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货币银行学
2012
级期末考试题型(彭方平)
名词解
释
20
分
5
对
选择题
40
分
20
题小计算
简答题
2
个
20
< br>分
案例分析
1
大题
2
问
20
分
名词解释重点:
1.
Adverse
selection VS Moral hazard
?
Adverse
Selection:
the
problem
created
by
asymmetric
information
before
the
transaction
occurs. In
financial market it occurs when the potential
borrowers who are the most likely to
produce the bad credit risks are the
ones who most actively seek out a loan and are
thus most
likely to be selected.
Because of adverse selection, loans are more
likely made to bad credit
risks. So
lenders may rather not make a loan even though
there are good credit risks.
?
Moral hazard:
the problem created by asymmetric information
before the transaction occurs.
In
financial market it’s the hazard that
the borrower might engage in immoral
activities that
make the loan less
likely to be paid back. Because of the moral
hazard, lenders may rather
not make a
loan.
2.
Capital market VS Money market
?
Capital market:
the market where long-term debt and equity
instruments are traded.
?
Money market: the market where short-
term debt instruments are traded.
3.
Eurobond VS
Foreign bonds
?
Eurobond: a bond denominated in a
currency other than that of the country in which
it is sold.
?
Foreign bonds: sold in a foreign
country and
denominated in that
country’s currency.
4.
Eurocurrencies
VS Eurodollars
?
Eurocurrencies:
存放在货币发行国境外的各国货币
?
Eurodollars:
U.S. dollars deposited in banks outside the United
States.
5.
Primary market & Secondary market & OTC
market
?
Primary
market:
筹集资金的公司或政府机构将新发行的股票和
债券等证券销售给最初
购买者的金融市场。
?
Secondary market:
对已发行的证券进行买卖、转让、流通的市场。
?
OTC market:
场外交易市场。在交易所外由证券买卖双方当面议价成交的市场,它
没有固定场所。
6.
YTM & Current
yield & Yield on a discount basis
?
到期收益率。使债务工具所有未来
回报的现值与今天的价值相等的利率。
?
当期收益率:
an
approximation
of
the
yield
to
maturity.
Defined
as
the
yearly
coupon
payment divided by
the price of the security.
?
贴现基础上的收益率:
7.
Expectations
theory & Segmented theory & Liquidity premium
theory
?
期望理论:长期债
券利率等于该长期债券期限中各个预期短期债券利率的平均。
?
市场分割理论:
< br>长期债券和短期债券是在不同的相互分割的市场上交易的,
不同期限的
债券之间完全不能替代。
?
流动性溢价理论:
长期债券利率等于该长期债券期限中各个预期短期债券利率的平均与
流动性溢价
之和。
8.
Sterilized foreign exchange
intervention & unsterilized foreign exchange
intervention
?
冲销性外汇干预:
a foreign exchange
intervention with an offsetting open market
operation
that leaves the monetary base
unchanged.
?
非冲销性外汇干预:
a foreign exchange
intervention that has an effect on the monetary
base.
Discount
bonds:
bought at a price below its face
value.
Fisher effect
: when
expected inflation rises, interest rates will
rise.
Yield curve
: a plot of
yields with differing terms to maturity but the
same risk, liquidity and tax
considerations.
Off-balance-
sheet
activities
:
商业银行从事的不列入资产负债表内但能影响当期损益的经营
活动。
< br>
Float
: temporary net
increase in the total amount of reserves in the
banking system occurring from
the Fed’s
check
-clearing process.
High-powered money
: the
monetary base. MB = C + R
Money
multiplier
:
a
ration
relating
the
change
in
the
money
supply
to
a
given
change
in
the
monetary base.
Federal
funds
rate
:
联邦基金利率。
the
interest
rate
on
overnight
loans
of
reserves
from
one
bank to another.
Exchange rate overshooting
:
利率超调。当货币供给增加时,汇率下降幅度短期内比长期的
大
。
名词
解释
(
中文
)
:
2
章
逆向选择
:
(
adverse
selection
)
因为交易前的
信息不对称所导致的问题。
金融市场上的逆向选择指,
那些最有
可能造成不利
后果即造成信贷风险的借款人,
常常就是那些寻找
贷款最积极,
而且是最可能得到贷款的人。
道德风险:
(
moral
hazard
)
信息不对称在交易后
产生的影响引起的问题。
金融市场上的道德风险指,
借款人可能
将资金
用于某些其他的投资,
而从贷款人的角度来看这些投资可
能是不合理的,
因为会加大还款的
风险。
欧洲债券:
(
< br>eurobond
)
不是以发行所在国的货币标价的债券。
ex
:伦敦发行的美元标价债券。
欧洲货币
:
(
eurocurrency
)
p>
指在某种货币发行国境外的银行体系所创造的该种货币存款。
欧洲美元:
(
eurodollar
)
美国境外的外国银行或者美国银行的外国分支机构的美元存款。
货币市场
:
交易短期债务工具(通常期限在一年以下)的金融市场。
资本市场
:
交易长期债务工具(通常期限在一年以上)的金融市场。
一级市场:
借入资金的企业或政府向最初购买者出售新发行的有价证券(如债券和股票)的金融市场。
二级市场
:
交易过去已发行的(即二手的)有价证券的金融市场。
交易所:
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