“对”。
10、国库券被认为是没有违约风险的。
正确答案是：“对”。
11、从本质上说，回购协议是一种抵押贷款，其抵押品为证券。
正确的答案是“对”。
12、回购协议中证券的交付一般采用实物交付的方式。
13、美国银行法规定出售合规的银行承兑汇票所取得的资金不要求缴纳准备金。
正确的答案是“对”。
14、债券利息支出属于公司的（）。
A.直接成本B.费用范围C.营销经费D.利润正确答案是：费用范围15、政府债券的最初功能是（）。
A.弥补财政赤字B.便于调控宏观经济C.筹措建设资金D.便于金融调控正确答案是：弥补财政赤字16、按照我国的《个人所得税法》规定，下列收入中可免缴个人所得税的是（）。
第13章测试题单选题(每题6分,共5分)题目1在关于货币政策传导机制的理论中，托宾提出著名的Q理论,归属于（）.正确答案是：金融价格传导论题目2货币政策可选择的操作指标主要包括（）。
正确答案是：准备金和基础货币题目3在一般性货币政策工具中,效果较强烈的工具是( ）。
正确答案是：法定存款准备金政策题目4下列可能影响货币政策外部时滞的因素是( ).正确答案是:国际金融危机的冲击或扰动题目5货币政策的作用过程包含三个环节，不属于这三个环节的是( ）。
正确答案是:银行金融机构至非银行金融机构题目6再贴现政策的局限性主要包括（）。
正确答案是：主动权并非只在中央银行，调节作用有限，是中央银行利率, 可能加大金融机构的道德风险题目7货币政策框架主要包括货币政策的（）。
正确答案是：中介指标，政策目标, 政策工具, 操作指标题目8公开市场业务政策的优越性有（）。
正确答案是：主动性强, 灵活性强, 调控效果和缓，震动性小, 告示效应强题目9在其他货币政策工具中,属于直接信用控制的是（）.正确答案是：采用信用配额，规定金融机构流动性比率, 规定利率限额, 直接干预题目101994年《国务院关于金融体制改革的决定》明确提出，我国货币政策中介指标主要包括（）. 正确答案是：货币供应量，信用总量, 同业拆借利率，银行超额准备金率题目11货币传导论认为，货币政策操作以后，传导主要是通过金融资产价格和信贷渠道完成。
案解析：货币传导论认为主要通过货币量的变化传导.正确的答案是“错”。
题目12超额准备金由于不受中央银行直接控制，因而不能作为货币政策的操作指标.答案解析：超额准备金虽不由中央银行直接控制，却并不影响其可控性，它同时也符合其他三性原则，是重要的操作指标。
正确的答案是“错”。
题目13法定存款准备金政策通常被认为是货币政策最猛烈的工具之一。
因为它通过决定或改变货币乘数来影响货币供给，因此，即使准备金率调整的幅度很小，也会引起货币供应量的巨大波动.正确的答案是“对”。
1.通过投资者之间的公开竞价来产生发行价格的交易机制属于()。
A.固定价格机制B.浮动价格机制C.拍卖机制D.累计投标询价机制答案：C2.在现代经济中，银行信用仍然是最重要的融资形式。
以下对银行信用描述不正确的是()。
A.银行信用是在商业信用的基础上产生B.银行信用不可以由商业信用转化而来C.银行信用是以货币形式提供的信用D.银行在银行信用活动中充当信用中介的角色答案：B3.下列哪一项不能体现中央银行是“银行的银行”()。
A.发行货币B.最后贷款人C.组织全国范围内的资金清算D.集中存款准备金答案：A4.股东大会作出修改公司章程、增加或减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经出席会议的股东所持表决权的()以上通过。
A.2/3B.1/2C.3/4D.1/3答案：A5.下列哪个时期的创新是以逃避管制为主要特征的()。
A.20世纪60年代B.20世纪70年代C.20世纪80年代D.20世纪90年代答案：A6.货币市场有许多子市场，下列()不属于货币市场。
A.票据与贴现市场B.长期债券市场C.银行同业拆借市场D.回购市场答案：B7.金融互换交易的主要用途是改变交易者()的风险结构，从而规避相应的风险。
A.投资B.筹资C.生产经营D.资产或负债答案：D8.提出“利息剩余价值学说”的经济学家是()。
A.亚当·斯密B.庞巴维克C.马克思D.凯恩斯答案：A9.方先生将一笔10万元的资金投资在一个年收益率6%的工程项目中，试估算，大约经过()年这笔资金的本利和可以达到20万元。
A.10年B.11年C.12年D.13年答案：B10.下列哪种保险产品不属于人寿保险()。
A.定期寿险B.年金保险C.投资连结保险D.农业保险答案：D11.下列关于同业拆借的说法，错误的是()。
A.同业拆借是银行及其他金融机构之间进行短期的资金借贷B.借入资金称为拆入，贷出资金称为拆出C.同业拆借业务主要通过全国银行间债券市场进行D.同业拆借的利率随资金供求的变化而变化，常作为货币市场的基准利率答案：C12.上市公司申请发行新股，要求最近3年以现金或股票方式累计分配的利润不少于最近3年实现的平均()。
Chapter 15Why Do Financial Institutions Exist?Multiple Choice Questions1. Of the following sources of external finance for American nonfinancial businesses, the leastimportant is(a) loans from banks.(b) stocks.(c) bonds and commercial paper.(d) nonbank loans.Answer: B2. Of the following sources of external finance for American nonfinancial businesses, the mostimportant is(a) loans from banks.(b) stocks.(c) bonds and commercial paper.(d) nonbank loans.Answer: D3. Of the sources of external funds for nonfinancial businesses in the United States, bonds account forapproximately _________ of the total.(a) 10 percent(b) 20 percent(c) 30 percent(d) 50 percentAnswer: C4. Of the sources of external funds for nonfinancial businesses in the United States, stocks account forapproximately _________ of the total.(a) 10 percent(b) 20 percent(c) 30 percent(d) 40 percentAnswer: A186 Mishkin/Eakins •Financial Markets and Institutions, Fifth Edition5. With regard to external sources of financing for nonfinancial businesses in the United States, whichof the following are accurate statements?(a) Marketable securities account for a larger share of external business financing in the UnitedStates than in most other countries.(b) Since 1970, less than 5 percent of newly issued corporate bonds and commercial paper havebeen sold directly to American households.(c) The stock market accounted for the largest share of the financing of American businesses in the1970–2000 period.(d) All of the above.(e) Only (a) and (b) of the above.Answer: E6. With regard to external sources of financing for nonfinancial businesses in the United States, whichof the following are accurate statements?(a) Direct finance is used in less than 5 percent of the external financing of American businesses.(b) Only large, well-established corporations have access to securities markets to finance theiractivities.(c) Loans from banks and other financial intermediaries in the United States provide five timesmore financing of corporate activities than do stock markets.(d) All of the above.(e) Only (a) and (b) of the above.Answer: D7. (I) In the United States nonbank loans are the most important source of external funds fornonfinancial businesses. (II) In Germany and Japan, issuing stocks and bonds is the most important source of external for nonfinancial businesses.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: A8. Which of the following is not one of the eight basic facts about financial structure?(a) Debt contracts are typically extremely complicated legal documents that place substantialrestrictions on the behavior of the borrower.(b) Indirect finance, which involves the activities of financial intermediaries, is many times moreimportant than direct finance, in which businesses raise funds directly from lenders in financialmarkets.(c) Collateral is a prevalent feature of debt contracts for both households and business.(d) New security issues are the most important source of external funds to finance businesses.Answer: DChapter 15 Why Do Financial Institutions Exist? 1879. Which of the following is not one of the eight basic facts about financial structure?(a) The financial system is among the most heavily regulated sectors of the economy.(b) Issuing marketable securities is the primary way businesses finance their operations.(c) Indirect finance, which involves the activities of financial intermediaries, is many times moreimportant than direct finance, in which businesses raise funds directly from lenders in financialmarkets.(d) Financial intermediaries are the most important source of external funds to finance businesses.Answer: B10. Because information is scarce,(a) equity contracts are used much more frequently to raise capital than are debt contracts.(b) monitoring managers gives rise to costly state verification.(c) government regulations, such as standard accounting principles, can help reduce moral hazard.(d) all of the above are true.(e) only (b) and (c) of the above are true.Answer: E11. Which of the following best explains the recent decline in the role of financial intermediaries?(a) Private production and sale of information(b) Government regulation to increase information(c) Improvements in information technology(d) None of the above can explain the recent declineAnswer: C12. (I) The total cost of carrying out a transaction in financial markets increases proportionally with thesize of the transaction. (II) Financial intermediaries facilitate diversification when an investor has only a small sum to invest.(a) (I) is true; (II) is false(b) (I) is false; (II) is true(c) Both (I) and (II) are true(d) Both (I) and (II) are falseAnswer: B13. If bad credit risks are the ones who most actively seek loans and, therefore, receive them fromfinancial intermediaries, then financial intermediaries face the problem of(a) moral hazard.(b) adverse selection.(c) free-riding.(d) costly state verification.Answer: B14. If borrowers take on big risks after obtaining a loan, then lenders face the problem of(a) free-riding.(b) adverse selection.(c) moral hazard.(d) costly state verification.188 Mishkin/Eakins •Financial Markets and Institutions, Fifth Edition Answer: CChapter 15 Why Do Financial Institutions Exist? 189 15. Because of the lemons problem in the used car market, the average quality of the used cars offeredfor sale will be _________, which gives rise to the problem of _________.(a) low; moral hazard(b) low; adverse selection(c) high; moral hazard(d) high; adverse selectionAnswer: B16. In the used car market, asymmetric information leads to the lemons problem because the price thatbuyers are willing to pay will(a) reflect the highest quality of used cars in the market.(b) reflect the lowest quality of used cars in the market.(c) reflect the average quality of used cars in the market.(d) none of the above.Answer: C17. The problem created by asymmetric information before the transaction occurs is called _________,while the problem created after the transaction occurs is called _________(a) adverse selection; moral hazard.(b) moral hazard; adverse selection.(c) costly state verification; free-riding.(d) free-riding; costly state verification.Answer: A18. A borrower who takes out a loan usually has better information about the potential returns and riskof the investment projects he plans to undertake than does the lender. This inequality of information is called(a) moral hazard.(b) asymmetric information.(c) noncollateralized risk.(d) adverse selection.Answer: B19. Adverse selection is a problem associated with equity and debt contracts arising from(a) the lender’s relative lack of information about the borrower’s potential returns and risks of hisinvestment activities.(b) the lender’s inability to legally require sufficient collateral to cover a 100 percent loss if theborrower defaults.(c) the borrower’s lack of incentive to seek a loan for highly risky investments.(d) none of the above.Answer: A190 Mishkin/Eakins •Financial Markets and Institutions, Fifth Edition20. Moral hazard is a problem associated with debt and equity contracts arising from(a) the borrower’s incentive to undertake highly risky investments.(b) the owners’ inability to ensure that managers will act in the owners’ interest.(c) the difficulty lenders have in sorting out good credit risks from bad credit risks.(d) all of the above.(e) only (a) and (b) of the above.Answer: E21. Because of the adverse selection problem,(a) lenders may make a disproportionate amount of loans to bad credit risks.(b) lenders may refuse loans to individuals with low net worth.(c) lenders are reluctant to make loans that are not secured by collateral.(d) all of the above.Answer: D22. Because of the adverse selection problem,(a) good credit risks are more likely to seek loans, causing lenders to make a disproportionateamount of loans to good credit risks.(b) lenders may refuse loans to individuals with high net worth, because of their greater proclivityto “skip town.”(c) lenders are reluctant to make loans that are not secured by collateral.(d) all of the above.Answer: C23. The problem of adverse selection helps to explain(a) why banks prefer to make loans secured by collateral.(b) why banks have a comparative advantage in raising funds for American businesses.(c) why borrowers are willing to offer collateral to secure their promises to repay loans.(d) all of the above.(e) only (a) and (b) of the above.Answer: D24. The problem of adverse selection helps to explain(a) which firms are more likely to obtain funds from banks and other financial intermediaries, ratherthan from securities markets.(b) why collateral is an important feature of consumer, but not business, debt contracts.(c) why direct finance is more important than indirect finance as a source of business finance.(d) only (a) and (b) of the above.Answer: A25. The concept of adverse selection helps to explain(a) why collateral is not a common feature of many debt contracts.(b) why large, well-established corporations find it so difficult to borrow funds in securities markets.(c) why financial markets are among the most heavily regulated sectors of the economy.(d) all of the above.Answer: CChapter 15 Why Do Financial Institutions Exist? 191 26. That most used cars are sold by intermediaries (i.e., used car dealers) provides evidence that theseintermediaries(a) have been afforded special government treatment, since used car dealers do not provideinformation that is valued by consumers of used cars.(b) are able to prevent potential competitors from free-riding off the information that they provide.(c) have failed to solve adverse selection problems in this market because “lemons” continue to betraded.(d) do all of the above.Answer: B27. That most used cars are sold by intermediaries (i.e., used car dealers) provides evidence that theseintermediaries(a) provide information that is valued by consumers of used cars.(b) are able to prevent others from free-riding off the information that they provide.(c) can profit by becoming experts in determining whether an automobile is a good car or a lemon.(d) do all of the above.Answer: D28. A key finding of the economic analysis of financial structure is that(a) the existence of the free-rider problem for traded securities helps to explain why banks play apredominant role in financing the activities of businesses.(b) while free-rider problems limit the extent to which securities markets finance some businessactivities, nevertheless the majority of funds going to businesses are channeled throughsecurities markets.(c) given the great extent to which securities markets are regulated, free-rider problems are not ofsignificant economic consequence in these markets.(d) economists do not have a very good explanation for why securities markets are so heavilyregulated.Answer: A29. In the United States, the government agency requiring that firms, which sell securities in publicmarkets, adhere to standard accounting principles and disclose information about their sales, assets, and earnings is the(a) Federal Corporate Securities Commission.(b) Federal Trade Commission.(c) Securities and Exchange Commission.(d) U.S. Treasury Department.(e) Federal Reserve System.Answer: C30. An audit certifies that(a) a firm’s loans will be repaid.(b) a firm’s securities are safe investments.(c) a firm abides by standard accounting principles.(d) the information reported in a firm’s accounting statements is correct.Answer: C192 Mishkin/Eakins •Financial Markets and Institutions, Fifth Edition31. The authors’ analysis of adverse selection indicates that financial intermediaries in general, andbanks in particular (because they hold a large fraction of non-traded loans),(a) have advantages in overcoming the free-rider problem, helping to explain why indirect financeis a more important source of business finance than is direct finance.(b) play a greater role in moving funds to corporations than do securities markets as a result of theirability to overcome the free-rider problem.(c) provide better-known and larger corporations a higher percentage of their external funds thanthey do to newer and smaller corporations, which rely to a greater extent on the new issuesmarket for funds.(d) all of the above.(e) only (a) and (b) of the above.Answer: E32. The authors’ analysis of adverse selection indicates that financial intermediaries(a) overcome free-rider problems by holding non-traded loans.(b) must buy securities from corporations to diversify the risk that results from holding non-tradableloans.(c) have not been very successful in dealing with adverse selection problems in financial markets.(d) do all of the above.(e) do only (a) and (b) of the above.Answer: A33. The pecking order hypothesis predicts that the _________ a corporation is, the more likely it will beto _________.(a) smaller and less well known; issue securities(b) larger and more well known; borrow from financial intermediaries(c) larger and more well known; issue securities(d) smaller and less well known; need external financingAnswer: C34. Financial intermediaries and, particularly, banks have the ability to avoid the free-rider problem aslong as they primarily(a) make private loans.(b) acquire a diversified portfolio of stocks.(c) buy junk bonds.(d) do a balanced combination of (a) and (b) of the above.Answer: A35. Property that is pledged to the lender in the event that a borrower cannot make his or her debtpayment is called(a) points.(b) interest.(c) collateral.(d) good faith money.Answer: CChapter 15 Why Do Financial Institutions Exist? 19336. Collateral is(a) property that is pledged to the lender if a borrower cannot make his or her debt payments.(b) a prevalent feature of debt contracts for households.(c) a prevalent feature of debt contracts for business.(d) all of the above.(e) only (a) and (c) of the above.Answer: D37. The majority of household debt in the United States consists of(a) credit card debt.(b) consumer installment debt.(c) collateralized loans.(d) unsecured loans, such as student loans.Answer: C38. Commercial and farm mortgages, in which property is pledged as collateral, account for(a) one-quarter of borrowing by nonfinancial businesses.(b) one-half of borrowing by nonfinancial businesses.(c) one-twentieth of borrowing by nonfinancial businesses.(d) two-thirds of borrowing by nonfinancial businesses.Answer: A39. Because of the moral hazard problem,(a) lenders will write debt contracts that restrict certain activities of borrowers.(b) lenders will more readily lend to borrowers with high net worth.(c) debt contracts are used less frequently to raise capital than are equity contracts.(d) all of the above.(e) only (a) and (b) of the above.Answer: E40. Moral hazard in equity contracts is known as the _________ problem because the manager of thefirm has fewer incentives to maximize profits than the stockholders might ideally prefer.(a) principal-agent(b) adverse selection(c) free-rider(d) debt deflationAnswer: A41. Because managers (_________) have less incentive to maximize profits than the stockholders-owners (_________) do, stockholders find it costly to monitor managers; thus, stockholders arereluctant to purchase equities.(a) principals; agents(b) principals; principals(c) agents; agents(d) agents; principalsAnswer: D194 Mishkin/Eakins •Financial Markets and Institutions, Fifth Edition42. The principal-agent problem(a) occurs when managers have more incentive to maximize profits than the stockholders-owners do.(b) would not arise if the owners of the firm had complete information about the activities of themanagers.(c) in financial markets helps to explain why equity is a relatively important source of finance forAmerican business.(d) all of the above.(e) only (a) and (b) of the above.Answer: B43. Solutions to the moral hazard problem include(a) high net worth.(b) monitoring and enforcement of restrictive covenants.(c) greater reliance on equity contracts and less on debt contracts.(d) all of the above.(e) only (a) and (b) of the above.Answer: E44. One financial intermediary in our financial structure that helps to reduce the moral hazard arisingfrom the principal-agent problem is the(a) venture capital firm.(b) money market mutual fund.(c) pawn broker.(d) savings and loan association.Answer: A45. A venture capital firm protects its equity investment from moral hazard through which of thefollowing means?(a) It places people on the board of directors to better monitor the borrowing firm’s ac tivities.(b) It writes contracts that prohibit the sale of an equity investment to anyone but the venturecapital firm.(c) It prohibits the borrowing firm from replacing its management.(d) It does both (a) and (b) of the above.(e) It does both (a) and (c) of the above.Answer: D46. Debt contracts(a) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.(b) have an advantage over equity contracts in that they have a lower cost of state verification.(c) are used much more frequently to raise capital than are equity contracts.(d) all of the above.(e) only (a) and (b) of the above.Answer: D47. Equity contracts account for a small fraction of external funds raised by American businessesbecause(a) costly state verification makes the equity contract less desirable than the debt contract.(b) there is greater scope for moral hazard problems under equity contracts, as compared to debtcontracts.(c) equity contracts do not permit borrowing firms to raise additional funds by issuing debt.(d) all of the above.(e) both (a) and (b) of the above.Answer: E48. A debt contract is said to be incentive compatible if(a) the borrower’s net worth reduces the probability of moral hazard.(b) restrictive covenants limit the type of activities that can be undertaken by the borrower.(c) both (a) and (b) of the above occur.(d) neither (a) nor (b) of the above occur.Answer: A49. A debt contract is more likely to be incentive compatible if(a) the company must follow standard accounting principles.(b) the funds are provided by a venture capital firm.(c) owners of the firm have more of their own money in the business.(d) all of the above.(e) only (b) and (c).Answer: C50. A clause in a mortgage loan contract requiring the b orrower to purchase homeowner’s insurance isan example of(a) a restrictive covenant.(b) a collusive agreement between mortgage lenders and insurance companies.(c) both (a) and (b) of the above.(d) neither (a) and (b) of the above.Answer: A51. A debt contract that specifies that the company can only use the funds to finance certain activities(a) is a private loan.(b) contains a restrictive covenant.(c) increases the problem of adverse selection.(d) all of the above.(e) only (a) and (b).Answer: B52. Which of the following are accurate statements concerning the role that restrictive covenants play inreducing moral hazard in financial markets?(a) Covenants reduce moral hazard by restricting borrowers’ undesirable behavior.(b) Covenants require that borrowers keep collateral in good condition.(c) Covenants require periodic accounting statements and income reports.(d) All of the above.(e) Only (a) and (b) of the above.Answer: D53. Although restrictive covenants can potentially reduce moral hazard, a problem with restrictivecovenants is that(a) borrowers may find loopholes that make the covenants ineffective.(b) they are costly to monitor and enforce.(c) too many resources may be devoted to monitoring and enforcing them, as debtholders duplicateothers’ monitoring and enforcement efforts.(d) all of the above.(e) only (a) and (b) of the above.Answer: E54. Governments in developing countries sometimes adopt policies that retard the efficient operation oftheir financial systems. These actions include policies that(a) prevent lenders from foreclosing on borrowers with political clout.(b) nationalize banks and direct credit to politically-favored borrowers.(c) make it costly to collect payments and collateral from defaulting debtors.(d) do all of the above.(e) do only (a) and (b) of the above.Answer: D55. Financial crises(a) are major disruptions in financial markets that are characterized by sharp declines in asset pricesand the failures of many financial and nonfinancial firms.(b) occur when adverse selection and moral hazard problems in financial markets become moresignificant.(c) frequently lead to sharp contractions in economic activity.(d) all of the above.(e) only (a) and (b) of the above.Answer: D56. Financial crises(a) cause failures of financial intermediaries and leave only securities markets to channel fundsfrom savers to borrowers.(b) are a recent phenomenon that occurs only in developing countries.(c) invariably lead to debt deflation.(d) all of the above.(e) none of the above.Answer: E57. Factors that lead to worsening conditions in financial markets include(a) increases in interest rates.(b) declining stock prices.(c) increasing uncertainty in financial markets.(d) all of the above.(e) only (a) and (b) of the above.Answer: D58. Factors that lead to worsening conditions in financial markets include(a) declining interest rates.(b) unanticipated increases in the price level.(c) bank panics.(d) only (a) and (c) of the above.(e) only (b) and (c) of the above.Answer: C59. If the anatomy of a financial crisis is thought of as a sequence of events, which of the followingevents would be least likely to be the initiating cause of the financial crisis?(a) Increase in interest rates(b) Bank panic(c) Stock market decline(d) Increase in uncertaintyAnswer: B60. An examination of past financial crises in the United States indicates that a bank panic hastypically been(a) the one key factor that initiates a financial crisis.(b) a consequence of worsening conditions during a financial crisis.(c) the result of declining interest rates that raised adverse selection problems.(d) an event that is unrelated to financial crises.Answer: B61. Most financial crises in the United States have begun with(a) a steep stock market decline.(b) an increase in uncertainty resulting from the failure of a major firm.(c) a steep decline in interest rates.(d) all of the above.(e) only (a) and (b) of the above.Answer: E62. Most financial crises in the United States have begun with(a) a sharp rise in interest rates.(b) a steep stock market decline.(c) an increase in uncertainty resulting from the failure of a major firm.(d) all of the above.(e) only (a) and (b) of the above.Answer: D63. In addition to having a direct effect on increasing adverse selection problems, increases in interestrates also promote financial crises by _________ firms’ and households’ interest payments, thereby _________ their cash flow.(a) increasing; increasing(b) increasing; decreasing(c) decreasing; increasing(d) decreasing; decreasingAnswer: B64. Deterioration in a firm’s balance sheet and a decline in net worth, which increases adverse selectionand moral hazard problems, can be caused by(a) a sharp drop in the price level.(b) a sharp increase in uncertainty.(c) a sharp depreciation of the domestic currency.(d) all of the above.(e) only (a) and (c).Answer: E65. Adverse selection and moral hazard problems increased in magnitude during the early years of theGreat Depression as(a) stock prices declined to 10 percent of their level in 1929.(b) banks failed.(c) the aggregate price level declined.(d) a result of all of the above.(e) a result of (a) and (b) of the above.Answer: D66. Adverse selection and moral hazard problems increased in magnitude during the early years of theGreat Depression as(a) stock prices declined to 10 percent of their level in 1929.(b) banks failed.(c) the aggregate price level rose.(d) a result of all of the above.(e) a result of (a) and (b) of the above.Answer: E67. Financial crises in the United States and Mexico(a) were similar in being precipitated by an increase in interest rates abroad.(b) were different because in Mexico speculative attacks in the foreign exchange market played akey role.(c) were similar in being preceded by stock market declines.(d) all of the above.(e) only (a) and (c).Answer: D68. Stock market declines preceded a full blown financial crisis(a) in the United States in 1987.(b) in Thailand in 1997.(c) in Indonesia in 1997.(d) all of the above.(e) only (b) and (c).Answer: B69. Which of the following factors led up to the Mexican financial crisis of 1994?(a) Speculative attacks on the peso and a rise in actual and expected inflation.(b) A rise in domestic interest rates and a deterioration in bank balance sheets.(c) A rise in foreign interest rates and domestic stock market declines.(d) all of the above.(e) only (b) and (c).Answer: E70. Institutional features of debt markets in Asia that propelled several countries into financial crisisinclude(a) debt contracts with long duration.(b) firms with debt denominated in U.S. dollars.(c) governments that could not intervene to protect depositors.(d) all of the above.(e) only (a) and (c).Answer: B71. Argentina’s 2001–2002 financial crisis was precipitated by(a) a weak and poorly supervised banking system.(b) a lending boom that fueled a stock market bubble.(c) difficulty financing a large budget deficit.(d) a decline in interest rates.Answer: CTrue/False1. American businesses get more funds from direct financing than from indirect financing.Answer: FALSE2. American businesses use stock to finance about 10 percent of their external financing.Answer: TRUE3. One reason why indirect financing is used is to minimize adverse selection problems.Answer: TRUE4. Issuing marketable securities is the primary way businesses finance their operations.Answer: FALSE5. Because of the adverse selection problem, lenders may refuse loans to individuals with low networth.Answer: TRUE6. The concept of adverse selection helps to explain why indirect finance is more important than directfinance as a source of business finance.Answer: TRUE7. The problem of adverse selection helps to explain why direct finance is more important than indirectfinance as a source of business finance.Answer: FALSE8. The concept of adverse selection helps explain why collateral is an important feature of many debtcontracts.Answer: TRUE9. One way of describing the solution that high net worth provides to the moral hazard problem is tosay that it makes debt contracts incentive compatible.Answer: TRUE10. Factors that lead to worsening conditions in financial markets include increasing interest rates andunanticipated increases in the price level.Answer: FALSE11. Economies of scale mean that the percentage return on a financial transaction rises as the size of thetransaction rises.Answer: FALSE12. Agency theory focuses on how government agencies regulate financial intermediaries and markets.Answer: FALSE13. The principal-agent problem is an example of the adverse selection problem that can result fromasymmetric information.Answer: FALSE。
