金融学双语考试复习资料

金融学双语考试复习资料Chapter1经济学关注的3个问题：Howscarceresourcesareallocatedintheproductionprocessamongcompetinguses.Howincomegeneratedintheproductionandsaleofgoodsandservicesisdistributedamongmembersofsociety.Howpeopleallocatetheirincomethroughspending,saving,borrowingandlendingdecisions.Default（违约）-Whenaborrowerfailstorepayafinancialclaim.借方未能偿还金融债务Liquidity（流动性）-Theeasewithwhichafinancialclaimcanbeconvertedtocashwithoutlossofvalue.金融索取权可以比较容易地且不损失价值地转化成现金的特性。Depositoryinstitutions（储蓄机构）–Financialintermediaries,suchascommercialbanks,savingsandloanassociations,creditunions,andmutualsavingsbanks,thatissuecheckabledeposits.发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。5.Whydofinancialintermediariesexist?Whatservicesdotheyprovidetothepublic?Areallfinancialinstitutionsfinancialintermediaries?Financialintermediariesexisttolinkupnetlendersandnetborrowersandtohelpminimizethetransactioncostsassociatedwithborrowingandlending.Financialservicesprovidedbyfinancialintermediariesincludeappraisinganddiversifyingriskfromindividualnetlenders.Notallfinancialintermediariesareinstitutions,suchasstockandbondbrokersmerelylinkupnetlendersandnetborrowersforafeeanddonotissueclaimsonthemselves.16.DianeWeilearnswagesof$45,000andinterestanddividendincomeof$5,000.Shespends$8,000asadownpaymentonanewlyconstructedmountaincabinandlends$4,000infinancialmarkets.AssumingthatDianespendstheremainderofherincomeonconsumption,whatishersaving?Issheanetlenderoranetborrower?Whatisherconsumption?Chapter2Money(货币)-Anythingthatfunctionsasameansofpayment(mediumofexchange),unitofaccount,andstoreofvalue.作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。货币三大职能：Functionsofmoney:Meansofpayment(mediumofexchange)支付手段（即交换媒介）-Somethinggenerallyacceptableformakingpayments.支付过程中被普遍接受的物品。Storeofvalue价值储藏手段-Somethingthatretainsitsvalueovertime.可以长久地保持价值的物品。Unitofaccount记账单位-Astandardizedaccountingunitsuchasthedollarthatprovidesaconsistentmeasureofvalue.标准的会计单位，例如美元，可以提供一个一致的价值度量。Moneyaggregates（货币总量）-Themeasuresofmoney—includingM1,M2,andM3—monitoredandtrackedbytheFed.联储监控并随时关注的货币指标数——M1，M2，M3。M1–Currencyinthehandsofthepublicpluscheckabledeposits.通货加支票存款。M2–EverythinginM1plusotherhighlyliquidassets.M1加上其他高流动性资产。M3–EverythinginM2plussomelessliquidassets.M2加上一些低流动性资产。Domesticnonfinancialdebt(DNFD)（国内非金融债务）-Anaggregatethatisameasureoftotalcreditmarketdebtowedbythedomesticnonfinancialgovernmentandprivatesectors.国内非金融部门（政府及私人部门）在信用市场上的债务合计。Chapter3Quantitydemandedofmoney(货币需求量)-Thespecificamountofmoneythatspendingunitswishtoholdataspecificinterestrate(price).在某一特定的利率（价格）水平下，支出单位希望持有的货币数量。Demandformoney（货币需求）-Theentiresetofinterestrate–quantitydemandedcombinationsasrepresentedbyadownward-slopingdemandcurveformoney.是一条向下倾斜的曲线，有一系列表明利率和货币需求数量之间的一一对应关系的点构成。Thereisaninverserelationshipbetweenthequantitydemandedofmoneyandtheinterestrate.Thatis,ceterisparibus,whentheinterestrategoesup,thequantitydemandedofmoneygoesdown,andwhentheinterestratefalls,thequantitydemandedofmoneyincreases.Whyistherelationshipinverse?Whentheinterestrategoesup,theopportunitycostofholdingmoneygoesup,andceterisparibus,thequantitydemandedofmoneygoesdown.Thedemandformoneyisprimarilydeterminedbyspendingplans,income,changesininflation,changesincomputerandtelecommunicationstechnologiesandchangesintheriskandliquidityofotherfinancialinstruments.Thedifferencebetweenachangeinquantitydemandedandachangeindemand:EXHIBIT3-31.Whentheinterestratechanges,wemovealongasinglemoneydemandcurve,andthereisachangeinquantitydemanded.2.Whenthedemandformoneybecauseofincome,spendingplanandsoforthchanges,theentiredemandcurveshifts.Supplyofmoney(货币供给)-Thestockofmoney(M1),whichincludescurrencyinthehandsofthepublicpluscheckabledeposits.货币存量M1即公众持有的现金加上支票存款。Quantitysuppliedofmoney（货币供给量）-Thespecificamountofmoneythatwillbesuppliedataspecificinterestrate.在某一特定利率（价格）水平下可提供的货币数量。TheFedentersthepictureintwoplaces:1、Adepositoryinstitutionmusthavereserveassetsequaltoacertainpercentageofitsdepositliabilities.TheFedsetspercentageofdepositliabilitiesthatdepositoryinstitutionsmustreservesassetsequalto.Thispercentageiscalledtherequiredreserveratio（法定准备金率）.Forexample,ifacreditunionhascheckabledepositsintheamountof$1,000andtheFedasseta10percentrequiredreserveratio,thenthecreditunionmusthold$100inreserveascashinitsvaultsorasdepositswiththeFed.2、TheFedinfluencestheamountofcashassetsoutstandingandhencetheamountavailableforreserves.Whatisthesignificanceofthechangesininterestratescausedbychangesinthedemandfororsupplyofmoney?Forexample:Supplyofmoney↑→interestrates↓→costofborrowingmoney↓→borrowmoney↑→credit↑→aggregatedemandforgoodsandservices↑→generallevelofprices↑Credit（信用）-Theflowofmoneyfromnetlendersorfinancialintermediariestonetborrowersinagiventimeperiod.在一定时期内，货币从贷方直接或是间接通过金融中介流向借方。Howtocalculatetheinflationrate?Chapter4Classificationsoffinancialmarkets:1.Accordingtothetypeoffinancialclaimthatistraded:Stockmarket,Corporatebondmarket,TreasurybillmarketCommercialpapermarket……2.Baseonthelengthofthetermoftheinstrumentstradedthere:Capitalmarket(资本市场)–Themarketforfinancialassetswithanoriginalmaturityofmorethanoneyear.(long-termmarket)期限大于一年的金融资产交易市场。Moneymarket（货币市场）–Themarketforfinancialassetswithanoriginalmaturityoflessthanoneyear.(short-termmarket)期限为一年以内的金融资产交易市场。3.Accordingtowhethertheyissuenewbondsorstocks:Primarymarket（一级市场）–Themarketinwhichasecurityisinitiallysoldforthefirsttime证券首次公开发行交易的市场。Secondarymarket（二级市场）–Themarketinwhichpreviouslyissuedfinancialsecuritiesaresold.买卖先前公开发行的证券的市场。Conclusion:Thelackofasmoothlyfunctioningsecondarymarketwillinhibitthefinancingofplanneddeficitsintheprimarymarketandthushaveanadverseeffectoninvestmentandeconomicgrowthovertime.Althoughthesecondarymarketdoesnotgenerateadditionalfundsfortheeconomyasawhole,itsimportancestemsfromthepositiveeffectthatawell-developedsecondarymarkethasontheprimarymarket.4.ClassifiedbywhetherthetransactionstheyarrangeoccurinstantlyorinthefutureaccordingtotermsdecidedtodaySpotmarket（现货市场）–Amarketinwhichthetradingoffinancialsecuritiestakesplaceinstantaneously.金融证券即时进行买卖交割的市场。Financialfuturesmarket（金融期货市场）–Organizedmarketsthattradefinancialfuturesagreements.交易金融期货合约的正规市场。Financialforwardmarket（金融远期市场）–Marketsthattradefinancialforwardagreementsusuallyarrangedbybanksorotherbrokersanddealers.通常是由银行或其它交易者或经纪人组织的金融远期合约交易市场。Moneymarketinstruments:U.S.TreasuryBills(T-bills)(美国国库券)-Short-termdebtinstrumentsoftheU.S.governmentwithtypicalmaturitiesof3to12months.美国政府发行的短期债务工具，期限为3~12个月。Negotiablecertificatesofdeposit（CDs）（可转让大额存款）-Certificatesofdepositwithaminimumdenominationof$100,000thatcanbetradedinasecondarymarket,mostwithanoriginalmaturityof1to12months.存款机构发行的债务工具，在二级市场出售，最低面值为100,000元大多数期限在1~12月内。Commercialpaper（商业票据）-Short-termdebtinstrumentsissuedbycorporations.公司发行的短期债务工具。Banker’sacceptances（银行承兑汇票）-Moneymarketinstrumentscreatedinthecourseofinternationaltradetoguaranteebankdraftsdueonafuturedate.国际贸易融资过程中产生的一种货币市场工具，为未到期的银行票据提供担保。Repurchaseagreements（回购协议）-Short-termagreementsinwhichthesellersellsagovernmentsecuritytoabuyerandsimultaneouslyagreestobuyitbackonalaterdateatahigherprice.是一种短期协议，卖者出售政府债券给买方，并同时承诺在未来某一时期以更高的价格购回该笔债务。Federal(Fed)funds（联邦基金）-Loansofreserves(depositsattheFed)betweendepositoryinstitutions,typicallyovernight.储蓄机构之间的准备金贷款（在联储的存款），比较典型的是隔夜借贷。Eurodollars（欧洲美元）-Dollar-denominateddepositsheldabroad.美国本土之外持有的以美元为面值的存款。Capitalmarketinstruments:Stocks（股票）-Equityclaimsthatrepresentownershipofthenetassetsandincomeofacorporation.代表多工净资产和收入的所有权益索取权。Mortgages（抵押贷款）-Loansmadetopurchasesingleormultiple-familyresidentialhousing,land,orotherrealstructures,withthestructureorlandservingascollateralfortheloan.用于购买家庭住房（一居或多居室）、土地或其他不动产，并由该建筑物或土地作为抵押的贷款。Corporatebonds（公司债券）-Long-termdebtinstrumentsissuedbycorporations.公司发行的长期债务工具。U.Sgovernmentsecurities（美国政府债券）-Long-termdebtinstrumentsoftheU.S.governmentwithoriginalmaturitiesof2to30years.美国政府发放的长期债务工具，期限在2~30年。T-bills:<1year;Notes:2-10years;bonds:10-30yearsU.Sgovernmentagencysecurities（美国政府机构债券）-Long-termbondsissuedbyvariousgovernmentagenciesincludingthosethatsupportrealestatelendingandstudentloans.有支持不动产借贷及学生贷款的不同政府机构发行的长期债务工具。Stateandlocalgovernmentbonds(municipals)（州及地方政府债券）-Long-terminstrumentsissuedbystateandlocalgovernmentstofinanceexpendituresonschools,roads,andsoon.州及地方政府为修建学校、道路等融资而发放的长期债务工具。Revenuebonds（收入债券）–Bondsusedtofinancespecificprojectswiththeproceedsofthoseprojectsbeingusedtopayoffthebondholders.用于特定项目的融资、其项目的后期收入作为债权持有者的收益的债券。Generalobligationbonds（一般义务债券）–Bondsthatarepaidoffbythegeneralrevenuesandbackedbythefullfaithandcreditoftheissuer.由债券发行者的全部信用作保证、有一般性收入偿还的债券。2.ThesecondarymarketforT-billsisactive,andthesecondarymarketforfederalagencysecuritiesislimited.Howdoesthisaffecttheprimarymarketforeachsecurity?Whyarewell-developedsecondarymarketsimportantfortheoperationofanefficientfinancialsystem?4.Discussthemajorfunctionofmarketmakersinsecuritiesmarkets.Whatsthedifferencebetweensbrokerandadealer?Chapter5Compounding（复利）-Amethodusedtodeterminethefuturevalueofasumlenttoday.一种用于计算现在借出的某一笔资金的未来价值的方法。Simpleinterest:Vn=V0(1+i*n)Compoundinginterest：Vn=V0(1+i)nVn:thefuturevalueofasumofmoneyinvestedV0:theoriginalsumi:interestraten:thenumberofperiods(years)ChangesinthedemandforloanablefundsThemovementsinGDP(income)representamajordeterminantofshiftsinthedemandforfunds.（ThereisapositiverelationshipbetweenGDPandthedemandforfunds.）Anotherfactorthataffectsthedemandforloanablefundsisanincreaseintheanticipatedproductivityofcapitalinvestments.ChangesinthesupplyoffundsOneofthefactorsdeterminingthesupplyofloanablefundsismonetarypolicy.（Themoneysupplygrowthrateandtheinterestrateareinverselyrelated,ceterisparibus.）11.Assumethatabondwithfiveyearstomaturity,aparvalueof$1,000,anda$60annualcouponpaymentcosts$1,100today.Whatistheinterestrate?14.Asanenrollingfreshman,wouldyouhavebeenwillingtopay$18,000forfouryears’tuitionratherthan$5,000peryearforfouryears?(Assumeyouwouldbeabletodosoandyouhavenofearofflunkingoutofcollegebeforeyougraduate.)Chapter6Fourdeterminantsofrelationshipsamonginterestrates:Termtomaturity;Creditrisk;Liquidity;Taxtreatment长期利率的计算：i2=[(1+i1)(1+i1e)]1/2-1P115Creditrisk（信用风险）–Theprobabilityofadebtornotpayingtheprincipaland/ortheinterestdueonanoutstandingdebt.未偿还债务的借方不归还本金和/或不支付利息的可能性。13.Ifthecurrentshort-termrateis5percentandthecurrentlong-termrateid4percent,whatistheexpectedshort-terminterestrate?(Usetheexpectationstheory.)Chapter7Exchangerate（汇率）–Thenumberofunitsofforeigncurrencythatcanbeacquiredwithoneunitofdomesticmoney.以单位的本币可以兑换的外币数量。Demandfordollars=f(foreigndemandforUSgoods,services,andsecurities+)TheforeigndemandforUSgoods,services,andsecuritiesandthedemandfordollarsarepositivelyrelated.Howchangesinthesupplyofdollarsintheforeignexchangemarketaffecttheexchangerate?EXHIBIT7-41.ChangesinUSrealincome.PositiveUSrealincome↑→householdsandfirmsintheUShavemoretospendandsave→demandmoreforeigngoods,servicesandsecurities→thesupplyofdollars↑2.ChangesinthedollarofUSgoodsrelativetothedollarpriceofforeigngoods.PositivethepriceofUSgoodsriserelativetothedollarpricesofforeigngoods→USresidentsdemandmoreforeigngoods→thesupplyofdollars↑theinflationrateintheUShigherthaninothercountries→thesupplyofdollars↑Holdingtheexchangerateconstant,theinflationrateintheUSfallsrelativetothatinothercountries→thesupplyofdollars↓3.ChangesinforeigninterestratesrelativetoUSinterestrates.PositiveForeigninterestratesriserelativetoUSinterestrates→foreignsecuritiesmoreattractive→USresidentsbuymoreforeignsecurities→thesupplyofdollars↑HowchangesintheDemandfordollarsintheforeignexchangemarketaffecttheexchangerate?EXHIBIT7-51.Changesinforeignrealincome.Positiveforeignrealincome↑→foreignhouseholdsandfirmshavemoretospendandsave→demandmoreforeigngoods,servicesandsecurities→thedemandofdollars↑2.Changesintheforeign(yen)priceofforeigngoodsrelativetotheforeignpriceofUSgoods.PositiveInflationacceleratesinJapanbutnoinflationinUS→yenpriceofJapanesegoodsrisesrelativetotheforeignpriceofUSgoods→foreignersdemandmoreUSgoods→thedemandofdollars↑3.ChangesinUSinterestratesrelativetoforeigninterestrates.PositiveUSinterestratesriserelativetoforeigninterestrates→USsecuritiesmoreattractive→foreignersbuymoreUSsecurities→thedemandofdollars↑Currentaccount（经常账户）–Transactionsthatinvolvecurrentlyproducedgoodsandservices,includingthebalanceofgoodsandservices.经常性货物和服务的交易，包括余额。Chapter8Financialinnovation（金融创新）–Thecreationofnewfinancialinstruments,markets,andinstitutionsinthefinancialservicesindustry.金融服务业产生的新型金融工具、金融市场和金融机构。Purposesofservice-providing1.Toreducetherisksandcostsassociatedwithborrowing,lending,andotherfinancialtransactions.2.Tofulfillthedemandforvariousfinancialassetsandservices,includingprotectionagainstthefinanciallossesassociatedwithvariousexigencies.Contingentclaims（或有索取权）-Claimssuchascasualtyandlifeinsurancebenefitsthatofferthepublicprotectionfromtheoftencatastrophicfinancialeffectsoftheft,accidents,naturaldisasters,anddeath.对财产及人身保险的收益索取权，以便保证公众在发生盗窃、车祸、自然灾害以及死亡时遭受的严重财物损失得到赔偿。Thesavingsandloanassociations,savingsbanks,andcreditunionsarecalledthrifts（储蓄机构）.储贷协会、储蓄银行和性用联盟等存款机构。Chapter9InterstateBankingandBranchingEfficiencyAct(IBBEA)（州际银行分支机构效率法案）–SignedintolawinSeptember1994,anactbyCongressthateffectivelyallowsunimpedednationwidebranching.1994年9月，国会颁布的法案，允许在全服哦范围内不受限制地设立分支机构。Reason1:Despitetheallegedcompetitiveness,manyoftheseinstitutionshavefacedlittleornocompetitionbecauselarger,andperhapsmoreefficient,bankswereprohibitedfromenteringthelocalmarket.Entryandbranchingrestrictionsultimatelyservedtolimitcompetition,notincreaseit.Reason2:Congressandthepresidentweremerelyfollowingtheleadofthestates.Bankholdingcompany（银行控股公司）–Acorporationthatownsseveralfirms,atleastoneofwhichisabank.一个拥有几个企业的公司，其中至少有一个是银行。Reasons:Thisorganizationalformtobemoreprofitablethanasimplebankwouldbe.Allowbankstodiversifyintootherproductareas.Allowbankstocircumventrestrictionsonbranchingandthusseekoutsourcesandusesoffundsinothergeographicalmarkets.Adverseselectionproblem（逆向选择问题）–Whentheleast-desirableborrowerspursuealoanmostdiligently.当条件最差的借款者努力争取拿到贷款时就可能产生逆向选择。（事前风险）Moralhazardproblem（道德风险）–Whentheborrowerhasanincentivetousetheproceedsofaloanforariskierventureaftertheloanisfunded.当贷款发放后，借款者具有将该贷款的收益应用于更高风险的动机。（事后风险）18.Explainwhethereachofthefollowingsituationsinvolvesasymmetricinformation,adverseselection,ormoralhazard.a.Iamfinancinganewcar.Inapplyingforaloan,Iwithholdinformationaboutmystudentloan,andtheloandoesnotshowuponmycreditreport.b.Justbeforequittingmyjob,IobtainallthecreditcardsIcan.Iplantorunthemuptothelimitanddeclarebankruptcy.Chapter10Financialinnovation(金融创新)-Thecreationofnewfinancialinstruments,markets,andinstitutionsinthefinancialservicesindustry;newwaysforpeopletospend,save,andborrowfunds;changesintheoperationandscopeofactivitybyfinancialintermediaries.金融服务业产生的新型金融工具、金融市场和金融机构；人们消费、储蓄、借贷的新方法；金融中介机构经营方式和经营范围的改变。金融创新的目的：twofactorshavebeenimportantingeneratingrecentfinancialinnovations:1.FIshavefacedincreasingcompetitionfromotherfinancialandnonfinancialinstitutions.2.Prices,inflation,interestrates,andexchangerateshavebecomemorevolatile.Disintermediation（脱媒）–Theremovaloffundsfromafinancialintermediary.将资金从金融中介中转移出来。Nondepositliabilities（非存款负债）-Borrowedfunds,suchasEurodollarborrowings,fedfunds,andrepurchaseagreements,thatarenotdepositsandarenotsubjecttoreserverequirements.借入资金，即不受存款准备金限制的非存款，如借入的欧洲美元、联邦基金和回购协议。Chapter11Junkbonds(垃圾债券)–Bondsratedbelowinvestmentgradeortooriskyforinvestment;alsocalledhigh-yieldbonds.低于投资等级或风险过高的债券；也称高收益债券。Eurobondmarket（欧洲债券市场）–Themarketfordollar-denominatedbondssoldinaforeigncountry,oftenbycorporationsdoingbusinessinthatcountry.在美国国外发行的以美元为面值的债券市场，通常发行者是在该国有经营业务的公司。Chapter12Fixedexch