貨幣銀行學雙語復習提綱

1、Chapter 1Financial marketsMarkets in which funds are transferred from people who have an excess of available funds to people who have a shortage.SecurityIs a claim on the issuers future income or assets.BondIs a debt security that promises to make payments periodically for a specified period of time

2、.Interest rateIs the cost of borrowing or the price paid for the rental of funds.Common stock (stock)Represents a share of ownership in a corporation.l To raise funds to finance their activities.l A higher price for a firms shares means that it can raise a larger amount of funds, which can be used t

3、o buy production facilities and equipment.The foreign exchange marketFor funds to be transferred from one country to another, they have to be converted from the currency in the country of origin(say, dollars) into the currency of the country they are going to (say, euros). The foreign exchange marke

4、t is where this conversion takes place.The foreign exchange rateThe price of one countrys currency in terms of anothers.Financial intermediariesInstitutions that borrow funds from people who have saved and in turn make loans to others.BanksAre financial institutions that accept deposits and make loa

5、ns.l Commercial banksl Saving and loan associationsl Mutual saving banks l Credit unionsOther financial institutionsl Insurance companiesl Finance companiesl Pension fundsl Mutual fundsl Investment banksTypes of financial intermediariesl Depository institutions存款機構Commercial banksSavings and loan as

6、sociations and mutual savings banksCredit unions信用社l Contractual savings institutions契約型儲蓄機構Life insurance companies人壽保險Fire and casualty insurance companies意外傷害險Pension funds and government retirement funds養(yǎng)老和政府退休資金l Investment intermediaries投資中介Finance companiesMutual fundsMoney market mutual fund

7、sInvestment banksA budget deficit is the excess of government expenditures over tax revenues for a particular time period, typically a year, while a budget surplus arises when tax revenues exceed government expenditures.Chapter 2Financial markets perform the essential economic function of channeling

8、 funds from households, firms, and governments that have saved surplus funds by spending less than their income to those that have a shortage of funds because they wish to spend more than their income.Direct financeBorrowers borrow funds directly from lenders in financial markets by selling them sec

9、urities, which are claims on the borrowers future income or assets.l AdvantagesØ Borrower can communicate with investorØ Finance cost is lower as no middlemanl DisadvantagesØ Professional skill & knowledge(surplus units)Ø High risk (surplus units) Ø Threshold is high (de

10、ficit units)SecuritiesAre assets for the person who buys them but liabilities for the individual or firm that sells them.The process of indirect finance using financial intermediaries, called financial intermediation, is the primary route for moving funds from lenders to borrowers. Indirect financeT

11、he process of indirect finance using financial intermediaries, called financial intermediation, is the primary route for moving funds from lenders to borrowers.l AdvantagesØ Transaction costsThe time and money spent in carrying out financial transactions, are a major problem for people who have

12、 excess funds to lend. Financial intermediaries can substantially reduce transaction costs because they have developed expertise in lowering them; and because their large size allows them to take advantage of economies of scale.Ø Risk sharingRisk sharingThey create and sell assets with risk cha

13、racteristics that people are comfortable with, and the intermediaries then use the funds they acquire by selling these assets to purchase other assets that may have far more risk.Low transaction costs allow financial intermediaries to share risk at low cost, enabling them to earn a profit on the spr

14、ead between the returns they earn on risky assets and the payments they make on the assets they have sold. This process sometimes referred to as asset transformation, because in a sense, risky assets are turned into safer assets for investors.Diversification entails investing in a collection(portfol

15、io) of assets whose returns do not always move together, with the result that overall risk is lower than for individual assets.l DisadvantagesØ Asymmetric information: adverse selection and moral hazardAsymmetric informationIn financial markets, one party often does not know enough about the ot

16、her party to make accurate decisions.Adverse selection is the problem created by asymmetric information before the transaction occurs.Moral hazard is the problem created by asymmetric information after the transaction occurs.Structure of financial marketsl Debt and equity markets債務市場和債權市場Ø Retu

17、rns to buyersDebt: The borrower to pay the holder of the instrument fixed dollar amounts at regular intervals (interest and principal payments) until a specified date (the maturity date), when a final payment is made.Equities: Equities often make periodic payments (dividends) to their holders and ar

18、e considered long-term securities because they have no maturity date.Ø Decision makingEquities: Owning stock means that you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its directors.Ø ClaimantEquities: The corporation must pay all

19、its debt holders before it pays its equity holders.Ø BenefitEquities: Equity holders benefit directly from any increases in the corporations profitability or asset value because equities confer ownership rights on the equity holders.Debt: Debt holders do not share in this benefit, because their

20、 dollar payments is fixed.l Primary and secondary markets一級市場和二級市場Ø A primary market is a financial market in which new issues of a security.Ø A secondary market is a financial market in which securities that have been previously issued can be resold.l Exchanges and over-the-counter market

21、s場內(nèi)交易市場和場外交易市場Ø Exchanges, where buyers and sellers of securities meet in one central location to conduct trades.Ø OCT market, in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities ”over the counter” to anyone who comes to them a

22、nd is willing to accept their prices.l Money and capital markets貨幣市場和資產(chǎn)市場Ø The money market is a financial market in which only short-term debt instruments are traded.Ø The capital markets is the market in which longer-term debt and equity instruments are traded.Chapter 3MoneyAs anything t

23、hat is generally accepted in payment for goods or services or in the repayment of debts.Currency vs. moneyMoney =currency+ deposits.Income is a flow of earnings per unit of time.Functions of moneyl Medium of exchangeIt is used to pay for goods and services. The use of money as a medium of exchange p

24、romotes economic efficiently by minimizing the time spent in exchanging goods and services.The time spent trying to exchange goods or services is called transaction cost. In a barter economy, transaction costs are high because people have to satisfy a “double coincidence of wants”.For a commodity to

25、 function effectively as money, it has to meet several criteria:(1)it must be easily standardized, making it simple to ascertain its value;(2)it must be widely accepted;(3)it must be divisible, so that it is easy to “make change”;(4)it must be easy to carry; and (5)it must not deteriorate quickly.l

26、Unit of accountIt is used to measure value in the economy. We measure the value of goods and services in terms of money.Using money as a unit of account reduces transaction costs.l Store of valueIt is a repository of purchasing power over time.LiquidityThe relative ease and speed with which an asset

27、 can be converted into a medium of exchange.Money is the most liquid asset of all because it is the medium of exchange; it does not have to be converted into anything else to make purchases.Evolution of the payments systeml Commodity money實物貨幣Money made up of precious metals or another valuable comm

28、odity.The problem with a payments system based exclusively on precious metals is that such a form of money is very heavy and is hard to transport one place to another.l Fiat money不兌現(xiàn)貨幣Paper currency decreed by governments as legal tender but not convertible in to coins or precious metal.l Checks支票Is

29、 an instruction from you to your bank to transfer money from your account to someone elses account when she deposits the check.Ø AdvantagesNo currency need be moved.Reduces the transportation costs.Improves economic efficiency.Can be written for any amount up to the balance in the account.Ø

30、; DisadvantagesTakes time to get checks from one place to another.Takes several business days before a bank will allow you to make use of the fundsAll the paper shuffling required to process checks is costly.l Electronic payment電子支付l E-Money電子貨幣Measures of the monetary aggregatesM1=currency +travele

31、rs checks +demand deposits活期存款 +other checkable deposits可開具支票的存款M2=M1 +small-denomination time deposits小額定期存款 +savings deposits and money market deposit accounts +money market mutual fund shares貨幣市場共同基金Chapter 4Simple interest單利-只在本金的基礎上計算利息I=P*r*n/ S=P+ICompounded interest復利-包括利息一起計算利息S=P(I+r)nI=S-

32、Pn=duration; r=interest rate; P=principlePresent valueA dollar paid to you one year from now is less valuable to you than a dollar paid to you today.Future valueFour types of credit market instrumentsl A simple loan普通貸款The lender provides the borrower with an amount of funds that must be repaid to t

33、he lender at the maturity date, along with an additional payment for the interest.l A fixed-payment loan固定回報貸款The lender provides the borrower with an amount of funds, which must be repaid by making the same payment every period, consisting of part of the principle and interest for a set number of y

34、ears.l A coupon bond債券息票Pays the owner of the bond a fixed interest payment every year until the maturity date, when a specified final amount is repaid.l A discount bond貼現(xiàn)債券Is bought at a price below its face value, and the face value is repaid at the maturity date.Comparison1&4 make payments on

35、ly at their maturity.2&3 have payments periodically until maturity.Yield to maturityThe interest rate that equates the present value of cash flow payments received from a debt instrument with its value today.從債務工具中獲得的現(xiàn)金流的回報的現(xiàn)值與其今天的價值相等的利率l A simple loanPV=present value; CF=future cash flow; i=in

36、terest rate; n=number of yearsl A fixed-payment loan LV=loan value; FP=fixed yearly payment; n=number of years until maturityl A coupon bondP=price of coupon bond; C=yearly coupon payment; F=face value of the bond; n=years to maturity datel A discount bondF=face value of the discount bond; P=current

37、 price of the discount bond現(xiàn)金流終值現(xiàn)金流現(xiàn)值年初：年尾：Chapter 9Balance sheetA list of the banks assets and liabilities.Total assets = total liabilities + capitalA bank balance sheet is also a list of its sources of bank funds (liabilities) and uses to which the funds are put (assets).Liabilitiesl Checkable dep

38、osits支票存款Are bank accounts that allow the owner of the account to write checks to third parties.Ø Non-interest-bearing checking accounts (demand deposit)不計息的支票存款（活期存款）Ø Interest-bearing NOW (negotiable order of withdrawal) accounts計息可轉讓的提款通知賬戶Ø Money market deposit accounts (MMDAs)貨幣市

39、場存款賬戶MMADs are not subject to reserve requirements and are not included in the M1 definition of money.Checkable deposits and money market deposit accounts are payable on demand.l Nontransaction deposits非交易性存款Are the primary source of bank funds.Owners cannot write checks on nontransaction deposits,

40、but the interest rates paid on these deposits are usually higher than those on checkable deposits.Ø Savings accounts儲蓄存款Funds can be added or from which funds can be withdrawn at any time, transactions and interest payments are recorded in a monthly statement or in a passbook held by the owner

41、of the account.Ø Time deposits定期存款Have a fixed maturity lengthSmall-denomination time deposits (less than $100,000) are less liquid for the depositor than passbook savings (saving accounts), earn higher interest rates, and are a more costly source of funds for the banks.Large-denomination CDs a

42、re negotiable; like bonds, they can be resold in a secondary market before they mature.l Borrowings借款Banks also obtain funds by borrowing from the Federal Reserve System the Federal Home Loan banks, other banks, and corporations.Ø Discount loans貼現(xiàn)貸款Borrowings from the Fed.Ø Reserves overni

43、ght隔夜準備金B(yǎng)anks borrow funds overnight to have enough deposits at the Federal Reserve to meet the amount required by the Fed.Ø Repurchase agreements回購協(xié)議Other sources of borrowed funds are loans made to banks by their parent companies (bank holding companies), loan arrangements with corporations (

44、such as repurchase agreements), and borrowings of Eurodollars.l Bank capital銀行資本Equals the difference between total assets and liabilities.Is a cushion against a drop in the value of its assets.Assetsl Reserves準備金Are these deposits plus currency that is physically held by banks.Ø Required reser

45、ves法定準備金Some reserves are held because of reserve requirements, the regulation that for every dollar of checkable deposits at a bank, a certain fraction must be kept as reserves. This fraction is called the required reserve ratio.Ø Excess reserves超額準備金They are the most liquid of all bank assets

46、 and can be used by a bank to meet its obligations when funds are withdrawn.l Cash items in process of collection應收現(xiàn)金項目（站在開戶人的角度）Suppose that a check written on an account at another bank is deposited in your bank and the funds for this check have not yet been received from the other bankl Deposits

47、at other banks銀行同業(yè)存款Many small banks hold deposits in larger banks in exchange for a variety of services.l Securities證券 A banks holdings of securities are an important income-earning asset.Ø U.S. government and agency securities聯(lián)邦政府證券Ø State and local government securities州和地方證券Ø Othe

48、r securities其他證券The U.S. government and agency securities are the most liquid because they can be easily traded and converted into cash with low transaction costs. Because of their high liquidity, short-term U.S. government securities are called secondary reserves.State and local government and othe

49、r securities both less marketable (less liquid) and riskier than U.S. government securities, primarily because of default risk.l Loans貸款Loans are typically less liquid than other assets.流動性較低Have a probability of default than other assets.違約性高Because of the lack of liquidity and higher default risk,

50、 the bank earns its highest return on loans.貸款回報率高l Other assets其他資產(chǎn)The physical capital (bank buildings, computers, and other equipment) owned by the banks is included in this category.General principles of bank management銀行管理l Liquidity management and the role of reserves流動性管理The acquisition of su

51、fficiently liquid assets to meet the banks obligations to depositors.Ø To acquire reserves to meet a deposit outflow by borrowing them from other banks in the federal funds market or by borrowing from corporations.Ø To sell some of its securities to help cover the deposit outflow.Ø Me

52、et a deposit out flow is to acquire reserves by borrowing from the Fed.Ø Reducing its loans by the amount of the deposit outflow and then deposit it to the Fed.l Asset management資產(chǎn)管理The bank manager must pursue an acceptably low level of risk by acquiring assets that have a low rate of default

53、and by diversifying asset holdings.Banks try to find borrowers who will pay high interest rates and are unlikely to default on their loans.Banks try to purchase securities with high returns and low risk.In managing their assets, banks must attempt to lower risk by diversifying.The bank must manage t

54、he liquidity of its assets so that it can satisfy its reserve requirements without bearing huge costs. (That means that it will hold liquid securities even if they earn a somewhat lower return than other assets.l Liability management負債管理To acquire funds at low cost.l Capital adequacy management (To

55、prevent bank failure 資本充足率管理The manager must decide the amount of capital the bank should maintain and then acquire the needed capital.High capital bank vs. Low capital bank(ROA; ROE; EM; ER; ROE=ROA*EM(Given the return on assets, the lower the bank capital, the higher the return for the owners of t

56、he bank.Managing credit riskl Screening and monitoringl Specialization in lendingl Monitoring and enforcement of restrictive covenants.l Long-term customer relationshipsl Loan commitmentsl Collateral and compensating balancesl Credit rationingChapter 13The Feds balance sheet央行資產(chǎn)負債表 Federal Reserve System Assets LiabilitiesGovernment securities Currency in circulationDiscount loans ReservesMonetary baseTreasurys monetary liabilities(treasury currency in circulation, primary coins.Control of the monetary base