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一一M1，M2,M3。M1-Currencyinthehandsofthepublicpluscheckabledeposits.通货加支票存款。M2-EverythinginMlplusotherhighlyliquidassets.Ml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。Thereisaninverserelationshipbetweenthequantitydemandedqfmoneyandtheinterestrate.Thatis,ceterisparibus,whentheinterestrategoesup,thequantitydemandedqfmoneygoesdOwn,andwhentheinterestratefalls,thequantitydemandedofmoneyincreases.Whyistherelationshipinverse?Whentheinterestrategoesup,theopportunitycostofholdingmoneygoesup,andceterisparibus,thequantitydemandedofmoneygoesdown.Thedemandform^on^eyisprimarilydeterminedbyspendingplans,income,changesininflation,changesincomputerandtelecommunicationstechnologiesandchangesintheris冬andliquidityofotherfinancialinstruments.Thedifferencebetweenachangeinquantitydemandedandachangeindemand：EXHIBIT3-3Whentheinterestratechanges,wemovealongasinglemoneydemandcurve,andthereisachangeinquantitydemanded.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.Whatisthesignificanceqfthechangesininterestratescausedbychangesinthedemandfororsupplyqfmoney?Fore#mp[e:Supplyofm^on^ey]^interestrates[^costqfborrowingm^on^ey[^borrowm^on^ey]^credit^Taggregatedemandforgoodsandservices]^generallevelfpri^c^es]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：Accordingtothetypeoffinancialclaimthatistraded：Stockmarket,Corporatebondmarket,TreasurybillmarketCommercialpapermarket......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。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:Thelack^ofasmoothlyfunctioningsecondarymarketwillinhibitthefinancingofplanneddeficitsintheprimarymarketandthushaveanadverseffectoninvestmentandeconomicgrowthovertime.Althoughthesecondarymarketdoesnotgenerateadditionalfundsforthe^^on^omya^sawhole,itsimportancestemsfromthepositiveffectthataweJdevelopedsecondarymarkethasontheprimarymarket.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:<lyear;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:thenumberfperiods(yea^r^s)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。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?EXHIBIT7-4ChangesinUSrealincome.PositiveUSrealincomeTThouseholdsandfirmsintheUShavemoretospendandsavetdemandmoreforeigngoods,servicesandsecuritiestthesupplyofdollarsTChangesinthedollarofUSgoodsrelativetothedollarpriceofforeigngoods.PositivethepriceofUSgoodsriserelativetothedollarpricesofforeigngoodstUSresidentsdemandmoreforeigngoodstthesupplyofdollarsTtheinflationrateintheUShigherthaninothercountriestthesupplyofdollarsTHoldingtheexchangerateconstant,theinflationrateintheUSfallsrelativetothatinothercountriestthesupplyofdollars]ChangesinforeigninterestratesrelativetoUSinterestrates.PositiveForeigninterestratesriserelativetoUSinterestratestforeignsecuritiesmoreattractivetUSresidentsbuymoreforeignsecuritiestthesupplyofdollarsTHowchangesintheDemandfordollarsintheforeignexchangemarketaffecttheexchangerate?EXHIBIT7-5Changesinforeignrealincome.PositiveforeignrealincomeTTforeignhouseholdsandfirmshavemoretospendandsavetdemandmoreforeigngoods,servicesandsecuritiestthedemandofdollarsTChangesintheforeign(yen)priceofforeigngoodsrelativetotheforeignpriceofUSgoods.PositiveInflationacceleratesinJapanbutnoinflationinUStyenpriceofJapanesegoodsrisesrelativetotheforeignpriceofUSgoodstforeignersdemandmoreUSgoodstthedemandofdollarsTChangesinUSinterestratesrelativetoforeigninterestrates.PositiveUSinterestratesriserelativetoforeigninterestratestUSsecuritiesmoreattractivetforeignersbuymoreUSsecuritiestthedemandofdollarsTCurrentaccount（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-providingToreducetherisksandcostsassociatedwithborrowing,lending,andotherfinancialtransactions.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^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.Iamfinancinganewcar.Inapplyingforaloan,Iwithholdinformationaboutmystudentloan,andtheloandoesnotshowuponmycreditreport.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：FIshavefacedincreasingcompetitionfromotherfinancialandnonfinancialinstitutions.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。Chapter12Fixedexchangeratesystem（固定汇率制度）-Anexchangeratesysteminwhichcurrencyvaluesdonotfluctuate.货币币值不变的汇率制度。Officialreservecurrency（官方储备货币）-Thecurrencyusedbyothercountriestodefinetheirowncurrency;theU.S.dollarwastheofficialreservecurrencyundertheBrettonWoodsAccord.被它国用于定价的货币。在布雷顿森林体系下，美元是官方储备货币。BrettonWoodsAccord（布雷顿森林协定）-A1944agreementnegotiatedbythemajorindustrializedcountriesthatestablishedfixedexchangerateswiththeU.S.dollarservingastheofficialreservecurrency.1944年主要工业化国家签订的协议，建立美元和其他货币之间的固定汇率挂钩关系。三大组织：InternationalMonetaryFunds（IMF）（国际货币基金组织）-Anorganizationcreatedin1944tooverseethemonetaryandexchangeratepoliciesofitsmemberswhopayquotasthatareusedtoassistcountrieswithtemporaryimbalancesintheirbalanceofpayments.1944年成立的一^个国际组织，监管成员国的货币和汇率政策。成员国缴纳基金份额，以用于缓解成员国暂时的国际收支困难。WorldBank（世界银行）-Aninvestmentbankcreatedin1944thatissuesbondstomakelong-termloansatlowinterestratestopoorcountriesforeconomicdevelopmentprojects.1944年成立的一^投资银行,发行债券筹集资金对世界上贫困国家提供长期低息贷款，支援其经济发展的基础项目。TheBankforInternationalSettlements（BIS）（国际起算银行）-Aninternationalfinancialorganizationthatpromotesinternationalcooperationamongcentralbanksandprovidesfacilitiesforinternationalfi