2012秋季金融市场与金融机构第一次作业参考答案

1、与金融机构第一次作业Chapter 1: Question 1717. What is the economic rationale for the widespread use of disclosure regulation?信息披露的经济原理是：通过信息披露降低人的可能性。人与投资者间信息不对称的情况广泛存在，披露降低了信息劣势对投资者的，进而了对市场及其定价机制的信心。Chapter 2: Question 22. The Insightful Management Company sells finanl advice to investors. Thisis the only se

2、rvice provided by the company. Is this company a finan ermediary? Explain your answer.l从严格的定义来说，金融中介机构需要有提供 功能和创造负债的机制，所以仅仅提供建议服务的The Insightful Management Company 不能算是金融中介机构。Chapter 3: Question 1212. You and a friend are discussing the savings and loan crisis. She sest“the whole mess startedhe earl

3、y 1980s.When short-term rates skyrocketed,S&Ls got killedtheir spread borrowing short and lending long.”e went fromitive to negative. They werea. What does she mean by “borrowing short and lending long”?b. Are higher or lowererest rates benefil to an institutiontborrows short and lends long?a. In th

4、is context, borrowing short and lending long refers to the balance sheetstructure of S&Ls. Their sourof funds (liabilities) are short-term (mainlydeits) and their uses (assets) are long-term in nature (e.g. residentialmortgages).b. Since long-term rates tend to be highern short-term ones, stableeres

5、t rateswould be the best situation. However, risingerest rates would increase the costof funds for S&Ls without fully compensating higher returns on assets. Hence adecline inerest rate spread or margin. Thus lower rates, having an opiteeffect, would be more benefil.第一章：1、在上，投资者的资本损失属于返回成本么？答：不属于。返回成

6、本是指投资者的交易成本，因而并不包含投资者在市场上的资本损失（capital loss）。2、如果的存贷利差扩大，脱媒现象会更严重还是趋于缓和？答：脱媒现象会更加严重。因为存贷利差的扩大会使得的需求者转向采用直接融资的方式，减少从，从而加剧脱媒现象。3、中国曾规定处级以上不得炒股，你认为这一规定合理么？答：一方面应该看到这条规定是在一定的历史背景下提出来的。当时中国的市场还很不成熟，部分运用手中的权利获取信息，从中牟取暴利，扰乱了的秩序。因此，这条规定起了一定的积极作用。但是，从长远来看，这个规定也有其不合理之处。从执行的力度来看，该规定没有得到有效的和监督，这种一刀切的做法，单以职位作为判断

7、掌握信息的标准，是不够确切的。（注：这道题很多同学有不同的观点，只要言之成理即可）第二章：1、二线准备金是的资产还是负债？答：二线准备金指国库券、迅速转换为现金，属于基金等的资产。性高的金融工具，在支付是可以2、对商业答：投资以由投资开展票据便利业务，投资会持什么态度？不会支持商业开展这一业务。因为票据便利业务本来是可来完成的，商业的介入无疑加剧了该业务领域的竞争。3、为什么基金市场在周三会最活跃？Answer: Because Wednesday is the final day of each particular settlement period forwhich each bmust

8、 maain a specified volume of reserves required by the FED.Bwist were short of required on the average over the period must compensatedditional required reserves before the settlement period ends. Large bsfrequently need temporary funds and therefore are common borrowers funds market.he federal4、为什么更

9、愿意在基金市场而不是贴现窗口借款？Answer: Because the discount window isended to be a source of funds for bst experience unipated shortages of reserves. Frequent borrowing to offsetreserves shortages impst the bhasrmanent rathern a temporary needfor funds and should therefore satisfy this need wimore permanent source of fund.The FED may disapprove of continuous borrowing by a bunless th