专业英语(传世版)

1、专业英语汇总Howtodefinetheaggregate(集合)pricelevel?如何衡量价格指数？Threemeasuresoftheaggregatepricelevelarecommonlyencounteredineconomicdata.ThefirstistheGDPdeflator(difleit)(GDP平减指数)，whichisdefinedasnominalGDPdividedbyrealGDP.AnotherpopularmeasureoftheaggregatepricelevelistheProducerPriceIndex(生产者价格指数)whichisame

2、asureofthecostofabasketofgoodsandservicesboughtbyfirmsThemeasureoftheaggregatepricelevelthatismostfrequentlyreportedinthepressistheConsumerPriceIndex(消费者价格指数)，whichismeasuredbypricingabasketofgoodsandservicesboughtbyatypicalurbanhousehold.Whatsthedisadvantageandadvantageofholdingequityratherthandebt

3、?持有股权的优劣？Themaindisadvantageofowningacorporationsequitiesratherthanitsdebtisthatanequityholderisaresidualrzdjlclaimant(剩余求偿权)，thatis,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequityholders.Themainadvantageofholdingequitiesisthatequityholdersbenefitdirectlyfromanyincreasesinthecorporations

4、profitability,praftbltiorassetvaluebecauseequitiesconferownershiprightsontheequityholders.Debtholdersdonotshareinthisbenefit,becausetheirpaymentsarefixed.Whatsthedifferencebetweenprimaryandsecondarymarket?级市场与二级市场的区别？Aprimarymarketisafinancialmarketinwhichnewissuesofasecurity,suchasabondorastock,are

5、soldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.Asecondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedcanberesold.WhatsthedifferencebetweenforeignbondandEurobond?外国债券和欧洲债券的区别？Foreignbondsaresoldinaforeigncountryandaredenominatedinthatcountryscurrency.F

6、orexample,abondissuedbyaChinesecompanydenominatedinU.S.dollarssoldinNewYork.Eurobondisabonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.Forexample,abonddenominatedinU.S.dollarssoldinChina.Whatsassettransformationanddiversification？资产转换和分散化Financialintermediariescreateandsellassetsw

7、ithriskcharacteristicsthatpeoplearecomfortablewith,andtheintermediariesthenusethefundstheyacquirebysellingtheseassetstopurchaseptsotherassetsthatmayhavefarmorerisk.Thisprocessofrisksharingisreferredasassettransformation,becauseinasense,riskyassetsareturnedintosaferassetsforinvestors.Diversificatione

8、ntailsinvestinginaportfolioofassetswhosereturnsdonotalwaysmovetogetherwiththeresultthatoverallriskislowerthanforindividualassets.Italsorefersto“Youshouldntputallyoureggsinonebasket”.Diversificationcaneliminatefirm-specificspsfkrisk一theuncertaintyassociatedwiththespecificcompanies.Butdiversificationc

9、annoteliminatemarketrisktheuncertaintyassociatedwiththeentireeconomy,whichaffectsallcompaniestradedonthestockmarket.Forexample,whentheeconomygoesintoarecession,mostcompaniesexperiencefallingsales,profitandlowstockreturns.Diversificationreducestheriskofholdingstocks,butitdoesnoteliminateit.Explainthe

10、followingconcepts:asymmetric,esmtrkinformation,adverseselectionandmoralhazard.Asymmetrieinformation(信息不对称)referstothatonepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions.Forexample,aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskassoeiatedwithth

11、einvestmentprojectsforwhichthefundsareinvestedthanthelenderdoes.Adverseselection(逆向选择)istheproblemcreatedbyasymmetricinformationbeforethetransactionoccurs.Adverseselectioninfinancialmarketsoccurswhenthepotentialborrowerswhoarethemostlikelytodefaultaretheoneswhomostactivelyseekoutaloanandarethusmostl

12、ikelytobeselected.Moralhazard(道德风险)istheproblemcreatedbyasymmetricinformationafterthetransactionoccurs.Moralhazardinfinancialmarketsistheriskthattheborrowermightengageinactivitiesthatareundesirablefromthelenderspointofview,becausetheymakeitlesslikelythattheloanwillbepaidback.Whatsthefunctionofmoney?

13、货币的职能？Moneyhasthreeprimaryfunctionsinanyeconomy:asamediumofexchange,asaunitofaccount,andasastoreofvalue.Whenmoneyisusedtopayforgoodsandservices,itplaystheroleofamediumofexchange(流通手段).Theuseofmoneyasamediumofexchangepromoteseconomicefficiencybyminimizingthetimespentinexchanginggoodsandservices.These

14、condroleofmoneyistoprovideaunitofaccount(价值尺度),thatis,itisusedtomeasurevalueofgoodsandservicesintheeconomy.Moneyalsofunctionsasastoreofvalue(储藏手段).Astoreofvalueisusedtosavepurchasingpowerfromthetimeincomeisreceiveduntilthetimeitisspent.Thisfunctionofmoneyisuseful,becausemostofusdonotwanttospendourin

15、comeimmediatelyuponreceivingit,butratherprefertowaituntilwehavethetimeorthedesiretoshop.WhatstheFisherequationandFishereffect?费雪等式与费雪效应？TheFisherequationstatesthatthenominalinterestrateequalstherealinterestrateplustheexpectedrateofinflation.Theequationtellsusthatallelseequal,ariseinacountrysexpected

16、inflationratewilleventuallycauseanequalriseinthenominalinterestrate.Similarly,afallintheexpectedinflationratewilleventuallycauseafallinthenominalinterestrate.Thislong-runrelationshipbetweeninflationandinterestratesiscalledtheFishereffect.TheFishereffectimplies,forexample,thatifU.S.inflationweretoris

17、epermanentlyfromaconstantlevelof5percentperyeartoaconstantlevelof10percentperyear,dollarinterestrateswouldeventuallycatchupwiththehigherinflation,risingby5percentagepointsperyearfromtheirinitiallevel.Thesechangeswouldleavetherealrateofreturnondollarassetsunchanged.TheFishereffectisthereforeanotherex

18、ampleofthegeneralideathatinthelongrun,purelymonetarydevelopmentsshouldhavenoeffectonaneconomysrealvariables.Howtoexplainthenegativerelationbetweenthequantityofmoneydemandedandtheinterestrate?Wecanexplainthatthequantityofmoneydemandedandtheinterestrateshouldbenegativelyrelatedbyusingtheconceptofoppor

19、tunitycost(机会成本)，theamountofrevenuesacrificedbytakingonecourseofactionratherthananother.Astheinterestrateonbondsrises,theopportunitycostofholdingmoneyrises,thusmoneyislessdesirableandthequantityofmoneydemandedmustfall.RiskPremium风险溢价Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-fr

20、eebonds,bothofthesamematurity,calledtheriskpremium,indicateshowmuchadditionalinterestpeoplemustearntobewillingtoholdthatriskybond.Brieflyintroduceexpectationstheory,segmentedmarketstheoryandliquiditypremiumtheory.Theexpectationstheory(预期假说)ofthetermstrueturestatesthefollowingproposition:theinterestr

21、ateonalong-termbondwillequalanaverageoftheshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbond.Thesegmentedmarketstheory(市场分割假说)ofthetermstructureseesmarketsfordifferent-maturitybondsascompletelyseparateandsegmented.Theinterestrateforeachbondwithadifferentmaturityisthendetermi

22、nedbythesupplyofanddemandforthatbond,withnoeffectsfromexpectedreturnsonotherbondswithothermaturities.Theliquiditypremiumtheory(流动性溢价假说)ofthetermstructurestatesthattheinterestrateonalong-termbondwillequalanaverageofshort-terminterestratesexpectedtooccuroverthelifeofthelong-termbondplusaliquiditypremi

23、um.Itisalsocalledpreferredhabitattheory(偏好停留假说).Whatsthedifferencebetweenadaptiveexpectationandrationalexpectation?Adaptiveexpectation适应性预期)statesthatexpectationsformfrompastexperienceonlyandchangesinexpectationswilloccurslowlyovertimeaspastdatachange.Forexample,expectationsofinflationistypicallyvie

24、wedasbeinganaverageofpastinflationrates.Soifinflationhadformerlybeensteadyata5%rate,expectationsoffutureinflationwouldbe5%also.Rationalexpectation(理性预期)canbestatedasfollows:expectationswillbeidenticaltooptimalforecasts(thebestguessofthefuture)usingallavailableinformation.EfficientMarketHypothesis有效市

25、场假说Theefficientmarkethypothesisstatesthatcurrentpricesinafinancialmarketwillbesetsothattheoptimalforecastofasecuritysreturnusingallavailableinformationequalsthesecuritysequilibrium,ikwlbrm;,ekw-return,becauseinanefficientmarketallunexploitedprofitopportunitieswillbeeliminatedbyarbitragerarbtra(套利者).

26、weak(past),semi-strong,andstrong(insider).“LemonsProblem”次品问题Aparticularaspectofthewaytheadverseselectionprobleminterfereswiththeefficientfunctioningofamarketiscalled“lemonsproblem”.Wecanusetheused-carmarkettoillustratethisconcept.Potentialbuyersofusedcarsarefrequentlyunabletoassessthequalityoftheca

27、r,thatis,theycanttellwhetheraparticularusedcarisagoodcaroralemon(次品).Thepricethatabuyerpaysmustthereforereflecttheaveragequalityofthecarsinthemarket,somewherebetweenthelowvalueofalemonandthehighvalueofagoodcar.Theownerofausedcar,bycontrast,ismorelikelytoknowwhetherthecarisagoodcaroralemon.Ifthecaris

28、alemon,theownerismorethanhappytosellitatthepricethebuyeriswillingtopay,which,beinsgomewherebetweenthevalueofalemonandagoodcar,isgreaterthanthelemonsvalue.However,ifthecarisagoodcar,theownerknowsthatthecarisundervaluedatthepricethebuyeriswillingtopay,andsotheownermaynotwanttosellit.Asaresultofthisadv

29、erseselection,fewgoodusedcarswillcometothemarket.Becausetheaveragequalityofausedcaravailableinthemarketwillbelowandbecausefewpeoplewanttobuyalemon,therewillbefewsales.Theused-carmarketwillfunctionpoorlyorevendisappear.Principal-agentProblem委托-代理问题Principal-agentproblemreferstothatthemanagersincontro

30、l(theagents)mayactintheirowninterestratherthanintheinterestofthestockholder(theprincipals)becausethemanagershavelessincentivetomaximizeprofitsthanthestockholderdo.Theprincipal-agentproblem,whichisanexampleofmoralhazard,arisesonlybecauseamanagerhasmoreinformationabouthisactivitiesthanthestockholderdo

31、es.So,thereisasymmetricinformation.Whats“irrationalexuberancegz(j)ub()r()ns;eg-”proposedbyAlanGreenspan?非理性繁荣Irrationalexuberancereferstoaphenomenonthatassetprices,inthestockmarketandrealestate,aredrivenwellabovetheirfundamentaleconomicvaluesbyinvestorpsychology.Theresultisanasset-pricebubble(资产价格泡沬

32、)，suchasthetechstockmarketbubbleofthelate1990sortherecenthousingpricebubbleinsubprimesbpraimcrisiskrass.Howtosolveasymmetricinformationproblems?如何解决信息不对称的问题？AsymmetricInformationProblemToolsioSolveItAdverseselectionPrivateproductionandsaleofinformationGovernmentregulationtoincreaseinformaLLonrirunci

33、alintermediationCollateralandnetworthMorallizardinequitycontracts(principal-agentproblem)Productionofinformaiion:monitoringGovernmentregulationtoincreaseinformarLonFinancialintermediationDebtcontractsMoralhazardindebtcontracisCoHareralandnetworthMonitoringandenforcementofresiriciivecovenantsFinancia

34、limermediationSecuritizationandSubprimemortgage资产证券化与次级抵押贷款Subprimemortgagesaremortgagesforborrowerswithless-than-stellarcreditrecords.Securitizationistheprocessoftransformingotherwiseilliquidfinancialassets(suchasresidentialmortgages,autoloans,andcreditcardreceivables),whichhavetypicallybeenthemain

35、businessofbankinginstitutions,intomarketablecapitalmarketsecurities.Whatstime-inconsistencynknsst()nsproblem?时间不一致问题Thetime-inconsistencyproblemissomethingwedealwithcontinuallyineverydaylife.Weoftenhaveaplanthatweknowwillproduceagoodoutcomeinthelongrun,butwhentomorrowcomes,wejustcanthelpourselvesand

36、wedenyourplanbecausedoingsohasshort-rungains.Inotherwords,wefindourselvesunabletoconsistentlyfollowagoodplanovertime,andthegoodplanissaidtobetime-inconsistentandwillsoonbeabandoned.PoliticalBusinessCycle政治经济周期Politicalbusinesscycleisaprocessthatcanbeillustratedinthefollowingexample.Justbeforeanelect

37、ion,expansionarypoliciesarepursuedtolowerunemploymentandinterestrates.Aftertheelection,thebadeffectsofthesepolicies,thatishighinflationandhighinterestrates,comehometoroost,requiringcontractionarypoliciesthatpoliticianshopethepublicwillforgetbeforethenextelection.Whatsmoneymultiplierandwhatarethefact

38、orsthataffectit?货币乘数及其影响因素？Themoneymultiplier,denotedbym,tellsushowmuchthemoneysupplychangesforagivenchangeinthemonetarybase.Therelationshipbetweenthemoneysupply,themoneymultiplierandthemonetarybaseisdescribedbythefollowingequation:M二mxMBThemoneymultiplierisafunctionofthecurrencyratioresetbydeposito

39、rdpztc,theexcessreservesratiosetbybankse,andtherequiredreserveratiosetbytheFedr.Themoneymultipliermisthus1+cm=fiWhatarethetoolsofmonetarypolicy?货币政策工具Therearethreetoolsofmonetarypolicythatcanbeconductedbythecentralbank,suchasopenmarketoperations,discountlendingandreserverequirements.Openmarketoperat

40、ions(公开市场操作)arethemostimportantmonetarypolicytool,becausetheyaretheprimarydeterminantsofchangesininterestratesandthemonetarybase,themainsourceoffluctuationsinthemoneysupply.Openmarketpurchasesexpandreservesandthemonetarybase,therebyincreasingthemoneysupplyandloweringshort-terminterestrates.Openmarke

41、tsalesshrinkreservesandthemonetarybase,decreasingthemoneysupplyandraisingshort-terminterestrates.Openmarketoperationshavefouradvantagesovertheothertoolsofmonetarypolicy:0penmarketoperationsoccurattheinitiativeoftheFed,whichhascompletecontrolovertheirvolume.Openmarketoperationsareflexibleandprecise,a

42、ndtheycanbeusedtoanyextent.Openmarketoperationsareeasilyreversed.Openmarketoperationscanbeimplementedquickly,sincetheyinvolvenoadministrativedelays.ThefacilityatwhichbankscanborrowreservesfromtheFediscalledtdescountwindow(贴现窗口).Thefacilityisintendedtobeabackupsourceofliquidityforbanksduringfinancial

43、crisis.ThemostimportantadvantageofdiscountpolicyisthattheFedcanuseittoperformitsroleoflenderoflastresort(最后贷款人).ThedisadvantageofdiscountpolicyisthatthedecisionstotakeoutdiscountloansaremadebybanksandarethereforenotcompletelycontrolledbytheFed.Changesinreserverequirements(法定存款准备金)affectthemoneysuppl

44、ybycausingthemoneysupplymultipliertochange.Ariseinreserverequirementsreducestheamountofdepositsthatcanbesupportedbyagivenlevelofthemonetarybaseandwillleadtoacontractionofthemoneysupply.Ariseinreserverequirementsalsoincreasesthedemandforreservesandraisesthefederalfundsrate.Conversely,adeclineinreserv

45、erequirementsleadstoanexpansionofthemoneysupplyandafallinthefederalfundsrate.Reserverequirementshaveatleastthreedisadvantages:Owingtofinancialinnovation,reserverequirementsarenolongerbindingformostbanks,sothistoolismuchlesseffectivethanitoncewas.Raisingtherequirementscancauseimmediateliquidityproble

46、msforbankswherereserverequirementsarebinding.Continuallyfluctuatingreserverequirementswouldalsocreatemoreuncertaintyforbanksandmaketheirliquiditymanagementmoredifficult.LawofOnePriceandTheoryofPurchasingPowerParity价定理与购买力评价理论Thelawofonepricestatesthatiftwocountriesproduceanidenticalgood,andtransport

47、ationcostsandtradebarriersareverylow,thepriceofthegoodshouldbethesamethroughouttheworldnomatterwhichcountryproducesit.Thetheoryofpurchasingpowerparity(PPP)statesthatexchangeratesbetweenanytwocurrencieswilladjusttoreflectchangesinthepricelevelsofthetwocountries.ThetheoryofPPPissimplyanapplicationofth

48、elawofonepricetonationalpricelevelsratherthantoindividualprices.ThestatementthatexchangeratesequalrelativepricelevelsissometimesreferredtoasabsolutePPP(绝对购买力平价).RelativePPP(相对购买力平价)statesthatthepercentagechangeintheexchangeratebetweentwocurrenciesoveranyperiodequalsthedifferencebetweenthepercentagec

49、hangesinnationalpricelevels.RealExchangeRate实际汇率Therealexchangeratereferstotherateatwhichdomesticgoodscanbeexchangedforforeigngoods.Ineffect,itisthepriceofdomesticgoodsrelativetothepriceofforeigngoodsdenominatedinthedomesticcurrency.Forexample,ifabasketofgoodsinNewYorkcosts$50,whilethecostofthesameb

50、asketofgoodsinTokyocosts$75becauseitcosts7500yenwhiletheexchangerateisat100yenperdollar,thentherealexchangerateis0.66(=$50/$75).Therealexchangerateisbelowl,indicatingthatitischeapertobuythebasketofgoodsintheUnitedStatesthaninJapan.Whythetheoryofpurchasingpowerparitycannotfullyexplainexchangerates?购买

51、力平价的缺陷Contrarytotheassumptionofthelawofoneprice,transportcostsandrestrietionsontradecertainlydoexist.Thesetradebarriersmaybehighenoughtopreventsomegoodsfrombeingtradedbetweencountries.Monopolisticpracticesingoodsmarketsmayinteractwithtransportcostsandothertradebarrierstoweakenfurtherthelinkbetweenth

52、epricesofsimilargoodssoldindifferentcountries.Becausetheinflationdatareportedindifferentcountriesarebasedondifferentcommoditybaskets,thereisnoreasonforexchangeratechangestooffsetofficialmeasuresofinflationdifferences,evenwhentherearenobarrierstotradeandallproductsaretradable.MonetaryNeutralitynjutrl

53、t货币中性Monetaryneutralitystatesthatinthelongrun,aonetimepercentageriseinthemoneysupplyismatchedbythesameonetimepercentageriseinthepricelevel,leavingunchangedtherealmoneysupplyandallotherrealvariablessuchasrealinterestrates.ExchangeRateOvershooting汇率超调Thephenomenonthattheexchangeratefallsbymoreinthesho

54、rtrunthanitdoesinthelongrunwhenthemoneysupplyincreasesiscalledexchangerateovershooting.Itcanhelpexplainwhyexchangeratesexhibitsomuchvolatility,valtltiExchangerateovershootingisadirectconsequenceoftheshort-runrigidityofthepricelevel.Inahypotheticalworldwherethepricelevelcouldadjustimmediatelytoitsnew

55、,long-runlevelafteramoneysupplyincrease,theinterestratewouldnotfallbecausepriceswouldadjustimmediatelyandpreventtherealmoneysupplyfromrising.Thus,theexchangeratewouldmaintainequilibriumsimplybyjumpingtoitsnew,long-runlevelrightaway.InterestParityCondition利率平价条件(1)Theuncoveredinterestparitycondition(

56、非抛补利率平价)statesthatthedomesticinterestrateequalstheforeigninterestrateminustheexpectedappreciationpri，e()n;-s-ofthedomesticcurrency,orequivalently,thedomesticinterestrateequalstheforeigninterestrateplustheexpectedappreciationoftheforeigncurrency.Ifthedomesticinterestrateishigherthantheforeigninterest

57、rate,thereisapositiveexpectedappreciationoftheforeigncurrency,whichcompensatesforthelowerforeigninterestrate.Thisconditioncanberewrittenas-D_-F_氏+1-(2)Thecoveredinterestparitycondition(抛补利率平价)statesthattheratesofreturnondollardepositsand“covered”foreigndepositsmustbethesame.Supposeyouwanttobuyaeurod

58、epositwithdollarsbutwouldliketobecertainaboutthenumberofdollarsitwillbeworthattheendofayear.Youcanavoidexchangerateriskbybuyingaeurodepositand,atthesametime,sellingtheproceedsofyourinvestmentforward.Wesayyouhave“covered”yourself,thatis,avoidedthepossibilityofanunexpecteddepreciationoftheeuro.Unsteri

59、lizedForeignExchangeInterventionandSterilizedForeignExchangeInterventionAforeignexchangeinterventioninwhichacentralbankallowsthepurchaseorsaleofdomesticcurrencytohaveaneffectonthemonetarybase,iscalledanunsterilizedforeignexchangeintervention(非冲销式干预).Anunsterilizedinterventioninwhichdomesticcurrencyi

60、ssoldtopurchaseforeignassetsleadstoagainininternationalreserves,anincreaseinthemoneysupply,andadepreciationofthedomesticcurrency.Anunsterilizedinterventioninwhichdomesticcurrencyispurchasedbysellingforeignassetsleadstoadropininternationalreserves,adecreaseinthemoneysupply,andanappreciationofthedomes