货币银行学每单元重点词汇.ppt

货币银行学课后关键词,制作人：华北电力大学科技学院经管系财务14K2王裙,1.asset:anyfinancialclaimorpieceofpropertythatissubjecttoownership.2.bond:erestrate:Itisthecostofborrowingorthepricepaidfortherentaloffunds.4.monetarypolicy:themanagementofmoneyandinterestrates.5.financialintermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandinturnmakeloanstoothers.6.Financialmarkets:functionsandstructureoffinancialmarkets,differentkindoffinancialmarkets.,Chapter1,1.equities:whichareclaimstoshareinthenetincome(incomeafterexpensesandtaxes)andtheassetsofabusiness.2.secondarymarket:Itisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedcanberesold.3.Brokers:Themenwhoareagentsofinvestorswhomatchbuyerswithsellersofsecurities.4.moneymarket:Itisafinancialmarketinwhichonlyshort-termdebtinstruments(generallythosewithoriginalmaturityoflessthanoneyear)aretraded.5.federalfundsrate：Itisacloselywatchedbarometerofthetightnessofcreditmarketconditionsinthebankingsystemandthestanceofmonetarypolicy.6.transactioncosts:thetimeandmoneyspentincarryingoutfinancialtransactions,areamajorproblemforpeoplewhohaveexcessfundstolend.,Chapter2,moditymoney:Itismoneywhosevaluecomesfromacommodityofwhichitismade.2.mediumofexchange:Itisusedtopayforgoodsandservices.3.storeofvalue:Itisarepositoryofpurchasingpowerovertime.4.paymentssystem:Itisanysystemusedtosettlefinancialtransactionsthroughthetransferofmonetaryvalue,andincludestheinstitutions,instruments,people,rules,procedures,standards,andtechnologiesthatmakesuchanexchangepossible.5.Income:Itisaflowofearningsperunitoftime.6.fiatmoney:Itisacurrencyestablishedasmoneybygovernmentregulationorlaw.,Chapter3,1.Simpleloan:(principal+simpleinterest)paidtolenderatgivenmaturitydate.2.Fixed-paymentloan:fixedpayment(incorporatingpartoftheprincipalandinterestpayment)paidoveraperiodoftime.3.Couponbond:paysownerofafixed(coupon)payment,untilmaturitywhenitpaysoffface(par)value.4.Discount(zerocoupon)bond:boughtatpricebelowfacevalue(i.e.atadiscounted),andfacevaluerepaidatmaturity.Ex:UStreasurybill(moneymarketinstrument)5.Indexedbond:theprincipalamountandtheinterestpaymentsareindexedtoinflation.6.Yieldtomaturity:whichisamoreusefulmeasureofthereturnofthebond,takingintoaccountthecurrentmarketprice,andtheamountandtimingofallremainingcouponpaymentsandoftherepaymentdueonmaturity.,Chapter4,1.Liquidity:fastmoneyforinvestmentandspending.2.Marketequilibrium:asituationinwhichthesupplyofanitemisexactlyequaltoitsdemand.3.Opportunitycost:Abenefit,profit,orvalueofsomethingthatmustbegivenuptoacquireorachievesomethingelse.4.Demandcurve:Ineachpricethedemandquantity.5.Fishereffect:whentherisingrateofinflationexpectations,interestrateswillrise.6.Excessdemand:excessdemandiswhenthedemandforaproductorserviceexceedsitssupplyinamarket.Itistheoppositeofanexcesssupply.,Chapter5,1.Riskpremium:thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebonds.2.Yieldcurve:aplotoftheyieldonbondswithdifferingtermstomaturitybutthesamerisk,liquidityandtaxconsiderations.3.Expectationstheory:explainsthefirsttwofactsbutnotthethird.4.Invertedyieldcurve:whentheyieldsonbondswithashorterdurationarehigherthantheyieldsonbondsthathavealongerduration.5.Liquiditypremiumtheory：combinesthetwotheoriestoexplainallthreefacts.6.Creditratingagency:(CRA,alsocalledaratingsservice)isacompanythatassignscreditratings,whichrateadebtorsabilitytopaybackdebtbymakingtimelyinterestpaymentsandthelikelihoodofdefault.,Chapter6,1.Adaptiveexpectations:thisisahypothesizedprocessbywhichpeopleformtheirexpectationsaboutwhatwillhappeninthefuturebasedonwhathashappenedinthepast.2.Behavioralfinance:whichisarelativelynewfieldthatseekstocombinebehavioralandcognitivepsychologicaltheorywithconventionaleconomicsandfinancetoprovideexplanationsforwhypeoplemakeirrationalfinancialdecisions.3.Arbitrage:whichisthepracticeoftakingadvantageofapricedifferencebetweentwoormoremarkets:strikingacombinationofmatchingdealsthatcapitalizeupontheimbalance,theprofitbeingthedifferencebetweenthemarketprices.4.Rationalexpectations:whichcanbestatedasfollows:Expectationswillbeidenticaltooptimalforecasts(thebestguessofthefuture)usingallavailableinformation.,Chapter7,5.Ashortsale:thisisamarkettransactioninwhichaninvestorsellsborrowedsecuritiesinanticipationofapricedeclineandisrequiredtoreturnanequalnumberofsharesatsomepointinthefuture.6.Theresidualclaimant:referstotheeconomicagentwhohasthesoleremainingclaimonanorganizationsnetcashflows,i.e.afterthedeductionofprecedentagentsclaims,andthereforealsobearstheresidualrisk.,1.Collateral：asecuritypledgedfortherepaymentofaloan.2.Secureddebt:Loanamountforwhichtheborrowerpledgesoneormoreassetsofequalorgreaterliquidation-valueasasecuritywhichmaybeforfeitedincaseofadefault.Alsocalledsecuredloan.3.Restrictivecovenants:Arestrictivecovenantisanytypeofagreementthatrequiresthebuyertoeithertakeorabstainfromaspecificaction.Inrealestatetransactions,restrictivecovenantsarebindinglegalobligationswrittenintothedeedofapropertybytheseller.Thesecovenantscanbeeithersimpleorcomplexandcanlevypenaltiesagainstbuyerswhofailtoobeythem.,Chapter8,4.Agencytheory:Awayofstudyingthewaythatabrokerandaclientworktogether.Thistheorywillhelpindeterminingthebestincentivesforbothindividualsinenactingasuccessfultransaction,aswellasseekingtoreducetheexpensesthatarerelatedtoanypotentialdisagreementsbetweenthebrokerandtheclient.5.Unsecureddebt:unsecureddebtreferstoanytypeofdebtorgeneralobligationthatisnotprotectedbyaguarantor,orcollateralizedbyalienonspecificassetsoftheborrowerinthecaseofabankruptcyorliquidationorfailuretomeetthetermsforrepayment.6.Free-riderproblem:Asituationwherepublicgoodsareunder-providedornotprovidedatallbecauseindividualsareabletoconsumethegoodbypayinglittleornothingtowardsthecost.,1.bankpanic:BankPanicisanarcadegamedevelopedbySanritsuandmanufacturedbySegain1984.2.financialcrisis:Itisappliedbroadlytoavarietyofsituationsinwhichsomefinancialassetssuddenlylosealargepartoftheirnominalvalue.creditboom:Withrestrictionsliftedornewfinancialproductsintroduced,financialinstitutionsfrequentlygoonalendingspree.3.deleveraging:Atthemicro-economiclevel,deleveragingreferstothereductionoftheleverageratio,orthepercentageofdebtinthebalancesheetofasingleeconomicentity,suchasahouseholdorafirm.Itistheoppositeofleveraging,whichisthepracticeofborrowingmoneytoacquireassetsandmultiplygainsandlosses.,Chapter9,4.asset-pricebubble:Aneconomicbubble(sometimesreferredtoasaspeculativebubble,amarketbubble,apricebubble,afinancialbubble,aspeculativemaniaoraballoon)istradeinanassetatapriceorpricerangethatstronglydeviatesfromthecorrespondingassetsintrinsicvalue.5.Subprimemortgages:Subprimemortgagesaremortgagesforborrowerswithless-than-stellarcreditrecords.6.mortgage-backedsecurities:Amortgage-backedsecurity(MBS)isatypeofasset-backedsecuritythatissecuredbyamortgageorcollectionofmortgages.,1.discountloans:BanksalsoobtainfundsbyborrowingfromtheFederalReserveSystem,theFederalHomeLoanbanks,otherbanks,andcorporations.BorrowingsfromtheFedarecalleddiscountloans(alsoknownasadvances).2.balancesheet:Itisasummaryofthefinancialb