人民大学 同等学力 金融 专业英语 考试答案.doc

3-nionlh Treasury Bill (T-bill) 1 个月期国库券
a set interest rale 一系列的利率
asset-backed collateralized debt obligations 资产支持抵押债务证券
asset-backed securities 资产支持证券
breaking the buck基金价格挟破净资产
British Bankers* Association (BBA)英国银行家协会
Chicago Mercantile Exchange (CME)芝加哥商品交易所
collateralized debt obligation (CDO)债务抵押债券
commercialpaper 商业票据
coi-porate notes中K期公司证券
Defaulting risk 违约风险
Discount Rate 贴现率
Eurodollar futures contract 欧洲美元期货合约
FDIC联邦存款保险公司
federal budget 联邦证券
federal funds rale联:邦基金利率
LIBOR伦敦银行间同业拆借利率
Liquidity Risk Premium (LIBOR-OIS)流动性风险溢价
money maiket accounts 货币i|i场账户
money market funds货币市场基金
money markcl funds 货币lb•场基金
mortgage-backed securities 按扌胃支持iiF券
mutual funds共同基金
negotiable certificates of deposit (CDs) nJ转让定期存单
Overnight Index Swaps (OIS)隔夜指数掉期
Pos卜bubble Japan Fl本后泡沫时期
quantitative easing 量化宽松
repo market 回购M场
Reserve Primary Fund 级储备基金
savings account 储蓄账户
secondary market 二级i|j场
short-tenn municipal securities 短期市政证券
Short-term unsecured loans 短期无担保贷款
T-bill短期国库券
TED spread泰徳利差
traiiches=prioritized capital structure of claims 债权资木结构的优先层级划分
1、w hat is the quantitative easing in the form of ?童化宽松政策形式是什么
To increase reserves and expand the Fed balance sheet is a form quantitative easing. 增加储备并扩大联邦资产负债表是量化宽松政策的形式。

2、what is LIBOR?
LIBOR is an acronym for "London IncerBank Ottered Rate". This is the average interest rate that banks chaige when they make short-ienn unsecured loans to other banks・
3、which institution/agency calculate and publish LIBOR rate? LIBOR 的发布机构和计算方式？
The British Bankers'Association survey 16 major banks in London and find the average of the reported rates from this 16 banks. Then they discard the top four races and the bottom four rates and averages the rates form the remaining banks co come up with a IJBOR.
4^ what does a rising LIBOR tell us?
a rising LIBOR (ell us two thingsX I )The interest rates in general are rising and so LIBOR is also rising.(2)The defaulting risk in the market is high and therefore LIBOR is risiny
5、what docs a falling LIBOR tell us?
(1 )Thc interest rales in general arc falling and so LIBOR is also falling.(2)Thc defaulting risk in lhe market is low and therefore LIBOR is falling.
6、Why are Economists Worrying Aliout a Rising LIBOR?
In the midst of the laigesc financial crisis since The Great Depression, you are probably hearing a lot alwut LIBOR rising—which is a sign that the global credit markets are seizing up because banks are afraid （o loan to each other because they don! know if the other banks they are loaning to are going to exist next week, let along be able to pay back those loans.
6、What is the TED spread? /How does it get its name?
The TED Spread got its IKUIIC from the two financial instruments・、T' is from 3-monlh Treasury Bilk and "ED"is （he ticker symbol tor the Eurodollar futures comraci on CME.秦徳利差由两个金融工具得名，一个是三个月期国库券.另一个是欧洲美元期货合约。

7、How to calculate the TED spread?
The TED Spread is equal to the difference between the value of the Eurodollar futures contract and the yield on the 3-nionlh T-bill.
8、What is the Eurodollar ?（欧洲美元是什么）
Eurodollar refers to （JS dollar denominated assets that are outside the USA・
9、What does the TED spread tell us when it is increasing?（泰德利差增加意味着什么）
When TED spread is increasing, it tells us either the defaulting risk is higher or the stock market is faltering・ Il also implies the potential economic contraction.
10.What docs the TED spread tell us when it is decreasing?（泰縛利差减少意味着什么）
When TED spread is decreasing, it tells us either the defaulting risk is lower or the stock market is good. also means it is a sign of potential economic expansion.
11.What is the full name of OIS ?
OIS is an acronym for overnight interest swaps・
12.What is the mechanism of OIS in the financial market? OIS 的运行机制是什么？what is the machinery' of OIS?
OIS involves two types of interest rate. One is overnight interest rate, and the other one is fixed short-term interest rate. Whoever ends up paying less interest will make up the difference io the other institution.
13.What docs an increasing LIBOR-OIS tell us?
It tells us the Liquidity Risk Premium will be high.
15.What does LIBOR-OIS reflect?反映什么？
It reflects Liquidity Risk Premium・
16.How to calculate OIS?
Ovemight index swap rate is calculated each day. This rate is based on the average interest rate institutions with loans based on the overnight rate have paid for that day.
17.What docs the Overnight index swap rate tell us ? （OIS 能体现什么）
The OIS rate itself does not tell us much valuabie information, but if combine with LIBOR , and create the LIBOR OIS spread, it can indicate the health of the global credit mai ket.
18.What is a future contract?（期货合约）
A future contract is an agreement, traded on a futures exchange , to deliver a commodity or financial instalment for an agreed upon price at a standardized future date.
19.What is a 30-dav fed funds futures contract?
A fed funds futures contract is an interest rate futures; i.e. a futures contract whose value is based on a fixed-income security or interest rale・The underlying interest rate for the fed funds futures contract is the average daily effective federal funds rate for the delivery month. The final sctllcnwnt price for a contract is 100 minus this average rale・
Unlike some other futures, a ted funds futures contract does not involve the actual delivery of the commodity or asset underlying the futures. Instead, ted funds futures are cash settled. In cases where the purchaser of a futures contract does not sell it at a later date, the net cash selllerneni between the buyer and seller from the point of purchase to expiration is the difference between （he final settlement price and lhe price lhe futures coniracl was purchased for.
20.What is the essence of structured finance activities?
The essence of structured finance activities is pooling and issuing.
21.What is the full name of CDO ?
CDO is an acronym for collateralized debt obligation.
22.What means tranches?
It means prioritized capital stmeture of claims.
23.Two features of structured finance products （2个特征）
Stmclurcd finance products have two fealurcs: first, the extreme fragility of lheir nuings to modest imprecision evaluating underlying risks; second, their exposure to systematic risks.
24.What is the detinition of money market?货币市场定义
The money market is a collection of financial markets in which investors trade financial instruments that are considered to be 'just as good M as money.
25.What are financial instruments traded in the market?/ Financial instruments includes the following?货币市场交易有哪几种？T-bills, CDs, Commercial paper, cic.
26.VVhat is the nature of financial products trading in the money market?在货币市场中‘金融产品交易的属性？First, they are generally liquid, that is, able (o be bought and sold easily. Second, they are considered safe because they are issued by strong, credit-worthy institutions. Third, they carry very little price risk because of their short-tenn expirations.
27.What is the money market account? What arc the restrictions for a money market account?货币市场账户限制是什么
The money market account is like any other saving and checking account you might open at your bank. Some the money market account have higher minimum balance limits it；低余额限(创，some have restrictions on the number of transactions you can complete in certain time frame 交易次数限制and some have both.
2& Whafs T-bill and why T-bill can be a financial instrument in money market? (T-bill 成为金融工具的原因)
T-bills arc short-tcmi dcbl obligations issued by lhe U.S. Treasury to cover current dcficils in lhe federal budget and refinance maluring long-tcnn government dcbl. T-bills meet lhe three M good as money0 requirement because they arc extremely liquid because there is a huge secondaiy market for them, and there are billions of dollars worth of「bills in the market at any given time, they are considered to be virtually risk free because (hey are backed by the full faith and credit of the U.S. govemrnem and they carry very little price risk because lhe Treasury issues T-bills with expiration dates as close as 13 weeks and 26 weeks but never longer lhal 52 weeks・
29.Explain the structure of China*s financial system 或问How many parts(or component or segment) of China's financial system?
There are four components which are Banking, Non-banking financial, Financial markets, and Regulatoiy commissions. There are sub-sectors in each component. In banking sector, there are PBC, Policy banks (for example ADBC, EXIMBC, etc.), State-owned commercial banks (such as BC, ICBC ,ABC ,eic.), and Other commercial banks (tor example Minsheng Bank , Citic Bank, Huaxia Bank ,etc.)Non-banking financial sector, there are a number of institutions, for example Insurance companies, Trust Investment companies, and Securities companies・ In Financial markets, we have Money markcl, Stock market, Bond market. Futures market, Real estate, and VC/PE .In Regulatoiy Commissions, we have more than ten institutions. Some of the importam ones are PBC,CBRGCSRC,CIRC$DRC,NBS©c・
30.Which year is the development of modem finance?
1952 is the watershed of the Modern Finance・ Representatives are Milton Friedman and Harry Maiko wits.。