金融英语阅读：货币的职能_英语题库
货币金融学(第十二版)英文版题库及答案chapter 13
Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 13 Central Banks and the Federal Reserve System13.1 Origins of the Federal Reserve System1) The First Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) was fundamental in helping the Federal Government finance the War of 1812.D) None of the above.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) The Second Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) is considered to be the primary cause of the bank panic of 1907.D) None of the above.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known asA) the First Bank of the United States and the Second Bank of the United States.B) the First Bank of the United States and the Central Bank of the United States.C) the First Central Bank of the United States and the Second Central Bank of the United States.D) the First Bank of North America and the Second Bank of North America.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking4) The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the American public finally became convinced thatA) the First Bank of the United States had failed to serve as a lender of last resort.B) the Second Bank of the United States had failed to serve as a lender of last resort.C) the Federal Reserve System had failed to serve as a lender of last resort.D) a central bank was needed to prevent future panics.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking5) What makes the Federal Reserve so unique compared to other central banks around the world is itsA) centralized structure.B) decentralized structure.C) regulatory functions.D) monetary policy functions.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking13.2 Structure of the Federal Reserve System1) Which of the following is NOT an entity of the Federal Reserve System?A) Federal Reserve BanksB) the Comptroller of the CurrencyC) the Board of GovernorsD) the Federal Open Market CommitteeAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking2) Which of the following is an entity of the Federal Reserve System?A) the U.S. Treasury SecretaryB) the FOMCC) the Comptroller of the CurrencyD) the FDICAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The three largest Federal Reserve banks (New York, Chicago, and San Francisco) combined hold more than ________ percent of the assets of the Federal Reserve System.A) 25B) 33C) 50D) 67Answer: CQues Status: Previous EditionAACSB: Analytical Thinking4) The Federal Reserve Banks are ________ institutions since they are owned by the ________.A) quasi-public; private commercial banks in the district where the Reserve Bank is locatedB) public; private commercial banks in the district where the Reserve Bank is locatedC) quasi-public; Board of GovernorsD) public; Board of GovernorsAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Each Federal Reserve bank has nine directors. Of these ________ are appointed by the member banks and ________ are appointed by the Board of Governors.A) three; sixB) four; fiveC) five; fourD) six; threeAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking6) The nine directors of the Federal Reserve Banks are split into three categories: ________ are professional bankers, ________ are leaders from industry, and ________ are to represent the public interest and are not allowed to be officers, employees, or stockholders of banks.A) 5; 2; 2B) 2; 5; 2C) 4; 2; 3D) 3; 3; 3Answer: DQues Status: Previous EditionAACSB: Reflective Thinking7) Member commercial banks have purchased stock in their district Fed banks; the dividend paid by that stock is limited by law to ________ percent annually.A) fourB) fiveC) sixD) eightAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking8) The Federal Reserve Bank of ________ houses the open market desk.A) BostonB) New YorkC) ChicagoD) San FranciscoAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking9) The president from which Federal Reserve Bank always has a vote in the Federal Open Market Committee?A) PhiladelphiaB) BostonC) San FranciscoD) New YorkAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking10) An important function of the regional Federal Reserve Banks isA) setting reserve requirements.B) clearing checks.C) determining monetary policy.D) setting margin requirements.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking11) Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?A) check clearingB) conducting economic researchC) setting interest rates payable on time depositsD) issuing new currencyAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking12) All ________ are required to be members of the Fed.A) state chartered banksB) national banks chartered by the Office of the Comptroller of the CurrencyC) banks with assets less than $100 millionD) banks with assets less than $500 millionAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking13) Of all commercial banks, about ________ belong to the Federal Reserve System.A) 10%B) one halfC) one thirdD) 90%Answer: CQues Status: Previous EditionAACSB: Reflective Thinking14) Prior to 1980, member banks left the Federal Reserve System due toA) the high cost of discount loans.B) the high cost of required reserves.C) a desire to avoid interest rate regulations.D) a desire to avoid credit controls.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking15) The Fed's support of the Depository Institutions Deregulation and Monetary Control Act of 1980 stemmed in part from itsA) concern over declining Fed membership.B) belief that all banking regulations should be eliminated.C) belief that interest rate ceilings were too high.D) belief that depositors had to become more knowledgeable of banking operations. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking16) Banks subject to reserve requirements set by the Federal Reserve System includeA) only nationally chartered banks.B) only banks with assets less than $100 million.C) only banks with assets less than $500 million.D) all banks whether or not they are members of the Federal Reserve System.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking17) The Depository Institutions Deregulation and Monetary Control Act of 1980A) established higher reserve requirements for nonmember than for member banks.B) established higher reserve requirements for member than for nonmember banks.C) abolished reserve requirements.D) established uniform reserve requirements for all banks.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking18) There are ________ members of the Board of Governors of the Federal Reserve System.A) 5B) 7C) 12D) 19Answer: BQues Status: Previous EditionAACSB: Reflective Thinking19) Members of the Board of Governors areA) chosen by the Federal Reserve Bank presidents.B) appointed by the newly elected president of the United States, as are cabinet positions.C) appointed by the president of the United States and confirmed by the Senate.D) never allowed to serve more than 7-year terms.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking20) Each governor on the Board of Governors can serveA) only one nonrenewable fourteen-year term.B) one full nonrenewable fourteen-year term plus part of another term.C) only one nonrenewable eight-year term.D) one full nonrenewable eight-year term plus part of another term.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking21) The Chairman of the Board of Governors is chosen from among the seven governors and serves a ________, renewable term.A) one-yearB) two-yearC) four-yearD) eight-yearAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking22) While the discount rate is "established" by the regional Federal Reserve Banks, in truth, the rate is determined byA) Congress.B) the president of the United States.C) the Senate.D) the Board of Governors.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking23) Which of the followings is a duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) regulating credit with the approval of the president under the Credit Control Act of 1969D) All governors advise the president of the United States on economic policy.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking24) Which of the followings is NOT a current duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) approving the discount rate "established" by the Federal Reserve banksD) voting on the conduct of open market operationsAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking25) The Federal Open Market Committee usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking26) The Federal Reserve entity that makes decisions regarding the conduct of open market operations is theA) Board of Governors.B) chairman of the Board of Governors.C) Federal Open Market Committee.D) Open Market Advisory Council.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking27) The Federal Open Market Committee consists of theA) five senior members of the seven-member Board of Governors.B) seven members of the Board of Governors and seven presidents of the regional Fed banks.C) seven members of the Board of Governors and five presidents of the regional Fed banks.D) twelve regional Fed bank presidents and the chairman of the Board of Governors. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking28) The majority of members of the Federal Open Market Committee areA) Federal Reserve Bank presidents.B) members of the Federal Advisory Council.C) presidents of member banks.D) the seven members of the Board of Governors.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking29) Each Fed bank president attends FOMC meetings; although only ________ Fed bank presidents vote on policy, all ________ provide input.A) three; tenB) five; tenC) three; twelveD) five; twelveAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking30) Although reserve requirements and the discount rate are not actually set by the ________, decisions concerning these policy tools are effectively made there.A) Federal Reserve Bank of New YorkB) Board of GovernorsC) Federal Open Market CommitteeD) Federal Reserve BanksAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking31) The research document given to the Federal Open Market Committee that contains information on the state of the economy in each Federal Reserve district is called theA) beige book.B) green book.C) blue book.D) black book.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking32) The teal book is the Fed research document containingA) the forecast of national economic variables for the next three years.B) forecasts of the money aggregates conditional on different monetary policy stances.C) information on the state of the economy in each Federal Reserve district.D) both A and B.E) A, B and C.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking33) The Federal Open Market Committee's "balance of risks" is an assessment of whether, in the future, its primary concern will beA) higher exchange rates or higher unemployment.B) higher inflation or a stronger economy.C) higher inflation or a weaker economy.D) lower inflation or a stronger economy.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking34) Subject to the approval of the Board of Governors, the decision of choosing the president ofa district Federal Reserve Bank is made byA) all nine district bank directors.B) the six district bank directors elected by the member banks.C) three district bank directors who are professional bankers.D) district bank directors who are not professional bankers.E) class A and class B directors.Answer: DQues Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities35) Why does the Federal Reserve Bank of New York play a special role within the Federal Reserve System?Answer: The New York district contains the largest banks in the country. The New York Fed supervises and examines these banks to insure their soundness and the safety of the nation's financial system. The New York Fed conducts open market operations and foreign exchange transactions for the Fed and Treasury. The New York Fed belongs to the Bank for International Settlements, so its president and the chairman of the Board of Governors represent the U.S. at the monthly meetings of the world's central banks. The New York Fed president is the only president of a regional Fed who is a permanent voting member of the FOMC.Ques Status: Previous EditionAACSB: Reflective Thinking36) Who are the voting members of the Federal Open Market Committee and why is this committee important? Where does the power lie within this committee?Answer: The FOMC determines the monetary policy of the United States through its decisions about open market operations. It also effectively determines the discount rate and reserve requirements. The seven members of the Board of Governors, the president of the New York Fed, and four of the other eleven regional bank presidents are voting members on a rotating basis. Within the FOMC, the chairman of the Board of Governors wields the power.Ques Status: Previous EditionAACSB: Reflective Thinking13.3 How Independent is the Fed?1) Instrument independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking2) The ability of a central bank to set monetary policy instruments isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Goal independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking4) The ability of a central bank to set monetary policy goals isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) Members of Congress are able to influence monetary policy, albeit indirectly, through their ability toA) withhold appropriations from the Board of Governors.B) withhold appropriations from the Federal Open Market Committee.C) propose legislation that would force the Fed to submit budget requests to Congress, as must other government agencies.D) instruct the General Accounting Office to audit the foreign exchange market functions of the Federal Reserve.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking6) Explain two concepts of central bank independence. Is the Fed politically independent? Why do economists think central bank independence is important?Answer: Instrument independence is the ability of the central bank to set its instruments, and goal independence is the ability of a central bank to set its goals. The Fed enjoys both types of independence. The Fed is largely independent of political pressure due to its earnings and the conditions of appointment of the Board of Governors and its chairman. However, some political pressure can be applied through the threat or enactment of legislation affecting the Fed. Independence is important because there is some evidence that independent central banks pursue lower rates of inflation without harming overall economic performance.Ques Status: Previous EditionAACSB: Reflective Thinking13.4 Should the Fed Be Independent?1) The case for Federal Reserve independence does NOT include the idea thatA) political pressure would impart an inflationary bias to monetary policy.B) a politically insulated Fed would be more concerned with long-run objectives and thus be a defender of a sound dollar and a stable price level.C) policy is always performed better by an elite group such as the Fed.D) a Federal Reserve under the control of Congress or the president might make the so-called political business cycle more pronounced.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The political business cycle refers to the phenomenon that just before elections, politicians enact ________ policies. After the elections, the bad effects of these policies (for example,________ ) have to be counteracted with ________ policies.A) expansionary; higher unemployment; contractionaryB) expansionary; a higher inflation rate; contractionaryC) contractionary; higher unemployment; expansionaryD) contractionary; a higher inflation rate; expansionaryAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking3) The strongest argument for an independent Federal Reserve rests on the view that subjecting the Fed to more political pressures would impartA) an inflationary bias to monetary policy.B) a deflationary bias to monetary policy.C) a disinflationary bias to monetary policy.D) a countercyclical bias to monetary policy.Answer: AQues Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities4) Critics of the current system of Fed independence contend thatA) the current system is undemocratic.B) voters have too much say about monetary policy.C) the president has too much control over monetary policy on a day-to-day basis.D) the Board of Governors is held responsible for policy missteps.Answer: AQues Status: Previous EditionAACSB: Diverse and Multicultural Work Environments5) Recent research indicates that inflation performance (low inflation) has been found to be best in countries withA) the most independent central banks.B) political control of monetary policy.C) money financing of budget deficits.D) a policy of always keeping interest rates low.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) Make the case for and against an independent Federal Reserve.Answer: Case for: 1. An independent Federal Reserve can shield the economy from the political business cycle, and it will be less likely to have an inflationary bias to monetary policy. 2. Control of the money supply is too important to leave to inexperienced politicians.Case against: 1. It is undemocratic to have monetary policy be controlled by a small number of individuals that are not accountable. 2. In the past, an independent Fed has not used its freedom wisely. 3. Its independence may encourage it to pursue its own self-interest rather than the public's interest.Ques Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities13.5 Explaining Central Bank Behavior1) The theory of bureaucratic behavior suggests that the objective of a bureaucracy is to maximizeA) the public's welfare.B) profits.C) its own welfare.D) conflict with the executive and legislative branches of government.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The theory of bureaucratic behavior when applied to the Fed helps to explain why the FedA) was supportive of congressional attempts to limit the central bank's autonomy.B) was so secretive about the conduct of future monetary policy.C) sought less control over banks in the 1980s.D) was willing to take on powerful groups that may threaten its autonomy.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) What is the theory of bureaucratic behavior and how can it be used to explain the behavior of the Federal Reserve?Answer: The theory of bureaucratic behavior concludes that the main objective of any bureaucracy is to maximize its own welfare, which is related to power and prestige. This can explain why the Federal Reserve has defended its autonomy, avoids conflict with Congress and the president, and its push to gain more control over banks.Ques Status: Previous EditionAACSB: Analytical Thinking13.6 Structure and Independence of the European Central Bank1) Under the European System of Central Banks, the Executive Board is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking2) Under the European System of Central Banks, the Governing Council is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) Under the European System of Central Banks, the National Central Banks have the same role as the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking4) Members of the Executive Board of the European System of Central Banks are appointed to ________ year, nonrenewable terms.A) fourB) eightC) tenD) fourteenAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking5) Which of the following statements comparing the European System of Central Banks and the Federal Reserve System is TRUE?A) The budgets of the Federal Reserve Banks are controlled by the Board of Governors, while the National Central Banks control their own budgets and the budget of the European Central Bank.B) The European Central Bank has similar power over the National Central Banks when compared to the level of power the Board of Governors has over the Federal Reserve Banks. C) Just like the Federal Reserve System, monetary operations are centralized in the European System of Central Banks with the European Central Bank.D) None of the above.Answer: AQues Status: RevisedAACSB: Reflective Thinking6) The Governing Council usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking7) In the Governing Council, the decision of what policy to implement is made byA) majority vote of the Executive Board members.B) majority vote of the heads of the National Banks.C) consensus.D) majority vote of all members of the Governing Council.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking8) The central bank which is generally regarded as the most independent in the world because its charter cannot be changed by legislation is theA) Bank of England.B) Bank of Canada.C) European Central Bank.D) Bank of Japan.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking9) Explain the similarities and differences between the European System of Central Banks and the Federal Reserve System.Answer: The similarities between the two are in their structure. The National Central Banks of the member countries of the Eurosystem have the same role as the Federal Reserve Banks in the Federal Reserve System. The Executive Board and the Governing Council of the Eurosystem resemble the Board of Governors and the Federal Open Market Committee of the Federal Reserve System, respectively. There are three major differences between the two. The first difference is concerning the control of the budgets. In the Fed, the Board of Governors controls the budgets of the Reserve Banks while in the Eurosystem, the National Banks control the budget of the European Central Bank. The second difference is the monetary operations of the Eurosystem are conducted by the National Banks, so they are not as centralized as the monetary operations in the Federal Reserve System.Ques Status: RevisedAACSB: Reflective Thinking13.7 Structure and Independence of Other Foreign Central Banks1) On paper, the Bank of Canada has ________ instrument independence and ________ goal independence when compared to the Federal Reserve System.A) less; lessB) less; moreC) more; lessD) more; moreAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking2) The oldest central bank, having been founded in 1694, is theA) Bank of England.B) Deutsche Bundesbank.C) Bank of Japan.D) Federal Reserve System.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence isA) limited by the Ministry of Finance's veto power over a portion of its budget.B) too great because it need not pursue a policy of price stability even if that is the popular will of the people.C) too great since the Ministry of Finance no longer has veto power over the bank's budget.D) limited since the Ministry of Finance can dismiss senior bank officials.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking4) Regarding central bank independenceA) the Fed is more independent than the European Central Bank.B) the European Central Bank is more independent than the Fed.C) the trend in industrialized nations has been to reduce central bank independence.D) the Bank of England has the longest tradition of independence of any central bank in the world.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) The trend in recent years is that more and more governmentsA) have been granting greater independence to their central banks.B) have been reducing the independence of their central banks to make them more accountable for poor economic performance.C) have mandated that their central banks focus on controlling inflation.D) have required their central banks to cooperate more with their Ministers of Finance. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) Which of the following statements about central bank structure and independence is TRUE?A) In recent years, with the exception of the Bank of England and the Bank of Japan, most countries have reduced the independence of their central banks, subjecting them to greater democratic control.B) Before the Bank of England was granted greater independence, the Federal Reserve was the most independent of the world's central banks.C) Both theory and experience suggest that more independent central banks produce better monetary policy.D) While the European Central Bank is independent, it is not as independent as the Federal Reserve.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking。
英语阅读辅导：金融国际货币
American money is widely used in the world and it works on the metric system. The American government prints money in the following denominations： $10， 000； $5，000； $1，000； $500； $100； $50； $10； $5； $2；$1. Very few people see all these bills； twenties， tens fives and ones are the most commonly used. We can find a picture of George Washington on the $ 1 bill， Abraham Lincoln on the $ 5， Alexander Hamilton on the $ 10 and Andrew Jackson on the $ 20. There are also pictures on the back （the White House on the $20， the Treasury building on the $ 10， the Lincoln Memorial on the $5 and a big " ONE" and the American insignia on the $1）。
However， all paper currency is printed on the same size white paper with green ink， so you have to look carefully before handing someone money and when receiving change. Your best bet is to forget the pictures and concentrate on the large numbers in all four corners on the front and back. American coins are easy to remember. One American dollar is equal to 100 cents or pennies. A half-dollar is 50 cents. All but the penny and the nickel are made of silver. The penny is made of copper. The nickel is made of a metal called nickel. 美国的货币在世界各地⼴泛使⽤⽽且遵循的是公制。
(完整word版)金融英语重点题目(word文档良心出品)
Assignment1.Does the Barter system have any disadvantage that makes it disappear nowadays?Yes {补充Barter—exchange goods with goods.Such as:Goat, stone, ox, salt, shell,peal, jade,iron,……Disadvantages of Barter•Deterioration•Indivisibility•Inefficient and Protracted (rate of exchange)•Double coincidence of wants•silver, gold overcame such shortcomings}2.What is money and its functions?Money can be described as any commodity or token that is generally acceptable as a means of payment for goods or services or in the repayment of debt.FunctionsMedium of exchangeUnit of accountStore of value3.What does contribute the monetary aggregates?. M0 现金(currency—paper money and coins). M1 狭义货币供应量=M0(currency—paper money and coins)+活期存款(demand deposit). M2 广义货币供应量=M1+定期存款(time deposit)+储蓄存款(savings deposit)+其他存款+货币市场共同基金. M3=M2+大额定期存款和期限存款4.What is the differences between interest rate and yield?In finance ,the yield carre is the relation of between the interest rate and time to maturity of the debt for a given borrower in a given currency.5.Please briefly introduce some about the motives which could determine the demand forliquidity according to Keynes.The transactions motive 交易动机The precautionary motive预防Speculative motive投机6.What kinds of factors could be used to explain the risk structure of interest rates? And brieflydescribe the relation between each factor and the risk structure of interest rates?Default RiskRisk PremiumLiquidity RiskTax Considerations7.What's difference between expansionary and contractionary monetary policy?an expansionary policy increases the total supply of money in the economy more rapidly than usual, and contractionary policy expands the money supply more slowly than usual or even shrinks it.8.What are the goals of monetary policy?•the promotion of sustainable economic growth•full employment•stable prices•Stable balances of payments9.Briefly describe the characteristics of open market operation?Initiative•Open market operations could be fully controlled by the central bank.Flexibility•The released or absorbed amount of money also is a decision coming from the central bank.Timeliness•The buying or selling proposals could be transacted immediately. Thereby, the excess reserves of different financial institutions involving open market operations will be accordingly changed. The open market operations also could be frequently, continuously and reversely.10.What do you think about the limitation of rediscounting policy?Rediscounting policy is not an ideal option for controlling the money supply.First，central banks always are rediscounted by those commercial banks.Besides, rediscounting rate will be regulated within a minimum and maximum.And, if commercial banks extensively depends on rediscounting policy for a long time, it’d put a lot of pressures on central banks, thereby, the ability of central banks to control the money supply will be further weakened.11.What are some disadvantages to issuer during asset securitization?Portfolio quality, costs , size limitations12.How to define the money market? What are basic functions of money market?Define: The money market is used by participants as a means for borrowing and lending in the short term, from several days to just under a year.Functions: Fulfill the short-term need from central governmentProvide a good choice for central bank conducting open market operationsMake a default-free investment tool for market investorsfunction•They have low default risk•They are usually sold in large denominations (面额)•The central bank can be directly involved by monetary policy instruments13.Which of the money market securities is the most liquid and considered the most risk-free?（五~~67）Why?（一~~90）Treasury Bills Treasury Bills ,because it is issued by government and backed by its full faith and credit.Fuctions•Fulfill the short-term need from central government•Provide a good choice for central bank conducting open market operations•Make a default-free investment tool for market investorsBy contrast, U.S. Treasury bonds have usually been considered to have no default risk because the federal government can always increase taxes to pay off its obligations. Bonds like these with no default risk are called default-free14.What are differences between CDs and ordinary time deposit?(五~~64,65)Instrument— Negotiable Certificates of DepositActually it’s a kind of time deposits with some differences to traditional time deposits.1.It’s also called a bearer instrument with the trait of negotiation2.Fixed denomination3.It’s a relatively short-term security.4.It’s normally traded by using the floating interest rate.Instrument— Negotiable Certificates of Deposit• A negotiable certificate of deposit is a bank-issued security that documents a deposit and specifies the interest rate and the maturity date15.What was the purpose motivating regulators to impose interest ceilings on bank savingsaccounts? What impact did this eventually have on the money markets?For banks could pay for funds .banking profits were assured16.Distinguish between competitive bidding and noncompetitivebidding for T-Bills.（五~~73）区别：标书内容不一致竞争：标价，申购数量（has a price and explain the quantity）非竞争：只有数量无标价(explain the quantity)A party can purchse T-bills during a T-bills auction noncompetive bid via.with competitive bid, The party specifies the discount rate that he is willing to accept.17.Contrast investors’ use of capital markets with their use of money market.( 对比对资本市场的投资者’用途以对金融市场的他们的用途。
对外经贸大学金融英语考试试题附答案.pdf
对外经济贸易大学2000-2001学年第一学期ENG353《金融英语阅读》期末考试试卷（A）本试卷适用于：全校三年级各专业的学生（99级）学号：姓名：班级：成绩：1.Translate the following financial terms.(20%)1)IDA2)SDR3)IFC4)OECD5)Clipping6)Laissez-faire7)Debasement8)MIGA9)Convertible paper money10)in arrears1)扶贫(工作)2)"大一统"银行系统3)垂直管理体制4)霸权5)金本位制崩溃6)互惠主义7)银根紧缩8)差别价格9)收益差10)空头交易2.Paraphrase the underlined words in English according to the text. (15%)1)The IFC's policy is to favor joint ventures that have some local capital committed at the outset, or at least the probability of local capital involvement in the foreseeable future.2)To date, there have been no defaults on loans made by the World Bank.3)Rugged individualistic liberalism based upon Anglo-Saxon roots knew, rendering their liberal ideology rigid and dogmatic.4)The value of a commodity or token used as money also fluctuates, and when there is inflation, its value persistently falls.5)They put their reputation on the line when they endorse a company's report.3．Please translate the following sentences into either Chinese or English (20%) 1)The "whole earth" approach to political economy--a world view--remains theexception and not the rule. Economists note that their discipline was traditionally called "political economy," the queen of the social sciences dating back at least to Adam Smith's Wealth of Nations, published in 1776.2)Barter can take place only when there is a double coincidence of wants. A doublecoincidence of wants is a situation that occurs when person A wants to buy what person B is selling and person B wants to buy what person A is selling.3)政府对国际贸易中的小汽车和多数其它商品进行调控。
2023年金融英语考试复习辅导资料(3)
2023年金融英语考试复习辅导资料(3) 2023年金融英语考试复习辅导资料(3)III.Forms Of Money三、货币形式Fiatvirtueeconomistworthinesscredence5 people give to the promise which is actually written down. What Im receiving or using as an instrument for money purposes is somebody elses obligation. Their preparedness to do something for me which might be to give me fiat money. That could be the promise which is incorporated in the cheque or the bill of exchange.信用手段是一种契约。
它可以被当作货币使用是因为它也有价值。
当然，它的价值是建立在它的信用声誉之上的。
换句话说，也就是要看人们能够给予这些写成文字的保证多大程度的信任。
我作为货币收取的票据文件是对方的一种债务契约，是保证他们准备为我做一些事，比如要支付给我法定货币。
这种保证可能会以支票或汇票的方式来体现。
Notes：1.fiat money 名义货币，法定货币2.credit money 信用货币3.credit instrument 信用手段，信用安排4.credit - worthiness 信贷价值，信用声誉5.简单概括来说，名义货币实际上是把货币形态象征化，也就是货币的实体与额面价值分离，货币代表的价值大于货币本身材料的价值。
这也就是为什么每当出现了金融动荡的时候，人们就会纷纷把手里的钞票兑换成老式的、本身拥有价值的货币，比如金银等贵重金属。
6.名义货币，也叫法定货币，英文是 Fiat money.7.现代社会中还有另外一种形态的货币，叫做 Credit money，信用货币。
货币金融学（第十二版）英文版题库及答案chapter24
Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 24 The Role of Expectations in Monetary Policy24.1 Lucas Critique of Policy Evaluation1) Whether one views the discretionary policies of the 1960s and 1970s as destabilizing or believes the economy would have been less stable without these policies, most economists agree thatA) stabilization policies proved more difficult in practice than many economists had expected.B) stabilization policies proved not to be inflationary.C) the nondiscretionary policymakers were right in believing that the private economy is inherently stable.D) the discretionary policymakers were right in believing that the private economy is inherently stable.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) The argument that econometric policy evaluation is likely to be misleading if policymakers assume stable economic relationships is known asA) the monetarist revolution.B) the Lucas critique.C) public choice theory.D) new Keynesian theory.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) Lucas argues that when policies change, expectations will change therebyA) changing the relationships in econometric models.B) causing the government to abandon its discretionary stance.C) forcing the Fed to keep its deliberations secret.D) making it easier to predict the effects of policy changes.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking4) The rational expectations hypothesis implies that when macroeconomic policy changesA) the economy will become highly unstable.B) the way expectations are formed will change.C) people will be slow to catch on to the change.D) people will make systematic mistakes.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) The Lucas critique indicates thatA) advocates of discretionary policies' criticisms of rational expectations models are well-founded.B) advocates of discretionary policies' criticisms of rational expectations models are not well-founded.C) expectations are important in determining the outcome of a discretionary policy.D) expectations are not important in determining the outcome of a discretionary policy. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking6) The Lucas critique is an attack on the usefulness ofA) conventional econometric models as forecasting tools.B) conventional econometric models as indicators of the potential impacts on the economy of particular policies.C) rational expectations models of macroeconomic activity.D) the relationship between the quantity theory of money and aggregate demand. Answer: BQues Status: Previous EditionAACSB: Reflective Thinking7) The interest rate thought to have the most important impact on aggregate demand is theA) short-term interest rate.B) T-bill rate.C) rate on 90-day CDs.D) long-term interest rate.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking8) A rise in short-term interest rates that is believed to be only temporaryA) is likely to have a significant effect on long-term interest rates.B) will have a bigger impact on long-term interest rates than if the rise in short-term rates had been permanent.C) is likely to have only a small impact on long-term interest rates.D) cannot possibly affect long-term interest rates.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking9) According to the Lucas critique, if past increases in the short-term interest rate have always been temporary, thenA) the term-structure relationship using past data will then show only a weak effect of changes in the short-term interest rate on the long-term rate.B) the term-structure relationship using past data will show no effect of changes in the short-term interest rate on the long-term rate.C) one cannot predict the term-structure relationship as it depends on expectations.D) the term-structure relationship using past data will nevertheless show a strong effect of changes in the short-term interest rate on the long-term rate because of a change in the way expectations are formed.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking24.2 Policy Conduct: Rules or Discretion?1) A policy in which the money supply is kept growing at a constant rate regardless of the state of the economy isA) a Taylor rule.B) a discretionary policy.C) a policy rule advocated by monetarists.D) advocated by activists.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) Arguments for adopting a policy rule includeA) the time-inconsistency problem can lead to poor economic outcomes.B) discretionary policies pursue overly expansionary monetary policies to boost employment in the short run but generate higher inflation in the long run.C) policy makers and politicians cannot be trusted.D) all of the above.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Arguments for adopting a policy rule includeA) discretion avoids the straightjacket that would lock in the wrong policy if the model that was used to derive the policy rule proved to be incorrect.B) discretion enables policy makers to change policy settings when an economy undergoes structural changes.C) discretionary policies pursue overly expansionary monetary policies to boost employment in the short run but generate higher inflation in the long run.D) all of the above.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking4) Arguments for discretionary policies includeA) policy rules can be too rigid because they cannot foresee every contingency.B) the time-inconsistency problem can lead to poor economic outcomes.C) discretionary policies pursue overly expansionary monetary policies to boost employment in the short run but generate higher inflation in the long run.D) all of the above.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Arguments for discretionary policies includeA) policy rules can be too rigid because they cannot foresee every contingency.B) policy rules do not easily incorporate the use of judgment.C) discretion avoids the straightjacket that would lock in the wrong policy if the model that was used to derive the policy rule proved to be incorrect.D) discretion enables policy makers to change policy settings when an economy undergoes structural changes.E) all of the above.Answer: EQues Status: Previous EditionAACSB: Reflective Thinking6) ________ imposes a conceptual structure and inherent discipline on policy makers, but without eliminating all flexibility.A) Constrained discretionB) A policy ruleC) A discretionary policyD) The Taylor ruleAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking24.3 The Role of Credibility and a Nominal Anchor1) A credible nominal anchorA) can help overcome the time-inconsistency problem by providing an expected constraint on discretionary policy.B) can help to anchor inflation expectations, which leads to smaller fluctuations in inflation.C) is required for a policy rule.D) all of the above.E) both A and B.Answer: EQues Status: Previous EditionAACSB: Reflective Thinking2) Suppose that there is a positive aggregate demand shock and the central bank commits to an inflation rate target. If the commitment is credible, thenA) the public's expected inflation will remain unchanged.B) the short-run aggregate supply curve will not shift.C) over time inflation will fall back down to the inflation target.D) all of the above.E) both A and B.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Suppose that there is a positive aggregate demand shock and the central bank commits to an inflation rate target. But if the commitment is not credible, thenA) the public's expected inflation will remain unchanged.B) the short-run aggregate supply curve will rise.C) over time inflation will fall back down to the inflation target.D) all of the above.E) both A and B.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking4) Suppose that there is a negative aggregate demand shock and the central bank commits to an inflation rate target. If the commitment is credible, thenA) the public's expected inflation will remain unchanged.B) the short-run aggregate supply curve will rise.C) over time inflation will fall.D) all of the above.E) both A and C.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Suppose that there is a negative aggregate demand shock and the central bank commits to an inflation rate target. But if the commitment is not credible, thenA) the public's expected inflation will remain unchanged.B) the short-run aggregate supply curve will rise.C) economic contraction will be worse.D) all of the above.E) both B and C.Answer: EQues Status: Previous EditionAACSB: Reflective Thinking6) Suppose that there is a negative aggregate supply shock and the central bank commits to an inflation rate target.A) If the commitment is credible, the public's expected inflation will remain unchanged.B) Credible policy produces better outcomes on both inflation and output in the short run.C) Policies that are not credible produce worse economic contraction.D) all of the above.E) both A and C.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking7) The U.S. government can play an important role in establishing the credibility of anti-inflation policy byA) demonstrating fiscal responsibility.B) monitoring the Fed.C) conducting fiscal policy.D) all of the above.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking24.4 Approaches to Establishing Central Bank Credibility1) Approaches to establishing central bank credibility includeA) continued success at keeping inflation under control.B) central bank independence.C) appointment of a more conservative central banker.D) all of the above.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking2) Approaches to establishing central bank credibility includeA) continued success at keeping inflation under control.B) inflation targeting.C) exchange rate targeting.D) all of the above.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Approaches to establishing central bank credibility includeA) inflation targeting.B) exchange rate targeting.C) central bank independence.D) appointment of a more conservative central banker.E) all of the above.Answer: EQues Status: Previous EditionAACSB: Reflective Thinking4) Approaches to establishing central bank credibility includeA) inflation targeting.B) nominal GDP targeting.C) central bank independence.D) appointment of a more conservative central banker.E) all of the above.Answer: EQues Status: Previous EditionAACSB: Reflective Thinking5) Potential advantages of nominal GDP targeting includeA) it implies that the central bank will respond to slowdowns in the real economy even if inflation is not falling.B) real GDP growth that is below potential or inflation that is below the inflation objective will encourage more expansionary monetary policy.C) it focuses not only on controlling inflation but also explicitly on stabilizing real GDP.D) all of the above.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking6) Potential weaknesses of nominal GDP targeting includeA) it requires accurate estimates of potential GDP growth, which are not easy to achieve.B) it implies that the central bank will respond to slowdowns in the real economy even if inflation is not falling.C) real GDP growth that is below potential or inflation that is below the inflation objective will encourage more expansionary monetary policy.D) it focuses not only on controlling inflation but also explicitly on stabilizing real GDP. Answer: AQues Status: Previous EditionAACSB: Analytical Thinking7) Potential weaknesses of nominal GDP targeting includeA) it is more complicated to explain to the public than inflation targeting and thus the public might be confused about the objectives of the central bank.B) it implies that the central bank will respond to slowdowns in the real economy even if inflation is not falling.C) real GDP growth that is below potential or inflation that is below the inflation objective will encourage more expansionary monetary policy.D) it focuses not only on controlling inflation but also explicitly on stabilizing real GDP. Answer: AQues Status: Previous EditionAACSB: Analytical Thinking8) Potential weaknesses of nominal GDP targeting includeA) it requires accurate estimates of potential GDP growth, which are not easy to achieve.B) real GDP growth that is below potential or inflation that is below the inflation objective will encourage more expansionary monetary policy.C) it is more complicated to explain to the public than inflation targeting and thus the public might be confused about the objectives of the central bank.D) both A and C.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking9) Ending the "Great Inflation" era in the 1970s is an example ofA) inflation targeting.B) exchange rate targeting.C) central bank independence.D) appointment of a more conservative central banker.E) all of the above.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking。
金融英语第五章答案
Chapter 5Ⅰ. Answer the following questions in English.1.How do central banks earn money?It is a bank that can lend to other banks in times of need. And then make a profit.2. What is primary responsibility of central bank?Its primary responsibility is to maintain the stability of the national currency and money supply, but more active duties include controlling subsidized-loan interest rates, and acting as a lender of last resort1to the banking sector during times of financial crisis (private banks often being integral to the national financial system ).3. What is central bank's primary liability?A central bank's primary liabilities are the currency outstanding, and these liabilities are backed by the assets the bank owns.4. What is open market operations?Open market operations are the means of implementing monetary policy by which a central bank controls its national money supply by buying and selling government securities, or other financial instruments. Monetary targets, such as interest rates or exchange rates, are used to guide this implementation.5. What are the functions of legal reserve requirements?legal reserve requirements were introduced to reduce the risk of banks overextending themselves and suffering from bank runs, as this could lead to knock-on effects on other banks.6. What is mean about M1 and M2 ?Currency and bank reserves together make up the monetary base,calledM1 and M2.7. Why do central banks establish reserve requirements for other banks? Because it plays a important role in market.8. Does the lower interest rate stimulate economy development?Low interest rates tend to stimulate borrowing from the banking system. This expansion of credit causes an expansion of the supply of money, through the money creation process in a fractional reserve banking system. This in turn leads to an unsustainable "monetary boom" during which the "artificially stimulated" borrowing seeks out diminishing investment opportunities. This boom results in widespread malinvestments8, causing capital resources to be" misallocated into areas that would not attract investment if the money supply remained stable.Ⅱ. Fill in the each blank with an appropriate word or expression.1. Through open market operations, a central bank influences themoney supply_ in an economy directly. Each time it buys securities, exchangingmoney for the security, it _raises_____ the money supply. Conversely, selling of securities lowers the money supply.2. Central banks generally earn___ money by __issuing___ currencynotes and "selling" them to the public for interest-bearing assets, such as governmentbonds.3. Typically a central bank __controls____ certain types of short-term interest rates.These _influence_____ the stock and bond markets as well as mortgage and otherinterest rates.4. All banks are required to _hold_____ a certain percentage of their assets ascapital, a rate which may be _established_______ by the central bank or the bankingsupervisor.5. The mechanism to move the market towards a "target rate" is generally to __lend____ money or borrow money in theoretically unlimited quantities,until the targeted market rate is sufficiently _close_______ to the target.6. Most countries control bank mergers and are wary of concentration in this industry _due to_____ the danger of groupthink and runaway lending bubbles based on___ a single point of failure, the credit culture of the few large banks.Ⅲ. Translate the following sentences into English.1．中国人民银行运用的货币政策工具包括准备金率、中央银行基准利率、再贴现率、中央银行贷款、公开市场操作和其他由国务院规定的政策工具。
金融英语阅读教程课后练习题含答案
金融英语阅读教程课后练习题含答案学习金融英语是一个不断提高自己的过程，需要我们不断阅读、理解并练习。
本文将为大家提供几道关于金融英语阅读的课后练习题，希望大家可以通过这些题目进一步掌握金融英语的核心概念。
练习题1.Which of the following describes a bear market in finance?• A. High stock prices• B. Low stock prices• C. Consistently steady stock prices2.What is the definition of a bond?• A. A type of stock• B. An investment that represents a loan made by an investor to a borrower• C. A type of currency3.What is the role of a stockbroker?• A. They lend money to individuals or businesses• B. They help investors buy and sell stocks and other securities• C. They are responsible for printing and distributing financial statements to investors4.What is the difference between a stock and a mutual fund?• A. A stock represents ownership in a single company; a mutual fund is a collection of stocks and other investments• B. A stock is a type of bond; a mutual fund is a type of stock• C. A stock is a type of currency; a mutual fund is a type of commodity5.What is the purpose of the Department of the Treasury?• A. To regulate the stock market• B. To collect taxes and manage government finances• C. To oversee the Federal Reserve答案1.B. A bear market is characterized by a drop in stock pricesover a sustned period of time.2.B. A bond is a debt security that represents a loan made byan investor to a borrower, typically a corporate or government entity.3.B. Stockbrokers help investors buy and sell stocks, bonds,and other securities. They also provide advice and research to help clients make informed investment decisions.4.A. Stocks represent ownership of a single company, whilemutual funds are a collection of investments, including stocks.5.B. The Department of the Treasury is responsible forcollecting taxes and managing the finances of the federalgovernment. They also oversee the production of currency andmanage the national debt.总结以上是几道关于金融英语阅读的练习题及其答案。
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金融英语阅读：货币的职能_英语题库
What is money?Anything which performs the functions of money is monoy.Money's essential characteristic is that it is generally acceptable.When people generally refuse to accept something as money,it is not money.什么是货币?任何有货币功能的商品就是货币。
货币的基本特征是它被普遍接受。
当人们普遍拒绝接受某种商品作为货币时，它就不是货币。
We can identify four important functions by money.First,money serves as a medium of exchange.Money simplifies the exchange of goods by providing a mutually acceptable item for exchange.Second, money provides a measure of value.Money provides a convenient yardstick by which to express the value of other goods.Third,money acts as a store of value.Money provides a neat,orderly form of wealth that may be temporarily held before it is spent on services or consumption goods.Fourth,money as a standard of deferred payments performs the function of establishing a future value or obligation in definitive terms.货币有四大职能。
第一，货币充当一种交易双方都愿意接受的媒介物，简化了商品交换，执行流通手段职能。
第二，货币作为一种价值标准，可用来表现商品的价值，并能够衡量商品价值量的大小，执行价值尺度职能。
第三，货币在支付劳务或消费品之前，被当作一般财富储藏起来，执行储藏手段职能。
第四，货币用来表现商品的未来价值，或明确债权债务关系，执行支付手段职能。
The ideal money is something universally acceptable,easily stored and transported,and highly divisible.Precious metals have commonly been used as money for these reasons. The intrinsic value of gold and silver,the ease with which they can be carried, and the simplicity of weighing out any desired amount have promoted the use of these commodities.理想的货币是被普遍接受的一般等价物，便于储藏和携带，而且易于分割。
贵金属由于具备了这些条件，所以一直在充当货币。
金银本身的内在价值，携带方便、计量简捷，使之从众多商品中分离出来成为货币
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