金融学14章金融答案翻译
大学金融英语chapter 14 The International Financial Markets
markets
Notes
I. New Words 1. deregulation n. 撤销管制规定，放松管制 2. to comprise vt. 包含，包括 3. multinational n. 跨国公司multinational company 4. boost n. 促进 5. bargain n. 交易 e.g. to complete ~s 完成minal 电脑终端，计算机终端 7. to activate vt. 激活 8. innovation n. 创新 e.g. financial ~金融创新 9. slump n. 经济衰落depression: an extended or severe period of
Main Text
Definition of International Financial Markets
True international financial markets can be described as those with no national base or those which are not based in any one country and consequently do not come within the regulation of any country.
Chapter Fourteen
The International Financial Markets
Learning objectives
After studying this chapter you should be able to: 1. Give your definition of international financial market 2. Tell the major uses of international financial markets 3. Talk briefly about the growth of global international financial
米什金货币金融学英文版习题答案chapter14英文习题
米什金货币金融学英文版习题答案chapter14英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 14 Central Banks: A Global Perspective14.1 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: AAACSB: 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: BAACSB: 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 SecondCentral Bank of the United States.D) the First Bank of North America and the Second Bank of North America.Answer: AAACSB: 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: DAACSB: 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: BAACSB: Reflective Thinking14.2 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: BAACSB: 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: BAACSB: 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: CAACSB: 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: AAACSB: 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: DAACSB: 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: DAACSB: 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: CAACSB: Reflective Thinking8) The Federal Reserve Bank of ________ houses the open market desk.A) BostonB) New YorkC) ChicagoD) San FranciscoAnswer: BAACSB: Reflective Thinking9) The president from which Federal Reserve Bank always hasa vote in the Federal Open Market Committee?A) PhiladelphiaB) BostonC) San FranciscoD) New YorkAnswer: DAACSB: 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: BAACSB: 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: CAACSB: 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: BAACSB: Reflective Thinking13) Of all commercial banks, about ________ belong to the Federal Reserve System.A) 10%B) one halfC) one thirdD) 90%Answer: CAACSB: 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: BAACSB: 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: AAACSB: 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: DAACSB: 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: DAACSB: Reflective Thinking18) There are ________ members of the Board of Governors of the Federal Reserve System.A) 5B) 7C) 12D) 19Answer: BAACSB: 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: CAACSB: 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: BAACSB: 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: CAACSB: Reflective Thinking22) While the discount rate is "established" by the regionalFederal 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: DAACSB: 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: AAACSB: 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: BAACSB: Reflective Thinking25) The Federal Open Market Committee usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: CAACSB: 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 CouncilAnswer: CAACSB: 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: CAACSB: 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: DAACSB: 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: DAACSB: 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: CAACSB: 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: AAACSB: 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: DAACSB: 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: CAACSB: 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: DAACSB: 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.AACSB: 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.AACSB: Reflective Thinking14.3 How Independent is the Fed?1) Instrument independence is the ability of ________ to setmonetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: DAACSB: 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: DAACSB: 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: AAACSB: 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: BAACSB: 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: CAACSB: 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.AACSB: Reflective Thinking14.4 Should the Fed be Independent?1) The case for Federal Reserve independence does NOTinclude 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: CAACSB: 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: BAACSB: 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: AAACSB: 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: AAACSB: 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: AAACSB: 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 itsfreedom wisely. 3. Its independence may encourage it to pursue its own self-interest rather than the public's interest.AACSB: Ethical understanding and reasoning abilities14.5 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: CAACSB: 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: BAACSB: 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, avoidsconflict with Congress and the president, and its push to gain more control over banks.AACSB: Analytical Thinking14.6 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: AAACSB: 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: BAACSB: 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: CAACSB: 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: BAACSB: 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) The European Central Bank's involvement in supervision and regulation of financial institutions is comparable to the Board of Governors' involvement.Answer: AAACSB: Reflective Thinking6) The Governing Council usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: DAACSB: 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: CAACSB: 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: CAACSB: Reflective Thinking9) Explain the similarities and differences between the European System of Central Banks andthe 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 theGoverning 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. Finally, the European Central Bank is not involved in the supervision and regulation of the financial institutions in the euro zone while the Federal Reserve is involved with the regulation and supervision of the financial institutions in the United States.AACSB: Reflective Thinking14.7 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: AAACSB: 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: AAACSB: 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: AAACSB: 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: BAACSB: Reflective Thinking5) The trend in recent years is that more and moregovernmentsA) 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: AAACSB: 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: CAACSB: Reflective Thinking。
金融学课后答案
第三章5. Wine is more difficult to transport than gold and is also more perishable. Gold is thus a better store of value than wine and also leads to lower transactions cost. It is therefore a better candidate for use as money.10.Because of the rapid inflation in Brazil, the domestic currency, the real, is a poor store of value. Thus many people would rather hold dollars, which are a better store of value, and use them in their daily shopping.第四章4. The yield to maturity is less than 10 percent. Only if the interest rate was less than 10 percent would the present value of the payments add up to $4,000, which is more than the $3,000 present value in the previous problem.12.You would rather be holding long-term bonds because their price would increase more than the price of the short-term bonds, giving them a higher return.第五章7.In the loanable funds framework, when the economy booms, the demand for bonds increases: the public’s income and wealth rises while the supply of bonds also increases, because firms have more attractive investment opportunities. Both the supply and demand curves (B d and B s) shift to the right, but as is indicated in the text, the demand curve probably shifts less than the supply curve so the equilibrium interest rate rises. Similarly, when the economy enters a recession, both the supply and demand curves shift to the left, but the demand curve shifts less than the supply curve so that the interest rate falls. The conclusion is that interest rates rise during booms and fall during recessions: that is, interest rates are procyclical. The same answer is found with the liquidity preference framework. When the economy booms, the demand for money increases: people need more money to carry out an increased amount of transactions and also because their wealth has risen. The demand curve, M d, thus shifts to the right, raising the equilibrium interest rate. When the economy enters a recession, the demand for money falls and the demand curve shifts to the left, lowering the equilibrium interest rate. Again, interest rates are seen to be procyclical. 16.If the publi c believes the president’s program will be successful, interest rates will fall. The president’s announcement will lower expected inflation so that the expected return on goods decreases relative to bonds. The demand for bonds increases and the demand curve, B d, shifts to the right. For a given nominal interest rate, the lower expected inflation means that the real interest rate has risen, raising the cost of borrowing so that the supply of bonds falls. The resulting leftward shift of the supply curve, B s, and the rightward shift of the demand curve, B d, causes the equilibrium interest rate to fall.18.Interest rates will rise. The expected increase in stock prices raises the expected return on stocks relative to bonds and so the demand for bonds falls. The demand curve, B d, shifts to the left and the equilibrium interest rate rises.第六章3.During business cycle booms, fewer corporations go bankrupt and there is less default risk on corporate bonds, which lowers their risk premium. Similarly, during recessions, default risk on corporate bonds increases and their risk premium increases. The risk premium on corporate bonds is thus anticyclical, rising during recessions and falling during booms.7.(a) The yield to maturity would be 5 percent for a one-year bond, 5.5 percent for a two-year bond, 6 percent for a three-year bond, 6 percent for a four-year bond, and 5.8 percent for a five-year bond; (b) the yield to maturity would be 5 percent for a one-year bond, 4.5 percent for a two-year bond, 4 percent for a three-year bond, 4 percent for a four-year bond, and 4.2 percent for a five-year bond. The upward- and then downward-sloping yield curve in (a) would tend to be even more upward sloping if people preferred short-term bonds over long-term bonds because long-term bonds would then have a positive risk premium. The downward- and then upward-sloping yield curve in (b) also would tend to be more upward sloping because of the positive risk premium for long-term bonds.10.The reduction in income tax rates would make the tax-exempt privilege for municipal bonds less valuable,and they would be less desirable than taxable Treasury bonds.The resulting decline in the demand for municipal bonds and increase in demand for Treasury bonds would interest rates on municipal bonds while causing interest rates on Treasury bonds to fall.12.Lower brokerage commissions for corporate bonds would make them more liquid and thus increase their demand,which would lower their risk premium.第七章5.A stock market bubble can occur if market participants either believe that dividends will have rapid growth or if they substantially lower the required return on their equity investments, thus lowering the denominator in the Gordon model and thereby causing stock prices to climb. By raising interest rates the central bank can cause the required rate of return on equity to rise, thereby keeping stock prices from climbing as much. Also raising interest rates may help slow the expected growth rate of the economy and hence of dividends, thus also keeping stock prices from climbing.9.True, as an approximation. If large changes in a stock price could be predicted, then the optimal forecast of the stock return would not equal the equilibrium return for that stock. In this case, there would be unexploited profit opportunities in the market and expectations would not be rational. Very small changes in stock prices could be predictable, however, and the optimal forecast of returns would equal the equilibrium return. In this case, an unexploited profit opportunity would not exist.13.Probably not. Although your broker has done well in the past, efficient markets theory suggests that she has probably been lucky. Unless you believe that your broker has better information than the rest of the market, efficient markets theory indicates that you cannot expect the broker to beat the market in the future.第八章1.Financial intermediaries can take advantage of economies of scale and thus lower transactions costs. For example, mutual funds take advantage of lower commissions because the scale of their purchases is higher than for an individual, while banks’ large scale allows them to keep legal and computing costs per transaction low. Economies of scale which help financial intermediaries lower transactions costs explains why financial intermediaries exist and are so important to the economy.10.Ture.If the borrower turns out to be a bad credit risk and goes broke,the lender loses less,because the collateral can be sold to make up any losses on the loan.Thus adverse selection is not as severe a problem.11.The free-rider problem means that private producers of information will not obtain the full benefit of their information-producing activities, and so less information will be produced. This means that there will be less information collected to screen outgood from bad risks, making adverse selection problems worse, and that there will be less monitoring of borrowers, increasing the moral hazard problem.第九章5.The $50 million deposit outflow means that reserves fall by $50 million to $25 million. Since required reserves are $45 million (10 percent of the $450 million of deposits), your bank needs to acquire $20 million of reserves. You could obtain these reserves by either calling in or selling off $20 million of loans, by borrowing $20 million in discount loans from the Fed, by borrowing $20 million from other banks or corporations, by selling $20 million of securities, or by some combination of all of these.11.In order for a banker to reduce adverse selection she must screen out good from bad credit risks by learning all she can about potential borrowers. Similarly in order to minimize moral hazard, she must continually monitor borrowers to ensure that they are complying with restrictive loan covenants. Hence it pays for the banker to be nosy.第十四章3.The money supply fell sharply because when c rose,there was a shift from one component of the money supply(checkable deposits) with more multiple expansion to another (currency) with less.Overall multiple deposit expansion fell, leading to a decline in the monry supply.4.The rise in banks’ holdings of excess reserves relative to checkable deposits meant that the banking system in effect had fewer reserves to support checkable deposits. Thus the money multiplier fell and this led to a decline in the money supply.14.The increase in loan demand will cause interest rates to rise. The rise in interest rates increases the cost of holding excess reserves and the incentives to borrow from the Fed. Therefore, e falls, which increases the amount of reserves available to support checkable deposits, and the volume of discount loans increases, which raises the monetary base. The result is a higher money supply.第十五章2.When the public’s holding of currency increases, during Christmas, the currency–checkable deposits ratio increases and the money supply falls. To counteract this decline in the money supply, the Fed will conduct a defensive open market purchase.10.The costs are that banks that deserve to go out of business because of poor management may survive because of Fed discounting to prevent panics. This might lead to an inefficient banking system with many poorly run banks.。
金融的英语课后翻译题答案详解
中译英：一.1.金融管理是商业管理的重要方面之一,没有合适的金融计划企业是不可能成功的;Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful.2.金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资产;Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public.3.企业经营是有风险的,因而,财务经理必须对风险进行评估和管理;Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly.4.投资决策首先是指投资机会,常常指资本投资项目;The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects.5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和或是否有太多现金富裕;Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.6.按照金融学的观点,资本就是企业购买商品以生产其它商品或提供服务的货币资金;Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service.四.1.商业银行应积极开展银行转账功能风险评估和分类,依据收款账户的潜在风险高低,相应设置不同的转账额度和次数限制;A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account.2.商业银行相对其他行业属于信息化程度较高的行业,银行数据库里积累了海量的客户信息Commercial banks have gained more information and have large scale of data.3.商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素;Managers in Commercial banks have to consider many factors in analyzinga customer's loan request.4.除中国银行外,交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机构,便于你获得金融服务;Besides the Bank of China, the Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier for you to get financialservices.5.定期存款也叫CD,是存款证书的一种类型;A certificate of deposit, also called a CD, is a type of savings certificate.6.商业银行作为一家金融机构,其业务范围包括：从个人和公司吸收存款；通过提供贷款和其他对客户的财务或生意的运转很重要的金融业务来建立信贷,包括资金转账、支票兑现、银行保管箱等;A commercial bank is an financial institution established to: accept deposits from individuals and businesses; originate credit by providing loans and offering other financial services essential to the running of a customer's financial or business affairs, including fund transfers, check cashing, safe deposit boxes, etc.六.1.外汇交易市场,也称为"Forex"或"FX"市场,是世界上最大的金融市场,平均每天超过1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍;The Foreign Exchange Market, called by "Forex" market or FX market, is the biggest financial market in the world with trading volumes surpassing USD1 trillion average one-day, it is as big as 30 times of stock market.2."外汇交易"是同时买入一对货币组合中的一种货币而卖出另外一种货币;外汇是以货币对形式交易,例如欧元/美元EUR/USD或美元/日元USD/JPY;“Foreign exchange” is to buy one currency and sell another in currency pair at the same time. The trading form of foreign currency is the currency pair, for example EUR/USD OR USD/JPY.3.外汇交易市场是一个24 小时全球交易市场,市场交易每天从悉尼开始,并且随着地球的转动,全球每个金融中心的营业日将依次开始 , 首先是东京,然后伦敦,和纽约;Foreign exchange market is worldwide market where operating 24 hours a day, the market trading starts from Sydney, turning around the earth , the business day of every financial center in the world will star to trade in turn, then is Tokyo, next is London, and New York.4.外汇交易投资者可以对无论是白天或者晚上发生的经济,社会和政治事件而导致的外汇波动而随时反应;Investors of FX may make decisions base on the fluctuation of foreign currency price leaded by economics, society and political events no matter happens in day time or night.5.外汇交易市场是一个超柜台 OTC 或“ 银行内部”交易市场,因为事实上外汇交易是交易双方通过或者一个电子交易网络而达成的,外汇交易不象股票和期货交易市场那样,不是集中在某一个交易所里进行的;The foreign exchange market is Over the Counter OTC or interbank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.6.在外汇交易中,您会看到一个两边的报价,由买价与卖价组成,买价是在此价格上您拟卖掉基础货币同时买进相反货币;卖价是这个价格,在此价格上您可以买进基准货币时卖掉相反货币;You will see the price board consisted of bid price and ask price in trading of foreign currency, bid price is the price you sell your base currency at the same time buy reverse currency. Ask price is the price you buy base currency and sell reverse currency.七.1.企业融资是指企业在发展扩张中筹集所需资金的行为;Business financing is an action of raising money when firms extend business and development2.企业融资是为了满足企业战略调整、产业扩张、现金周转等方面的需要; Business financing is to meet the requirement of strategy adjustment, industry extending, and turnover of cash and so on.3.企业通过融资行为改变资本结构,使资金得以形成、集中、积累、组合,同时形成相应的产权关系和权利、责任、利益格局;The capital structure of the firm will be changed through raising money, the capital will be formed in the form of centralization, accumulation, combination, and at the same time relative property right relations and pattern of benefit, duty and right will be formed.4.内部融资的来源公司的自有资金,以及在生产经营过程中的资金积累部分,在公司内部通过计提折旧而形成现金,或通过留用利润等增加公司资本;The resource of internal financing comes from company’s internal fund, the part of fund accumulation of producing and operating, cash from depreciation, or capital from remaining earning.5.债权性融资主要有向金融机构贷款和发行企业债券两种形式;The two majority forms about debit financing are lending money from financial institutes and issuing company bond.6.目前国内企业在进行投资时采用的融资方式有股权性融资、债权性融资等; Presently financing methods used by domestic enterprises when investing are equity financing and debit financing, etc.九.1.组合投资原则,即将风险资金按一定比例投向不同行业、不同企业项目,或联合几个风险投资公司共同向一家企业投资;The principle of portfolio investment is that the venture capital is invested into different industries and different projects, or make a cooperation with other investing companies to invest a company. 2.风险投资主体多元化原则,在美国,风险资金来源相当广泛,既有政府、财团法人的资金,也有来自大众游资、民间企业和海外的投资,还有养老保险基金的积极参与;The principle of diversification of venture capital, in American, the resource of venture capital is quite widespread, it comes from government, financial institutes, and it can come from privates, private firms and oversea investment, and pension fund joint venture capital too.3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本;Venture investment is an equity capital which professional investors invest to a new, developing rapidly and more competitive firm.4.随着社会经济的快速发展,如何投资、如何理财已经成为商业人士关注的焦点;With society economy high-speed development, how to invest and finance is the focal point which business men focus on.5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求,以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.Venture capital is looking for long term capital return, the characteristic of diversification of investment and professional management adapts capital requirements of high-new technical industry, special investing model of venture capital, contract model and frame of organization solve problems of information asymmetry and incentive and restraint mechanisms flaw in partly.6.投资者可把目光聚焦到正在发售的银行保本基金上,这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感,而且可以利用此次利率上升的机会创造更高的收益；同时,加息导致债券价格下跌,实际上提高了即将入市的银行保本基金的债券投资收益率;Investors may focus on guaranteed fund issued by bank, it is new style of financing product which is welcomed in the international market, it is not only shows the safety like bank deposit, but also make higher return with the interest rate arise, at the same time, rising interest rates will lead to fall of the bond price, and make higher return of guaranteed fund which will be issued by banks.十.1.债券买卖是指交易双方以约定的价格买卖一定金额的债券并在规定的清算时间内办理债券款交割的交易方式;Security trading is a trading model that both of seller and buyer sign a contract with the confirmed bond price and number, during settlement both of seller and buyer make a delivery.2.债券回购是指交易双方进行的以债券为权利质押的一种短期资金融通业务;资金融入方正回购方在将债券卖给资金融出方逆回购方以融入资金的同时,双方约定在将来某一日期由正回购方按约定回购利率计算的金额向逆回购方买回相等数量的同品种债券的交易行为;Redeem of security is a short term financing business that both of issuer and holder of bond takes bond as right pledge, when the borrower of fund positive redeemer sells bond to lender of fund negative redeemer for financing, both of them sign a contract in there positive redeemer will redeem the bond that he issued with redeem interest from negative redeemer before maturity of bond.3.所谓可转换公司债券是指由公司发行的,投资者在一定时期内可选择一定条件转换成公司股票的公司债券,通常称作可转换债券或可转债;这种债券兼具债权和股权双重属性;Convertible bond is security issued by firm which investors have option to convert bond into firm’s stock during holding period, the convertible bond consists of two characters of bond and stock.4.证券交易必需受SEC及证券交易所自我约束机制的监管;Security trading must be managed by SEC and self-regulating mechanism of the stock exchange.5.场外交易市场不是一个正式的证券交易所,而是由经纪人和交易商组成的一个非正式的网络,他们通过这一网络协商证券的交易;The over-the-counter market is not official security exchange market, itis unofficial network grouped by dealers and brokers, dealers and brokers exchange securities through the network.6.一级市场上的发行方式也分为两种,公募和私募;The issue model of stock in the primary market can be classified into: public offering and private offering.十二.1.新股的发行价总是超过面值的,记录在公司帐上的这个差叫附加实缴资本,也叫资本公积;The price at which new shares are sold to inverstors almost always exceeds par value,the difference is entered the company’s accounts as additional paid-in capital, or capital surplus.2.尽管股票这个名字很大众化,但是,大部分人都不是充分了解它;Despite their popularity, however, most people don't fully understand stocks.3.公司的管理层的主要任务是增加公司股票持有人所持有公司资产的价值; The management of the company is supposed to increase the value of the firm for shareholders.4.有限责任是股票的一个十分重要的特征,这意味着公司在不能支付它的债务时股票持有者没有负债责任;An extremely important feature of stock is its limited liability, which means that, as an owner of a stock, you are not personally liable if the company is not able to pay its debts.5.理解股票供求关系是容易的,但是理解人们喜欢哪些股票不喜欢哪些股票是苦难的;Understanding supply and demand is easy, What is difficult to comprehend is what makes people like a particular stock and dislike another stock. 6.一些人人为预测股票价格变化是不可能的,而一些人认为通过画图和分析以前的价格变化就能决定买卖时间;Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.英译中：一.1. A cash budget is extremely important, especially for small businesses, because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems.现金预算是十分重要的,特别是对小企业,这是因为它决定了企业可以使用多大的赊销份额而不发生现金困难;2. Financial intermediaries include depository institutions commercial banks and credit union who acquired the bulk of their funds by offering their liabilities to the public mostly form of deposit. 金融中介机构包括：存款性机构商业银行和信用合作社主要通过存款的形式向公众借款,从而获得大部分资金;3. A corporation is a legally distinct from its owners, who are called shareholders or stockholders. 公司在法律上独立于其所有者,即股东;financial planning focus on the firm’s goals, the investment that will be needed to meet those goals, and the financing that must be raised. 长期财务计划是关于企业的长期目标、为实现目标所需要的投资以及因此必须筹集的资金的计划;are classified into nonfinancial and financial businesses. These entities borrow funds in the debt market and raise funds in the equity market. 企业可被分成金融企业和非金融企业两类;这些企业在债务市场借款和在权益市场融资;6. Finance is the set of activities dealing with the management of funds. More specifically, it is the decision of collection and use of funds. It is a branch of economics that studies the management of money and other assets.金融是涉及到一系列有关资金管理的活动;特别的,它是有关资金使用和筹集的决策;它是经济学的一个研究货币和其它资产管理的分枝;四. risk-based capital requirements imposed on commercial bank and saving and loan associations.对商业银行和存贷款协会实施以风险为基础的资本金要求;regulates commercial banks and thrifts and types of regulations imposed. 谁来监管商业银行与储蓄机构以及何种方式来进行;3. Banks generate income in three ways: 1the bid-ask spread;2capital gains on the securities or foreign currency used in transactions, and 3in the case of securities, the spread between interest income earned by holding the security and cost of funding the purchase of security.银行可以从三个方面产生收入：1买卖差价；2证券或外汇交易的资本利益；3证券的利息收入和购买证券资金成本之间的价格差异;4. Several types of deposit accounts are available. Checking accounts pay no interest and can be withdrawn upon demand.存款帐户有好几种,支票帐户不支付利息可以随时提取;certificate of deposit can take a wide variety of forms which are negotiable with the issuing bank. 定期存单可以采取多种多样的形式是可转让的发卡银行;that raise most of their funds from the domestic and international money markets, relying less on depositors for funds, are called money center banks.货币中心银行是指较少依赖存款,并在国内或国外货币市场筹集资金的银行;六.1,The foreign exchange market is a place to trade foreign exchange currency, or it is also a place for the transaction of all foreign currency. 外汇市场是交易外国货币或各国货币的场所.foreign exchange rate is the relative value between two currencies. In particular, it is the quantity of one currency required to buy or sell one unit of the other currency.汇率是两种货币间的相对价值, 特别是, 它是买卖一个其它货币单位所代表的本币量值.. dollars are not used to express an exchange rate, the term "cross rate" is usually used to express the relative values between two currencies.在美元被用来表示汇率的地方,套汇汇率就被用来表示两种货币间的相对价值.an online currency trader wants to survive in the business, he must learn to limit his losses. This is one of the keys to smart money management. 如果一个网络货币交易者要持续他的交易他必须学习限制损失,这是货币管理的关键点.is safer to get into a currency position in multiple lots than to do it all at once.在多个地点持有外汇头寸比同时持有多个头寸安全.Forex market itself consists of a worldwide network of primarily interbank traders connected by telephone lines and computers. FX traders constantly negotiate prices between one another and the resulting market bid/ask price for a particular currency is then fed into computers and displayed on official quote screens.外汇市场本身含有提供给银行交易者通过线和计算机连接的全球范围的网络,外汇交易者讨论的汇率价格产生了市场上某种货币的报价和询价并通过计算机系统显示在交易屏幕上.七. you have too much debt, your business may be considered overextended and risky and an unsafe investment.如果你的企业负债比重过高,投资者则会认为企业是扩张过度,对投资者来说是不安全和高风险的;financing is attractive because you do not have to sacrifice any ownership interests in your business, interest on the loan is deductible, and the financing cost is a relatively fixed expense.债务融资对企业权益者是有吸引力的因为债务融资不会牺牲权益者的利益,借款利息可在收益中扣减,财务成本是相对固定费用.corporation is a separate legal entity that can be created only by compliance with state statutes.公司是一个其所有权与经营权相分离的经济实体即法人组织,公司的成立要遵守洲法.partners raise equity funds through their own capital contributions, by adding a new partner, or by restructuring the relative ownership interests of the existing partners to reflect new contributions.合伙人企业可通过出让合伙人自己的资本份额,或增加合伙人的方式来增加企业资本,或采用对原有合伙人所拥有的相对资本份额进行重组的方式来反映新的资本.financing requires that you sell an ownership interest in the business in exchange for capital.权益融资需要企业所有者出让企业的所有权利益来换取资本.major disadvantage to equity financing is the dilution of your ownership interests and the possible loss of control that may accompany a sharingof ownership with additional investors.权益融资的主要缺点是稀释了所有者的利益,随着其他投资者所占权益份额的扩大企业控制权也可能失去.九. is when everything in the economy is great, people are finding jobs, is growing, and are rising. Things are just plain rosy during a bull market is easier because everything is going up.牛市意味着经济发展强劲,工作岗位多,GDP 增长,股票价格上升.前景变得光明.在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.markets cannot last forever though, and sometimes they can lead to dangerous situations if stocks become overvalued.牛市不可能永远持续,如果股票价格被高估则牛市就将导致崩盘.a person is optimistic, believing that stocks will go up, he or she is called a "bull" and said to have a "bullish outlook."如果一个人乐观的认为股票价格将上升,他或她被称做”多头”和有一个行情看涨的形象.investments it is critical to distinguish between an expected return the anticipated return for some future period and a realized return the actual return over some past period. Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized returns.投资学对期望收益预测的将来某时间段的收益和已实现收益过去某时段的实际收到的收益有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后,他们只得到实际的收益.investors actually earn from their holdings may turn out to be more or less than what they expected to earn when they initiated the investment. This point is the essence of the investments process: investors must always consider the risk involved in investing.投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是:投资者在投资时必须牢记风险的成在.are three important factors you need to consider before buying a bond. The first is the person issuing the bond. The second is the interest or coupon you will receive. The third is the maturity date, the day when the borrower must pay back the principal to the lender.在投资债券前你要考虑三个重要因素:第一是债券发行人;第二是你将得到的利息或折扣;第三是到期时间, 在到期日债券发行人必须将本金退给债券持有人.十. higher rate of return the bond offers, the more risky the investment. There have been instances of companies failing to pay back the bond default, so, to entice investors, most corporate bonds will offer a higher return than a government bond.债券收益率越高投资风险越大,已有公司不能在到期日偿还债券本金违约的先例,所以, 为了诱使投资者购买公司债券大多数公司都发行高于政府债券利率的债券.is important for investors to research a bond just as they would a stock or mutual fund. The bond rating will help in deciphering the default risk.象研究股票和共同基金样研究债券对投资者来说是必要的, 辨别债券等级将有助于识别违约风险.interest is added to the contract price of a bond transaction.应计利息要加到债券交易合同价格中.Gain. An increase in the value of a investment or real estate that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A may be short term one year or less or long term more than one year and must be claimed on income taxes.资本利得是资本价值投资或不动产的增加,也就是高于购买价格的增值部分,利得只有在这些资产出售后才能实现, 资本利得可以是短期一年以内或长期一年以上, 资本利得必须征税.any other type of investment vehicle, fixed-income securities should be viewed in terms of their risk and return. Generally speaking, bonds are exposed to five major types of risks: interest rate risk, purchasing power risk, business/financial risk, liquidity risk, and call risk.象任何其它投资工具一样,固定收益证券也应该按照它们的风险和收益来进行评价. 一般看来, 证券有五种主要的风险:利率风险,购买力风险,商业风险,流动性风险和回购风险.far we've discussed the factors of face value, coupon, maturity, issuers and yield. All of these characteristics of a bond play a role in its price.到目前我们已经讨论了债券的面值,利息率,到期日,发行人和收益,全部这些特征都会影响到债券的价格.十二. splits,like stock dividents, do not increase the assets or earning capacity of the firm,the split does decrease the price of the stock and thereby may increase its marketability.股票拆分与股票股利一样,并不能增加公司的资产或者提高公司的盈利能力,拆分降低了股票的价格,从而增加了股票的流动性;may repurchase shares to reduce the chance of an unwanted takeover attempt.管理层可以回购股票来避免公司被收购;two most important characteristics of common stock as an investment are its residual claim and limited liability features.作为投资的普通股的两个最重要的特征是剩余索取权和有限责任;stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.大部分股票都是在证券交易所交易,买卖双方在那儿搓合股票价格;5. The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them.6. Stock prices change every day as a result of market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock demand than sell it supply, then the price moves up.由于市场的原因股票价格每天都在变化,股票价格是由于供求关系的原因而变化的,如果买的人比卖的人多则股票价格上升;。
金融英语第十四章答案
金融英语第十四章答案Chapter 14I . Answer the following questions in English.1.Why use options?Answer: There are two main reasons why an investor would use options: to speculate and to hedge.2. What are options?Answer: An option is a contract that gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a certain date.3. How many types of options?Answer:The two types of options are calls and puts.4.What is a call option?Answer:A call gives the holder the right to buy an asset at a certain price within a specific period of time. Calls are similar to having a long position on a stock. Buyers of calls hope that the stock will increase substantially before the option expires.5. What is a put option?Answer:A put gives the holder the right to sell an asset at a certain price within a specific period of time. Puts are very similar to having a short position on a stock. Buyers of puts hope that the price of the stock will fall before the optionexpires.6. What is the function of stock option?Answer:As a way to attract and to keep talented employees, especially management.7. What is an option's premium?Answer:When you buy an option, the purchase price is called the premium. If you sell, the premium is the amount you receive.The premium isn't fixed and changes constantly - so the premium you pay today is likely to be higher or lower than the premium yesterday or tomorrow. What those changing prices reflect is the give and take between what buyers are willing to pay and what sellers are willing to accept for the option. The point at which there's agreement becomes the price for that transaction, and then the process begins again.8. What is advantage of options?Answer:The advantage of options is that you aren't limited to making a profit only when the market goes up.II. Fill in the each blank with an appropriate word or expression.1.An option is a contract between a buyer and a seller that gives the buyer the right -- but not the obligation -- to buy or to sell a particular asset (the underlying asset) at a later day at an agreed price.2.A call gives the holder the right to b uy an asset at a certain price within a specific period of time. Calls are similar to having a long position on a stock. Buyers of calls hope that the stock will increase substantially before the option expires.3.A put gives the holder the right to sell an asset at a certain price within a specific period of time. Puts are very similar to having a short position on a stock. Buyers of puts hope that the price of the stock will fall before the option expires.4.People who buy options are called holders and those who sell options are called writers; furthermore, buyers are said to have long positions,and sellers are said to have short positions.5. Many companies use stock options as a way to attract and to keep talented employees, especially management.6. Intrinsic value is the amount in-the-money, which, for a calloption, means that the price of the stock equals the strike price. Time value represents the possibility of the optionincreasing in value.III. Translate the following sentences into English. 1.期权是一份和约，在这份合约中期权出售方授予期权的买方在规定的时间内从卖方购买或卖给卖方一定的产品的权利。
《金融学》课后答案
第一章货币与货币制度1．钱、货币、通货、现金是一回事吗？银行卡是货币吗？答：（1）钱、货币、通货、现金不是一回事，虽然其内容有所重叠，但这几个概念之间是有区别的。
钱是人们对货币的俗称。
经济学中被称为货币的东西，就是在日常人们生活中被称为钱的东西。
货币是由国家法律规定的，在商品劳务交易中或债务清偿中被社会普遍接受的东西。
通货即流通中的货币，指流通于银行体系外的货币。
现金就是指家庭个人、工商企业、政府部门所拥有的现钞，包括纸币现钞、硬币现钞。
现金是货币的一部分，这部分货币的流动性强，使用频率高，对人们日常消费影响大。
（2）银行卡亦称“塑料货币”，是由银行发行，供客户办理存取款等业务的新型服务工具的总称，包括信用卡、支票卡、记账卡、自动出纳机卡、灵光卡等。
各种银行卡是用塑料制作的，可用于存取款和转账支付。
现在，特别在西方发达国家，各种银行卡正逐步取代现钞和支票，成为经济生活中广泛运用的支付工具。
因此，在现代社会银行卡也属于货币。
2．社会经济生活中为什么离不开货币?为什么自古至今，人们又往往把金钱看作是万恶之源?答：（1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
物物交换的局限性要求有某种商品充当共同的、一般的等价物，而金银的特性决定其成为货币的天然材料。
作为货币的金银等贵金属，便于携带、铸造和分割，大大推动了商品经济的发展。
随着经济的发展，货币形态不断发生变化。
经历了实物货币阶段、贵金属货币阶段、代用货币阶段和信用货币阶段。
当今货币正朝着专门化、无体化、扩张化、电子化的趋势发展。
但不管货币的具体形态如何，都是媒介商品经济所必需的。
对货币的使用是实现市场对资源合理配置的必要条件，也是市场经济正常运行的必要条件。
从这个意义上说，市场经济实际上是一种货币经济：货币方便了市场交换，提高了市场效率；货币保证了社会需求的实现，促进了市场对资源的有效配置。
从交易成本上看，节约是经济生活中最基本的规律。
金融学精编版课后习题答案
金融学精编版课后习题答案金融学精编版课后习题答案金融学是一门研究金融市场、金融机构和金融工具的学科。
它涉及到许多重要的概念和理论，对于学习者来说，理解和掌握这些内容是非常重要的。
而课后习题则是检验学习者对所学知识的掌握程度的重要手段。
在这里，我们将为大家提供《金融学精编版》课后习题的答案，希望能够对大家的学习有所帮助。
第一章：金融学导论1. 金融学的定义是什么？金融学是研究个人、组织和政府如何有效地获取、使用和管理资金的学科。
2. 金融市场的功能有哪些？金融市场的功能包括资金配置、风险管理、信息传递和资源分配等。
3. 金融市场的分类有哪些？金融市场可以分为货币市场和资本市场两大类。
4. 金融机构的作用是什么？金融机构的作用包括资金的中介、风险管理、信息传递和支付清算等。
5. 金融工具的种类有哪些？金融工具的种类包括股票、债券、期货、期权等。
第二章：金融市场与金融机构1. 什么是货币市场？货币市场是指短期资金融通和短期证券交易的市场，包括银行间市场、票据市场等。
2. 什么是资本市场？资本市场是指长期资金融通和长期证券交易的市场，包括股票市场、债券市场等。
3. 金融机构的分类有哪些？金融机构可以分为商业银行、证券公司、保险公司等。
4. 什么是金融创新？金融创新是指金融机构和金融市场不断推出新的金融产品和服务的过程。
5. 金融市场的发展对经济有什么影响？金融市场的发展可以促进经济的增长和稳定，并提高资源配置的效率。
第三章：金融工具与金融市场1. 什么是股票？股票是一种代表股东所有权的金融工具，它代表了对公司所有资产和收益的权益。
2. 什么是债券？债券是一种代表债权人债权的金融工具，它代表了债务人对债权人的偿还承诺。
3. 什么是期货？期货是一种标准化合约，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。
4. 什么是期权？期权是一种购买或出售标的资产的权利，但并不是义务。
5. 金融市场的价格形成机制有哪些？金融市场的价格形成机制包括竞价定价、议价定价和指数定价等。
金融学课后答案
金融学课后答案What is a classic? It takes about 100 years to become a classic.Chapter1一．名词解释1.价值尺度：价值尺度是指货币赋予交易对象以价格形态的职能;2.无限法偿：无限法偿是指法律规定的无限制偿付能力,其含义是：法律保护取得这种能力的货币,不论每次支付数额多大,不论属于何种性质的支付,即不论是购买商品、支付服务、结清债务、缴纳税款等,支付的对方均不得拒绝接受;3.一般等价物一般等价物是指从商品中分离出来的充当其他一切商品的统一价值表现的商品,它的出现是商品生产和交换发展的必然结果;4.信用货币信用货币又称不兑现纸币,是指货币本身价值低于货币价值,而且不能兑换成贵金属的货币;5.货币流动性货币流动性是指不同的信用工具在市场上能够转化为直接支付能力的速度和方便程度;流动性高,即转化为直接支付能力的能力强；流动性低,即转化为直接支付能力的弱;二．判断题1.有限法偿只要是对本位币规定的,其含义是：在一次支付行为中,超过一定的金额,收款人有权拒收；在法定限额内,拒收则不受法律保护;错有限发偿主要是对辅币规定2.金属货币制发挥蓄水池功能的前提是要有足够大的币材金属贮藏;对3.铸造重量大、成色好的铸币是古代货币流通中反复发生的行为;错铸造重量轻,成色差的4.把各国不同货币的购买力加以比较,即可比出名称不同的货币单位相互之间的比值;对5.本位币的面值大多是辅币的1/10、1/100.错辅币的是本位币的1/10、1/100.6.强调货币的存在乃客观经济生活发展的必然,是通向认识本质的正确思路;循着这条思路,马克思用最完整的劳动价值论对货币产生的论证有划时代的意义;对7.银行券是一种信用货币;对8.香港特别行政区实行外汇管制;错回归后不实行外汇管制三．不定项选择题1.中国最早的铸币金属是AA铜B银C铁D贝2.在生活中,会用到的货币有ABCDA家庭与个人B公司、企业C非营利性的机关、团体D财政3.在我国的货币层次划分中,M2等于M1与准货币的加总,准货币包括CA长期存款B短期存款C长短期存款之和D公众持有的现金4.纸币的发行是建立在货币B职能的基础上的;A价值尺度B流通手段C支付手段D储藏手段5.在信用活动中,货币发挥的职能通常是BA储藏手段B支付手段C流通手段D价值尺度6.作为流通手段职能的货币是BA价值符号B现实的货币C信用货币D观念上的货币7.金本位制度下,汇价的基本决定因素是AA铸币平价B商品的价格C货币购买力D物价指数8.经济对货币的需求包括对BCA储藏手段的需求B流通手段的需求C支付手段的需求D世界货币的需求9.货币所具有的特征是ACDA表现商品价值B在世界范围内流通C衡量商品价值D与一切商品相交换10.我国的人民币制度属于DA金本位制B银本位制C金银复本位制D不兑现信用货币制度11.下列哪项说法不属于法定货币的特征DA可代替金属货币B代表是指商品或货物C发行者无将其兑现为实物的义务D不是足值货币12.格雷欣法则起作用于以下哪种货币本位制度BA平行本位制B双本位制C跛行本位制D单本位制13.国内只流通银行券且不能兑换黄金,国际储备除黄金外还有一定比例的外汇,外汇在国外才可兑换黄金,黄金是最后的支付手段,直射D的特点;A金块本位制B金币本位制C金条本位制D金汇兑本位制14.对货币单位的理解正确的有BEA国家法定的货币计量单位B规定了货币单位的名称C规定了本位币的币材D确定技术标准E规定了货币单位所含的货币金属量五．论述1.试论述对货币本质的理解;a对货币本质的理解,许多学说各有论述,观点不一;货币金属主义把货币定义为财富,认为货币就是金属；货币明目主义认为货币是国家创造的价值符号或票券；凯恩斯把货币定义为国家通过法律强制流通的国家创造物等等;这些观点多从经济现象的表面论证货币的本质,虽有一定合理的成分,却缺乏科学的解释;b马克思从货币的起源和逻辑分析的角度认识货币的本质是具有科学性的;马克思认为货币是固定充当一般等价物的特殊商品,他认为货币是一个历史的经济范畴,起源与商品的生产和交换的发展;随着经济社会的发展,从商品内在矛盾的冲突中可以得出交换是解决矛盾的唯一途径；从交换的发展所引起的价值形态演变中可以看出货币是价值形态发展的必然结果;c马克思的货币本质观表明了货币与商品世界的对应关系,这一分析有助于理解货币外在形式的不断变化并不改变货币的本质;2.试论述货币在经济发展中的作用;a赋予交易对象以价格形态,使商品和服务能够相互比较;b货币是商品实现价值的媒介物,现代经济活动中的生产、流通、交换、消费过程都离不开货币的作用;c现代经济是信用经济,实际交易过程发生大量的债券债务关系,货币成为重要的支付手段和结算工具,它对市场的正常运作、债权债务的清偿具有重要作用;d货币也是现代经济发展中储蓄和投资的重要工具;对储蓄资源的分配和投资活动发挥了巨大作用;货币能通过利率机制对投资活动进行刺激,并对国民经济发挥作用;马克思称货币是“经济发展的第一推动力”;。
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CHAPTER 14FORWARD AND FUTURES PRICESObjectives∙ To explain the economic role of futures markets∙ To show what information can and cannot be inferred from forward and futures prices.∙Outline14.1 Distinctions Between Forward and Futures Contracts14.2 The Economic Function of Futures Markets14.3 The Role of Speculators14.4 Relation Between Commodity Spot and Futures Prices14.5 Extracting Information from Commodity Futures Prices14.6 Spot-Futures Price Parity for Gold14.7 Financial Futures14.8 The Implied Risk-Free Rate14.9 The Forward Price Is Not a Forecast of the Spot Price14.10 Forward-Spot Parity with Cash Payouts14.11 Implied Dividends14.12 The Foreign-Exchange Parity Relation14.13 The Role of Expectations in Determining Exchange RatesSummary∙ Futures contracts make it possible to separate the decision of whether to physically store a commodity from thedecision to have financial exposure to its price changes.∙ Speculators in futures markets improve the informational content of futures prices and make futures marketsmore liquid than they would otherwise be.∙ The futures price of wheat cannot exceed the spot price by more than the cost of carry:∙ The forward-spot price parity relation for gold is that the forward price equals the spot price times the cost ofcarry:This relation is maintained by the force of arbitrage . ∙One can infer the implied cost of carry and the implied storage costs from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot parity relation for stocks is that the forward price equals the spot price times 1 plus the risk-free rate less the expected cash dividend.This relation can therefore be used to infer the implied dividend from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot price parity relation for the dollar/yen exchange rate involves two interest rates:where F is the forward price of the yen, S is the current spot price, r Y is the yen interest rate, and r $ is the dollarinterest rate. ∙ If the forward dollar/yen exchange rate is an unbiased forecast of the future spot exchange rate, then one caninfer that forecast either from the forward rate or from the dollar-denominated and yen-denominated risk-free interest rates.F S C -≤F S r s =++()1F S r D=+-()1F r S r Y11+=+$Solutions to Problems at End of ChapterForward Contracts and Forward-Spot Parity.1. Suppose that you are planning a trip to England. The trip is a year from now, and you have reserved a hotel room in London at a price of ₤50 per day. You do not have to pay for the room in advance. The exchange rate is currently $1.50 to the pound sterling.a.Explain several possible ways that you could completely hedge theexchange rate risk in this situation.b.Suppose that r₤=.12 and r$=.08. Because S=$1.50, what must theforward price of the pound be?c.Show that if F is $0.10 higher than in your answer to part b, therewould be an arbitrage opportunity.SOLUTION:a.Ways to hedge the exchange rate risk:Pay for the room in advanceBuy the pounds you will need in the forward market.Invest the present value of the rental payments in a pound-denominated riskless asset.对冲外汇风险的几种方法：提前对这个房间付款；在期货市场购买英镑；将与现期价值的租金同等的英镑投资于无风险资产。
b. F = S (1+r$)/(1+r£) = $1.50 x 1.08/1.12 = $1.4464 per pound1.4464美元/英镑c.If F is $1.55 then arbitrage profits can be made by borrowing dollars,investing in pounds and selling them forward at the inflated forward price.After paying off principle and interest on the dollars borrowed, you would have pure arbitrage profits left over.如果F是1.55美元，那么套利可以通过买进美元以获取收益，将美元投资于英镑然后在通货膨胀的价格下卖出。
在支付完所借到的美元的本金和利息后，你将得到剩下的纯套利收益。
For example,Borrow $1.50,Convert it into 1 pound,Invest it in pound-denominated bonds to have 1.12 pounds a year from now,Sell 1.12 pounds forward at $1.55 per pound to have $1.736 a year from now,例如，你可以借进1.50 美元，使起转变为1英镑，将起投资于英镑，一年后你会得到1.12英镑的，将这1.12英镑以1.55美元卖出，你将得到1.736美元。
After 1 year, pay off the principle and interest on the loan ($1.50x 1.08 = $1.62).This series of transactions leaves you with $.116 a year from now with no initial outlay of your money.在一年之后，将本金和利息支付，也就是1.50*1.08=1.62美元，这一系列的交易在没有创始费用的状况下将给你留下1.16美元。
Forward-Spot Parity Relation with Known Cash Payouts2. Suppose that the Treasury yield curve is flat at an interest rate of 7% per year (compounded semiannually).a.What is the spot price of a 30-year Treasury bond with an 8% couponrate assuming coupons are paid semiannually?b.What is the forward price of the bond for delivery six months fromnow?c.Show that if the forward price is $1 lower than in your answer to partb, there should be an arbitrage opportunity.SOLUTION:b. The forward price for delivery six months from now is $1,124.089:6个月后交割的债券远期价格是1,124.089美元F = S(1+r) - C = $1,124.724 x 1.035 - 40 =$1,124.089d.If the forward price is only $1,123.089, then arbitrage profits can be madeby selling the bond short and buying it forward at the low forward price. It can be described as follows:如果远期价格仅仅是1,123.089美元，那么套利获得收益可以这样进行：将近期的美元卖出，并在将来以较低的价格买进。