米什金货币金融学(英文)PPT(18)解析
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_10
The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing?
• Has government deposit insurance helped improve the performance of the financial system and prevent banking crises? The answer seems to be “no.” Research at the World Bank seems to answer “no,” since on average, the adoption of explicit government deposit insurance is associated with less banking sector stability and a higher incidence of banking crises. Furthermore, on average, deposit insurance seems to retard financial development.
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Types of Financial Regulation: Restrictions on Asset Holdings
• Attempts to restrict financial institutions from too much risk taking: – Bank regulations ▪ Promote diversification ▪ Prohibit holdings of common stock – Capital requirements ▪ Minimum leverage ratio (for banks) ▪ Basel Accord: risk-based capital requirements ▪ Regulatory arbitrage
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_09
$90M
$80M $10M
Bank Capital
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$10M
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– Suppose a bank’s required reserves are 10%.
– If a bank has ample excess reserves, a deposit outflow does not necessitate changes in other parts of its balance sities
Required reserves
Loans
+$10 +$90
Checkable deposits
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+$100
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• Asset transformation: selling liabilities with one set of characteristics and using the proceeds to buy assets with a different set of characteristics
• The bank borrows short and lends long
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General Principles of Bank Management
• Liquidity Management • Asset Management • Liability Management • Capital Adequacy Management • Credit Risk • Interest-rate Risk
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_07
Application: The Coronavirus Stock Market Crash of 2020
• The spread of the coronavirus in February 2020 triggered a stock market crash in which the Dow Jones Industrial Average fell from a peak of 29,551 on February 12 to 18,561 on March 20, a decline of 37%.
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Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: Monetary Policy and Stock Prices (2 of 2)
• Furthermore, a lowering of interest rates is likely to stimulate the economy, so the growth rate in dividends, g, is likely to be somewhat higher. This rise in g also causes the denominator in Equation 5 to decrease, which also leads to a rise in stock prices.
米什金《货币金融学-英文第12版》PPT-第一章 为什么研究货币、银行和金融市场
FinanceChapter1 IntroductionWhy Study Money, Banking, and Financial Markets An Overview of the Financial SystemWhat Is Money?Lecture 1Why Study Money, Banking, and Financial Markets?•Course Overview•Why Study Financial Markets?•Why Study Financial Institutions and Banking?•Why Study Money and Monetary Policy?Learning Objectives：How to construct a preliminary financial knowledge system Types of financial marketsTypes of financial institutionsHow the central bank implement monetary policyWhat is monetary theoryPart 1Why Study Financial Markets?1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。
Why study financial markets?•Channel funds from savers to borrowers, thereby promoting economic efficiency•Affect personal wealth and behavior of business firms1.2 The Bond Market and Interest RatesBond (P3) is a debt security that promises to make periodic payments for a specified period of time.债券：是一种债务性证券，承诺在一个特定时间段内定期支付。
米什金货币金融学(英文)PPT (18)
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Use of (Operating and Intermediate) Targets
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Conflict Among Goals
• Many of the goals mentioned are consistent with each other as, for example,
• high employment with economic growth, and
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Stability of Financial Markets
• Financial crises can interfere with the ability of financial markets to channel funds from surplus spending units to deficit spending units, thereby leading to a sharp contraction in economic activity. • The promotion of a more stable financial system in which financial crises are avoided is thus an important goal for a central bank. • The stability of financial markets is also fostered by i stability because fluctuations in i create uncertainty for financial firms, affecting both their profits as well as their net worth.
米什金货币金融学英文版习题答案chapter18英文习题
米什金货币金融学英文版习题答案chapter18英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 18 The Foreign Exchange Market18.1 Foreign Exchange Market1) The exchange rate isA) the price of one currency relative to gold.B) the value of a currency relative to inflation.C) the change in the value of money over time.D) the price of one currency relative to another.Answer: DAACSB: Reflective Thinking2) Exchange rates are determined inA) the money market.B) the foreign exchange market.C) the stock market.D) the capital market.Answer: BAACSB: Reflective Thinking3) Although foreign exchange market trades are said to involve the buying and selling of currencies, most trades involve the buying and selling ofA) bank deposits denominated in different currencies.B) SDRs.C) gold.D) ECUs.Answer: AAACSB: Reflective Thinking4) The immediate (two-day) exchange of one currency foranother is aA) forward transaction.B) spot transaction.C) money transaction.D) exchange transaction.Answer: BAACSB: Reflective Thinking5) An agreement to exchange dollar bank deposits for euro bank deposits in one month is aA) spot transaction.B) future transaction.C) forward transaction.D) deposit transaction.Answer: CAACSB: Reflective Thinking6) Today 1 euro can be purchased for $1.10. This is theA) spot exchange rate.B) forward exchange rate.C) fixed exchange rate.D) financial exchange rate.Answer: AAACSB: Reflective Thinking7) In an agreement to exchange dollars for euros in three months at a price of $0.90 per euro, the price is theA) spot exchange rate.B) money exchange rate.C) forward exchange rate.D) fixed exchange rate.Answer: CAACSB: Reflective Thinking8) When the value of the British pound changes from $1.25 to $1.50, the pound has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking9) When the value of the British pound changes from $1.50 to $1.25, then the pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking10) When the value of the dollar changes from ￡0.5 to ￡0.75, then the British pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking11) When the value of the dollar changes from ￡0.75 to ￡0.5, then the British pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking12) When the exchange rate for the Mexican peso changes from 9 pesos to the U.S. dollar to 10 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking13) When the exchange rate for the Mexican peso changes from 10 pesos to the U.S dollar to 9 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking14) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 0.75 euros. Therefore, one euro would have purchased about ________ U.S. dollars.A) 0.75B) 1.00C) 1.33D) 1.75Answer: CAACSB: Analytical Thinking15) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 49.0 Indian rupees. Thus, one Indian rupee would have purchased about ________ U.S. dollars.A) 0.02B) 1.20C) 7.00D) 49.0Answer: AAACSB: Analytical Thinking16) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 1.15 Swiss francs. Therefore, one Swiss franc would have purchased about ________ U.S. dollars.A) 0.30B) 0.87C) 1.15D) 3.10Answer: BAACSB: Analytical Thinking17) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 3.33 Romanian new lei. Therefore, one Romanian new lei would have purchased about ________ U.S. dollars.A) 0.30B) 1.86C) 2.86D) 3.33Answer: AAACSB: Analytical Thinking18) If the U.S. dollar appreciates from 1.25 Swiss franc per U.S. dollar to 1.5 francs per dollar, then the franc depreciates from ________ U.S. dollars per franc to ________ U.S. dollars per franc.A) 0.80; 0.67B) 0.67; 0.80C) 0.50; 0.33D) 0.33; 0.50Answer: AAACSB: Analytical Thinking19) If the British pound appreciates from $0.50 per pound to $0.75 per pound, the U.S. dollar depreciates from ________ per dollar to ________ per dollar.A) ￡2; ￡2.5B) ￡2; ￡1.33C) ￡2; ￡1.5D) ￡2; ￡1.25Answer: BAACSB: Analytical Thinking20) If the Japanese yen appreciates from $0.01 per yen to $0.02 per yen, the U.S. dollar depreciates from ________ per dollar to ________ per dollar.A) 100￥; 50￥B) 10￥; 5￥C) 5￥; 10￥D) 50￥; 100￥Answer: AAACSB: Analytical Thinking21) If the dollar appreciates from 1.5 Brazilian reals per dollar to 2.0 reals per dollar, the real depreciates from ________ per real to ________ per real.A) $0.67; $0.50B) $0.33; $0.50C) $0.75; $0.50D) $0.50; $0.67E) $0.50; $0.75Answer: AAACSB: Analytical Thinking22) When the exchange rate for the British pound changes from $1.80 per pound to $1.60 per pound, then, holding everything else constant, the pound has ________ and ________ expensive.A) appreciated; British cars sold in the United States become moreB) appreciated; British cars sold in the United States become lessC) depreciated; American wheat sold in Britain becomes moreD) depreciated; American wheat sold in Britain becomes lessAnswer: CAACSB: Analytical Thinking23) If the dollar depreciates relative to the Swiss francA) Swiss chocolate will become cheaper in the United States.B) American computers will become more expensive in Switzerland.C) Swiss chocolate will become more expensive in the United States.D) Swiss computers will become cheaper in the United States.Answer: CAACSB: Analytical Thinking24) Everything else held constant, when a country's currencyappreciates, the country's goods abroad become ________ expensive and foreign goods in that country become ________ expensive.A) more; lessB) more; moreC) less; lessD) less; moreAnswer: AAACSB: Analytical Thinking25) Everything else held constant, when a country's currency depreciates, its goods abroad become ________ expensive while foreign goods in that country become ________ expensive.A) more; lessB) more; moreC) less; lessD) less; moreAnswer: DAACSB: Analytical Thinking。
米什金《货币金融学-英文第12版》PPT-第二章-金融体系概览(上)
FinanceLecture 2An Overview of the Financial System I•Function of Financial Markets •Structure of Financial Markets •Financial Market Instruments •Internationalization of Financial MarketsLearning ObjectivesCompare direct and indirect finance.Identify the structure and components of financial markets. Describe different types of financial market instruments.Recognize the international dimensions of financial markets.Part 1Function of Financial Markets1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。
1.2 Direct FinanceIn direct finance (P23), borrowers borrow funds directly from lenders in financial markets by selling the lenders securities (also called financial instruments).在直接融资中，借款人通过在金融市场出售证券（也称为金融工具），直接从贷款人手中借入资金。
货币金融学米什金第笔记资料PPT课件
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债券供给曲线的平移
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利率的风险和期限结构
利率的风险结构： 违约风险：风险溢价 流动性：高流动性资产可以在需要时按照较低的成本迅速转换成现金。流动性
溢价。 所得税因素：所得税税率的高低。 利率的期限结构 1、不同到期期限的债券的利率随时间一起波动； 2、短期利率较低，那么收益率曲线往往向上倾斜，短期利率较高，那么收益率
• 美国很多小银行的破产 • 俄罗斯60年代的经济增长模式
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货币政策
• 物价稳定：越来越被视为货币政策最重要的目标。通货膨胀增加经济中的不确定 性，从而危害到经济的增长。
• 时间不一致性问题 • 个人的例子， • 政府的货币政策总是试图追求扩张性货币政策，因为短期内可以促进经济的产出，
• 3个影响因素： • 投资机会的预期盈利性：在经济周期扩张阶段，经济高速增长，具有较多的盈利
性机会，任何给定的债券价格下，债券供应量都会增加。供给曲线右移。 • 预期通货膨胀率：预期通货膨胀率上升导致债券供给量的增加。曲线右移。 • 政府预算：政府财政赤字越大，债券供给量也越大。
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之差就是CPI。
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• 实际利率越低，借款的动力越大，而贷款的动力越小。 • 实际利率有些年份为负值。
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利率如何被决定：资产供需与价格
• 供需关系决定债券的价格，也就客观上决定了利率
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Chapter 18
Conduct of Monetary Policy: Goals and Targets
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Hale Waihona Puke Goals of Monetary Policy
Goals
1. High Employment 2. Economic Growth 3. Price Stability 4. Interest Rate Stability 5. Financial Market Stability 6. Foreign Exchange Market Stability Goals often in conflict
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High Employment
High employment is a worthy goal for two reasons:
1. The alternative situation, high unemployment, causes much human misery, with people suffering financial distress, loss of personal self-respect, and in crime.
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Price Stability
In recent years policymakers have become increasingly aware of the social and economic costs of inflation and more concerned with a stable P as a goal of economic policy. In fact, P stability is viewed as the most important goal for monetary policy because inflation creates uncertainty that may hamper growth inflation makes it hard to plan for the future inflation may strain a country’s social fabric (by creating conflicts between different groups) extreme inflation, known as hyperinflation, leads to slower growth as for example in Argentina, Brazil, and Russia in the recent past.
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Economic Growth
The goal of steady economic growth is closely related to the goal of low u because businesses are more likely to invest in physical capital to productivity and growth when u is low. If u is high and factories are idle, it does not pay for firms to invest in additional physical capital. Hence, policies can be specifically aimed at promoting economic growth by directly encouraging firms to invest or by encouraging people to save, which provides more funds for firms to invest. In fact, this is the stated purpose of so-called supply-side economic policies, which provide tax incentives for firms to invest more and for people to save more.