金融市场与机构课后答案chapter01
Chapter1
Role of Financial Markets and Institutions Outline
Overview of Financial Markets
Money Versus Capital Markets
Primary Versus Secondary Markets
Organized Versus Over-the-Counter Markets
Securities Traded in Financial Markets
Money Market Securities
Capital Market Securities
Derivative Securities
Valuation of Securities in Financial Markets
Market Pricing of Securities
Market Efficiency
Financial Market Regulation
Disclosure
Other Regulations
Financial Market Globalization
Role of the Foreign Exchange Market
Foreign Exchange Rates
Role of Financial Institutions in Financial Markets
Role of Depository Institutions
Role of Nondepository Institutions
Comparison of Roles Among Financial Institutions
Overview of Financial Institutions
Competition Between Financial Institutions
Consolidation of Financial Institutions
1
2E Chapter1/Role of Financial Markets and Institutions
Global Expansion by Financial Institutions
Key Concepts
1.Explain the role of financial intermediaries in transferring funds from surplus units to deficit units.
2.Introduce the types of financial markets available and their functions.
3.Introduce the various financial institutions that facilitate the flow of funds.
4.Provide a preview of the course outline.Emphasize the linkages between the various sections of the
course.
Questions
1.Explain the meaning of surplus units and deficit units.Provide an example of each.
ANSWER:Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets.Surplus units include households with savings,while deficit units include firms or government agencies that borrow funds.
2.Distinguish between primary and secondary markets.
ANSWER:Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities.
3.Distinguish between money and capital markets.
ANSWER:Money markets facilitate the trading of short-term(money market)instruments while capital markets facilitate the trading of long-term(capital market)instruments.
4.Distinguish between perfect and imperfect security markets.
ANSWER:With perfect financial markets,all information about any securities for sale would be freely available to investors,information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired.In reality,markets are imperfect,so that surplus and deficit units do not have free access to information,and securities can not be unbundled as desired.
5.Explain why the existence of imperfect markets creates a need for financial institutions.
ANSWER:Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units.They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire.
6.Explain the meaning of efficient markets.Why might we expect markets to be efficient most of the
time?
ANSWER:If markets are efficient then prices of securities available in these markets properly reflect all information.We should expect markets to be efficient because if they weren't,investors would capitalize on the discrepancy between what prices are and what they should be.This action would force market prices to represent the appropriate prices as perceived by the market.
7.In recent years,several securities firms have been guilty of using inside information when purchasing
securities,thereby achieving returns well above the norm(even when accounting for risk).Does this suggest that the security markets are not efficient?Explain.
ANSWER:Efficiency is often defined with regard to publicly available information.In this case, markets can be efficient,but investors with inside information could possibly outperform the market on a consistent basis.A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market.
Chapter1/Role of Financial Markets and Institutions E3 8.What was the purpose of the Securities Act of1933?What was the purpose of the Securities
Exchange Act of1934?Do these laws prevent investors from making poor investment decisions?
Explain.
ANSWER:The Securities Act of1933was intended to assure complete disclosure of relevant
financial information on publicly offered securities,and prevent fraudulent practices when selling these securities.The Securities Exchange Act of1934extended the disclosure requirements to
secondary market issues.It also declared a variety of deceptive practices illegal,but does not prevent poor investments.
9.If barriers to international securities markets are reduced,will a country's interest rate be more or less
susceptible to foreign lending or borrowing activities?Explain.
ANSWER:If international securities market barriers are reduced,a country's interest rate will likely become more susceptible to foreign lending and borrowing activities.Without barriers,funds will flow more freely in between countries.Funds would seek out countries where expected returns are high.Then,the amount of foreign funds invested in any country could adjust abruptly and affect interest rates.
10.In what way could the international flow of funds cause a decline in interest rates?
ANSWER:If a large volume of foreign funds was invested in the United States,it could place
downward pressure on U.S.interest rates.Without this supply of foreign funds,U.S.interest rates would have been higher.
11.Distinguish between the functions of a broker and those of a dealer,and explain how each is
compensated.
ANSWER:Brokers are commonly compensated with commissions on trades,while dealers are
compensated on their positions in particular securities.Some dealers also provide brokerage services.
12.Why is it necessary for securities to be somewhat standardized?
ANSWER:Securities can be more easily traded when they are standardized because the specifics of the security transaction are well known.If securities were not standardized,transactions would be slowed considerably as participants would have to negotiate all the provisions.
13.What are the functions of securities firms?
ANSWER:Securities firms provide a variety of functions(such as underwriting and brokerage)that either enhance a borrower's ability to borrow funds or an investor’s ability to invest funds.
14.Explain why some financial flows of funds cannot occur through the sale of standardized securities.
ANSWER:Some financial flows,such as most commercial loans,must be provided on a personal basis,since the firms requesting loans have particular needs.
15.If securities were not standardized,how would this affect the volume of financial transactions
conducted by brokers?
ANSWER:If securities were not standardized,the volume of financial transactions conducted by brokers would be reduced,because the documentation would be greater.
https://www.sodocs.net/doc/ba15177148.html,mercial banks use some funds to purchase securities and other funds to make loans.Why are the
securities more marketable than loans in the secondary market?
ANSWER:Securities are more standardized than loans and therefore can be more easily sold in the secondary market.The excessive documentation on commercial loans limits a bank's ability to sell loans in the secondary market.
17.How have the asset compositions of savings and loan associations differed from those of commercial
banks?Explain why and how this distinction may change over time.
ANSWER:Savings and loan associations have traditionally concentrated in mortgage lending,while commercial banks have concentrated in commercial lending.Savings and loan associations are now
4E Chapter1/Role of Financial Markets and Institutions
allowed to diversify their asset portfolio to a greater degree and will likely increase their
concentration in commercial loans(but not to the same degree as commercial banks.
18.With regard to the profit motive,how are credit unions different from other financial institutions?
ANSWER:Credit unions are non-profit financial institutions.
https://www.sodocs.net/doc/ba15177148.html,pare the main sources and uses of funds for finance companies,insurance companies,and
pension funds.
ANSWER:Finance companies sell securities to obtain funds,while insurance companies receive insurance premiums and pension funds receive employee/employer contributions.Finance companies use funds to provide direct loans to consumers and businesses.Insurance companies and pension funds purchase securities.
20.What is the function of a mutual fund?Why are mutual funds popular among investors?
ANSWER:A mutual fund sells shares to investors,pools the funds,and invests the funds in a
portfolio of securities.Mutual funds are popular because they can help individuals diversify while using professional expertise to make investment decisions.
21.How does a money market mutual fund differ from a stock or bond mutual fund?
ANSWER:A money market mutual fund invests in money market securities,whereas other mutual funds normally invest in stocks or bonds.
22.Classify the types of financial institutions mentioned in this chapter as either depository or
nondepository.Explain the general difference between depository and nondepository institution sources of funds.
ANSWER:Depository institutions include commercial banks,savings and loan associations,and credit unions.These institutions differ from nondepository institutions in that they accept deposits.
Nondepository institutions include finance companies,insurance companies,pension funds,mutual funds,and money market funds.
23.It is often stated that all types of financial institutions have begun to offer services that were
previously offered only by certain types.Consequently,many financial institutions are becoming more similar in terms of their operations.Yet,the performance levels still differ significantly among types of financial institutions.Why?
ANSWER:Even though financial institutions are becoming more similar,they often differ distinctly from each other in terms of sources and uses of funds.Therefore,their performance levels differ as well.
24.Look in a recent business periodical for news about a recent financial transaction that involves two
financial institutions.For this transaction,determine the following:
a.How will each institution's balance sheet be affected?
b.Will either institution receive immediate income from the transaction?
c.Who is the ultimate user of funds?
d.Who is the ultimate source of funds?
ANSWER:This exercise will force students to understand how the balance sheet and income
statement of a financial institution is affected by various transactions.When a financial institution simply acts as a middleman,income(fees or commissions)are earned,but the institution's asset portfolio is not significantly affected.
25.Which types of financial institutions do you deal with?Explain whether you are acting as a surplus
unit or a deficit unit in your relationship with each financial institution.
ANSWER:This exercise allows students to realize that they constantly interact with financial
institutions,and that they often play the role of a deficit unit(on car loans,tuition loans,etc.).
Chapter1/Role of Financial Markets and Institutions E5 26.Explain how the privatization of companies in Europe can lead to the development of new securities
markets.
ANSWER:The privatization of companies will force these companies to finance with stocks and debt securities,instead of relying on the federal government for funds.Consequently,secondary markets for stocks and debt securities will be developed over time.
Interpreting Financial News
“Interpreting Financial News”tests your ability to comprehend common statements made by Wall Street analysts and portfolio managers who participate in the financial markets.Interpret the following statements made by Wall Street analysts and portfolio managers.
a.“The price of IBM will not be affected by the announcement that its earnings have increased as
expected.”
The earnings level was anticipated by investors,so that IBM’s stock price already reflected this anticipation.
b.“The lending operations at Bank of America should benefit from strong economic growth.”
High economic growth encourages expansion by firms,which results in a strong demand for
loans provided by Bank of America.
c.“The brokerage and underwriting performance at Merrill Lynch should benefit from strong
economic growth.”
High economic growth may result in a large volume of stock transactions in which Merrill Lynch may serve as a broker.Also,Merrill Lynch underwriters new securities that are issued when
firms raise funds to support expansion;firms are more willing to issue new securities to expand during periods of high economic growth.
Managing in Financial Markets
As a financial manager of a large firm,you plan to borrow$70million over the next year.
a.What are the more likely alternatives for you to borrow$70million?
You could attempt to borrow$70million from commercial banks,savings institutions,or finance companies in the form of commercial loans.Alternatively,you may issue debt securities.
b.Assuming that you decide to issue debt securities,describe the types of financial institutions that
may purchase these securities.
Financial institutions such as mutual funds,pension funds,and insurance companies commonly purchase debt securities that are issued by firms.Other financial institutions such as commercial banks and savings institutions may also purchase debt securities.
c.How do individuals indirectly provide the financing for your firm when they maintain deposits at
depository institutions,invest in mutual funds,purchase insurance policies,or invest in pensions?
Individuals provide funds to financial institutions in the form of bank deposits,investment in
mutual funds,purchases of insurance policies,or investment in pensions.The financial
institutions may channel the funds toward the purchase of debt securities(and even equity
securities)that were issued by large corporations,such as the one where you work.
金融市场与机构课后习题答案.doc
Chapter 1 Role of Financial Markets and Institutions Questions 1. Explain the meaning of surplus units and deficit units. Provide an example of each. ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds. 2. Distinguish between primary and secondary markets. ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities. 3. Distinguish between money and capital markets. ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments. 4. Distinguish between perfect and imperfect security markets. ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired. 5. Explain why the existence of imperfect markets creates a need for financial institutions. ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire. 6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of the time? ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market. 7. In recent years, several securities firms have been guilty of using inside information when purchasing securities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain. ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market. 1
金融市场与机构 (6)
Chapter 6 Are Financial Markets Efficient? Multiple Choice Questions 1. How expectations are formed is important because expectations influence (a) the demand for assets. (b) bond prices. (c) the risk structure of interest rates. (d) the term structure of interest rates. (e) all of the above. Answer: E 2. According to the efficient market hypothesis, the current price of a financial security (a) is the discounted net present value of future interest payments. (b) is determined by the highest successful bidder. (c) fully reflects all available relevant information. (d) is a result of none of the above. Answer: C 3. The efficient market hypothesis (a) is based on the assumption that prices of securities fully reflect all available information. (b) holds that the expected return on a security equals the equilibrium return. (c) both (a) and (b). (d) neither (a) nor (b). Answer: C 4. If the optimal forecast of the return on a security exceeds the equilibrium return, then (a) the market is inefficient. (b) an unexploited profit opportunity exists. (c) the market is in equilibrium. (d) only (a) and (b) of the above are true. (e) only (b) and (c) of the above are true. Answer: D
金融市场学第四版课后题答案
《金融市场学》习题答案 习题二答案： 1. b、e、f 2. 略 3. 同传统的定期存款相比，大额可转让定期存单具有以下几点不同： (1) 定期存款记名、不可转让；大额可转让定期存单是不记名的、可以流通转让的。 (2) 定期存款金额不固定，可大可小；大额可转让定期存单金额较大。 (3) 定期存款；利率固定；大额可转让定期存单利率有固定的也有浮动的，且一般高于定期存款利率。 (4) 定期存款可以提前支取，但要损失一部分利息；大额可转让定期存单不能提前支取，但可在二级市场流通转让。 4. 回购利息=1,001,556－1,000,000=1,556RMB 设回购利率为x,则： 1，000，000×x×7/360=1556 解得：x=8% 回购协议利率的确定取决于多种因素，这些因素主要有： (1) 用于回购的证券的质地。证券的信用度越高，流动性越强，回购利率就越低，否则，利率相对来说就会高一些。 (2) 回购期限的长短。一般来说，期限越长，由于不确定因素越多，因而利率也应高一些。但这并不是一定的，实际上利率是可以随时调整的。 (3) 交割的条件。如果采用实物交割的方式，回购利率就会较低，如果采用其他交割方式，则利率就会相对高一些。 (4) 货币市场其他子市场的利率水平。它一般是参照同业拆借市场利率而确定的。 5．贴现收益率为：[ (100-98.01) /100]×360/316=2.27% 真实年收益率为：[1+ (100-98.01) /98.01]365/316－1=2.35% 债券等价收益率为：[(100-98.01)/98.01] ×365/316=2.35% 6．平均收益率=2.91%*35%+3.2%*25%+3.85%*15%+3%*12.5%+2.78%*12.5%=3.12% 习题三答案 一、计算题 1．（1）从理论上说，可能的损失是无限的，损失的金额随着X股票价格的上升而增加。 （2）当股价上升超过22元时，停止损失买进委托就会变成市价买进委托，因此最大损失就是2 000元左右。 2．（1）该委托将按最有利的限价卖出委托价格，即40.25美元成交。 （2）下一个市价买进委托将按41.50美元成交。 （3）我将增加该股票的存货。因为该股票在40美元以下有较多的买盘，意味着下跌风险较小。 相反，卖压较轻。 3．你原来在账户上的净值为15 000元。 （1）若股价升到22元，则净值增加2000元，上升了13.33%； 若股价维持在20元，则净值不变； 若股价跌到18元，则净值减少2000元，下降了13.33%。 （2）令经纪人发出追缴保证金通知时的价位为X，则X满足下式： （1000X-5000）/1000X=25% ：自己的 所以X=6.67元。 （3）此时X要满足下式： （1000X-10000）/1000X=25% 所以X=13.33元。 （4）一年以后保证金贷款的本息和为5000×1.06=5300元。 若股价升到22元，则投资收益率为： （1000×22-5300-15000）/15000=11.33%：净盈利 若股价维持在20元，则投资收益率为： （1000×20-5300-15000）/15000=-2% 若股价跌到18元，则投资收益率为： （1000×18-5300-15000）/15000=-15.33% 投资收益率与股价变动的百分比的关系如下： 投资收益率=股价变动率×投资总额/投资者原有净值－利率×所借资金/投资者原有净值4．你原来在账户上的净值为15 000元。 （1）若股价升到22元，则净值减少2000元，投资收益率为-13.33%； 若股价维持在20元，则净值不变，投资收益率为0；
金融市场和金融机构
第二章金融市场和金融机构 （一） 第二章金融市场和金融机构 ?1 金融体系的定义 ?2 资金流动 ?3 金融制度的功能 ?4 金融创新 ?5 金融市场 ?6 金融市场中的比率 第一部分 金融体系介绍 金融系统（金融体系） ?被用于订立金融合约和交换资产及风险的金融市场和金融机构（中介）的集合 ?金融机构担当投资者的代理人和帮助资本（金）的流动等 ?金融市场是所有金融交易的核心 ?居民户、企业和政府实施其金融决策离不开金融市场和金融机构。 第一节 金融市场 一、金融市场概述 （一）金融市场的概念和分类 1.金融市场： 金融市场是买卖金融工具以融通资金的场所或机制。 ?之所以把金融市场视作为一种场所，是因为只有这样才与市场的一般含义相吻合； ?之所以同时又把金融市场视作为一种机制，是因为金融市场上的融资活动既可以在固定场所进行，也可以不在固定场所进行，如果不在固定场所进行的融资活动就可以理解为一种融资机制。 ?按有无固定场所进行分，金融产品市场可分为两类： ?交易所交易市场（Exchange traded） ?场外市场（Over-the-counter ，OTC) 交易所交易市场 ?芝加哥期货交易所（CBOT） ?纽约证券交易所（NYSE) ?芝加哥期权交易所（CBOE） ?上海证券交易所 ?深圳证券交易所 ?上海黄金交易所 ?上海期货交易所（金属） ?大连商品交易所（农产品） ?郑州商品交易所（农产品） ?中国金融期货交易所（股指期货） ?……
?交易所的主要职责： ?定义交易合约 ?组织交易 ?使交易双方的利益同时得到保护 ?交易规则：由组织化的证券交易所制定，对交易程序进行标准化。 ?传统上，交易双方在交易所内相见并通过特定手语达成交易，而现在交易更多的是采用电子交易系统。 场外市场 ?由电话和计算机将金融机构和大型企业的交易员以及基金经理联系在一起的网络系统。银行等金融机构通常扮演做市商的角色。 ?场外交易的最大优点是合约内容不受交易所限制。 ?场外市场用于交易的电话通常都是被录音的。 ?场外市场与交易所交易市场的一个重要区别在于信用风险的大小。 ?场外市场交易额远远大于交易所交易市场。 ?最简单的交易，例如： ?买入100股IMB股票 ?卖出100万英镑 ?买入1000盎司黄金 ?卖出价值100万美元的通用汽车公司债券 ?第一个交易往往发生在交易所内，而其它三个交易更可能是场外交易，但四种均属现货交易。（二）分类 （三）金融市场的构成要素 1.金融市场主体：即金融市场的参与者 2.金融市场客体：金融市场的交易载体——货币资金。 3.金融市场交易工具：金融市场的交易对象指的是金融工具，也称信用工具，它是证明金融交易金额、期限、价格的书面文件，它对交易双方的权利和义务具有法律约束意义。 4.金融市场价格：在金融市场上，交易对象的价格就是用货币资金表示的价格。 二、货币市场和资本市场 ?按到期期限划分 ?货币市场，期限短于一年，强调流动性 ?短期债务市场：比如美国的短期国库券，企业的商业票据等。 ?资本市场，期限长于一年，强调收益性 ?包括长期债务市场和权益性证券市场。 金融资产 三种基本的金融资产类型：债务、股权和衍生工具 ?债券(固定收益证券，Fixed Income Securities)：承诺未来支付固定数量现金的借款合约。 ?公司债券、政府债券、住宅性和商业性按揭贷款、消费贷款。 股票（普通股）：公司发行的所有权凭证。 ?每份股票代表对企业所有权的等同份额； ?通常还代表对公司治理事务的投票权； ?股票代表对一家公司资产和收益的剩余索取权（Residual Claim）； ?普通股同时具备有限责任的特征，即如果资不抵债，债权人无法向股票所有者索取更多 资金来弥补缺口，债权人的索取权被限定在该企业资产的范围之内。
金融市场与机构 (9)
Chapter 9 The Money Markets Multiple Choice Questions 1. Activity in money markets increased significantly in the late 1970s and early 1980s because of (a) rising short-term interest rates. (b) regulations that limited what banks could pay for deposits. (c) both (a) and (b). (d) neither (a) nor (b). Answer: C 2. Money market securities have all the following characteristics except they are not (a) short term. (b) money. (c) low risk. (d) very liquid. Answer: B 3. Money market instruments (a) are usually sold in large denominations. (b) have low default risk. (c) mature in one year or less. (d) are characterized by all of the above. (e) are characterized by only (a) and (b) of the above. Answer: D 4. The banking industry (a) should have an efficiency advantage in gathering information that would eliminate the need for the money markets. (b) exists primarily to mediate the asymmetric information problem between saver-lenders and borrower-spenders. (c) is subject to more regulations and governmental costs than are the money markets. (d) all of the above are true. (e) only (a) and (b) of the above are true. Answer: D
《金融市场学》习题
《金融市场学》复习题 1、 Common stock is an example of a(n) ______、 A) debt security、B) money market security、C) equity security、D) a and b 2、 The required return to implement a given business project will be ______ if interest rates are lower、This implies that businesses will demand a ______ quantity of loanable funds when interest rates are lower、 A) greater; lower B) lower; greater C) lower; lower D) greater; greater 3、The federal government demand for loanable funds is __________、If the budget deficit was expected to increase, the federal government demand for loanable funds would ________、 A) interest elastic; decrease B) interest elastic; increase C) interest inelastic; increase D) interest inelastic; decrease 4、 If the real interest rate was negative for a period of time, then A) inflation is expected to exceed the nominal interest rate in the future、 B) inflation is expected to be less than the nominal interest rate in the future、 C) actual inflation was less than the nominal interest rate、 D) actual inflation was greater than the nominal interest rate、 5、 If inflation turns out to be lower than expected A) savers benefit、 B) borrowers benefit while savers are not affected、 C) savers and borrowers are equally affected、 D) savers are adversely affected but borrowers benefit、 6、 Assume that foreign investors who have invested in U、S、securities decide to increase their holdings of U、 S、securities、This should cause the supply of loanable funds in the United States to _____ and should place ______ pressure on U、S、interest rates、 A) decrease; upward B) decrease; downward C) increase; downward D) increase; upward 7、 If economic expansion is expected to decrease, the demand for loanable funds should ______ and interest rates should ______、 A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase 8、 When Japanese interest rates rise, and if exchange rate expectations remain unchanged, the most likely effect is that the supply of loanable funds provided by Japanese investors to the United States will ______, and the U、S、interest rates will _______、 A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase 9、 Assume that annualized yields of short-term and long-term securities are equal、If investors suddenly believe interest rates will increase, their actions may cause the yield curve to A) become inverted、B) become flat、C) become upward sloping、D) be unaffected、
最新金融市场与金融机构期末试卷
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fabozzi_金融市场与金融机构基础课后答案.doc
CHAPTER 4 THE U.S. FEDERAL RESERVE AND THE CREATION OF MONEY CENTRAL BANKS AND THEIR PURPOSE The primary role of a central bank is to maintain the stability of the currency and money supply for a country or a group of countries. The role of central banks can be categorized as: (1) risk assessment, (2) risk reduction, (3) oversight of payment systems, (4) crisis management. One of the major ways a central bank accomplishes its goals is through monetary policy. For this reason, central banks are sometimes called monetary authority. In implementing monetary policy, central banks, acting as a reserve bank, require private banks to maintain and deposit the required reserves with the central bank. In times of financial crisis, central banks perform the role of lender of last resort for the banking system. Countries throughout the world may have central banks. Additionally, the European Central Bank is responsible for implementing monetary policy for the member countries of the European Union. There is widespread agreement that central banks should be independent of the government so that decisions of the central bank will not be influenced for short-term political purposes such as pursuing a monetary policy to expand the economy but at the expense of inflation. In implementing monetary and economic policies, the United States is a member of an informal network of nations. This group started in 1976 as the Group of 6, or G6: US, France, Germany, UK, Italy, and Japan. Thereafter, Canada joined to for the G7. In 1998, Russia joined to form the G8. THE CENTRAL BANK OF THE UNITED STATES: THE FEDERAL RESERVE SYSTEM The Federal Reserve System consists of 12 banking districts covering the entire country. Created in 1913, the Federal Reserve is the government agency responsible for the management of the US monetary and banking systems. It is independent of the political branches of government. The Fed is managed by a seven-member Board of Governors, who are appointed by the President and approved by Congress. The Fed's tools for monetary management have been made more difficult by financial innovations. The public's increasing acceptance of money market mutual funds has funneled a large amount of money into what are essentially interest-bearing checking accounts. Securitization permits commercial banks to change what once were illiquid consumer loans of several varieties into securities. Selling these securities gives the banks a source of funding that is outside the Fed's influence.
金融市场与机构
Chapter 10 The Bond Market Multiple Choice Questions 1. Compared to money market securities, capital market securities have (a) more liquidity. (b) longer maturities. (c) lower yields. (d) less risk. Answer: B 2. (I) Securities that have an original maturity greater than one year are traded in capital markets. (II) The best known capital market securities are stocks and bonds. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: C 3. (I) Securities that have an original maturity greater than one year are traded in money markets. (II) The best known money market securities are stocks and bonds. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: D 4. (I) Firms and individuals use the capital markets for long-term investments. (II) The capital markets provide an alternative to investment in assets such as real estate and gold. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true.
第一章 为何学习金融市场与机构(英文习题及答案)
Chapter 1 Why Study Financial Markets and Institutions? 1.1 Single Choice 1)Financial markets and institutions A)involve the movement of huge quantities of money. B)affect the profits of businesses. C)affect the types of goods and services produced in an economy. D)do all of the above. E)do only A and B of the above. 2)Financial market activities affect A) personal wealth. B) spending decisions by individuals and business firms. C) the economy's location in the business cycle. D) all of the above. 3) Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called A) commodity markets. B) funds markets. C) derivative exchange markets. D) financial markets. 4) The price paid for the rental of borrowed funds (usually expressed as a percentage of the rental of $100 per year) is commonly referred to as the A) inflation rate. B) exchange rate. C) interest rate. D) aggregate price level. 5) The bond markets are important because A) they are easily the most widely followed financial markets in the United States. B) they are the markets where interest rates are determined. C) they are the markets where foreign exchange rates are determined. D) all of the above. 6) Interest rates are important to financial institutions since an interest rate increase _________ the cost of acquiring funds and _________ the income from assets. A) decreases; decreases B) increases; increases C) decreases; increases D) increases; decreases 7) Typically, increasing interest rates
金融市场学课后习题答案
金融市场学 习题二答案 1.b、e、f 2.略 3.同传统的定期存款相比，大额可转让定期存单具有以下几点不同： （1）定期存款记名、不可转让；大额可转让定期存单是不记名的、可以流通转让的。（2）定期存款金额不固定，可大可小；大额可转让定期存单金额较大。 （3）定期存款；利率固定；大额可转让定期存单利率有固定的也有浮动的，且一般高于定期存款利率。 （4）定期存款可以提前支取，但要损失一部分利息；大额可转让定期存单不能提前支取，但可在二级市场流通转让。 4.回购利息=1,001,556－1,000,000=1,556RMB 设回购利率为x,则： 1,000,000×x×7/360=1556 解得：x=8% 回购协议利率的确定取决于多种因素，这些因素主要有： （1）用于回购的证券的质地。证券的信用度越高，流动性越强，回购利率就越低，否则，利率相对来说就会高一些。 （2）回购期限的长短。一般来说，期限越长，由于不确定因素越多，因而利率也应高一些。但这并不是一定的，实际上利率是可以随时调整的。 （3）交割的条件。如果采用实物交割的方式，回购利率就会较低，如果采用其他交割方式，则利率就会相对高一些。 （4）货币市场其他子市场的利率水平。它一般是参照同业拆借市场利率而确定的。 5.贴现收益率为：[（100-98.01） /100]×360/316=2.27% 真实年收益率为：[1+（100-98.01）/98.01]365/316－1=2.35% 债券等价收益率为：[（100-98.01）/98.01] ×365/316=2.35% 6.平均收益率=2.91%*35%+3.2%*25%+3.85%*15%+3%*12.5%+2.78%*12.5%=3.12% 习题三答案 1.（1）从理论上说，可能的损失是无限的，损失的金额随着X股票价格的上升而增加。（2）当股价上升超过22元时，停止损失买进委托就会变成市价买进委托，因此最大损失就是2 000元左右。 2.（1）该委托将按最有利的限价卖出委托价格，即40.25美元成交。 （2）下一个市价买进委托将按41.50美元成交。 （3）我将增加该股票的存货。因为该股票在40美元以下有较多的买盘，意味着下跌风险较小。相反，卖压较轻。 3.你原来在账户上的净值为15 000元。 若股价升到22元，则净值增加2000元，上升了13.33%； 若股价维持在20元，则净值不变； 若股价跌到18元，则净值减少2000元，下降了13.33%。 令经纪人发出追缴保证金通知时的价位为X，则X满足下式： （1000X-5000）/1000X=25%
金融市场学第四版课后参考答案
高教版第四版《金融市场学》课后参考答案 习题三答案 2.（1）该委托将按最有利的限价卖出委托价格，即40.25美元成交。 （2）下一个市价买进委托将按41.50美元成交。 （3）我将增加该股票的存货。因为该股票在40美元以下有较多的买盘，意味 着下跌风险较小。相反，卖压较轻。 7.令3个月和6个月国库券的年收益率分别为r3和r6，则 1+r3=（100/97.64）4=1.1002 1+r6=（100/95.39）2=1.09 求得r3=10.02%，r6=9.90%。所以3个月国库券的年收益率较高。 习题四答案 1.判断题 （1）（错误）该支付手段必须用于国际结算。 （2）（错误）买入价是指报价行愿意以此价买入标的货币的汇价，卖出价是报价行愿意以此价卖出标的货币的汇价。客户向银行买入外汇时，是以银行报出的外汇卖出价成交，反之，则是以银行报出的买入价成交。 （3）（错误）无论是在直接标价法还是间接标价法下，升、贴水的含义都是相同的，即：升水表示远期汇率高于即期汇率，贴水表示远期汇率低于即期汇率。（4）（正确）因为远期外汇的风险大于即期外汇。 （5）（错误）举例说明，A币与B币的市场价值均为10元，后B币下跌为8元，则A币较B币升值（10-8）/8=25%，B币较A币贬值（10-8）/10=20%。 （6）（错误）外汇银行将根据自身的风险承受能力及保值成本决定是否轧平。（7）（错误）还必须考虑高利率货币未来贴水的风险。只有当套利成本或高利率货币未来的贴水率低于两国货币的利率差时才有利可图。 （8）（错误）根据利率平价说，利率相对较高国家的货币未来贴水的可能性较大。 （9）（错误）购买力平价理论认为，汇率的变动是由于两国物价变动所引起的。（10）（错误）两者的结论恰恰相反。如当本国国民收入相对外国增加时，国际收支说认为将导致本币汇率下跌，外汇汇率上升；而弹性货币分析法则认为将使本币汇率上升，外汇汇率下跌。 （5）B 3.（1）银行D，汇率1.6856 （2）银行C，汇率7.7960 （3）1.6856×7.7960=13.1404GBP/HKD 5.（1）现在美国出口商拥有英镑债权，若不采取避免汇率变动风险的保值措施，则2个月后收到的英镑折算为美元时相对10月中旬兑换美元将损失（1.6770-1.6600）