金融学专业考研复试专业英语题目

1、精选优质文档-倾情为你奉上精选优质文档-倾情为你奉上专心-专注-专业专心-专注-专业精选优质文档-倾情为你奉上专心-专注-专业1. How to define the aggregate price level? 如何衡量价格指数？Three measures of the aggregate price level are commonly encountered in economic data. (1)The first is the GDP deflator (GDP平减指数), which is defined as nominal GDP divided by real GDP.

2、(2)Another popular measure of the aggregate price level is the Producer Price Index (生产者价格指数) which is a measure of the cost of a basket of goods and services bought by firms.(3) The measure of the aggregate price level that is most frequently reported in the press is the Consumer Price Index (消费者价格

3、指数), which is measured by pricing a basket of goods and services bought by a typical urban household.2. Whats the disadvantage and advantage of holding equity rather than debt? 持有股权的优劣？(1)The main disadvantage of owning a corporations equities rather than its debt is that an equity holder is a resid

4、ual claimant (剩余求偿权), that is, the corporation must pay all its debt holders before it pays its equity holders . (2)The main advantage of holding equities is that equity holders benefit directly from any increases in the corporations profitability or asset value because equities confer ownership rig

5、hts on the equity holders. Debt holders do not share in this benefit, because their payments are fixed.3. Whats the difference between primary and secondary market? 一级市场与二级市场的区别？(1)A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to initia

6、l buyers by the corporation or government agency borrowing the funds.(2)A secondary market is a financial market in which securities that have been previously issued can be resold.4. Whats the difference between foreign bond and Eurobond? 外国债券和欧洲债券的区别？(1)Foreign bonds are sold in a foreign country a

7、nd are denominated in that countrys currency. For example, a bond issued by a Chinese company denominated in U.S. dollars sold in New York.(2)Eurobond is a bond denominated in a currency other than that of the country in which it is sold. For example, a bond denominated in U.S. dollars sold in China

8、.5. Whats asset transformation and diversification？资产转换和分散化(1)Financial intermediaries create and sell assets with risk characteristics 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 ris

9、k. This process of risk sharing is referred as asset transformation, because in a sense, risky assets are turned into safer assets for investors.(2)Diversification entails investing in a portfolio of assets whose returns do not always move together with the result that overall risk is lower than for

10、 individual assets. It also refers to “You shouldnt put all your eggs in one basket”. Diversification can eliminate firm-specific riskthe uncertainty associated with the specific companies. But diversification cannot eliminate market riskthe uncertainty associated with the entire economy, which affe

11、cts all companies traded on the stock market. For example, when the economy goes into a recession, most companies experience falling sales, profit and low stock returns. Diversification reduces the risk of holding stocks, but it does not eliminate it.6. Explain the following concepts: asymmetric inf

12、ormation, adverse selection and moral hazard.(1)Asymmetric information (信息不对称) refers to that one party often does not know enough about the other party to make accurate decisions. For example, a borrower who takes out a loan usually has better information about the potential returns and risk associ

13、ated with the investment projects for which the funds are invested than the lender does.(2)Adverse selection (逆向选择) is the problem created by asymmetric information before the transaction occurs. Adverse selection in financial markets occurs when the potential borrowers who are the most likely to de

14、fault are the ones who most actively seek out a loan and are thus most likely to be selected.(3)Moral hazard (道德风险) is the problem created by asymmetric information after the transaction occurs. Moral hazard in financial markets is the risk that the borrower might engage in activities that are undes

15、irable from the lenders point of view, because they make it less likely that the loan will be paid back. 7. Whats the function of money? 货币的职能？Money has three primary functions in any economy: as a medium of exchange, as a unit of account, and as a store of value.(1)When money is used to pay for goo

16、ds and services, it plays the role of a medium of exchange (流通手段). The use of money as a medium of exchange promotes economic efficiency by minimizing the time spent in exchanging goods and services.(2)The second role of money is to provide a unit of account (价值尺度), that is, it is used to measure va

17、lue of goods and services in the economy.(3)Money also functions as a store of value (储藏手段). A store of value is used to save purchasing power from the time income is received until the time it is spent. This function of money is useful, because most of us do not want to spend our income immediately

18、 upon receiving it, but rather prefer to wait until we have the time or the desire to shop.8. Whats the Fisher equation and Fisher effect? 费雪等式与费雪效应？(1)The Fisher equation states that the nominal interest rate equals the real interest rate plus the expected rate of inflation. The equation tells us t

19、hat all else equal, a rise in a countrys expected inflation rate will eventually cause an equal rise in the nominal interest rate. Similarly, a fall in the expected inflation rate will eventually cause a fall in the nominal interest rate.(2)This long-run relationship between inflation and interest r

20、ates is called the Fisher effect. The Fisher effect implies, for example, that if U.S. inflation were to rise permanently from a constant level of 5 percent per year to a constant level of 10 percent per year, dollar interest rates would eventually catch up with the higher inflation, rising by 5 per

21、centage points per year from their initial level. These changes would leave the real rate of return on dollar assets unchanged. The Fisher effect is therefore another example of the general idea that in the long run, purely monetary developments should have no effect on an economys real variables.9.

22、 How to explain the negative relation between the quantity of money demanded and the interest rate?We can explain that the quantity of money demanded and the interest rate should be negatively related by using the concept of opportunity cost (机会成本), the amount of revenue sacrificed by taking one cou

23、rse of action rather than another. As the interest rate on bonds rises, the opportunity cost of holding money rises, thus money is less desirable and the quantity of money demanded must fall.10. Risk Premium 风险溢价The spread between the interest rates on bonds with default risk and default-free bonds,

24、 both of the same maturity, called the risk premium, indicates how much additional interest people must earn to be willing to hold that risky bond.11. Briefly introduce expectations theory, segmented markets theory and liquidity premium theory.(1)The expectations theory (预期假说) of the term structure

25、states the following proposition: the interest rate on a long-term bond will equal an average of the short-term interest rates that people expect to occur over the life of the long-term bond.(2)The segmented markets theory (市场分割假说) of the term structure sees markets for different-maturity bonds as c

26、ompletely separate and segmented. The interest rate for each bond with a different maturity is then determined by the supply of and demand for that bond, with no effects from expected returns on other bonds with other maturities.(3)The liquidity premium theory (流动性溢价假说) of the term structure states

27、that 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 premium. It is also called preferred habitat theory (偏好停留假说).12. Whats the difference between adaptive expectation and rational expecta

28、tion? (1)Adaptive expectation (适应性预期) states that expectations form from past experience only and changes in expectations will occur slowly over time as past data change. For example, expectations of inflation is typically viewed as being an average of past inflation rates. So if inflation had forme

29、rly been steady at a 5% rate, expectations of future inflation would be 5% also.(2)Rational expectation (理性预期) can be stated as follows: expectations will be identical to optimal forecasts (the best guess of the future) using all available information. 13. Efficient Market Hypothesis 有效市场假说The effic

30、ient market hypothesis states that current prices in a financial market will be set so that the optimal forecast of a securitys return using all available information equals the securitys equilibrium return, because in an efficient market all unexploited profit opportunities will be eliminated by ar

31、bitrager (套利者).14. “Lemons Problem” 次品问题A particular aspect of the way the adverse selection problem interferes with the efficient functioning of a market is called “lemons problem”. We can use the used-car market to illustrate this concept. Potential buyers of used cars are frequently unable to ass

32、ess the quality of the car, that is, they cant tell whether a particular used car is a good car or a lemon (次品). The price that a buyer pays must therefore reflect the average quality of the cars in the market, somewhere between the low value of a lemon and the high value of a good car. The owner of

33、 a used car, by contrast, is more likely to know whether the car is a good car or a lemon. If the car is a lemon, the owner is more than happy to sell it at the price the buyer is willing to pay, which, being somewhere between the value of a lemon and a good car, is greater than the lemons value. Ho

34、wever, if the car is a good car, the owner knows that the car is undervalued at the price the buyer is willing to pay, and so the owner may not want to sell it. As a result of this adverse selection, few good used cars will come to the market. Because the average quality of a used car available in t

35、he market will be low and because few people want to buy a lemon, there will be few sales. The used-car market will function poorly or even disappear.15. Principal-agent Problem 委托-代理问题Principal-agent problem refers to that the managers in control (the agents) may act in their own interest rather th

36、an in the interest of the stockholder (the principals) because the managers have less incentive to maximize profits than the stockholder do. The principal-agent problem, which is an example of moral hazard, arises only because a manager has more information about his activities than the stockholder

37、does. So, there is asymmetric information.16. Whats “irrational exuberance” proposed by Alan Greenspan? 非理性繁荣Irrational exuberance refers to a phenomenon that asset prices, in the stock market and real estate, are driven well above their fundamental economic values by investor psychology. The result

38、 is an asset-price bubble (资产价格泡沫), such as the tech stock market bubble of the late 1990s or the recent housing price bubble in subprime crisis.17. How to solve asymmetric information problems? 如何解决信息不对称的问题？18. Securitization and Subprime mortgage 资产证券化与次级抵押贷款(1)Subprime mortgages are mortgages for

39、 borrowers with less-than-stellar credit records.(2)Securitization is the process of transforming otherwise illiquid financial assets (such as residential mortgages, auto loans, and credit card receivables), which have typically been the main business of banking institutions, into marketable capital

40、 market securities.19. Whats time-inconsistency problem? 时间不一致问题The time -inconsistency problem is some thing we deal with continually in everyday life. We often have a plan that we know will produce a good outcome in the long run, but when tomorrow comes, we just cant help ourselves and we deny our

41、 plan because doing so has short-run gains. In other words, we find ourselves unable to consistently follow a good plan over time, and the good plan is said to be time-inconsistent and will soon be abandoned .20. Political Business Cycle 政治经济周期Political business cycle is a process that can be illust

42、rated in the following example. Just before an election, expansionary policies are pursued to lower unemployment and interest rates. After the election, the bad effects of these policies, that is high inflation and high interest rates, come home to roost, requiring contractionary policies that polit

43、icians hope the public will forget before the next election.21. Whats money multiplier and what are the factors that affect it? 货币乘数及其影响因素？(1)The money multiplier, denoted by m, tells us how much the money supply changes for a given change in the monetary base. The relationship between the money sup

44、ply, the money multiplier and the monetary base is described by the following equation: M = m MB(2)The money multiplier is a function of the currency ratio set by depositor c, the excess reserves ratio set by banks e, and the required reserve ratio set by the Fed r. The money multiplier m is thus22.

45、 What are the tools of monetary policy? 货币政策工具There are three tools of monetary policy that can be conducted by the central bank, such as open market operations, discount lending and reserve requirements.(1)Open market operations (公开市场操作) are the most important monetary policy tool, because they are

46、 the primary determinants of changes in interest rates and the monetary base, the main source of fluctuations in the money supply. Open market purchases expand reserves and the monetary base, thereby increasing the money supply and lowering short-term interest rates. Open market sales shrink reserve

47、s and the monetary base, decreasing the money supply and raising short-term interest rates. Open market operations have four advantages over the other tools of monetary policy: Open market operations occur at the initiative of the Fed, which has complete control over their volume. Open market operat

48、ions are flexible and precise, and they can be used to any extent. Open market operations are easily reversed.Open market operations can be implemented quickly, since they involve no administrative delays.(2)The facility at which banks can borrow reserves from the Fed is called the discount window (

49、贴现窗口). The facility is intended to be a backup source of liquidity for banks during financial crisis.The most important advantage of discount policy is that the Fed can use it to perform its role of lender of last resort (最后贷款人). The disadvantage of discount policy is that the decisions to take out

50、discount loans are made by banks and are therefore not completely controlled by the Fed.(3)Changes in reserve requirements (法定存款准备金) affect the money supply by causing the money supply multiplier to change. A rise in reserve requirements reduces the amount of deposits that can be supported by a give

51、n level of the monetary base and will lead to a contraction of the money supply. A rise in reserve requirements also increases the demand for reserves and raises the federal funds rate. Conversely, a decline in reserve requirements leads to an expansion of the money supply and a fall in the federal

52、funds rate.Reserve requirements have at least three disadvantages: Owing to financial innovation, reserve requirements are no longer binding for most banks, so this tool is much less effective than it once was. Raising the requirements can cause immediate liquidity problems for banks where reserve r

53、equirements are binding. Continually fluctuating reserve requirements would also create more uncertainty for banks and make their liquidity management more difficult.23. Law of One Price and Theory of Purchasing Power Parity一价定理与购买力评价理论(1)The law of one price states that if two countries produce an

54、identical good, and transportation costs and trade barriers are very low, the price of the good should be the same throughout the world no matter which country produces it.(2)The theory of purchasing power parity (PPP) states that exchange rates between any two currencies will adjust to reflect chan

55、ges in the price levels of the two countries. The theory of PPP is simply an application of the law of one price to national price levels rather than to individual prices. The statement that exchange rates equal relative price levels is sometimes referred to as absolute PPP (绝对购买力平价). Relative PPP (

56、相对购买力平价) states that the percentage change in the exchange rate between two currencies over any period equals the difference between the percentage changes in national price levels.24. Real Exchange Rate 实际汇率The real exchange rate refers to the rate at which domestic goods can be exchanged for forei

57、gn goods. In effect, it is the price of domestic goods relative to the price of foreign goods denominated in the domestic currency. For example, if a basket of goods in New York costs $50, while the cost of the same basket of goods in Tokyo costs $75 because it costs 7500 yen while the exchange rate

58、 is at 100 yen per dollar, then the real exchange rate is 0.66 (=$50/$75). The real exchange rate is below l, indicating that it is cheaper to buy the basket of goods in the United States than in Japan.25. Why the theory of purchasing power parity cannot fully explain exchange rates? 购买力平价的缺陷(1)Cont

59、rary to the assumption of the law of one price, transport costs and restrictions on trade certainly do exist. These trade barriers may be high enough to prevent some goods from being traded between countries.(2)Monopolistic practices in goods markets may interact with transport costs and other trade

60、 barriers to weaken further the link between the prices of similar goods sold in different countries.(3)Because the inflation data reported in different countries are based on different commodity baskets, there is no reason for exchange rate changes to offset official measures of inflation differenc