米什金 货币金融学 英文版习题答案chapter 22英文习题

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

Perspective

14.1 Origins of the Federal Reserve System

1) The First Bank of the United States

A) 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: A

AACSB: Reflective Thinking

2) The Second Bank of the United States

A) 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: B

AACSB: Reflective Thinking

3) The public's fear of centralized power and distrust of

moneyed interests led to the demise of the first two experiments

货币金融学课后答案

1、 假如我今天以5000美元购买一辆汽车,明年我就可以赚取10000额外收入,因为拥有了这辆车,我就可以成为推销员。假如没有人愿意贷款给我,我就是否应该从放高利贷者拉利处以90%得利率贷款呢？您能否列出高利贷合法得依据？

我应该去找高利贷款,因为这样做得结果会更好。我支付得利息就是4500(90%×5000),但实际上,我赚了10000美元,所以我最后赚得了5500美元。因为拉利得高利贷会使一些人得结果更好,所以高利贷会产生一些社会效益。(一个反对高利贷得观点认为它常常会造成一种暴利活动)。

2、“在没有信息与交易成本得世界里,不会有金融中介机构得存在。”这种说法就是正确得、错误得还就是不确定？说明您得理由。

正确。如果没有信息与交易成本,人们相互贷款将无成本无代价进行交易,因此金融机构就没有存在得必要了。

3、 风险分担就是如何让金融中介机构与私人投资都从中获益得？

风险分担就是指金融中介机构所设计与提供得资产品种得风险在投资者所承认得范围之内,之后,金融中介机构将销售这些资产所获取得资产去购买风险大得多得资产。

低交易成本允许金融中介机构以较低得成本进行风险分担,使得它们能够获取风险资产得收益与出售资产得成本间得差额,这也就是金融中介机构得利润。

对投资者而言,金融资产被转化为安全性更高得资产,减少了其面临得风险。

4、 在美国,货币就是否在20世纪50年代比70年代能更好地发挥价值储藏得功能？为什么？在哪一个时期您更愿意持有货币？

在美国,货币作为一种价值储藏手段,在20世纪50年代比70年代好。因为50年代比70年代通货膨胀率更低,货币贬值得贬值程度也较低。

货币作为价值储藏手段得优劣取决于物价水平,因为货币价值依赖于价格水平。在通货膨胀时期,物价水平迅速上升,货币也急速贬值,人们也就不愿意以这种形式来持有财富。因此,人们在物价水平比较稳定得时期更愿意持有货币。

5、 为什么有些经济学家将恶性通货膨胀期间得货币称做“烫手得山芋”,在人们手中快速传递？

1 Copyright © 2019 Pearson Education, Inc. Economics of Money, Banking, and Financial Markets, 12e (Mishkin) Chapter 26 Web Chapter 1: Financial Crises in Emerging Market Economies 26.1 Dynamics of Financial Crises in Emerging Market Economies 1) Financial crises generally develop along two basic paths A) mismanagement of financial liberalization/globalization and severe fiscal imbalances. B) stock market declines and severe fiscal imbalances. C) mismanagement of financial liberalization/globalization and stock market declines. D) stock market declines and unanticipated declines in the value of the domestic currency. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 2) In emerging market countries, the deterioration in bank's balance sheets has more ________ effects on lending and economic activity than in advanced countries. A) negative B) positive C) affirming D) advancing Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 3) All of the following might create problems from financial liberalization in emerging countries EXCEPT A) ineffective screening of borrowers. B) limits on risk-taking. C) lax government supervision of banks. D) lenders failure to monitor borrowers. Answer: B Ques Status: Previous Edition AACSB: Reflective Thinking 4) The mismanagement of financial liberalization in emerging market countries can be understood as a severe A) principal/agent problem. B) asymmetric information problem. C) lemons problem. D) free-rider problem. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 2 Copyright © 2019 Pearson Education, Inc. 5) Factors likely to cause a financial crisis in emerging market countries include A) severe fiscal imbalances. B) decreases in foreign interest rates. C) a foreign exchange crisis. D) too strong oversight of the financial industry. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 6) The two key factors that trigger speculative attacks on emerging market currencies are A) deterioration in bank balance sheets and severe fiscal imbalances. B) deterioration in bank balance sheets and low interest rates abroad. C) low interest rates abroad and severe fiscal imbalances. D) low interest rates abroad and rising asset prices. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 7) Severe fiscal imbalances can directly trigger a currency crisis since A) investors fear that the government may not be able to pay back the debt and so begin to sell domestic currency. B) the government may stop printing money. C) the government may have to cut back on spending. D) the currency must surely increase in value. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 8) In emerging market countries, many firms have debt denominated in foreign currency like the dollar or yen. A depreciation of the domestic currency A) results in increases in the firm's indebtedness in domestic currency terms, even though the value of their assets remains unchanged. B) results in an increase in the value of the firm's assets. C) means that the firm does not owe as much on their foreign debt. D) strengthens their balance sheet in terms of the domestic currency. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 9) A sharp depreciation of the domestic currency after a currency crisis leads to A) higher inflation. B) lower import prices. C) lower interest rates. D) decrease in the value of foreign currency-denominated liabilities. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 3 Copyright © 2019 Pearson Education, Inc. 10) The key factor leading to the financial crises in Mexico and the East Asian countries was A) a deterioration in banks' balance sheets because of increasing loan losses. B) severe fiscal imbalances. C) a sharp increase in the stock market. D) a sharp decline in interest rates. Answer: A Ques Status: Previous Edition AACSB: Application of Knowledge 11) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets include A) failure of the Mexican oil monopoly. B) the ratification of the North American Free Trade Agreement. C) increased uncertainty from political shocks. D) decline in interest rates. Answer: C Ques Status: Previous Edition AACSB: Application of Knowledge 12) Factors that led to worsening financial market conditions in East Asia in 1997-1998 include A) weak supervision by bank regulators. B) a rise in interest rates abroad. C) unanticipated increases in the price level. D) increased uncertainty from political shocks. Answer: A Ques Status: Previous Edition AACSB: Application of Knowledge 13) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets, but did not lead to worsening financial market conditions in East Asia in 1997-1998 include A) rise in interest rates abroad. B) bankers' lack of expertise in screening and monitoring borrowers. C) deterioration of banks' balance sheets because of increasing loan losses. D) stock market decline. Answer: A Ques Status: Previous Edition AACSB: Application of Knowledge 14) Argentina's financial crisis was due to A) poor supervision of the banking system. B) a lending boom prior to the crisis. C) fiscal imbalances. D) lack of expertise in screening and monitoring borrowers at banking institutions. Answer: C Ques Status: Previous Edition AACSB: Application of Knowledge

1 / 16 十万种考研考证电子书、题库视频学习平台 圣才电子书 第3章 什么是货币 3.1 复习笔记 1．货币的含义 （1）货币（money）是在商品和劳务支付或债务偿还中被普遍接受的东西，包括可用于购物的通货（纸币和硬币）、活期存款和其他形式能用于支付的货币。 （2）财富（wealth）是作为价值储藏的各项财产的总和，不仅包括货币，还包括其他各种资产，比如债券、普通股、艺术品、土地、家具、汽车和房产等。 （3）收入（income）是指在单位时间内收益的流量，而货币是存量概念，是某一特定时点上的一个确定的金额。 2．货币的功能 货币在任何经济社会中都有三个基本功能：交易媒介、记账单位、价值贮藏。 （1）交易媒介 货币的交易媒介功能是指货币被用来购买产品和服务。货币的交易媒介功能能够极大地减少花费在交换物品和劳务上的时间，从而提高经济运行效率。 对于任何行使交易媒介功能的商品来说，它必须满足几个条件：①便于标准化，其价值易于确定；②被广泛接受；③易于分割，以方便“找零”；④便于携带；⑤不易变质。 （2）记账单位 货币的记账单位功能是指货币用于衡量经济社会中的价值。

2 / 16 十万种考研考证电子书、题库视频学习平台 圣才电子书 由于货币的记账功能的发挥，需要考虑的价格数量减少，从而减少经济社会中的交易成本。 （3）价值储藏 价值储藏是一种超越时间的购买力的储藏。利用货币的价值储藏功能将取得收入和支出的时间分离开来。 流动性，即某项资产转化为交易媒介的相对难易和快慢程度。 货币是所有资产中流动性最高的，因为它本身就是交易媒介，它不需要转换为任何东西，直接就表现为购买力。其他资产在转化为货币的时候，还涉及到交易成本。货币是最具流动性的资产这一事实，就解释了为什么人们愿意持有货币，尽管它不是最好的价值储藏手段。 货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。 3．支付体系的演进 （1）支付体系（payments system）是指经济社会中进行交易的方法。支付制度在不同的时期一直在发展变化，而货币形式也在随之发展变化。支付制度的演变过程如下：商品货币→不兑现纸币→支票→电子支付→电子货币。 （2）电子货币（也称为e货币）是一种电子化存储的货币，它有以下几种形式：借记卡、储值卡、电子现金。 4．货币的计量 货币被定义为在购买产品和服务时被普遍接受的任何东西，这告诉我们货币通过人们的行为来定义。某种资产能否成为货币取决于人们是否相信在进行支付时它会被他人所接受。 （1）联邦储备体系的货币总量