陽光學(xué)院金融英語復(fù)習(xí)大題.doc

1、貨幣的性質(zhì)：(1) Stability of Value(價值的穩(wěn)定性）(2) Scarcity（稀缺性）(3) Portability（便攜性）(4) Durability（耐用性）(5) Uniformity（統(tǒng)一性）(6) Divisibility（可分割性）（7）Acceptability（可接受性）2、 什么是利息？什么是利率？Interest is the additional amount a person is willing to pay to obtain a good or resource now rather than later.The interest rate is a premium borrowers are willing to pay for earlier availability.3、哪些因素會影響利率：（1）the cost of processing (2)the risk associated with the borrower (3)the duration of the loan 4、利率的組成部分The components of interest rate：（1） the market price one must pay for earlier availability;（2）the inflationary premium;（3） the risk premium5、金融市場的作用：Financial market allow funds to move from people who lack productive investment opportunities to people who have such opportunities. By so doing, financial markets contributes to higher production and efficiency in the overall economy. They also directly improve the well-being of consumers by allowing them to time their purchases better.6、遠(yuǎn)期優(yōu)缺點(diǎn)Forward contracts：Advantage :It can be as flexible as the parties involved want them to be. This means that an institution may be able to hedge completely the interest-rate risk for the exact security itis holding in its portfolio. Disadvantage：(1)It may be very hard for an institution to find another party to make the contract with;(2)Forward contracts are subject to default risk 7、二級市場的作用First，they make it easier to sell these financial instruments to raise cash;that is,they make the financial instruments more liquid.Second, the determine the price of the security that the issuing firm sells in the primary market. 8、期權(quán)所有者與期權(quán)銷售者兩者權(quán)利義務(wù)的不同？The obligations and rights of the buyer and seller：The seller of the option is obligated to buy or sell the financial instrument to the purchaser if the owner of the option exercise the right to sell or buy. The owner or buyer of an option does not have to exercise the option; he can let the option expire without using it. 9、發(fā)行股票和債券的兩種融資方式Debt and equity：A firm can obtain funds in a financial market in two ways. The first method is to issue a debt instrument, such as a bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals (interest and principal payments) until a specified date, when a final payment is made.The second method of raising funds is by issuing equities, such as common stock, which are claims to share in the net income and the assets of a business.10、 什么是通貨膨脹的概念The definition of inflation：Inflation refers to a sustained rise in the price level, which is often measured by the annual rate of change in the consumer price index. 11、影響匯率的因素（1）Relative priceA rise in a countrys price level(relative to the foreign price level)cause its currency to depreciate and a fall in the countrys relation price level causes its currency to appreciate（2）Tariffs and quotasTariffs and quotas cause a countrys currency to appreciate in the long run （3）Preferences for domestic versus foreign goodsIncreased demand for a countrys exports causes its currency to appreciate in the long run;conversely increased demand for imports causes the domestic currency to depreciate （4）ProductivityIn the long run, as a country becomes more productive relative to other countries, its currency appreciates. 12、如何消除通脹影響？（1）Increasing productivity 提高上生產(chǎn)率（2）Reducing the money supply or reducing spendable income減少貨幣供應(yīng)量（3）Keeping Wage increase in line with increases in productivity 13、布雷特森林體系缺陷內(nèi)容 A notable weakness of the Bretton Woods system was that although deficit countries losing international reserves could be pressured into devaluing their currency or pursuing contractionary policies, the IMF had no way to force surplus countries to revise their exchange rates upward or pursue more expansionary policies.Particularly troublesome in this regard was the fact that the reserve currency country, could not devalue its currency under the Bretton Woods system even if the dollar was overvalued.5.模型畫圖。第一個模型：The Loanable Funds Theory of Interest Rates1)Basicly, the loanable funds theory of interest rates is explained by supply and demand. 2)The higher interest rate, the lower the quantity demanded so the demand curve for funds is downward-sloping function of the interest rate. 3) If businesses expect higher earning, cash flows will improve and more funds will be demanded at every level of the interest rate. All non-interest factors that affect the demand for loanable funds will cause a shift of the entire curve as opposed to movement along the curve. 4) The supply curve is upward sloping, reflecting the fact that the higher interest rate the greater amounts of loanable funds.5) The equilibrium level of the interest rate is determined where the quantity of loanable funds demanded is just equal to the quantity of funds supplied總結(jié)：（1）Financial intermediaries may have an important role to play in the determination of interest rates. （2）Fed actions that expand the ability of banks to make loans should increase the supply of loanable funds and result in lower interest rates and a greater quantity of credit extended in the economy.（3）Conversely, Fed actions that reduce the ability of banks to make loans should decrease the supply of loanable funds and lead to higher interest rates and lower borrowing levels in the economy第二個模型：The liquidity preference theory of interest rate11、 （1）The liquidity preference theory explains interest rates by the preference of individuals to hold money balances as opposed to spending or investing them. In this model, the interest rate is determined in the money not by credit markets.(2) Holding money balances can be an expensive opportunity cost. (if people hold securities will receive a rate of return). The opportunity cost increases as interest rates increase. The quantity of money demanded is therefore inversely related to the rate of interest. (3)The demand for money balance is presented by D1, money demand