第三章 金融市场与金融工具 答案
《金融市场与金融机构》课后习题答案
《金融市场与金融机构》课后习题答案金融市场与金融机构金融市场与金融机构是当今社会经济发展中不可或缺的组成部分，它们之间相互依存、相互影响，共同促进着经济的繁荣与发展。
本文将回答一些关于金融市场与金融机构的习题，帮助读者更好地理解与运用相关知识。
第一部分：金融市场1. 金融市场的定义及作用金融市场是指各类金融工具发行、交易和流通的场所，包括货币市场、资本市场和衍生品市场等。
它的作用主要体现在以下几个方面：- 提供融资渠道：金融市场为各个经济主体提供了融资的渠道，满足了各类人群的融资需求，包括个人、企业、政府等。
- 资源配置功能：金融市场通过价格发现与信息传递机制，使得资源能够更加高效地配置到各个经济领域，促进资源的优化配置。
- 风险管理和避险功能：金融市场提供多种金融工具，使得市场参与者可以进行风险管理和避险，降低风险对经济的不利影响。
2. 货币市场与资本市场的区别货币市场是指短期金融工具的交易市场，包括短期国债、商业票据等。
它的特点主要有交易期限短、风险较低、流动性强等。
而资本市场是指长期资金融通的市场，包括股票市场和债券市场等。
资本市场的特点是交易期限长、风险较高、收益潜力大等。
3. 金融市场的参与者金融市场的参与者包括个人投资者、机构投资者和金融中介机构等。
个人投资者是指普通公众，他们通过购买金融产品来增加个人财富。
机构投资者指的是一些专业的投资机构，例如保险公司、养老基金等，他们通过交易金融产品来增加自己管理的资金的回报率。
金融中介机构包括银行、证券公司等，他们为个人投资者和机构投资者提供金融产品的交易和中介服务。
第二部分：金融机构1. 商业银行的功能与特点商业银行是金融机构中最为常见的一种形式，它的功能主要包括以下几个方面：- 存款业务：商业银行接受个人和企业的存款，提供储蓄、结算等服务。
- 贷款业务：商业银行向个人和企业提供贷款，满足其经济发展和消费需求。
- 外汇业务：商业银行提供外汇买卖和外汇汇款等服务，方便国际贸易和跨境资金流动。
金融市场及金融机构课后习题答案
《金融市场与金融机构》米什金第七版课后习题答案（请集中复习1-6、10-13、15章）
第一章为什么研究金融市场与金融机构
第二章金融体系概览
第三章利率的含义及其在定价中的作用
第四章为什么利率会变化
第五章利率的风险结构和期限结构如何影响利率
第六章金融市场是否有效
第十章货币政策传导：工具、目标战略和战术
第七版中的12题在第五六版中没有，此处的12-19题即为第七版的13-20题
第十一章货币市场
第十二章债券市场
第十三章股票市场
第十四章抵押贷款市场
第十五章外汇市场。
金融基础第三章练习题答案
金融基础第三章练习题答案金融基础第三章练习题答案第一题：什么是货币市场基金？它的特点是什么？货币市场基金是一种短期投资工具，主要投资于短期、高流动性的金融资产，如政府债券、商业票据等。
它的特点是风险较低、流动性高、收益稳定。
货币市场基金通常以每份1元的价格发行，投资者可以根据自己的需求随时购买或赎回份额。
第二题：什么是股票市场？请简要介绍其运作机制。
股票市场是指股票的买卖交易市场。
在股票市场上，公司可以通过发行股票来融资，投资者则可以通过购买股票来分享公司的盈利。
股票市场的运作机制主要包括股票交易所和场外交易市场。
股票交易所是指专门进行股票交易的机构，如上海证券交易所、深圳证券交易所等。
场外交易市场是指在交易所以外的地方进行股票交易，如股票经纪商之间的交易。
第三题：什么是债券市场？请简要介绍其运作机制。
债券市场是指债券的买卖交易市场。
债券是一种借贷工具，发行方可以通过发行债券来融资，债券持有人则可以获得债券利息和本金。
债券市场的运作机制主要包括交易所市场和场外交易市场。
交易所市场是指专门进行债券交易的机构，如上海证券交易所债券市场、深圳证券交易所债券市场等。
场外交易市场是指在交易所以外的地方进行债券交易，如银行间市场。
第四题：什么是期货市场？请简要介绍其运作机制。
期货市场是指期货合约的买卖交易市场。
期货合约是一种约定在未来某个时间以约定价格交割一定数量的标的资产的合约。
期货市场的运作机制主要包括交易所市场和场外交易市场。
交易所市场是指专门进行期货交易的机构，如中国金融期货交易所、上海期货交易所等。
场外交易市场是指在交易所以外的地方进行期货交易，如期货经纪商之间的交易。
第五题：什么是外汇市场？请简要介绍其运作机制。
外汇市场是指外汇的买卖交易市场。
外汇是指不同国家的货币，外汇市场是国际金融市场中最大、最活跃的市场之一。
外汇市场的运作机制主要包括交易所市场和场外交易市场。
交易所市场是指专门进行外汇交易的机构，如外汇交易所。
《金融市场和金融机构》课后习题答案解析
《金融市场与金融机构》米什金第七版课后习题答案
（请集中复习1-6、10-13、15章）
第一章为什么研究金融市场与金融机构
第二章金融体系概览
第三章利率的含义及其在定价中的作用
第四章为什么利率会变化
第五章利率的风险结构和期限结构如何影响利率
第六章金融市场是否有效
第十章货币政策传导：工具、目标战略和战术
第七版中的12题在第五六版中没有，此处的12-19题即为第七版的13-20题
第十一章货币市场
第十二章债券市场
第十三章股票市场
第十四章抵押贷款市场
第十五章外汇市场。
金融市场与金融机构基础(第3章) 英文版答案
ANSWERS TO QUESTIONS FOR CHAPTER 3(Questions are in bold print followed by answers.)1. Explain the ways in which a depository institution can accommodate withdrawal and loan demand.A depository institution can accommodate loan and withdrawal demands first by having sufficient cash on hand. In addition it can attract more deposits, borrow from the Fed or other banks, and liquidate some of its other assets.2. Why do you think a debt instrument whose interest rate is changed periodically based on some market interest rate would be more suitable for a depository institution than a long-term debt instrument with a fixed interest rate?This question refers to asset-liability management by a depository institution. An adjustable rate can eliminate or minimize the mismatch of maturity risk. As interest rates rise, the institution would have to pay more for deposits, but would also receive higher payments from its loan.3. What is meant by:a.individual bankingb.institutional bankingc.global bankinga.Individual banking is retail or consumer banking. Such a bank emphasizes individualdeposits, consumer loans and personal financial trust services.b.An institutional bank caters more to commercial, industrial and government customers. Itissues deposits to them and tries to meet their loan needs.c. A global bank encompasses many financial services for both domestic and foreign customers.It is much involved in foreign exchange trading as well as the financial of international trade and investment.4.a.What is the Basel Committee for Bank Supervision?b.What do the two frameworks, Basel I and Basel II, published by the BaselCommittee for Bank Supervision, address regarding banking?a.It is the organization that plays the primary role in establishing risk and managementguidelines for banks throughout the world.b.The frameworks set forth minimum capital requirements and standards.5. Explain each of the following:a.reserve ratiob.required reservesa.The reserve ratio is the percentage of deposits a bank must keep in a non-interest-bearingaccount at the Fed.b.Required reserves are the actual dollar amounts based on a given reserve ratio.6. Explain each of the following types of deposit accounts:a.demand depositb.certificate of depositc.money market demand accounta.Demand deposits (checking accounts) do not pay interest and can be withdrawn at any time(upon demand).b.Certificates of Deposit (CDs) are time deposits which pay a fixed or variable rate of interestover a specified term to maturity. They cannot be withdrawn prior to maturity without a substantial penalty. negotiable CDs (large business deposits) can be traded so that the original owner still obtains liquidity when needed.c.Money Market Demand Accounts (MMDAs) are basically demand or checking accounts thatpay interest. Minimum amounts must be maintained in these accounts so that at least a 7-day interest can be paid. Since many persons find it not possible to maintain this minimum (usually around $2500) there are still plenty of takers for the non-interest-bearing demand deposits.7. How did the Glass-Steagall Act impact the operations of a bank?The Glass-Steagall Act prohibited banks from carrying out certain activities in the securities markets, which are principal investment banking activities. It also prohibited banks from engaging in insurance activities.28. The following is the book value of the assets of a bank:Asset Book Value (in millions)U.S. Treasury securities $ 50Municipal general obligationbonds50Residential mortgages 400Commercial loans 200Total book value $700a.Calculate the credit risk-weighted assets using the following information:Asset Risk WeightU.S. Treasury securities 0%Municipal general obligationbonds20Residential mortgages 50Commercial loans 100b.What is the minimum core capital requirement?c.What is the minimum total capital requirement?a.The risk weighted assets would be $410b.The minimum core capital is $28 million (.04X700) i.e., 4% of book value.c.Minimum total capital (core plus supplementary capital) is 32.8 million, .08X410, which is8% of the risk-weighted assets.9. In later chapters, we will discuss a measure called duration. Duration is a measure of the sensitivity of an asset or a liability to a change in interest rates. Why would bank management want to know the duration of its assets and liabilities?a.Duration is a measure of the approximate change in the value of an asset for a 1% change ininterest rates.b.If an asset has a duration of 5, then the portfolio’s value will change by approximately 5% ifinterest rate changes by 100 basis points.3-310.a.Explain how bank regulators have incorporated interest risk into capitalrequirements.b.Explain how S&L regulators have incorporated interest rate risk into capitalrequirements.a.The FDIC Improvement Act of 1991, required regulators of DI to incorporate interest raterisk into capital requirements. It is based on measuring interest rate sensitivity of the assets and liabilities of the bank.b.The OST adopted a regulation that incorporates interest rate risk for S&L. It specifies that ifthrift has greater interest rate risk exposure, there would be a deduction of its risk-based capital. The risk is specified as a decline in net profit value as a result of 2% change in market interest rate.11. When the manager of a bank’s portfolio of securities considers alternative investments, she is also concerned about the risk weight assigned to the security. Why?The Basel guidelines give weight to the credit risk of various instruments. These weights are 0%, 20%, 50% and 100%. The book value of the asset is multiplied by the credit risk weights to determine the amount of core and supplementary capital that the bank will need to support that asset.12. You and a friend are discussing the savings and loan crisis. She states that “the whole mess started in the early 1980s.When short-term rates skyrocketed, S&Ls got killed—their spread income went from positive to negative. They were borrowing short and lending long.”a.What does she mean by “borrowing short and lending long”?b.Are higher or lower interest rates beneficial to an institution that borrows shortand lends long?a.In this context, borrowing short and lending long refers to the balance sheet structure ofS&Ls. Their sources of funds (liabilities) are short-term (mainly deposits) and their uses (assets) are long-term in nature (e.g. residential mortgages).b.Since long-term rates tend to be higher than short-term ones, stable interest rates would bethe best situation. However, rising interest rates would increase the cost of funds for S&Ls without fully compensating higher returns on assets. Hence a decline in interest rate spread or margin. Thus lower rates, having an opposite effect, would be more beneficial.13. Consider this headline from the New York Times of March 26, 1933: “Bankers will fight Deposit Guarantees.” In this article, it is stated that bankers argue that deposit guarantees will encourage bad banking. Explain why.The barrier imposed by Glass-Steagall act was finally destroyed by the Gramm-Leach Bliley Act of 1999. This act modified parts of the BHC Act so as to permit affiliations between banks and insurance underwriters. It created a new financial holding company, which is authorized to4engage in underwriting and selling securities. The act preserved the right of state to regulate insurance activities, but prohibits state actions that have would adversely affected bank-affiliated firms from selling insurance on an equal basis with other insurance agents.14. How did the Gramm-Leach-Bliley Act of 1999 expand the activities permitted by banks?a.Deposit insurance provides a safety net and can thus make depositors indifferent to thesoundness of the depository recipients of their funds. With depositors exercising little discipline through the cost of deposits, the incentive of some banks owners to control risk-taking accrue to the owners. It becomes a “heads I win, tails you lose” situation.b.One the positive side, deposit insurance provides a comfort to depositors and thus attractsdepositors to financial institutions. But such insurance carries a moral hazard, it can be costly and, unless premiums are risk-based, it forces the very sound banks to subsidize the very risky ones.15. The following quotation is from the October 29, 1990 issue of Corporate Financing Week:Chase Manhattan Bank is preparing its first asset-backed debt issue, becomingthe last major consumer bank to plan to access the growing market, Street asset-backed officialsSaid…Asset-backed offerings enable banks to remove credit card or other loanreceivables from their balance sheets, which helps them comply with capitalrequirements.a.What capital requirements is this article referring to?b.Explain why asset securitization reduces capital requirements.a.The capital requirements mentioned are risk based capital as specified under the BaselAgreement, which forces banks to hold minimum amounts of equity against risk-based assets.b.Securitization effectively eliminates high risk based loans from the balance sheet. The capitalrequirements in the case of asset securitization are lower than for a straight loan.16. Comment on this statement: The risk-based guidelines for commercial banks attempt to gauge the interest rate risk associated with a bank’s balance sheet.This statement is incorrect. The risk-based capital guidelines deal with credit risk, not interest-rate risk, which is the risk of adverse changes of interest rates on the portfolio position.17.a.What is the primary asset in which savings and loan associations invest?b.Why were banks in a better position than savings and loan associations toweather rising interest rates?a.Savings and Loans invest primarily in residential mortgages.b.During 1980's, although banks also suffered from the effects of deregulation and rising3-5interest rates, relatively they were in a better position than S&L association because of their superior asset-liability management.618. What federal agency regulates the activities of credit unions?The principal federal regulatory agency is the National Credit Union Administration.3-7。
金融学习题答案第03章金融市场
第三章金融市场参考答案一、单项选择题〔在每小题列出的四个备选项中只有一个是最符合题目要求的，请将其代码写在题后的括弧内。
错选、多选或未选均无分。
〕1. C2. D3. A4.D5.B6.C7. D8. B二、多项选择题〔在小题列出的五个备选项中，至少有二个是符合题目要求的，请将其代码写在题后的括弧内。
错选、多选、少选或未选均无分〕1.ABCDE.2. ABCDE3. ABCDE.4. ADE5. ABC6. ABCDE7.ABCD三、计算题〔要求写出计算过程和计算公式〕1．解：贴现利息=票面金额×贴现率×贴现天数/360=100×6%×60/360=1万元则贴现金额=100-1=99万元2．解：票据到期后的票面价值=票面额×票面利率×汇票期限/360=40×〔1+10%×90/360〕=41万元贴现利息=票面价值×贴现率×贴现天数/360=41×6%×60/360=0.41万元则贴现金额=41-0.41=40.59万元四、简述题〔回答要点并加以解释或说明〕1．金融市场由四大要素构成，即交易主体〔金融市场参与者〕、交易对象〔货币币资金〕、交易工具和交易价格。
2．金融市场的功能表现在四个方面：〔1〕资本积累功能；〔2〕资源配置功能；〔3〕调节经济的功能；〔4〕反映经济的功能。
3．货币市场的子市场主要包括短期借贷市场、同业拆借市场、商业票据市场、国库券市场、回购市场和大额可转让定期存单〔CDs〕市场。
4．股票价格波动受众多因素影响，主要是：政治因素、经济周期、利率、汇率、货币供给量、股份公司盈利能力、市场竞争与兼并、股票供给与需求、市场操纵、市盈率、公众心理等。
5．影响长期债券发行价格的主要因素有：市场利率、市场供求关系、社会经济发展状况、财政收支状况、货币政策、国际间利差和汇率的影响等。
金融学习题和答案
第一章货币概览一、单选1 、实物货币是指（D ）A 没有内在价值的货币B 不能分割的货币C 专指贵金属货币D 作为货币价值与普通商品价值相等的价值2 、货币作为价值尺度所要解决的是（C ）A 实现商品的交换B 表现特定商品的价值C 在商品之间进行价值比较的难题D 使人们不必对商品进行比较3 、商品流通与物物交换的区别在于（B ）A 前者包括许多商品的交换，而后者只包括两种商品B 前者是指以货币为媒介的商品交换的总体，后者则是指包括两种商品C 前者是指以货币为媒介的商品交换的总体，后者则是不以某种商品为媒介的各种商品之间的交换D 前者是指不以货币为媒介的商品交换的总体，后者则是没有货币的两种商品之间的交换4 、劣币是指实际价值（D ）的货币。
A 等于零B 等于名义价值C 高于名义价值D 低于名义价值5 、本位货币是（A ）A 是一个国家货币制度规定的标准货币B 本国货币当局发行的货币C 以黄金为基础的货币D 可以与黄金兑换的货币6 、金银复本位制是（C ）A 金银比价由政府和市场共同决定的金银两本位制B 金银的比价由市场决定的金银两本位制C 金银的比价由政府规定的金银两本位制D 金银比价由银行规定的金银两本位制7 、跛行本位制是指（A ）A 银币的铸造受到控制的金银两本位制B 金币的铸造受到控制的金银两本位制C 以金币为本位货币的金银复本位制D 以银币为本位货币的金银复本位制8 、纸币本位制是以（D ）的货币制度。
A 银行券为本位货币B 可以自由兑换黄金的本位货币C 信用货币为本位货币D 纸币为本位货币9 、典型的金本位制是（D ）A 金块本位制B 金汇兑本位制C 虚金本位制D 金币本位制10 、本位货币在商品流通和债务支付中具有（B ）的特点。
A 有限法偿B 无限法偿C 债权人可以选择是否接受D 债务人必须支付二、多题选1 、相对于银本位制，金银两本位制有如下优点：（ACD ）。
A 有利于金银币币值的稳定B 货币的发行准备更充分C 货币币材更为充分D 可根据不同交易数额选择支付，便于交易E 可节约金币的使用2 、货币的支付手段职能（ABCD ）。
《金融市场与金融机构》课后习题答案
《金融市场与金融机构》米什金第七版课后习题答案（请集中复习1-6、10-13、15章）
第一章为什么研究金融市场与金融机构
第二章金融体系概览
第三章利率的含义及其在定价中的作用
第四章为什么利率会变化
第五章利率的风险结构和期限结构如何影响利率
第六章金融市场是否有效
第十章货币政策传导：工具、目标战略和战术
第七版中的12题在第五六版中没有，此处的12-19题即为第七版的13-20题
第十一章货币市场
第十二章债券市场
第十三章股票市场
第十四章抵押贷款市场
第十五章外汇市场
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4. 某公司发行公司债券，面值为1000元，票面利率为10%，期限为5年。
已知市场利率为8%。
要求计算并回答下列问题：
（1）债券为按年付息、到期还本，发行价格为1020元，投资者是否愿意购买？
（2）债券为单利计息、到期一次还本付息债券，发行价格为1010元，投资者是否愿意购买？
（3）债券为贴现债券，到期归还本金，发行价为700元，投资者是否愿意购买？
[答案]: （1）债券价值＝1000×10%×（P/A，8%，5）+1000×（P/F，8%，5）
＝100×3.9927＋1000×0.6806
＝1079.87（元）
因为债券的价值高于债券的发行价格，所以投资者会购买该债券。
（2）债券价值＝1000×（1＋5×10%）×（P/F，8%，5）
＝1500×0.6806
＝1020.9（元）
因为债券的价值高于债券的发行价格，所以投资者会购买该债券。
（3）债券价值＝1000×（P/F，8%，5）＝1000×0.6806＝680.6（元）
因为债券的价值低于债券的发行价格，所以投资者不会购买该债券。
6. ABC企业计划进行长期股票投资，企业管理层从股票市场上选择了两种股票：甲公司股票和乙公司股票，ABC企业只准备投资一家公司的股票。
已知甲公司股票现行市价为每股6元，上年每股股利为0.2元，预计以后每年以5%的增长率增长。
乙公司股票现行市价为每股8元，每年发放的固定股利为每股0.6元。
当前市场上无风险收益率为3%，风险收益率为5%。
要求：
（1）利用股票估价模型，分别计算甲、乙公司股票价值并为该企业作出股票投资决策。
（2）计算如果该公司按照当前的市价购入（1）中选择的股票的持有期收益率。
[答案]: （1）甲公司股票的股利预计每年均以5%的增长率增长，上年每股股利为0.2元，投资者要求必要报酬率为3%＋5%＝8%，代入长期持有、股利固定增长的股票估价模型：V （甲）＝0.2×（1＋5%）/（8%-5%）＝7（元）
乙公司每年股利稳定不变，每股股利0.6元，代入长期持有、股利稳定不变的股票估价模型：V（乙）＝0.6/8%＝7.5 （元）
由于甲公司股票现行市价6元，低于其投资价值7元，故该企业可以购买甲公司股票。
乙公司股票现行市价为8元，高于其投资价值7.5元，故该企业不应购买乙公司股票。
（2）假设如果企业按照6元/股的价格购入甲公司股票的持有期收益率为i，则有：
6＝0.2×（1＋5%）/（i-5%），解得i＝8.5%
来源:。