2022年货币银行学章节知识点及问题答案.docx

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1、精选学习资料 - - - - - - - - - 货币银行学章节学问点及问题答案Chapter 1 Why Study Money, Banking ,and Financial Markets.1. Financial markets: markets in which funds are transferred from people who have an excess of available funds Lo people who have a shortage.2. Interest rate : an interest rate is the cost of borrowing

2、or the price paid for the rental of funds3. Stock : A common stock typically just called a stock represents a share of ownership in a corporation.4. Money : Money is defined as anything that is generally accepted in payment for goods or services or in the repayment of debts. 5. Foreign exchange mark

3、et : The foreign exchange market is where this conversion takes place, so it is instrumental in moving funds between countries.6. Foreign exchange rate : anothers.Questions and answersthe price of one countrys currency in terms of N:Why study money ,banking and financial markets.A: 1.To examine how

4、financial markets such as bond ,stock and foreign exchange markets work.2.To examine how financial institutions such as banks and insurance companies work.3.To examine the role of money in the economy.:What is the banking and financial institution.A: 1. financial intermediaries, institutions that bo

5、rrow funds from people who have saved and in turn make loans to others.2. Banks are financial institutions that accept deposits and make loans.financial institutionsinsurance companies, finance companies, pension funds, mutual funds and investment banks.:How we will study money ,banking and financia

6、l markets.A: 1. Exploring the Web and Graphing Data.1.Chapter 2 An overview of the Financial SystemCapital资本 : wealth, either financial or physical, that is employed to produce more wealth.2.Primary market : A primary market is a financial market in which new issues of a security, such as a bond or

7、a stock, are sold to initial buyers by the corporation or government agency borrowing the funds.3.Secondary market : A secondary market is a financial market in which securities that have been previously issued can be resold.4. Exchanges 证券交易所 : where buyers and sellers of securities or their agents

8、 or brokers meet in one central location to conduct trades.名师归纳总结 5.Capital market : The capital market is the market in which longer-term debt and 第 1 页,共 7 页- - - - - - -精选学习资料 - - - - - - - - - equity instruments are traded.Questions and answers Num.1: How could Secondary markets be organized.A:

9、Secondary markets can be organized in two ways. One method is to organize exchanges, where buyers and sellers of securities or their agents or brokers meet in one central location to conduct trades.The other method of organizing a secondary market is to have an over-the-counter OTC market.N:How to d

10、istinguish between money and capital market.A: Money market securities are usually more widely traded than longer-term securities and so tend to be more liquid. short-term securities have smaller fluctuations in prices than long-term securities, making them safer investments. As a result, corporatio

11、ns and banks actively use the money market to earn interest on surplus funds that they expect to have only temporarily. Capital market securities, such as stocks and long-term bonds, are often held by financial intermediaries such as insurance companies and pension funds, which have little uncertain

12、ty about the amount of funds they will have available in the future.Num. 3:Whats the International Bond Market, Eurobonds, and Eurocurrencies.A: The traditional instruments in the international bond market are known as foreign bonds. Foreign bonds are sold in a foreign country and are denominated in

13、 that countrys currency.The Eurobond is a bond denominated in a currency other than that of the country in which it is sold.Eurocurrencies, which are foreign currencies deposited in banks outside the home country. The most important of the Eurocurrencies are Eurodollars.1.Chapter 3 What Is Money.Wea

14、lth : The total collection of pieces of property that serve to store value.2. 3.4.Income : Income is a flow of earnings per unit of Lime.Medium of exchange : promotes economic efficiency by minimizing the time spent in exchanging goods and services.Store of value : It is a repository of purchasing p

15、ower over time. A store of value is used to save purchasing power from the time income is received until the time it is spent.5. Electronic money or e-money: money that exists only in electronic form. 6. Ml : which includes the most liquid assets: currency, checking account deposits, and travelers c

16、hecks.Questions and answers Num.1: Example the evolution of the Payments System.A: Commodity Money Fiat Money Checks Electronic Payment名师归纳总结 - - - - - - -第 2 页,共 7 页精选学习资料 - - - - - - - - - E-Money Num.2: Explain M1 and M2.A: The narrowest measure of money that the Fed reports is Ml, which includes

17、 the most liquid assets: currency, checking account deposits, and travelers checks.The M2 monetary aggregate adds to M l other assets that are not quite as liquid as those included in M l: assets that have check-writing features money market deposit accounts and money market mutual fund shares and o

18、ther assets savings deposits and small-denomination time deposits that can be turned into cash quickly at very little cost.Num.3: What the function of money.A: 1.Medium of Exchange In almost all market transactions in our economy, money in the form of currency or checks is a medium of exchange; it i

19、s used to pay for goods and services. The use of money as a medium of exchange promotes economic efficiency by minimizing the time spent in exchanging goods and services.2. Unit of Account Unit of account, that is, it is used to measure value in the economy. We measure the value of goods and service

20、s in terms of money, just as we measure weight in terms of pounds or distance in terms of miles. 3.Store of Value Store of value it is a repository of purchasing power over time. A store of value is used to save purchasing power from the time income is received until the time it is spent. This funct

21、ion of money is useful, because most of us do not want to spend our income immediately upon receiving it, but rather prefer to wait until we have the time or the desire to shop.Chapter 4 Understanding Interest Rates1. 2.Present value or Present discounted value: a dollar paid to you one year from no

22、w is less valuable to you than a dollar paid to you today.Yield to Maturity 到期收益率 ：the interest rate that equates the present value of cash flow payments received from a debt instrument with its value today. 3. Coupon bond息票债券 ：A coupon bond pays the owner of the bond a fixed interest payment every

23、year until the maturity date, when a specified final amount is repaid.4.Consol 有蓄 or perpetuity永久债券: it is a perpetual bond with no maturity date and no repayment of principal that makes fixed coupon payments of $C forever.5. 6.Nominal interest rate :The interest rate makes no allowance for inflatio

24、n Real interest rate : The interest rate that is adjusted by subtracting expected changes in the price level inflation so that it more accurately reflects the true cost of borrowing.名师归纳总结 - - - - - - -第 3 页,共 7 页精选学习资料 - - - - - - - - - Questions and answers Num.1: Distinguish between Fixed-Payment

25、 and Coupon Bond.A:1When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.2 The price of a coupon bond and the yield to maturity are negatively related; that is, as the yield to maturity rises, the price of the bond falls As the yield to maturity falls, the p

26、rice of the bond rises.3 The yield to maturity is greater than the coupon rate when the bond price is below its face value. Num.2: The distinction between real and nominal interest rates.A: The interest rate makes no allowance for inflation, and it is more precisely referred to as the nominal intere

27、st rate. We distinguish it from the real interest rate, the interest rate that is adjusted by subtracting expected changes in the price level inflation so that it more accurately reflects the true cost of borrowing. This interest rate is more precisely referred to as the ex ante real interest rate b

28、ecause it is adjusted for expected changes in the price level. The ex ante real interest rate that is most important to economic decisions, and typically it is what economists mean when they make reference to the real interest rate.ir=i-i = nominal interest rate = expected inflation rate Num.3: The

29、distinction between interest rates and returnsA: the return on a bond will not necessarily equal the yield to maturity on that bond.RET=i + g The only bond whose return equals the initial yield to maturity is one whose time to maturity is the same as the holding period A rise in interest rates is as

30、sociated with a fall in bond prices, resulting in capital losses on bonds whose terms to maturity are longer than the holding period. The more distant a bonds maturity, the greater the size of the percentage price change associated with an interest -rate change.The more distant a bonds maturity, the

31、 lower the rate of return that occurs as a result of the increase in the interest rate. Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise.Chapter 5 The Behavior of Interest Rates1. 2.Liquidity : The ease and speed with which an

32、asset can be turned into cash.market equilibrium : market equilibrium occurs when the amount that people are willing to buy demand equals the amount that people are willing to sell supply at a given price.名师归纳总结 3.liquidity preference framework : determines the equilibrium interest rate in 第 4 页,共 7

33、 页- - - - - - -精选学习资料 - - - - - - - - - 4.terms of the supply of and demand for money.opportunity cost : The amount of interest expected return sacrificed by not holding the alternative asset.5. 6.excess supply : The quantity of bonds supplied exceeds the quantity of bonds demanded, is called a cond

34、ition of excess supply.excess demand : the quantity demanded is greater than the quantity supplied.Questions and answers Num.1 : Determining the quantity demanded of an asset.A: 1 Wealth, the total resources owned by the individual, including all assets 2 Expected return the return expected over the

35、 next period on one asset relative to alternative assets 91.3 Risk the degree of uncertainty associated with the return on one asset relative to alternative assets 4 Liquidity the ease and speed with which an asset can be turned into cash relative to alternative assets Num.2 : Whats the Theory of As

36、set Demand.A : l The quantity demanded of an asset is positively related to wealth.2 The quantity demanded of an asset is positively related to its expected return relative to alternative assets. 3 The quantity demanded of an asset is negatively related to the risk of its returns relative to alterna

37、tive assets. 4The quantity demanded of an asset is positively related to its liquidity relative to alternative assets.Num.3 : Shifts in the Demand for Money 1） Income Effect a higher level of income causes the demand for money at each interest rate to increase and the demand curve to shift to the ri

38、ght.2） 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.Chapter 6 The Risk and Term Structure of Interest Rates 1. Default-free bond : U.S. Treasury bonds have usually been considered to have no defa

39、ult risk because the federal government can always increase taxes to pay of its obligations. Bonds like these with no default risk are called default-free bonds.2. Yield curve : A plot of the yields on bonds with differing terms to maturity but the same risk, liquidity, and Lax considerations is cal

40、led a yield curve.3. Credit-rating agency : investment advisory firms that rate the quality of corporate and municipal bonds in terms of the probability of default.4. Preferred habitat theory : It assumes that investors have a preference for bonds of one maturity over another, a particular bond matu

41、rity preferred 名师归纳总结 - - - - - - -第 5 页,共 7 页精选学习资料 - - - - - - - - - habitat in which they prefer to invest. Because they prefer bonds of one maturity over another, they will be willing to buy bonds that do not have the preferred maturity habitat only if they earn a somewhat higher expected return

42、. Because investors are likely to prefer the habitat of short -term bonds over that of longer-term bonds.5. Liquidity premium theory : the interest rate on a long -term bond will equal an average of short-term interest rates expected to occur over the life of the long-term bond plus a liquidity prem

43、ium also referred to as a term premium that responds to supply and demand conditions for that bond.6. Risk premium : The spread between the interest rates on bonds with default risk and default-free bonds, both of the same maturity, called the risk premium.Questions and answers Num.1: What is the Fa

44、cts Theory of the Term Structure of Interest Rates Must Explain.A: 1 Interest rates on bonds of different maturities move together over time.2 When short-term interest rates are low, yield curves are more likely to have an upward slope; when short-term rates are high, yield curves are more likely to

45、 slope downward and be inverted .3Yield curves almost always slope upwardNum.2: What is the three theories to explain the three facts. A: 1Expectations theory explains the first two facts but not the third.2Segmented markets theory explains fact three but not the first two. 3 Liquidity premium theor

46、y combines the two theories to explain all three facts.N:What is the preferred habitat Theory. A: 1 Investors have a preference for bonds of one maturity over another. 2They will be willing to buy bonds of different maturities only if they earn a somewhat higher expected return.3Investors are likely

47、 to prefer short-term bonds over longer-term bonds.Chapter 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis 1. Dividend : Dividends are payments made periodically, usually every quarter, to stockholders.2. Rational expectations : Expectations will be identical to optimal forecasts the best guess of the future using all available information.3. Adaptive expectations: Expectations of inflation, for example, were typically viewed as being an averag