貨幣銀行學(xué)題目自選復(fù)習(xí).doc

CH1 Why Study Money, Banking, and Financial Markets?1. 為什么金融市場對于經(jīng)濟的健康運行至關(guān)重要？They channel funds from people who do not have a productive use for them to people who do, thereby resulting in higher economic efficiency.2. 外匯匯率的變化會對金融機構(gòu)的盈利產(chǎn)生怎樣的影響？Changes in foreign exchange rates change the value of assets held by financial institutions and thus lead to gains and losses on these assets. Also changes in foreign exchange rates affect the profits made by traders in foreign exchange who work for financial institutions.3. 當(dāng)美元相對于其他國家的貨幣的價值上升時，你更愿意買美國產(chǎn)的還是外國產(chǎn)的褲子？美國生產(chǎn)褲子的企業(yè)更愿意看到美元走強還是走弱？美國進口褲子的貿(mào)易公司會受到美元匯率怎樣的影響？foreign goods become less expensive relative to American goods; you are more likely to buy French-made jeans. The resulting drop in demand for American-made jeans because of the strong dollar hurts American jeans manufacturers. On the other hand, the American company that imports jeans into US now finds that the demand for its product has risen, so it is better off when the dollar is strong.4. 國外投資者持有的美國債務(wù)主要是政府債券和國庫券，美元匯率的變動會如何影響外國投資者所持有的美元債務(wù)的價值？As the dollar becomes stronger relative to a foreign currency, one dollar is equivalent to more foreign currency. A stronger dollar will yield more home currency to foreigners, so the asset will be worth more to foreign investors. Likewise, a weak dollar will lead to foreign bond holdings worth less to foreigners.5. 當(dāng)利率上升時，每個人的情況都會變壞嗎？No. It is true that people who borrow to purchase a house or a car are worse off because it costs them more to finance their purchase; however, savers benefit because they can earn higher interest rates on their savings.CH2 What is money？1. 為什么通貨不是恰當(dāng)?shù)呢泿庞嬃恐笜?biāo)？If currency can be used as money, a lot of other assets have liquidity properties that are similar to currency, not counting them would understate an economys access to liquidity for transactions purposes. For this reason, counting assets such as checking deposits or savings accounts more accurately reflects the stock of assets that can be considered money.2. 如果你使用諸如Paypal之類的在線支付體系在網(wǎng)上購買產(chǎn)品和服務(wù)，會影響到M1貨幣供給量還是M2貨幣供給量，抑或兩類貨幣供給量都會或者都不會被影響？Neither. PayPal and many other e-money systems do not count in the M1 or M2. Because PayPal and similar payment systems are generally credit-based, this requires payment at a future date for funds used today; those future payments must be made using existing money that is already in the system, such as currency or funds in a bank deposit account. In other words, the M1 and M2 money supplies would theoretically remain the same, but money would move from your checking account to a third party, once the credit transaction is settled.CH9 banking and the management of financial institution1. If the president of a bank told you that the bank was so well run that it has never had to call in loans, sell securities, or borrow as a result of a deposit outflow, would you be willing to buy stock in that bank? Why or why not? 如果銀行行長告訴你：他的銀行經(jīng)營狀況非常好，及時出現(xiàn)存款外流，也無需收獲貸款出售證券或者借款，你是否買這家銀行股票，為什么？No, because the bank president is not managing the bank well. The fact means that the bank is holding a lot of reserves that do not earn any interest. So the banks profits are low, and stock in the bank is not a good investment.2. “Because diversification is a desirable strategy for avoiding risk, it never makes sense for a bank to specialize in making specific types of loans.” Is this statement true, false, or uncertain? Explain your answer.因為多元化是避免風(fēng)險的重要策略，因此銀行永遠不應(yīng)當(dāng)專門從事某種特定類型的貸款。對還是錯，為什么False. Although diversification is a desirable strategy for a bank, it may still make sense for a bank to specialize in certain types of lending. For example, a bank may have developed expertise in screening and monitoring borrowers for a particular kind of loan, thus improving its ability to handle problems of adverse selection and moral hazard3. If you are a banker and expect interest rates to rise in the future, would you prefer to make short-term loans or long-term loans? 預(yù)計未來利率會上升，這時你愿意發(fā)放長期還是短期貸款？You should want to make short-term loans. Then, when these loans mature, you will be able to make new loans at higher interest rates, which will generate more income for the bank.4. Suppose you are the manager of a bank hose $100 billion of assets have an average duration of four years and whose $90 billion of liabilities have an average duration of six years. Conduct a duration analysis for the bank, and show what will happen to the net worth of the bank if interest rates rise by 2 percentage points. What actions could you take to reduce the banks interest-rate risk?the assets fall in value by $8 million while the liabilities fall in value by $10.8 million, the net worth of the bank rises by $2.8 million. The interest-rate risk can be reduced by shortening the maturity of the liabilities to a duration of four years or lengthening the maturity of the assets to a duration of six years. Alternatively, you could engage in an interest-rate swap, in which you swap the interest earned on your assets with the interest on another banks assets that have a duration of six years.5. 為什么隔夜貸款市場的發(fā)展使得銀行更可能持有較少的超額準(zhǔn)備金？Because when a deposit outflow occurs, a bank is able to borrow reserves in these 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.6. 如果銀行的資本金較之法定準(zhǔn)備金要求少了100萬，銀行可以做哪三件事情來解決？It can raise $1 million of capital by issuing new stock.It can cut its dividend payments by $1 million.It can decrease the amount of its assets.CH11 Banking industry: structure and competition1. 哪個監(jiān)管機構(gòu)主要負責(zé)監(jiān)管一下所列的商業(yè)銀行種類？a. 國民銀行，b.銀行持股公司，c.非美聯(lián)儲成員的州銀行 d.美聯(lián)儲成員的州銀行 e.聯(lián)邦注冊的儲蓄與貸款協(xié)會 f.聯(lián)邦注冊的信用社（a）Office of the Comptroller of the Currency; (b) the Federal Reserve; (c) state banking authorities and the FDIC; (d) the Federal Reserve; (e) Office of Thrift Supervision; (f) National Credit Union Administration.2. 為什么新技術(shù)加大了限制銀行分支機構(gòu)的難度？New technologies are frequently shared by several banks, so these facilities are not classified as branches. They can be used by banks to escape limitations on offering services in other states and on branching.3. 如果按照一些經(jīng)濟學(xué)家的提議，未來取消法定準(zhǔn)備金制度，這會對貨幣市場共同基金的規(guī)模產(chǎn)生怎樣的影響？Money market mutual funds avoid the tax effect of reserve requirements and have a cost advantage over banks in acquiring funds. Eliminating reserve requirements would reduce the cost advantage of money market mutual funds and would reduce their size.4. “在加拿大，只有幾家大銀行主宰整個行業(yè)，而美國有5700家，因此，加拿大商業(yè)銀行業(yè)不如美國競爭性強。”對還是錯，為什么？False. This does not mean that the American banking system is more competitive. The reason for the large number of U.S. banks has been anticompetitive regulations such as restrictions on banking.5. 為什么資產(chǎn)低于2500萬美元的商業(yè)銀行在銀行中的比例要高于相對規(guī)模的儲蓄與貸款協(xié)會和互助儲蓄銀行在各自行業(yè)的比例？Because restrictions on branching are stricter for commercial banks than for savings and loans. So small commercial banks have greater protection from competition and are more likely to survive than small savings and loans.6. 銀行跨洲開辦業(yè)務(wù)有什么優(yōu)缺點？One advantage is increased efficiency of the banking industry. Another advantage is a convenience factor for bank customers. Perhaps most importantly, interstate banking allows banks to have geographical diversification of their loan portfolios, which can help alleviate localized bank failures. Disadvantages are that it tends to reduce competition, creating a few larger banks at the expense of many smaller banks. As a result, many smaller community banks may go out of business. In addition, it is worried that as banks expand into new geographical markets, they may take on increased risk, which could lead to bank failures.7. 如果你的支票賬戶的開戶銀行是一家外國銀行，你是否會擔(dān)憂你的存款不如放在美國銀行中安全呢？No, because the foreign-owned bank is subject to the same regulations as the American-owned bank.CH12 financial crisis1. 金融監(jiān)管不力在金融危機中扮演了什么角色？Weak regulation and supervision mean that financial institutions will take on excessive risk. When the risky loans eventually go bad, these institutions cut back lending and economic activity declines.2. “金融工程總是會提高金融體系的效率”這種說法正確，錯誤還是不確定？False. Financial engineering may create financial products t that it can be hard to value the cash flows or to determine who actually owns these assets. In other words, the increased complexity of structured products can actually destroy information, thereby making asymmetric information worse in the financial