金融學(xué)雙語(yǔ)考試復(fù)習(xí)資料

金融學(xué)雙語(yǔ)考試復(fù)習(xí)資料Chapter1經(jīng)濟(jì)學(xué)關(guān)注的3個(gè)問(wèn)題：Howscarceresourcesareallocatedintheproductionprocessamongcompetinguses.Howincomegeneratedintheproductionandsaleofgoodsandservicesisdistributedamongmembersofsociety.Howpeopleallocatetheirincomethroughspending,saving,borrowingandlendingdecisions.Default（違約）-Whenaborrowerfailstorepayafinancialclaim.借方未能償還金融債務(wù)Liquidity（流動(dòng)性）-Theeasewithwhichafinancialclaimcanbeconvertedtocashwithoutlossofvalue.金融索取權(quán)可以比較容易地且不損失價(jià)值地轉(zhuǎn)化成現(xiàn)金的特性。Depositoryinstitutions（儲(chǔ)蓄機(jī)構(gòu)）–Financialintermediaries,suchascommercialbanks,savingsandloanassociations,creditunions,andmutualsavingsbanks,thatissuecheckabledeposits.發(fā)放支票存款的金融中介，如商業(yè)銀行、存儲(chǔ)貸款、信用聯(lián)盟、互助儲(chǔ)蓄銀行。5.Whydofinancialintermediariesexist?Whatservicesdotheyprovidetothepublic?Areallfinancialinstitutionsfinancialintermediaries?Financialintermediariesexisttolinkupnetlendersandnetborrowersandtohelpminimizethetransactioncostsassociatedwithborrowingandlending.Financialservicesprovidedbyfinancialintermediariesincludeappraisinganddiversifyingriskfromindividualnetlenders.Notallfinancialintermediariesareinstitutions,suchasstockandbondbrokersmerelylinkupnetlendersandnetborrowersforafeeanddonotissueclaimsonthemselves.16.DianeWeilearnswagesof$45,000andinterestanddividendincomeof$5,000.Shespends$8,000asadownpaymentonanewlyconstructedmountaincabinandlends$4,000infinancialmarkets.AssumingthatDianespendstheremainderofherincomeonconsumption,whatishersaving?Issheanetlenderoranetborrower?Whatisherconsumption?Chapter2Money(貨幣)-Anythingthatfunctionsasameansofpayment(mediumofexchange),unitofaccount,andstoreofvalue.作為支付手段（即交換媒介）、記賬單位和價(jià)值儲(chǔ)藏手段的物品。貨幣三大職能：Functionsofmoney:Meansofpayment(mediumofexchange)支付手段（即交換媒介）-Somethinggenerallyacceptableformakingpayments.支付過(guò)程中被普遍接受的物品。Storeofvalue價(jià)值儲(chǔ)藏手段-Somethingthatretainsitsvalueovertime.可以長(zhǎng)久地保持價(jià)值的物品。Unitofaccount記賬單位-Astandardizedaccountingunitsuchasthedollarthatprovidesaconsistentmeasureofvalue.標(biāo)準(zhǔn)的會(huì)計(jì)單位，例如美元，可以提供一個(gè)一致的價(jià)值度量。Moneyaggregates（貨幣總量）-Themeasuresofmoney—includingM1,M2,andM3—monitoredandtrackedbytheFed.聯(lián)儲(chǔ)監(jiān)控并隨時(shí)關(guān)注的貨幣指標(biāo)數(shù)——M1，M2，M3。M1–Currencyinthehandsofthepublicpluscheckabledeposits.通貨加支票存款。M2–EverythinginM1plusotherhighlyliquidassets.M1加上其他高流動(dòng)性資產(chǎn)。M3–EverythinginM2plussomelessliquidassets.M2加上一些低流動(dòng)性資產(chǎn)。Domesticnonfinancialdebt(DNFD)（國(guó)內(nèi)非金融債務(wù)）-Anaggregatethatisameasureoftotalcreditmarketdebtowedbythedomesticnonfinancialgovernmentandprivatesectors.國(guó)內(nèi)非金融部門(mén)（政府及私人部門(mén)）在信用市場(chǎng)上的債務(wù)合計(jì)。Chapter3Quantitydemandedofmoney(貨幣需求量)-Thespecificamountofmoneythatspendingunitswishtoholdataspecificinterestrate(price).在某一特定的利率（價(jià)格）水平下，支出單位希望持有的貨幣數(shù)量。Demandformoney（貨幣需求）-Theentiresetofinterestrate–quantitydemandedcombinationsasrepresentedbyadownward-slopingdemandcurveformoney.是一條向下傾斜的曲線，有一系列表明利率和貨幣需求數(shù)量之間的一一對(duì)應(yīng)關(guān)系的點(diǎn)構(gòu)成。Thereisaninverserelationshipbetweenthequantitydemandedofmoneyandtheinterestrate.Thatis,ceterisparibus,whentheinterestrategoesup,thequantitydemandedofmoneygoesdown,andwhentheinterestratefalls,thequantitydemandedofmoneyincreases.Whyistherelationshipinverse?Whentheinterestrategoesup,theopportunitycostofholdingmoneygoesup,andceterisparibus,thequantitydemandedofmoneygoesdown.Thedemandformoneyisprimarilydeterminedbyspendingplans,income,changesininflation,changesincomputerandtelecommunicationstechnologiesandchangesintheriskandliquidityofotherfinancialinstruments.Thedifferencebetweenachangeinquantitydemandedandachangeindemand:EXHIBIT3-31.Whentheinterestratechanges,wemovealongasinglemoneydemandcurve,andthereisachangeinquantitydemanded.2.Whenthedemandformoneybecauseofincome,spendingplanandsoforthchanges,theentiredemandcurveshifts.Supplyofmoney(貨幣供給)-Thestockofmoney(M1),whichincludescurrencyinthehandsofthepublicpluscheckabledeposits.貨幣存量M1即公眾持有的現(xiàn)金加上支票存款。Quantitysuppliedofmoney（貨幣供給量）-Thespecificamountofmoneythatwillbesuppliedataspecificinterestrate.在某一特定利率（價(jià)格）水平下可提供的貨幣數(shù)量。TheFedentersthepictureintwoplaces:1、Adepositoryinstitutionmusthavereserveassetsequaltoacertainpercentageofitsdepositliabilities.TheFedsetspercentageofdepositliabilitiesthatdepositoryinstitutionsmustreservesassetsequalto.Thispercentageiscalledtherequiredreserveratio（法定準(zhǔn)備金率）.Forexample,ifacreditunionhascheckabledepositsintheamountof$1,000andtheFedasseta10percentrequiredreserveratio,thenthecreditunionmusthold$100inreserveascashinitsvaultsorasdepositswiththeFed.2、TheFedinfluencestheamountofcashassetsoutstandingandhencetheamountavailableforreserves.Whatisthesignificanceofthechangesininterestratescausedbychangesinthedemandfororsupplyofmoney?Forexample:Supplyofmoney↑→interestrates↓→costofborrowingmoney↓→borrowmoney↑→credit↑→aggregatedemandforgoodsandservices↑→generallevelofprices↑Credit（信用）-Theflowofmoneyfromnetlendersorfinancialintermediariestonetborrowersinagiventimeperiod.在一定時(shí)期內(nèi)，貨幣從貸方直接或是間接通過(guò)金融中介流向借方。Howtocalculatetheinflationrate?Chapter4Classificationsoffinancialmarkets:1.Accordingtothetypeoffinancialclaimthatistraded:Stockmarket,Corporatebondmarket,TreasurybillmarketCommercialpapermarket……2.Baseonthelengthofthetermoftheinstrumentstradedthere:Capitalmarket(資本市場(chǎng))–Themarketforfinancialassetswithanoriginalmaturityofmorethanoneyear.(long-termmarket)期限大于一年的金融資產(chǎn)交易市場(chǎng)。Moneymarket（貨幣市場(chǎng)）–Themarketforfinancialassetswithanoriginalmaturityoflessthanoneyear.(short-termmarket)期限為一年以內(nèi)的金融資產(chǎn)交易市場(chǎng)。3.Accordingtowhethertheyissuenewbondsorstocks:Primarymarket（一級(jí)市場(chǎng)）–Themarketinwhichasecurityisinitiallysoldforthefirsttime證券首次公開(kāi)發(fā)行交易的市場(chǎng)。Secondarymarket（二級(jí)市場(chǎng)）–Themarketinwhichpreviouslyissuedfinancialsecuritiesaresold.買(mǎi)賣(mài)先前公開(kāi)發(fā)行的證券的市場(chǎng)。Conclusion:Thelackofasmoothlyfunctioningsecondarymarketwillinhibitthefinancingofplanneddeficitsintheprimarymarketandthushaveanadverseeffectoninvestmentandeconomicgrowthovertime.Althoughthesecondarymarketdoesnotgenerateadditionalfundsfortheeconomyasawhole,itsimportancestemsfromthepositiveeffectthatawell-developedsecondarymarkethasontheprimarymarket.4.ClassifiedbywhetherthetransactionstheyarrangeoccurinstantlyorinthefutureaccordingtotermsdecidedtodaySpotmarket（現(xiàn)貨市場(chǎng)）–Amarketinwhichthetradingoffinancialsecuritiestakesplaceinstantaneously.金融證券即時(shí)進(jìn)行買(mǎi)賣(mài)交割的市場(chǎng)。Financialfuturesmarket（金融期貨市場(chǎng)）–Organizedmarketsthattradefinancialfuturesagreements.交易金融期貨合約的正規(guī)市場(chǎng)。Financialforwardmarket（金融遠(yuǎn)期市場(chǎng)）–Marketsthattradefinancialforwardagreementsusuallyarrangedbybanksorotherbrokersanddealers.通常是由銀行或其它交易者或經(jīng)紀(jì)人組織的金融遠(yuǎn)期合約交易市場(chǎng)。Moneymarketinstruments:U.S.TreasuryBills(T-bills)(美國(guó)國(guó)庫(kù)券)-Short-termdebtinstrumentsoftheU.S.governmentwithtypicalmaturitiesof3to12months.美國(guó)政府發(fā)行的短期債務(wù)工具，期限為3~12個(gè)月。Negotiablecertificatesofdeposit（CDs）（可轉(zhuǎn)讓大額存款）-Certificatesofdepositwithaminimumdenominationof$100,000thatcanbetradedinasecondarymarket,mostwithanoriginalmaturityof1to12months.存款機(jī)構(gòu)發(fā)行的債務(wù)工具，在二級(jí)市場(chǎng)出售，最低面值為100,000元大多數(shù)期限在1~12月內(nèi)。Commercialpaper（商業(yè)票據(jù)）-Short-termdebtinstrumentsissuedbycorporations.公司發(fā)行的短期債務(wù)工具。Banker’sacceptances（銀行承兌匯票）-Moneymarketinstrumentscreatedinthecourseofinternationaltradetoguaranteebankdraftsdueonafuturedate.國(guó)際貿(mào)易融資過(guò)程中產(chǎn)生的一種貨幣市場(chǎng)工具，為未到期的銀行票據(jù)提供擔(dān)保。Repurchaseagreements（回購(gòu)協(xié)議）-Short-termagreementsinwhichthesellersellsagovernmentsecuritytoabuyerandsimultaneouslyagreestobuyitbackonalaterdateatahigherprice.是一種短期協(xié)議，賣(mài)者出售政府債券給買(mǎi)方，并同時(shí)承諾在未來(lái)某一時(shí)期以更高的價(jià)格購(gòu)回該筆債務(wù)。Federal(Fed)funds（聯(lián)邦基金）-Loansofreserves(depositsattheFed)betweendepositoryinstitutions,typicallyovernight.儲(chǔ)蓄機(jī)構(gòu)之間的準(zhǔn)備金貸款（在聯(lián)儲(chǔ)的存款），比較典型的是隔夜借貸。Eurodollars（歐洲美元）-Dollar-denominateddepositsheldabroad.美國(guó)本土之外持有的以美元為面值的存款。Capitalmarketinstruments:Stocks（股票）-Equityclaimsthatrepresentownershipofthenetassetsandincomeofacorporation.代表多工凈資產(chǎn)和收入的所有權(quán)益索取權(quán)。Mortgages（抵押貸款）-Loansmadetopurchasesingleormultiple-familyresidentialhousing,land,orotherrealstructures,withthestructureorlandservingascollateralfortheloan.用于購(gòu)買(mǎi)家庭住房（一居或多居室）、土地或其他不動(dòng)產(chǎn)，并由該建筑物或土地作為抵押的貸款。Corporatebonds（公司債券）-Long-termdebtinstrumentsissuedbycorporations.公司發(fā)行的長(zhǎng)期債務(wù)工具。U.Sgovernmentsecurities（美國(guó)政府債券）-Long-termdebtinstrumentsoftheU.S.governmentwithoriginalmaturitiesof2to30years.美國(guó)政府發(fā)放的長(zhǎng)期債務(wù)工具，期限在2~30年。T-bills:<1year;Notes:2-10years;bonds:10-30yearsU.Sgovernmentagencysecurities（美國(guó)政府機(jī)構(gòu)債券）-Long-termbondsissuedbyvariousgovernmentagenciesincludingthosethatsupportrealestatelendingandstudentloans.有支持不動(dòng)產(chǎn)借貸及學(xué)生貸款的不同政府機(jī)構(gòu)發(fā)行的長(zhǎng)期債務(wù)工具。Stateandlocalgovernmentbonds(municipals)（州及地方政府債券）-Long-terminstrumentsissuedbystateandlocalgovernmentstofinanceexpendituresonschools,roads,andsoon.州及地方政府為修建學(xué)校、道路等融資而發(fā)放的長(zhǎng)期債務(wù)工具。Revenuebonds（收入債券）–Bondsusedtofinancespecificprojectswiththeproceedsofthoseprojectsbeingusedtopayoffthebondholders.用于特定項(xiàng)目的融資、其項(xiàng)目的后期收入作為債權(quán)持有者的收益的債券。Generalobligationbonds（一般義務(wù)債券）–Bondsthatarepaidoffbythegeneralrevenuesandbackedbythefullfaithandcreditoftheissuer.由債券發(fā)行者的全部信用作保證、有一般性收入償還的債券。2.ThesecondarymarketforT-billsisactive,andthesecondarymarketforfederalagencysecuritiesislimited.Howdoesthisaffecttheprimarymarketforeachsecurity?Whyarewell-developedsecondarymarketsimportantfortheoperationofanefficientfinancialsystem?4.Discussthemajorfunctionofmarketmakersinsecuritiesmarkets.Whatsthedifferencebetweensbrokerandadealer?Chapter5Compounding（復(fù)利）-Amethodusedtodeterminethefuturevalueofasumlenttoday.一種用于計(jì)算現(xiàn)在借出的某一筆資金的未來(lái)價(jià)值的方法。Simpleinterest:Vn=V0(1+i*n)Compoundinginterest：Vn=V0(1+i)nVn:thefuturevalueofasumofmoneyinvestedV0:theoriginalsumi:interestraten:thenumberofperiods(years)ChangesinthedemandforloanablefundsThemovementsinGDP(income)representamajordeterminantofshiftsinthedemandforfunds.（ThereisapositiverelationshipbetweenGDPandthedemandforfunds.）Anotherfactorthataffectsthedemandforloanablefundsisanincreaseintheanticipatedproductivityofcapitalinvestments.ChangesinthesupplyoffundsOneofthefactorsdeterminingthesupplyofloanablefundsismonetarypolicy.（Themoneysupplygrowthrateandtheinterestrateareinverselyrelated,ceterisparibus.）11.Assumethatabondwithfiveyearstomaturity,aparvalueof$1,000,anda$60annualcouponpaymentcosts$1,100today.Whatistheinterestrate?14.Asanenrollingfreshman,wouldyouhavebeenwillingtopay$18,000forfouryears’tuitionratherthan$5,000peryearforfouryears?(Assumeyouwouldbeabletodosoandyouhavenofearofflunkingoutofcollegebeforeyougraduate.)Chapter6Fourdeterminantsofrelationshipsamonginterestrates:Termtomaturity;Creditrisk;Liquidity;Taxtreatment長(zhǎng)期利率的計(jì)算：i2=[(1+i1)(1+i1e)]1/2-1P115Creditrisk（信用風(fēng)險(xiǎn)）–Theprobabilityofadebtornotpayingtheprincipaland/ortheinterestdueonanoutstandingdebt.未償還債務(wù)的借方不歸還本金和/或不支付利息的可能性。13.Ifthecurrentshort-termrateis5percentandthecurrentlong-termrateid4percent,whatistheexpectedshort-terminterestrate?(Usetheexpectationstheory.)Chapter7Exchangerate（匯率）–Thenumberofunitsofforeigncurrencythatcanbeacquiredwithoneunitofdomesticmoney.以單位的本幣可以兌換的外幣數(shù)量。Demandfordollars=f(foreigndemandforUSgoods,services,andsecurities+)TheforeigndemandforUSgoods,services,andsecuritiesandthedemandfordollarsarepositivelyrelated.Howchangesinthesupplyofdollarsintheforeignexchangemarketaffecttheexchangerate?EXHIBIT7-41.ChangesinUSrealincome.PositiveUSrealincome↑→householdsandfirmsintheUShavemoretospendandsave→demandmoreforeigngoods,servicesandsecurities→thesupplyofdollars↑2.ChangesinthedollarofUSgoodsrelativetothedollarpriceofforeigngoods.PositivethepriceofUSgoodsriserelativetothedollarpricesofforeigngoods→USresidentsdemandmoreforeigngoods→thesupplyofdollars↑theinflationrateintheUShigherthaninothercountries→thesupplyofdollars↑Holdingtheexchangerateconstant,theinflationrateintheUSfallsrelativetothatinothercountries→thesupplyofdollars↓3.ChangesinforeigninterestratesrelativetoUSinterestrates.PositiveForeigninterestratesriserelativetoUSinterestrates→foreignsecuritiesmoreattractive→USresidentsbuymoreforeignsecurities→thesupplyofdollars↑HowchangesintheDemandfordollarsintheforeignexchangemarketaffecttheexchangerate?EXHIBIT7-51.Changesinforeignrealincome.Positiveforeignrealincome↑→foreignhouseholdsandfirmshavemoretospendandsave→demandmoreforeigngoods,servicesandsecurities→thedemandofdollars↑2.Changesintheforeign(yen)priceofforeigngoodsrelativetotheforeignpriceofUSgoods.PositiveInflationacceleratesinJapanbutnoinflationinUS→yenpriceofJapanesegoodsrisesrelativetotheforeignpriceofUSgoods→foreignersdemandmoreUSgoods→thedemandofdollars↑3.ChangesinUSinterestratesrelativetoforeigninterestrates.PositiveUSinterestratesriserelativetoforeigninterestrates→USsecuritiesmoreattractive→foreignersbuymoreUSsecurities→thedemandofdollars↑Currentaccount（經(jīng)常賬戶）–Transactionsthatinvolvecurrentlyproducedgoodsandservices,includingthebalanceofgoodsandservices.經(jīng)常性貨物和服務(wù)的交易，包括余額。Chapter8Financialinnovation（金融創(chuàng)新）–Thecreationofnewfinancialinstruments,markets,andinstitutionsinthefinancialservicesindustry.金融服務(wù)業(yè)產(chǎn)生的新型金融工具、金融市場(chǎng)和金融機(jī)構(gòu)。Purposesofservice-providing1.Toreducetherisksandcostsassociatedwithborrowing,lending,andotherfinancialtransactions.2.Tofulfillthedemandforvariousfinancialassetsandservices,includingprotectionagainstthefinanciallossesassociatedwithvariousexigencies.Contingentclaims（或有索取權(quán)）-Claimssuchascasualtyandlifeinsurancebenefitsthatofferthepublicprotectionfromtheoftencatastrophicfinancialeffectsoftheft,accidents,naturaldisasters,anddeath.對(duì)財(cái)產(chǎn)及人身保險(xiǎn)的收益索取權(quán)，以便保證公眾在發(fā)生盜竊、車(chē)禍、自然災(zāi)害以及死亡時(shí)遭受的嚴(yán)重財(cái)物損失得到賠償。Thesavingsandloanassociations,savingsbanks,andcreditunionsarecalledthrifts（儲(chǔ)蓄機(jī)構(gòu)）.儲(chǔ)貸協(xié)會(huì)、儲(chǔ)蓄銀行和性用聯(lián)盟等存款機(jī)構(gòu)。Chapter9InterstateBankingandBranchingEfficiencyAct(IBBEA)（州際銀行分支機(jī)構(gòu)效率法案）–SignedintolawinSeptember1994,anactbyCongressthateffectivelyallowsunimpedednationwidebranching.1994年9月，國(guó)會(huì)頒布的法案，允許在全服哦范圍內(nèi)不受限制地設(shè)立分支機(jī)構(gòu)。Reason1:Despitetheallegedcompetitiveness,manyoftheseinstitutionshavefacedlittleornocompetitionbecauselarger,andperhapsmoreefficient,bankswereprohibitedfromenteringthelocalmarket.Entryandbranchingrestrictionsultimatelyservedtolimitcompetition,notincreaseit.Reason2:Congressandthepresidentweremerelyfollowingtheleadofthestates.Bankholdingcompany（銀行控股公司）–Acorporationthatownsseveralfirms,atleastoneofwhichisabank.一個(gè)擁有幾個(gè)企業(yè)的公司，其中至少有一個(gè)是銀行。Reasons:Thisorganizationalformtobemoreprofitablethanasimplebankwouldbe.Allowbankstodiversifyintootherproductareas.Allowbankstocircumventrestrictionsonbranchingandthusseekoutsourcesandusesoffundsinothergeographicalmarkets.Adverseselectionproblem（逆向選擇問(wèn)題）–Whentheleast-desirableborrowerspursuealoanmostdiligently.當(dāng)條件最差的借款者努力爭(zhēng)取拿到貸款時(shí)就可能產(chǎn)生逆向選擇。（事前風(fēng)險(xiǎn)）Moralhazardproblem（道德風(fēng)險(xiǎn)）–Whentheborrowerhasanincentivetousetheproceedsofaloanforariskierventureaftertheloanisfunded.當(dāng)貸款發(fā)放后，借款者具有將該貸款的收益應(yīng)用于更高風(fēng)險(xiǎn)的動(dòng)機(jī)。（事后風(fēng)險(xiǎn)）18.Explainwhethereachofthefollowingsituationsinvolvesasymmetricinformation,adverseselection,ormoralhazard.a.Iamfinancinganewcar.Inapplyingforaloan,Iwithholdinformationaboutmystudentloan,andtheloandoesnotshowuponmycreditreport.b.Justbeforequittingmyjob,IobtainallthecreditcardsIcan.Iplantorunthemuptothelimitanddeclarebankruptcy.Chapter10Financialinnovation(金融創(chuàng)新)-Thecreationofnewfinancialinstruments,markets,andinstitutionsinthefinancialservicesindustry;newwaysforpeopletospend,save,andborrowfunds;changesintheoperationandscopeofactivitybyfinancialintermediaries.金融服務(wù)業(yè)產(chǎn)生的新型金融工具、金融市場(chǎng)和金融機(jī)構(gòu)；人們消費(fèi)、儲(chǔ)蓄、借貸的新方法；金融中介機(jī)構(gòu)經(jīng)營(yíng)方式和經(jīng)營(yíng)范圍的改變。金融創(chuàng)新的目的：twofactorshavebeenimportantingeneratingrecentfinancialinnovations:1.FIshavefacedincreasingcompetitionfromotherfinancialandnonfinancialinstitutions.2.Prices,inflation,interestrates,andexchangerateshavebecomemorevolatile.Disintermediation（脫媒）–Theremovaloffundsfromafinancialintermediary.將資金從金融中介中轉(zhuǎn)移出來(lái)。Nondepositliabilities（非存款負(fù)債）-Borrowedfunds,suchasEurodollarborrowings,fedfunds,andrepurchaseagreements,thatarenotdepositsandarenotsubjecttoreserverequirements.借入資金，即不受存款準(zhǔn)備金限制的非存款，如借入的歐洲美元、聯(lián)邦基金和回購(gòu)協(xié)議。Chapter11Junkbonds(垃圾債券)–Bondsratedbelowinvestmentgradeortooriskyforinvestment;alsocalledhigh-yieldbonds.低于投資等級(jí)或風(fēng)險(xiǎn)過(guò)高的債券；也稱高收益?zhèn)urobondmarket（歐洲債券市場(chǎng)）–Themarketfordollar-denominatedbondssoldinaforeigncountry,oftenbycorporationsdoingbusinessinthatcountry.在美國(guó)國(guó)外發(fā)行的以美元為面值的債券市場(chǎng)，通常發(fā)行者是在該國(guó)有經(jīng)營(yíng)業(yè)務(wù)的公司。Chapter12Fixedexch