货币银行学题目自选复习(6页).doc

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1、-货币银行学题目自选复习-第 6 页CH1 Why Study Money, Banking, and Financial Markets?1. 为什么金融市场对于经济的健康运行至关重要？They channel funds from people who do not have a productive use for them to people who do, thereby resulting in higher economic efficiency.2. 外汇汇率的变化会对金融机构的盈利产生怎样的影响？Changes in foreign exchange rates change

2、 the value of assets held by financial institutions and thus lead to gains and losses on these assets. Also changes in foreign exchange rates affect the profits made by traders in foreign exchange who work for financial institutions.3. 当美元相对于其他国家的货币的价值上升时，你更愿意买美国产的还是外国产的裤子？美国生产裤子的企业更愿意看到美元走强还是走弱？美国进

3、口裤子的贸易公司会受到美元汇率怎样的影响？foreign goods become less expensive relative to American goods; you are more likely to buy French-made jeans. The resulting drop in demand for American-made jeans because of the strong dollar hurts American jeans manufacturers. On the other hand, the American company that import

4、s jeans into US now finds that the demand for its product has risen, so it is better off when the dollar is strong.4. 国外投资者持有的美国债务主要是政府债券和国库券，美元汇率的变动会如何影响外国投资者所持有的美元债务的价值？As the dollar becomes stronger relative to a foreign currency, one dollar is equivalent to more foreign currency. A stronger doll

5、ar will yield more home currency to foreigners, so the asset will be worth more to foreign investors. Likewise, a weak dollar will lead to foreign bond holdings worth less to foreigners.5. 当利率上升时，每个人的情况都会变坏吗？No. It is true that people who borrow to purchase a house or a car are worse off because it

6、costs them more to finance their purchase; however, savers benefit because they can earn higher interest rates on their savings.CH2 What is money？1. 为什么通货不是恰当的货币计量指标？If currency can be used as money, a lot of other assets have liquidity properties that are similar to currency, not counting them woul

7、d understate an economys access to liquidity for transactions purposes. For this reason, counting assets such as checking deposits or savings accounts more accurately reflects the stock of assets that can be considered money.2. 如果你使用诸如Paypal之类的在线支付体系在网上购买产品和服务，会影响到M1货币供给量还是M2货币供给量，抑或两类货币供给量都会或者都不会被影

8、响？Neither. PayPal and many other e-money systems do not count in the M1 or M2. Because PayPal and similar payment systems are generally credit-based, this requires payment at a future date for funds used today; those future payments must be made using existing money that is already in the system, su

9、ch as currency or funds in a bank deposit account. In other words, the M1 and M2 money supplies would theoretically remain the same, but money would move from your checking account to a third party, once the credit transaction is settled.CH9 banking and the management of financial institution1. If t

10、he president of a bank told you that the bank was so well run that it has never had to call in loans, sell securities, or borrow as a result of a deposit outflow, would you be willing to buy stock in that bank? Why or why not? 如果银行行长告诉你：他的银行经营状况非常好，及时出现存款外流，也无需收获贷款出售证券或者借款，你是否买这家银行股票，为什么？No, because

11、 the bank president is not managing the bank well. The fact means that the bank is holding a lot of reserves that do not earn any interest. So the banks profits are low, and stock in the bank is not a good investment.2. “Because diversification is a desirable strategy for avoiding risk, it never mak

12、es sense for a bank to specialize in making specific types of loans.” Is this statement true, false, or uncertain? Explain your answer.因为多元化是避免风险的重要策略，因此银行永远不应当专门从事某种特定类型的贷款。对还是错，为什么False. Although diversification is a desirable strategy for a bank, it may still make sense for a bank to specialize i

13、n certain types of lending. For example, a bank may have developed expertise in screening and monitoring borrowers for a particular kind of loan, thus improving its ability to handle problems of adverse selection and moral hazard3. If you are a banker and expect interest rates to rise in the future,

14、 would you prefer to make short-term loans or long-term loans? 预计未来利率会上升，这时你愿意发放长期还是短期贷款？You should want to make short-term loans. Then, when these loans mature, you will be able to make new loans at higher interest rates, which will generate more income for the bank.4. Suppose you are the manager o

15、f a bank hose $100 billion of assets have an average duration of four years and whose $90 billion of liabilities have an average duration of six years. Conduct a duration analysis for the bank, and show what will happen to the net worth of the bank if interest rates rise by 2 percentage points. What

16、 actions could you take to reduce the banks interest-rate risk?the assets fall in value by $8 million while the liabilities fall in value by $10.8 million, the net worth of the bank rises by $2.8 million. The interest-rate risk can be reduced by shortening the maturity of the liabilities to a durati

17、on of four years or lengthening the maturity of the assets to a duration of six years. Alternatively, you could engage in an interest-rate swap, in which you swap the interest earned on your assets with the interest on another banks assets that have a duration of six years.5. 为什么隔夜贷款市场的发展使得银行更可能持有较少

18、的超额准备金？Because when a deposit outflow occurs, a bank is able to borrow reserves in these overnight loan markets quickly; thus, it does not need to acquire reserves at a high cost by calling in or selling off loans. The presence of overnight loan markets thus reduces the costs associated with deposit

19、 outflows, so banks will hold fewer excess reserves.6. 如果银行的资本金较之法定准备金要求少了100万，银行可以做哪三件事情来解决？It can raise $1 million of capital by issuing new stock.It can cut its dividend payments by $1 million.It can decrease the amount of its assets.CH11 Banking industry: structure and competition1. 哪个监管机构主要负责监管

20、一下所列的商业银行种类？a. 国民银行，b.银行持股公司，c.非美联储成员的州银行 d.美联储成员的州银行 e.联邦注册的储蓄与贷款协会 f.联邦注册的信用社（a）Office of the Comptroller of the Currency; (b) the Federal Reserve; (c) state banking authorities and the FDIC; (d) the Federal Reserve; (e) Office of Thrift Supervision; (f) National Credit Union Administration.2. 为什么

21、新技术加大了限制银行分支机构的难度？New technologies are frequently shared by several banks, so these facilities are not classified as branches. They can be used by banks to escape limitations on offering services in other states and on branching.3. 如果按照一些经济学家的提议，未来取消法定准备金制度，这会对货币市场共同基金的规模产生怎样的影响？Money market mutual

22、funds avoid the tax effect of reserve requirements and have a cost advantage over banks in acquiring funds. Eliminating reserve requirements would reduce the cost advantage of money market mutual funds and would reduce their size.4. “在加拿大，只有几家大银行主宰整个行业，而美国有5700家，因此，加拿大商业银行业不如美国竞争性强。”对还是错，为什么？False.

23、This does not mean that the American banking system is more competitive. The reason for the large number of U.S. banks has been anticompetitive regulations such as restrictions on banking.5. 为什么资产低于2500万美元的商业银行在银行中的比例要高于相对规模的储蓄与贷款协会和互助储蓄银行在各自行业的比例？Because restrictions on branching are stricter for c

24、ommercial banks than for savings and loans. So small commercial banks have greater protection from competition and are more likely to survive than small savings and loans.6. 银行跨洲开办业务有什么优缺点？One advantage is increased efficiency of the banking industry. Another advantage is a convenience factor for ba

25、nk customers. Perhaps most importantly, interstate banking allows banks to have geographical diversification of their loan portfolios, which can help alleviate localized bank failures. Disadvantages are that it tends to reduce competition, creating a few larger banks at the expense of many smaller b

26、anks. As a result, many smaller community banks may go out of business. In addition, it is worried that as banks expand into new geographical markets, they may take on increased risk, which could lead to bank failures.7. 如果你的支票账户的开户银行是一家外国银行，你是否会担忧你的存款不如放在美国银行中安全呢？No, because the foreign-owned bank

27、is subject to the same regulations as the American-owned bank.CH12 financial crisis1. 金融监管不力在金融危机中扮演了什么角色？Weak regulation and supervision mean that financial institutions will take on excessive risk. When the risky loans eventually go bad, these institutions cut back lending and economic activity de

28、clines.2. “金融工程总是会提高金融体系的效率”这种说法正确，错误还是不确定？False. Financial engineering may create financial products t that it can be hard to value the cash flows or to determine who actually owns these assets. In other words, the increased complexity of structured products can actually destroy information, thereb

29、y making asymmetric information worse in the financial system.3. 哪三个方法可以限制“太大不能倒闭”问题，简要介绍每种方法的利弊。a) Break up large financial institutionsb) Higher capital requirementsc) Leave it to Dodd-FrankCH13 Central banks and federal reserve system1. 联邦储备体系的哪个部门控制贴现率，法定准备金率，公开市场操作呢？The Board of Governors sets

30、reserve requirements and the discount rate; the FOMC directs open market operations. In practice however, the FOMC helps make decisions about reserve requirements and the discount rate.2. 美联储是独立性最强的美国政府机构，他与其他机构的哪些差别可以说明它具有如此强的独立性？The Fed is more independent because its substantial revenue from secu

31、rities and discount loans allows it to control its own budget.3. 美联储的独立性使它完全不必为其行为负责。对还是错，为什么？False. The Fed is still subject to political pressure, because Congress can pass legislation limiting the Feds power. If the Fed is performing badly, Congress can make the Fed accountable by passing legislation that the Fed does not like.