廣外貨幣銀行學(xué)期末重點(diǎn)全英米什金

1、考試題型以及分?jǐn)?shù)分布一、選擇題： 1*20=20二、名詞解釋： 4*5=20 三、簡(jiǎn)答題： 8*5=40四、論述題： 20*1=20 重點(diǎn)制作思路：1. 考慮到時(shí)間關(guān)系，抓大放小2. 結(jié)合老師提及復(fù)習(xí)內(nèi)容進(jìn)行預(yù)測(cè)3. 以理順書本架構(gòu)為主，看到一個(gè)知識(shí)點(diǎn)猜一下可能會(huì)出什么題The economics of money,banking and financial marketsby KyleChapter1：Why Study Money, Banking, and Financial Markets ？（本章了解一下這個(gè)問題即可，最多考一下選擇）Answer：? To examine how f

2、inancial markets such as bond and stock markets work? To examine how financial institutions such as banks work? To examine the role of money in the economyChapter2：An Overview of the Financial System1. Function of Financial Markets? Perform the essential function of channeling funds from economic pl

3、ayers that have saved surplus funds to those that have a shortage of funds? Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.? Promotes economic efficiencyb y producing an efficient allocation （分配） of capital （資 金）, which increases producti

4、on? Directly improve the well-being of consumers by allowing them to time purchases better 2.Structure of Financial Markets? Debt and Equity （普通股） Markets? Primary and Secondary Markets? Exchanges and Over-the-Counter （OTC不通過交易所而直接售給顧客的 ） Markets? Money and Capital Markets（貨幣和資本市場(chǎng)）3. Financial Marke

5、t Instruments（ 要能舉出例子，很可能考選擇 ）Money markets deal in short-term debt instruments Capital markets deal in longer-term debt and equity instruments.4.Internationalization of Financial Markets （重點(diǎn)，選擇、名詞解釋都有可能）? Foreign Bonds & Eurobond? Eurocurrencies & Eurodollars? World Stock Markets5Function of Financ

6、ial Intermediaries: Indirect Finance （記一下金融中介機(jī)構(gòu)的功能，交易成本很可能考名詞解釋）? Lower transaction costs （time and money spent in carrying out financial transactions）.? Reducet he exposure of investors to risk? Deal with asymmetric 不對(duì)稱 information problems? Conclusion:Financial intermediaries allow “ small ” saver

7、s and borrowers to benefit from the existence of financial markets.6. Types of Financial Intermediaries（會(huì)分類即可）Depository institutionsContractual saving institutionsInvestment intermediaries7. Regulation of the Financial System? To increase the information available to investors:? To ensure the sound

8、ness 健康穩(wěn)固 of financial intermediariesChapter3： What Is Money?Meaning of Money （即 definition ，必考名詞解釋！）Money （or the “money supply ”）: anything that is generally acceptpeady mine nt for goods or services or in the repayment of debts.Functions of Money（重點(diǎn)） Medium of Exchange:A medium of exchange mustUn

9、it of Account: Store 儲(chǔ)藏 of Value: Evolution of the Payments System Commodity 商品 Money Fiat 法定 MoneyChecks 支票 Electronic Payment （e.g. online bill pay）.E-Money （electronic money）:Measuring Money （重中之重， M1/M2 都很有可能考名詞解釋） Construct monetary aggregates using the concept of liquidity: （構(gòu)建貨幣總量使用流動(dòng)性的概念）M1

10、（most liquid assets） = currency + travelers checks + demand deposits + othercheckable deposits.M2 （adds to M1 other assets that are not so liquid） = M1 + small denomination time deposits + savings deposits and money market deposit accounts + money market mutual fund shares..tpeadyChapter 4：Un

11、derstanding Interest Rates1. measuring interest rates:Present Value（ 很可能考察名詞解釋 ）A dollar paid to you one year from now is less valuable than a dollar paid to you today Simple Present Value：PV=CF/（1+i）n次方2. Four Types of Credit Market Instruments? Simple Loan? Fixed Payment Loan? Coupon Bond 附票債券? Di

12、scount Bond 貼現(xiàn)債券3. Yield to Maturity （重點(diǎn)，很可能名詞解釋）? The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today計(jì)算 4 種不同信用工具外加 Consol or Perpetuity（金邊債券或永久債券）的 YM4. Yield on a Discount Basis（了解即可） Current Yield 當(dāng)期收益率Yield on a Discount Ba

13、sis折 價(jià)收益率Rate of Return 收益率5. Rate of Return and Interest Rates（收益率與利息率的 distinction ）? The return equals the yield to maturity only if the holding period equals the time to maturity? A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity i

14、s longer than the holding period? The more distant a bond s maturitthye, greater the size of the percentage price change associated with an interest-rate change? The more distant a bond s maturity, the lower the rate of return the occurs as a result of an increase in the interest rate? Even if a bon

15、d has a substantial initial interest rate, its return can be negative if interest rates rise6. Interest-Rate Risk? Prices and returns for long-term bonds are more volatile than those for shorter-term bonds? There is no interest-rate risk for any bond whose time to maturity matches the holding period

16、7. Real and Nominal Interest Rates（重點(diǎn)，很可能考察簡(jiǎn)答題）? Nominal interest rate makes no allowance for inflation? Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing? Ex ante real interest rate is adjusted for expected changes in the price level? Ex

17、post real interest rate is adjusted for actual changes in the price level8. Fisher Equation（重點(diǎn)考察）Chapter5：The Behavior of Interest Rates1. Determining the Quantity Demanded of an Asset? Wealth: the total resources owned by the individual, including all assets? Expected Return: the return expected ov

18、er the next period on one asset relative to alternative assets? Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets? Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets（流動(dòng)性很有可能考名詞解釋）2. Theory of A

19、sset Demand（必考，死活都得背下來）Holding all other factors constant:1. The quantity demanded of an asset is positively related to wealth2. The quantity demanded of an asset is positively related to its expected return relative to alternative assets3. The quantity demanded of an asset is negatively related to

20、the risk of its returns relative to alternative assets4. The quantity demanded of an asset is positively related to its liquidity relative to alternative assets3. Supply and Demand for Bonds（見到看一下圖） Market Equilibrium4. Shifts in the Demand for Bonds? Wealth: in an expansion with growing wealth, the

21、 demand curve for bonds shifts to the right? Expected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the left? Expected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, c

22、ausing the demand curve to shift to the left? Risk: an increase in the riskiness of bonds causes the demand curve to shift to the left ? Liquidity: increased liquidity of bonds results in the demand curve shifting right 5Shifts in the Supply of Bonds? Expected profitability of investment opportuniti

23、es: in an expansion, the supply curve shifts to the right? Expected inflation: an increase in expected inflation shifts the supply curve for bonds to the right? Government budget: increased budget deficits shift the supply curve to the right6. The Liquidity Preference Framework（重中之重） 7.Demand for Mo

24、ney in the Liquidity Preference Framework? As the interest rate increases: The opportunity cost of holding money increases The relative expected return of money decreases? and therefore the quantity demanded of money decreases.8.Shifts in the Demand for Money （都很重要）? Income Effect: a higher level of

25、 income causes the demand for money at each interest rate to increase and the demand curve to shift to the right? Price-Level Effect: a rise in the price level causes the demand for money at each interest rate to increase and the demand curve to shift to the right? Liquidity preference framework lea

26、ds to the conclusion that an increase in the money supply will lower interest rates: the liquidity effect.? Income effect finds interest rates rising because increasing the money supply is an expansionary influence on the economy （the demand curve shifts to the right）.Chapter9:Banking1. The Bank Bal

27、ance Sheet? Liabilities Checkable deposits Nontransaction deposits Borrowings Bank capital? AssetsReserves（準(zhǔn)備金 ） Cash items in process of collection Deposits at other banks Securities Loans Other assets2. Basic Banking:s reserv? Cash Deposit： Opening of a checking account leads to an increase in the

28、 bank equal to the increase in checkable depositsCheck Deposit3Inter-business? Bank settlement? Finance lease? Fiduciary business? Safe deposit box4. Off-Balance-Sheet Activities? Loan sales （secondary loan participation）? Generation of fee income. Examples:Chapter12:Central Banks and the Federal Re

29、serve System（此章省略很多 ）1. Structure of the Fed（了解即可）Board of Governors（7 人）12 FRBs（ 9 人）Member BanksFOMC （7+1+4人）Federal Advisory Council （12 人）2. Federal Reserve Bank （3+3+3人）Functions：Clear checksIssue new currencyWithdraw damaged currency from circulationAdminister and make discount loans to banks

30、in their districtsEvaluate proposed mergers and applications for banks to expand their activitiesAct as liaisons between the business community and the Federal Reserve SystemExamine bank holding companies and state-chartered member banksCollect data on local business conditionsUse staffs of professi

31、onal economists to research topics related to the conduct of monetary policyChapter13&14 ：The Money Supply Process:1. Players in the Money Supply ProcessCentral bank （Federal Reserve System）Banks （depository institutions; financial intermediaries）Depositors （individuals and institutions） 2Fed s Bala

32、nce SheetFederal Reserve SystemAssetsLiabilitiesGovernment securitiesCurrency in circulationDiscount loansReserves3.Monetary Base4.Open Market Purchase? The effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in dep

33、osits? The effect of an open market purchase on the monetary base alwaysin creases the monetary base by the amount of the purchaseOpen Market Sale? Reduces the monetary base by the amount of the sale? Reserves remain unchangedThe effect of open market operations on the monetary base is much more cer

34、tain than the effect on reserves5. Fed s Ability to Control the Monetary BaseSplit the monetary base into two components :MBn= MB - BRthe non-borrowed monetary base :MBnborrowed reserves:BR6. The Formula for Multiple Deposit Creation (很重要！必考 ,記住公式)7. Factors that Determine the Money SupplyChanges in

35、 the nonborrowed monetary base MBnChanges in borrowed reserves from the FedChanges in the required reserves ratioChanges in currency holdingsChanges in excess reserves8. The Money Multiplier( 重點(diǎn) )Assume that the desired holdings of currency C and excess reserves ER grow proportionally with checkable

36、 deposits D. Then,c = C/D = currency ratioe = ER/D = excess reserves ratioThe monetary base MB equals currency (C) plus reserves( R):MB = C + R = C + (r x D) + ERM=m*MB=m*(MBn+BR)M=1+c/r+e+cChapter 15：Tools of Monetary Policy1. Tools of Monetary PolicyOpen market operationsChanges in borrowed reserv

37、esChanges in reserve requirementsFederal funds rate: the interest rate on overnight loans of reserves from one bank to another2. Demand in the Market for ReservesSupply in the Market for Reserves3. Affecting the Federal Funds Rate4.Open Market Operations （超級(jí)重點(diǎn)）Advantages：The Fed has complete control

38、 over the volumeFlexible and preciseEasily reversedQuickly implemented5. Discount Policy（超級(jí)重點(diǎn)）Advantages：Used to perform role of lender of last resort disadvantages：Cannot be controlled by the Fed; the decision maker is the bank6. Reserve Requirements（超級(jí)重點(diǎn)）Advantages：? No longer binding for most ban

39、ks disadvantages：? Can cause liquidity problems? Increases uncertainty for banks7. Monetary Policy Tools of the European Central Bank? Open market operations? Lending to banks? Reserve RequirementsChapter16：The Conduct of Monetary Policy: Strategy and Tactics1. Goals of Monetary Policy （1）The Price

40、Stability Goal ?Low and stable inflation? Inflation? Nominal anchor to contain inflation expectations?Time-inconsistency problem（2）Other Goals of Monetary Policy?High employment?Economic growth?Stability of financial markets? Interest-rate stability?Foreign exchange market stability2. Monetary Targe

41、ting? AdvantagesAlmost immediate signals help fix inflation expectations and produce less inflation Almost immediate accountability? DisadvantagesMust be a strong and reliable relationship between the goal variable and thetargeted monetary aggregate3. Inflation Targeting? Public announcement of medi

42、um-term numerical target for inflation?Institutional commitment to price stability as the primary, long-run goal of monetarypolicy and a commitment to achieve the inflation goal?Information-inclusive approach in which many variables are used in making decisions? Advantages?Does not rely on one varia

43、ble to achieve target?Easily understood?Reduces potential of falling in time-inconsistency trap?Stresses transparency and accountability? Disadvantages?Delayed signaling?Too much rigidity?Potential for increased output fluctuations?Low economic growth during disinflation4. Monetary Policy with an Im

44、plicit Nominal AnchorThere is no explicit nominal anchor in the form of an overriding concern for the Fed. Forward looking behavior and periodic“ preemptive strikes”The goal is to prevent inflation from getting started.? AdvantagesUses many sources of information Avoids time-inconsistency problemDis

45、advantagesLack of transparency and accountabilityStrong dependence on the preferences, skills, and trustworthiness of individuals inchargeInconsistent with democratic principles5. Tactics: Choosing the Policy Instrument ? ToolsOpen market operationReserve requirementsDiscount ratePolicy instrument (

46、operating instrument)Reserve aggregatesInterest ratesMay be linked to an intermediate target?Interest-rate and aggregate targets are incompatible (must chose one or the other).6.Linkages Between Central Bank Tools, Policy Instruments, Intermediate Targets, and Goals of Monetary Policy( 中間目標(biāo)是超級(jí)重點(diǎn)，死活都

47、要背下來 )1.Chapter19:The Demand for MoneyVelocity of Money and The Equation ofExchangeV=P*Y/MM*V=P*Y 2.Quantity Theory of Money DemandSO : Demand for money is determined by:The level of transactions generated by the level of nominal income PYThe institutions in the economy that affect the way people co

48、nduct transactions and thus determine velocity and hence k3. Keynes s Liquidity Preference TheoryTransactions motivePrecautionary motiveSpeculative motiveVelocity is not constant:4. Friedman s Modern Quantity Theory of Mone(y記住該公式及其含義 )5. Differences between Keynes s and Friedman s Model (cont d)? F

49、riedman Includes alternative assets to moneyViewed money and goods as substitutesThe expected return on money is not constant; however, rb rm does stay constantas interest rates riseInterest rates have little effect on the demand for money? Friedman (cont d)The demand for money is stablevelocity is predictableMoney is the primary determinant of aggregate spendingChapter23： Transmission Mechanisms of Monetary Policy: The Evidence1.Framework(1)Structural Modelwhether one variable affects another? Transmission mechanismThe change in the money suppl