金融学学习手册电子稿有答案整理稿

兹维博迪金融学答案【篇一：投资学博迪第九版中文答案第一章】题集1．的确,实际资产决定经济的物质享受。

然而,当金融工程创建新产品时, 个人可以受益，可以让他们更有效地管理金融资产投资组合。

因为对于不同的风险来源，捆绑和拆分创造具有新属性和敏感性的金融产品,能让投资者更有效地对冲特定来源的风险。

2．证券化需要大量的潜在投资者。

为了吸引这些投资者,资本市场需求:1。

一个安全系统的商业法律和概率低的没收的税收法律/法规;2。

一个成熟的投资银行业;3。

成熟的经纪和金融交易系统,;4。

发达的媒介,尤其是财务报告。

这些特征在一个发达的金融市场中具有。

3．证券化导致金融脱媒;也就是说,证券化为市场参与者提供了一个手段绕过中介。

例如,抵押贷款支持证券是房地产市场获得资金不需要通过银行或储蓄机构发放贷款的投资组合。

随着资产证券化的发展,金融中介机构必须增加其他活动，例如向消费者和小型企业提供短期流动性,金融服务。

4．金融资产使大公司筹集支持实物资产投资的资本变得容易。

如果福特,例如,可以不向公众发行股票或债券,这将更难以筹集资金。

紧缩金融资产的供应将使融资更加困难,从而增加了资本成本。

更高的资本成本导致更少的投资和较低的实际增长。

5．即使公司不需要发行股票，股票市场对于财务经理依然很重要。

股票价格提供关于公司投资项目的市场价值的重要信息。

例如，如果股票价格大幅上涨，经理可能得出结论，认为公司的前景是光明的。

这对于公司继续投资扩大资产业务可能是个有用的信号。

此外，股票可以在二级市场交易是对初始投资者更具吸引力的方面，因为他们知道他们可以出售股票。

反过来这会使得市场投资者更愿意购买初始股票，从而使得公司更容易在股市筹集资金。

6． a、不会，价格的增加不会增加经济的生产能力。

b、是的，股票在这些资产的价值增加了。

c、未来业主作为一个整体更糟，因为抵押贷款债务也增加了。

此外，这个房价泡沫最终会破裂，社会作为一个整体将承受损失。

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.。

国际金融学(含答案)一、引言随着全球化进程的加速，国际金融学作为一门研究国际资本流动、金融市场、货币政策和汇率制度等方面的学科，日益受到广泛关注。

本文将对国际金融学中的一些核心概念和问题进行探讨，并给出相应的解答。

二、国际资本流动国际资本流动是指跨国界的资本流动，包括直接投资、证券投资和其他投资。

国际资本流动对全球经济发展具有重要意义，但同时也带来了一定的风险。

问题1：国际资本流动的主要原因是什么？解答：国际资本流动的主要原因包括以下几点：1. 利率差异：投资者寻求更高的投资回报，从而在全球范围内进行资本配置。

2. 投资多样化：投资者通过在不同国家和地区的投资，降低投资风险。

3. 投资环境：包括政策、法律、市场潜力等因素，吸引跨国公司进行投资。

三、汇率制度汇率制度是指一个国家或地区确定其货币与其他货币比价的制度。

汇率制度对国际贸易、投资和货币政策产生重要影响。

问题2：固定汇率制度和浮动汇率制度各有何优缺点？解答：固定汇率制度优点是汇率稳定，有利于国际贸易和投资，缺点是容易产生货币高估或低估，导致国际收支失衡。

浮动汇率制度优点是能够自动调节国际收支，缺点是汇率波动较大，可能对经济产生冲击。

四、国际金融市场国际金融市场是指全球范围内的金融市场，包括货币市场、债券市场、股票市场、外汇市场等。

国际金融市场为全球投资者提供了融资和投资渠道，对全球经济发展具有重要作用。

问题3：国际金融市场的风险有哪些？解答：国际金融市场的风险主要包括以下几点：1. 市场风险：包括利率风险、汇率风险、股价风险等。

2. 信用风险：借款人违约或信用评级下降，导致投资者损失。

3. 流动性风险：市场流动性不足，导致投资者无法及时买卖资产。

4. 操作风险：交易过程中的操作失误、技术故障等。

五、货币政策货币政策是指中央银行通过调整货币供应量、利率等手段，实现宏观经济目标的一种政策。

货币政策对国际金融体系产生重要影响。

问题4：货币政策如何影响国际金融市场？解答：货币政策对国际金融市场的影响主要体现在以下几个方面：1. 利率：利率调整影响国际资本流动，进而影响汇率、股票、债券等市场。

金融学习题集答案(2022年.12)0、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。

这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具，如商业票据、可转让存单、国库券、金融债券、保险单、契约等。

广义货币扩大了货币的范围，包括了一切可能成为现实购买力的货币形式。

对于研究货币流通整体状况和对未来货币流通的预测都有独特作用。

5. 准货币答：准货币，也称亚货币。

一般将广义货币口径中除狭义货币以外的部分称为准货币或亚货币。

包括活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。

这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具，如商业票据、可转让存单、国库券、金融债券、保险单、契约等。

准货币本身虽非真正的货币，但由于它们在经过一定的手续后，能比较容易地转化为现实的购买力，加大流通中的货币供应量。

所以，也称为近似货币。

6. 实物货币答：实物货币是指以自然界存在的某种物品或人们生产出来的某种物品来充当的货币。

最初的实物货币形式五花八门，各地、各国和各个时期各不相同。

例如，在__历史上，充当过实物货币的物品种类就有：龟壳、海贝、布匹、农具、耕牛等。

实物货币的缺点在于：不易分割和保存、不便携带，而且价值不稳定，很难满足商品交换的需要。

所以，它不是理想的货币形式，随后被金属货币所取代。

7. 流动性答：在经济学中，“流动性”是指某种资产以较小的代价转化为现实购买力的便利性。