金融市场学双语-郭宁-思考题整理-ZUCC
金融市场学课后答案
第三章习题：1．X股票目前的市价为每股20元，你卖空1 000股该股票。
请问：（1）你的最大可能损失是多少？（2）如果你同时向经纪人发出了停止损失买入委托，指定价格为22元，那么你的最大可能损失又是多少？2．下表是纽约证交所某专家的限价委托簿：（1）如果此时有一市价委托，要求买入200股，请问按什么价格成交？（2）下一个市价买进委托将按什么价格成交？（3）如果你是专家，你会增加或减少该股票的存货？3．假设A公司股票目前的市价为每股20元。
你用15 000元自有资金加上从经纪人借入的5000元保证金贷款买了1000股A股票。
贷款年利率为6%。
（1）如果A股票价格立即变为①22元，②20元，③18元，你在经纪人账户上的净值会变动多少百分比？（2）如果维持保证金比率为25%，A股票价格可以跌到多少你才会收到追缴保证金通知？（3）如果你在购买时只用了10 000元自有资金，那么第（2）题的答案会有何变化？（4）假设该公司未支付现金红利。
一年以后，若A股票价格变为：①22元，②20元，③18元，你的投资收益率是多少？你的投资收益率与该股票股价变动的百分比有何关系？4．假设B公司股票目前市价为每股20元，你在你的经纪人保证金账户中存入15000元并卖空1000股该股票。
你的保证金账户上的资金不生息。
（1）如果该股票不付现金红利，则当一年后该股票价格变为22元、20元和18元时，你的投资收益率是多少？（2）如果维持保证金比率为25%，当该股票价格升到什么价位时你会收到追缴保证金通知？（3）若该公司在一年内每股支付了0.5元现金红利，（1）和（2）题的答案会有什么变化？5．下表是2002年7月5日某时刻上海证券交易所厦门建发的委托情况：问能否成交，成交价多少？（2）此时你输入一笔限价买进委托，要求按13.24元买进10000股，请问能成交多少股，成交价多少？未成交部分怎么办？6．3月1日，你按每股16元的价格卖空1000股Z股票。
《金融学》复习思考题
《金融学》复习思考题一、名词解释：货币制度: 简称币制，是一个国家以法律形式确定的该国货币流通的结构、体系与组织形式。
金银复本位制：指金铸币和银铸币同时作为本位币的货币制度。
格雷欣法则：在双本位制中，当黄金与白银的法定比价与市场价格不一致时，市场价格高于法定比价的金属货币在流通中的数量会逐渐减少，而市场价格低于法定比价的金属货币在流通中的数量会不断增加，这就是“劣币驱逐良币现象”，或称“格雷欣法则”。
商业信用: 工商企业之间相互提供的、与商品交易直接相联系的信用形式。
它包括企业之间以赊销、分期付款等形式提供的信用以及以预付定金等形式提供的信用。
消费信用：指企业、银行和其他金融机构向消费个人提供的、用于生活消费目的的信用。
银行信用：指各种金融机构，特别是银行，以存、放款等多种业务形式提供的货币形态的信用。
商业汇票 : 是由债权人签发给债务人（也可以是债务人或承兑申请人签发），命令后者支付一定款项给第三者或持票人的支付命令书。
回购协议: 指按照交易双方的协议，由卖方将一定数额的证券卖给买方，同时承诺若干日后按约定价格将该种证券如数买回的一种交易方式。
金融衍生工具: 是指在货币、债券、股票等传统金融工具为基础上衍化和派生的，以杠杆或信用交易为特征的金融工具。
期权合约：指期权的买方有权在约定的期限内，按照约定的价格向期权的卖方买进或卖出一定数量相关资产的协议。
期货合约：指约定在未来某一日期以确定的价格买卖一定数量的某种金融资产的买卖合约。
政策性金融:指在一国政府支持下，以国家信用为基础，运用各种特殊的融资手段，严格按照国家法规限定的业务范围、经营对象，以优惠性存贷利率，直接或间接为贯彻、配合国家特定的经济和社会发展政策，而进行的一种特殊性资金融通行为。
商业银行负债业务: 银行负债业务是指形成其资金来源的业务。
商业银行资产业务: 资产业务是指商业银行将自己通过负债业务所聚集的资金加以运用的业务。
商业银行中间业务：是银行不需运用自己的资金而代理客户承办支付和其他委托事项，并据以收取手续费的业务。
金融学双语考试复习资料
金融学双语考试复习资料Chapter 1经济学关注的3个问题：How scarce resources are allocated in the productionprocess among competing uses.How income generated in the production and sale of goods and services is distributed among members of society.How people allocate their income through spending, saving, borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。
Depository institutions （储蓄机构）–Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。
5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries areinstitutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。
国际金融复习思考题完整版.doc
国际金融复习思考题完整版复习思考题J、名词解释1、自主性交易差额：又叫国际收支差额，当这一差额为零时，称为“国际收支平衡”；当这一差额为正时，称为“国际收支顺差"；当这一差额为负时，称为“国际收支逆差”。
2、经常账户收支差额：包括贸易收支、无形收支（服务和收入）和经常转移收支的综合差额。
3、综合账户差额：是指经常账户与资本和金融账户中的资本转移、直接投资、证券投资、其他投资账户所构成的余额，也就是国际收支账户中剔除官方储备账户后的余额。
4、J曲线效应：贬值与时滞反应。
原因：1）贬值前的贸易协议要按原来的数量和价格执行，贬值后：外币定价的进曰一折成木币的支付f或木币定价的出口一折成外币的收入I ；2）进出口数量调整存在时滞；3）贬值预期短期增加进曰5、米德冲突：固定汇率制度下内部均衡与外部平衡冲突的问题。
他指出，在汇率固定不变时，政府只能主要运用影响社会总需求的政策来调节内部均衡和外部6、丁伯根原则：N个独立的政策的H标至少需要N个独立的政策工具才能实现。
7、美元报价法：在国际金融市场上，可能只报各种货币与美元的汇率，采用以美元为外汇的直接报价（欧元与英镑除外）。
其他货币间的汇率，通过他们与美元的汇率进行套算。
8、直•接报价法：以若干本币表示固定数量的外国货币。
9、宜接套汇：是指当两个不同地点外汇市场上某种货币汇率出现差异时，外汇交易者同时在这两个市场买贱卖贵，从中赚取差价利润的交易行为。
10、间接套汇：指利用三个或多个不同地点的外汇市场中三种或多种货币之间的汇率差异，同时在这三个或多个外汇市场上进行外汇买卖，以赚取汇率差额的一•种外汇交易，与直接套汇成为地点套汇的两种形式。
11、外汇期权：立权人赋予期权的买方在未来某时间与卖方按约定价格卖（买）一定数量某外汇的权利的合约。
合约购买者要向立权人（卖方）支付一定的费用，称期权费，但可选择是否买或卖。
12、外汇期货：交易双方在交易所以公开竟价的方式，约定在未来某时间按约定的价格买卖一定标准数量的外汇的标准化合约。
整理版国际金融 英文思考题汇总-yg
国际金融课后思考题汇总10金21.What’s Real Effective Exchange Rate?Real effextive exchange rate is an effective exchange rate based on real exchange rates as opposed to nominal exchage rates.On the one hand,it is a kind of effective exchange rate which is a measure of the weighted-average value of a currency relative to a selected group of currencies.On the other hand,it is based on real enchange rate although calculated in much the same way as a nominal effective exchange rate.In contrast to calculating effective nominal exchage rates,however,we use real exchage rates in computng the real effective exchange rate.2.Talk about the measurement of Exchange rate change.In general,there are mainly three measurement of exchange rate change.The first is the "point" of enchange rate change.The second is the percentage of exchange rate change,which is the difference between the final exchange rate and the initial exchange rate as a percentage of the initial exchange rate during a certain period.The third measurement is the exchange rate index,including the bilateral exchange rate index and the effective exchange rare index.3. The Three level(三个层次) of foreign exchange market.①Foreign exchange transaction between the centre bank and bank.②Foreign exchange transaction between banks③Foreign exchange transaction between bank and client.3.71. What's the foreign exchange arbitrage（套汇）?Foreign exchange arbitrage is the act of buying a currency at one price and immediately selling it at a different price. Spatial arbitrage refers to arbitrage activities that span separate markets. Triangular arbitrage refers to arbitrage activities in which the foreign exchange transaction involves more than two currencies.2.What's the interest parity? (covered interest parity)?we assume that there is no transaction cost，and capital can flow freely，and capital scale for arbitrage is unlimited .Covered interest parity is a condition that says that the difference between the interest rate on a domestic financial asset and the interest rate on a foreign financial asset should approximately equal the forward premium or discount.3.Look at chapter 5, talk about in what ways does a currencyfutures（货币期货）contract differ from a forward currency contract?期货与远期合约比较：Futures contracts specify standardized quantities and terms of exchange. Futures contracts require daily cash-flow settlements. The futures exchange is an organized market and has high Liquidity.货币期货与远期外汇：一、国际金融英语版P1231、Currency futures contracts entail daily cash follow settlements，whereas currency forward contracts entail a single settlement only at the date of maturity. （期货每日清算制度）2、Futures contracts typically involve smaller currency denominations as compared with forward contracts.3、Large banking institutions and corporations that transmit large volumes of foreign currencies are the primary users of forward contracts. individuals and smaller firms that wish to undertake hedging or speculative strategies typically trade currency futures.（远期外汇交易主要参与者是金融机构和企业，外汇期货则自然人和机构）二、补充（书P43）4、Currency futures contracts have higher liquidity and can be transferred freely while currency forward contracts cannot.5、buyers and sellers of Currency futures contracts need to pay Future guarantee by a certain ratio .以上感谢828蝈蝈丹梅泥巴蚊子~写得巨详细有木有（后面就省略评论了）3.191. What’s the determinant of option’s premium（期权费）?The determinant of option premium is the competition between supply and demand of the option in the market, which was influenced by the following 3 factors: the option’s intrinsic value , the option ’s time value and potential variability of the underlying asset.Intrinsic value is the asset appreciation from performing the option contract. It depends on the difference between spot exchange rate and trading exchange rate. A higher or lower difference will influence the buyers’ possibility of performing the contract, than make a different on option premium.Time value is the part of value decided by the length from trading date to expiry date. In most cases, the longer the time is, the higher the option premium will be.When other conditions are same, a greater potential variability of the underlying asset will makes a higher option premium.2. What is foreign exchange risk（外汇风险）?Foreign exchange risk is the effect that uncertain future values of the exchange rate may have on the value of a foreign-currency-denominated obligation, receipt, asset, or liability. If economic entities are in foreign exchange activities, they are likely to suffer the loss due to a change in foreign exchange rates.There are three types of exposure to foreign exchange risk: transactionexposure, translation exposure, and economic exposure. In principle, an individual or firm can offset, or hedge, some or all of the exposure to foreign exchange risk. The individual or firm covers the exposure by completely eliminating the risk.3. Talk about the differences among the three types of foreign exchange risk.An individual or firm may be exposed to foreign exchange risk in any of three different ways.Transaction exposure is the risk that the cost of a transaction , or the proceeds from a transaction, in terms of the domestic currency, may change. A transaction exposure is created when a firm agrees to complete a foreign-currency-denominated transaction some time in the future.The second type of foreign exchange risk is translation exposure, which arises when translating the values of foreign-currency-denominated assets and liabilities into a single currency value.The final type of foreign exchange risk is economic exposure, which is the effect that exchange-rate changes have on a firm's present value of future income streams. Economic exposure affects the ability of a firm to compete in a particular market over an extended period. Some economists believe that at least a portion of foreign direct investmentresults from firms trying to avoid economic exposure. By owning a plant or office in a foreign location of operation, the firm may avoid some of the foreign exchange risk that it would have incurred if all its plants and offices were in domestic locations only.thank董方同学3.211. What's economic risk?The economic risk is the effect that exchange-rate changes have on a firm’s value of future income streams. Economic exposure affects the ability of a firm to compete a particular market over an extended period. By owning a plant or office in a foreign location of operation, the firm may avoid some of the foreign exchange risk that it would have incurred if all its plants and offices were in domestic location only.以上感谢830圈董方天哥贤姐~2. What's the two method of foreign exchange rate prediction?(参考第四讲ppt第19-28张ppt)The two methods are fundamentalist(基本因素分析法) and chartist(技术分析法).Fundamentalist is based on analyzing the relationship between economic variables (such as balance of payment, money supply, the change of inflation rate, interest rate and the growth of GDP, etc.) and the exchange rate. Fundamentalist can be divided into two methods: 主观判断法和计量经济模型法. Fundamentalist can better predict long term foreign exchange rate fluctuation.The predicting method of Chartist is based on analyzing the foreign exchange market’s internal supply and demand. It mainly depends on chart analyzing and statistic methods, ‘K线法’ is one of them. Chartist can better predict short term foreign exchange rate fluctuation. Chartist focuses on market price, market’s turnover and the amount that haven’t been closed out(未平仓量). Chartist can also be divided into graph analyzing and trend analyzing.3. What's the international capital flow? How many kinds of it?International capital is the behavior of capital’s flowing internationally to seek profit. In most cases, it means a capital holder’s investing in a foreign country’s industrial or financial department and the procedure withdrawing his invest back.It includes three main methods: International direction investment, international portfolio investment and international loan.3.311. Look at the English Textbook, and talk about the feature of capital flows to the emerging economies（新兴经济体）.1. Capital flows are separated into foreign direct investment and portfolio investment. In 2000, portfolio capital flows turn negative. FDI flows remain relatively robust.2. Private capital flows to the emerging economies have grown at a remarkable rate since 1990.3. Though the emerging economies of East Asia attracted substantial FDI flows during the mid-1990s, they relied heavily on portfolio, bank loans and other capital flows.2. What's the fundamental reason for capital flows?The fu ndamental reason of capital’s international flow is the difference of 资本收益率among countries.The above 4 question’s answers are from 杨光and 陈饶尤4.91. What are the major consequences of international capital flow?1）It will help to improve the efficiency of global capital and the rational allocation of resources.2）It will contribute to the improvement of global and national output and economic welfare enhancing.3）International capital flows will lead to the redistribution of interests between different classes of the countriesOther economic benefits of international capital flows1、Help to promote the development of the global balance of payments, to promote international trade and investment is carried out smoothly.2、Contribute to the spread of science and technology in the international community，and promote the progress of world technology.3、(For the outflow country)Get more Overseas investment income；improve current account and balance of payments；promote commodity exports；expand overseas market share；create employment opportunities(For the inflow country)add domestic savings; Increases the capital accumulation; introduce of foreign technology and management experience; Promote financial development;Promote competition in the domestic market, improve business efficiency; promote macro economy development Negative effect1、Exchange rate fluctuations and financial turmoil2、Independence and efficiency of a country’s currency policy decrease3、(capital inflow country) excessive capital flow into，may lead to debtcrisis and other crisis4、(capital outflow country) trade deficit, negative effect of job creation, domestic income and taxation2. What are the capital control and capital account liberalization（资本账户自由化）?limits or outright prohibitions, which a nation's government can use tocapital control include exchange controls that prevent or limit the buying and selling of a national currency at the market rate, caps on the allowed volume for the international sale or purchase of various financial assets, transaction taxes such as the proposed Tobin tax, minimum stay requirements, requirements for mandatory approval, or even limits on the amount of money a private citizen is allowed to remove from the country).capital account liberalization usually refers to one country allows a variety of free movement of capital in its capital account, namely residents free access to international financial markets, investment and financing, non-residents can also have free access to domestic financial markets, investment and financing.4.151. What are the main reasons for capital account liberalization?(1) The promotion of economic globalization, especially the development of trade and investment liberalization(2) The less effectiveness of the capital controlFor industrialized countries:1.Private enterprises will be more easier to expand their businessoverseas2.Reducing the cost of financing of domestic enterpriseFor developing countries1）Ease the currency appreciation or depreciation pressure, and promote the macroeconomic stability2）Easier to attend global organizations2. What is the financial crisis（金融危机）? the main type.An imbalanced economic phenomenon that under the strikes of both inside and outside, most or all financial assets become volatile exceedingly at size and price in a period of time, which makes the financial market cannot function well ,and affect the real economy. Main types:Currency crisisBanking crisisForeign debt crisisSystemic financial crisis以上感谢209锋锋姐姐朋朋明明~4.191. What are the different explanations for the currency crisis? (Bank crisis, foreign debt crisis)Currency crisis:(direct) speculative attacks; (possible) recession of macroeconomy, variation of anticipation and govt’s discretionar y approaches; morality hazard, financial institution deteriorate; financial crisis spreadBank crisis:(direct) incapability on payment;(possible) economic cycle variation; asymmetric information →morality hazard; psychological issue, a run on the bankDebt crisis: liquidity problem, solvency problemSystematic crisis: comprehensive factors2. What's the relationship between capital flows and financial crisis?1) Short term capital flow→ speculative attack2) International capital flow→ fin ancial crisis spread3) Capital inflow→ macroeconomy imbalance4) Capital inflow→ fragile bank system5) Excessive foreign debt6) Outflow and inflow of international portfolio market →volatile portfolio market4.241. What's the difference between onshore transaction and offshore transaction（离岸交易）?2. The classification of international financial market.The international financial markets are the markets for cross-border exchange of financial instruments.The structure of the international financial market can be divided from different angles.According to the traditional classification, The international financial markets can be divided into international money market, international capital market, International foreign exchange market and International gold market.Typically, there is a distinction made between international money market and international capital market. International money markets are markets for exchange of financial instruments with maturities of less than one year, while international capital markets are markets for cross-border exchange of financial instruments with maturities of one year or more.According to the IMF and OEDC classification method, it can be divided into international credit market, international debt security market, international stock market, international financial derivatives market, international foreign exchange market and international gold market. Among them, the international credit market can be divided into bank short-term credit market and bank medium and long-term credit market. According to the transaction object area and trading currency division, it can be divided into onshore financial market and offshore financial market.3. What's Eurocurrency market（欧洲货币市场）?A Eurocurrency market is a market for the borrowing and lending of Eurocurrency deposits, which is the main part of the international financial market.以上感谢琼姐婧思娟娟思奇~4.291.What is interest rate swap?(胡聂风)It is an important type of swap on international financial markets. This is a contract under which one party commits itself to exchange a set of interest payments that it is scheduled to receive for different set of interest payments owed to another party.(书上)Interest Rate Swaps are contracts between two or more parties, called counterparties, in which they agree to exchange (or swap) streams of future debt payments. Interest rate swaps are derivative securities, traded "Over-the-Counter," not on a stock exchange. （网络）2. The exchange rate determinants under the Gold Standard （金本位制）.Mint par: the rate a kind of currency , the other is the rate gold contain of the currency to gold contain for the other.If supply> demand, exchange rate less than mint parIf supply <demand, exchange rate exceed gold pointExchange rate would never exceed gold point (or gold would be chosen to exchange directly)5.21. What's Purchasing Power Parity（购买力平价）?PPP is a condition that states that if international arbitrage is unhindered, ignoring transportation costs, tax differentials, and trade restrictions, the price of a good or service in one nation should be the same as the exchange-rate-adjusted price of the same good or service in another nation.2. What are the differences between UIP（不抵补套利）and CIP?Uncovered interest parity is a condition relating the interest differential of similar financial instrument of two nations to the excepted change in spot exchange rate between the two nations.Uncovered interest arbitrage refers to funds from the low interest rate currencies to high interest rate currencies, thereby earning the rate difference of income, but not at the same time trade against unwinds positions. This kind of arbitrage to withstand the high interest rate currencies devalues risk, speculative(投机性).Covered interest parity is a condition that says that the difference between the interest rate on a domestic financial asset and the interest rate on a foreign financial asset should approximately equal the forward premium or discount.Covered interest arbitrage is defined in the lower interest rate borrows a currency, through spot foreign exchange transaction will change into higher interest rates of national currency and invested to earn interest income. At the same time, in order to prevent the investment period exchange rate risk, this kind of arbitrage usually swaps with combination, namely from the higher interest income minus do swap cash, buy sell Fore cost, earn certain profit.以上感谢206聂风才斌俊德顺利5.71. Talk about the overshooting model（汇率超调模型）. Assume that the price in commodity market is fixed and the price in capital market is flexible. Facing an exogenous monetary shock, the foreign exchange rate will overshoot in the short run. But eventually, it will come back to the long-run equilibrium.Foreign exchange rate: from to (long-run equilibrium)Interest rate: from toLong-run:△=-short-run:△=-=-+(-)having------uncovered interest arbitrage parityobviously, 〡△〡<〡△〡+++++++++++++++++++++++++++++++++++++++++ (four pictures in )2. How do you evaluate RMB exchange rate?你如何评估（评价/估价）人民币汇率？I think this question means to ask us about the exchange rate determination theory of RMB.1)Purchasing power parity(PPP) or the theory of unit export cost（换汇成本理论）In the 1980s, some experts thought that RMB exchange rate should reflect the unit export cost. The unit export cost refers to the amount of RMB we use to create one unit of foreign exchange, which includes the cost of production and some proper profit. At that time, foreign trade occupied a significant position and the international capital flow is very limited, so it’s encouraged to export to earn foreign exchange for the country. Furthermore, the inflation rate was really high. The inflation, changing cost of production and the fixed exchange rate discouraging companies from exporting. Then the government gave them financial subsidies and began to use dual exchange rate, which were both blocked.2)The theory of balance of payments.From the 1990s, balance of payments of China changed greatly, and the scale of net favorable balance became larger and larger. According to this phenomenon, some experts advised that RMB should appreciate. 3)Other opinions.Some other experts thought that those exchange rate determination theories don’t work on this way. Because the capital account of china was not open enough, they didn’t think the traditional theories is suitable for China.5.141. What're the main reasons for the BOP imbalance（国际收支不平衡）?1)Periodic cause(short run):flourish → income, investment increase → import increase → trade deficit → export increase2)Systematic cause:economic structure, exchange structure, finance structure and others 3)Monetary cause:long-term inflation → trade deficitlong-term deflation → trade surplus2. What's the specie（硬币）price flow mechanism?It was put forward by Hume in 1752.It has two assumptions: first, the international specie flow is free of the government control; second, goods can be traded freely, free of the government restrict. The basic logic of it is as follows: when the number of species in a country is small, the price of goods will be low, so the goods in this country will be more competitive in the world market, which will lead to the increase of export and trade surplus . The trade surplus will increase the number of species, which in return will raise the price of the goods and lead the trading to a balance. When the number of species in a country is large, the process is opposite.以上四题感谢208唐唐闵岳过儿梅景5.161. Use e lasticity’s approach（弹性说）and absorption（吸收说）approach to deal with Chinese BOP disequilibrium.A: 1. elasticity approach:If Marshall-Lerner condition is met in china, which means the sum of the elasticity of export supply and import demand must exceed unity, we can use the elasticity approach to deal with the BOP disequilibrium. If price is fixed, the appreciation of RMB can cause a reduced export and an increased import, in this way, the balance of current account can be improved. And the appreciation of RMB2. absorption approach:In the case of underemployment, the appreciation of RMB can enhance the import, and Y decreases, although there is a decrease in absorption, the decrease amount of Y is larger than A, thus B is decreased.In the case of full employment, the Y is fixed, we can only expand our expenditure to increase A, then we can have a smaller B.China is in the case of underemployment, we can combine these two methods to improve the balance of payment.2. What's J-curve?A phenomenon in which a depreciation of the domestic currency causes a nation’s balance of payments to worsen before it improves.图见国际金融书P885.211. What are the objectives and instruments（目标与工具）for economic policies?Answer:the objectives can be divided into two parts:internal balance objectives and external balance objectivesInternal balance objectives consist of real-income goals(that is to achieve the highest possible growth in its citizens' livings standards),employment goals( that is to reduce the size and volatility of workers unemployment rates) and inflation goals(that is maintain low inflation and to limit inflation volatility)External balance objectives consist of two parts,that is balance of payment and stability of exchange rateThe instruments that the government can use are need-adjustment policies,supply-adjustment policies and financing policies.need-adjustment policies include expenditure-adjustment policies which effect the volume of total need,expenditure-adjustment policies which effects the frame of expenditure and directly control policies Supply-adjustment policies include industrial policies(which focuson industrial structure),technological policies(which focus on development of technology and management) and Institutional innovationFinancing policies are about the use of Official reserves2. What's Tinbergen（丁伯根）rule1?The Tinbergen Rule states that for every policy target, there must be at least one policy tool. If there are several policy goals to be achieved, there must be at least the same number of the policy tools, and all of the policy tools should be independent of each other.以上四题感谢832秋钰豆腐絮姐&qu5.281. What's the main conclusion of IS-LM-BP framework?1)Exchange rate system have an important effect on the effect of fiscaland monetary policy in an open economy.2)Fiscal policy is more effective than monetary policy under the fixedexchange rate system.3)Monetary policy is more effective than fiscal policy under the floatingexchange rate system.4)The effectiveness of fiscal and monetary policy is related to capitalmobility.2. What's the economic impact of exchange rate depreciation?1. impact on the balance of payment(1) trade balanceIf an economy is not under the full of employment, the depreciation of exchange rate will improve trade balance; however, when the economy is under the full of employment, it will cost more to employ more resource and thus the inflation will erode the monetary effect.(2) capital flowIf an economy has depreciated and is expected to further depreciate in the future, capital flight will be triggered; however, if the currency is expected to be appreciated in the future and the environment is suit for investment, the capital flow will come back.(3) foreign exchange reserveForeign exchange reserve will be directly influenced by the change of trade balance and capital flow and the loss of actual value of foreign exchange reserve will be caused.2. impact on domestic economy(1) domestic pricesExchange rate depreciation will favor the exportation and raise the cost of imported raw material.(2) income and employmentExchange rate depreciation will enlarge the scale of domesticproduction.(3) national industry and adjusting economic structure5.311. What's sterilized intervention（冲销干预）?a central bank policy of altering domestic credit in an equal and opp osite direction relative to any variation in foreign exchange reserves so as to prevent the monetary base from changing.2. What's direct control policy?1)It mainly refers to trade restrictions and foreign exchange control.2)Direct control policy uses methods such as price control,administrative approval, tariff to control trade in goods and service, capital flow, currency exchange and the level of exchange rate. So the economic policy objectives can be reached.The above 4 question’s answers are from 裴蕾瑞哥瑶姐方琪6.11. What are the main determinants for the scale of international reserve?这个书上都没有，想的后面找助教确认一下再说。
金融市场学--习题集(DOC)
金融市场学习题集第一章导论一、名词解释1.金融市场2.金融市场主体3.金融市场客体4.金融工具5.金融市场媒体6.初级市场7.次级市场8.现货市场9.期货市场10.期权市场11.店头市场12.第四市场13.金融市场管理14.金融市场监督二、填空1．就金融市场本身的构成要素来说，都不外（）、（）、（）、（）四要素。
2．金融市场的（）、（）、（）是发达的金融市场必须具备的特点。
3．信用工具是表示（）、（）关系的凭证，是具有法律效力的契约。
4．按发行者的身份，债权证券又可分为（）、（）和（）。
5．按品种划分金融工具有（）、（）和（）三种。
6．金融工具的之间的种种差别，概括起来不外乎是三个方面的不同：（）、（）、（）。
7．金融市场的媒体可分为两类：一类是（），另一类是（）。
8．证券市场的发展通常有两个来源，即（）和（）。
9．短期金融市场可分为（）、（）和（）。
10．长期金融市场包括（）和（）。
11．金融市场按交割方式可分为（）、（）和（）。
12．金融市场按成效与定价方式可分为（）、（）和（）以及（）。
13．基础性金融市场是一切基础性金融工具、如货币、（）、（）和外汇等交易市场。
14．金融市场最基本的功能是转化（）为（）。
15．金融市场监督管理必须遵循以下原则：（）、（）、（）、（）。
16．金融市场监管的内容主要是对（）的监管。
17．政府对金融市场的实施监督要通过一定的专门机构进行，这些机构一般有三类，即（）、（）、（）。
18．我国金融市场的主要监管机构是（）。
19．金融市场监管机构通常使用两类手段实施监管，即（）、（）和（）。
在我国，还使用另一类手段，即（）。
三、单项选择1．金融市场主体是指（）。
A．金融工具B金融中介机构C.金融市场的交易者D.金融市场价格2.金融市场的客体是指金融市场的( ).A.交易对象B.交易者C.媒体D交易价格3.金融市场首先形成于17世纪初的( )。
A中国浙江一带B.美国大陆C.欧洲大陆D.日本4.世界上最早的证券交易所是( ).A.荷兰阿姆斯特丹证券交易所B.英国伦敦证券交易所C.德国法兰克福证券交易所D.美国纽约证券交易所5.东印度公司是世界上最早的股份公司,它是由( )出资组建的.A.印度B美国C英国D荷兰和比利时6.旧中国金融市场的雏形是在( )中叶以后出现在浙江一带的钱业市场.A.明代B.唐代C.宋代D.清代7.我国历史上第一家证券交易所是成立于1981年的( ).A.上海华商证券交易所B北京证券交易所C上海证券物品交易所D天津证券、华纱、粮食、皮毛交易股份有限公司8．专门融通一年以内短期资金的场所称之为（）。
国际金融学教材各章复习思考题-9页文档资料
《国际金融学》教材各章复习思考题第一章开放经济下的国民收入账户与国际收支账户一、基本概念（名词解释题）1．开放经济8．国际收支2．国民收入9．经常账户3．贸易账户余额10．资本与金融账户4．国内生产总值（GDP）11．直接投资5．国民生产总值（GNP）12．证券投资6．经常账户余额构成（CA）13．储备资产7．国际投资头寸（IIP）14．综合账户余额二、基本技能（计算分析题）计算分析1996年国际收支平衡表内各项目结构、平衡关系，反映出什么信息？三、基本理论（问答题）国际收支表上贸易账户余额与经常账户余额、资本与金融账户余额之间有什么关系？第二章开放经济下的国际金融活动（国际金融市场）一、基本概念（名词解释题）1．国际金融市场14．基本汇率与套算汇率2．欧洲货币市场15．套汇3．在岸交易与离岸交易16．欧洲货币与欧洲货币市场4．外汇17．外汇远期合约5．汇率18．外汇期货交易6．直接标准法与间接标准法19．外汇互换交易7．固定汇率与浮动汇率20．利率互换8．单一汇率与复汇率21．货币互换9．实际汇率与有效汇率22．看涨期权与看跌期权10．银行间外汇市场交易的特点23．羊群效应11．美元标价法24．国际金融创新12．外汇即期交易与远期交易25．对冲基金的特点13．外汇远期差价升水与贴水二、基本理论（问答题）1．欧洲货币市场的经营特点2．国际金融创新的原因、影响3．80年代以来国际资金流动的特点第三章开放经济下的商品市场、货币市场与经常账户一、基本概念1．国内吸收6．出口需求弹性与进口需求弹性2．名义汇率与实际汇率7．马歇尔—勒纳条件3．窖藏8．劳尔森——梅茨勒效应4．价格弹性9．溢出效应5．需求的价格弹性10．反馈效应二、基本理论1．开放经济的自动平衡机制2．浮动汇率制下的开放经济平衡第四章开放经济下的国际资金流动一、基本概念1．国际资金流动8．债权交换2．资金完全流动9．债务回购3．资金不完全流动10．国际短期流动资金4．国际收支的货币分析法11．套利性、避险性、投机性资金流动5．资产组合理论12．货币危机与金融危机6．外债规模与偿债率13．蔓延型货币危机7．债务资本化二、基本理论1．固定汇率制下的开放经济平衡2．浮动汇率制下的宏观经济平衡3．国际际资金流动的原因，提高利率对国际资金流动的影响4．国际生产性贷款对宏观经济的影响5．国际消费性贷款对宏观经济的影响6．国际债务危机爆发的原因7．国际债务危机的解决方案8．货币危机发生的原因9．货币危机的不利影响第五章汇率决定理论（上）一、基本概念1．铸币平价与金平价6．利率平价说2．黄金输送点7．国际收支说3．货币汇率与法定平价8．国际借贷说4．购买力平价说9．换汇成本说5．一价定律二、基本理论1．在金币本位制、金块和金汇兑本位制、纸币本位制下汇率的决定2．如何评价购买力平价理论3．如何评价利率平价说4．如何评价国际收支说第六章汇率决定理论（下）一、基本概念1．汇率的弹性价格分析法2．汇率的弹性价格货币分析法3．汇率的资产组合分析法第七章开放经济下的政策目标与工具一、基本概念1．内部均衡与外部均衡2．开放经济下的政策工具第八章开放经济下的财政、货币政策一、基本理论1．在浮动汇率制下货币政策、财政政策效力第九章开放经济下的汇率政策一、概念1．汇率制度5．货币局制2．固定汇率制与浮动汇率制6．政府干预外汇市场手段3．爬行钉住制7．香港的联系汇率制4．汇率目标区制二、基本理论1．货币贬值对经济有什么影响？2．固定汇率与浮动汇率制优劣争论的主要观点。
金融市场学
金融市场学一计算题1假定投资者有一年的投资期限，想在三种债券间进行选择，三种债券有相同的违约风险，都是十年到期，第一种是灵犀自券，到期支付1000美元，第二种是息票率为8%，每年付80美元的债券。
第三种债券息票率为10%，每年支付100美元（1）如果三种债券都有8%的到期收益率，它们的价格各应是多少？（2）如果投资者预计下年年初时到期收益率为8%，那时的价格各为多少？对每种债券投资者的税前持有期收益率是多少？如果税收等级：为普通收益率为30%，资本收益税率20%，则每种债券的税后收益率为多少？（1）答案：第一种债券：P=1000/(1+8%)^10=463.19 元第二种债券：1000 元（息票率=到期收益率，可直接推价格=面值）答案：2132.一交易商买入两份橙汁期货，每份含15000磅，目前的期货价格为每磅1.60元，初始保证金为每份6000元，维持保证金为每份4500元。
请问在什么情况下，该交易商将收到追缴保证金通知？在什么情况下，它可以从保证金账户中提走2000元？答案：如果每份合约损失6000 -4500 =1500 元时会收到追缴保证金通知，此时价格为：1.6-（6000-4500)/15000 = 1.5元/磅当每份合约的价值上升超过2000/2 =1000元时，此时期货价格为：1.6+ 1000/15000 = 1.667 元/磅，他就可以从其保证金账户中提走2000元3.一种债券的息票率为8%，到期收益率为6%，如果一年后该债券的到期收益率保持不变，则其价格将升高，降低还是不变？答案：降低，因为息票率高于到期收益率，说明目前债券价格高于面值，而随着时间流逝，它会逐年降低至到期时达到面值。
二综合题1下列哪种证券的价格应该高？(1)息票率为5%的10期，国债与息票率为6%的10期国债息票率为6%的10期国债价格高(2)贴现收益率为百分之三点儿一的三个月国库券儿与贴现收益率为3.2%的三个月国库券贴现收益率为百分之三点儿一的三个月国库券2。
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Chapter 1 3. Some economists suspect that one of the reasons that economies in developing countries grow so slowly is that they do not have well-developed financial markets. Does this argument make sense? Financial markets are crucial to promoting greater economic efficiency by channeling funds from people who do not have a productive use for them to those who do. Well-functioning financial markets are a key factor in producing high economic growth, and poorly performing financial markets are one reason that many countries in the world remain poor.
Chapter 2 3. Why are financial intermediaries so important to an economy? Because the intermediary obtains funds from savers then makes loans/investments with borrowers. This process, called financial intermediation, is actually the primary means of moving funds from lenders to borrowers. More important source of finance than securities markets Needed because of transactions costs, risk sharing, and asymmetric information . 4. Discuss the differences between depository institutions, contractual savings institutions, and investment intermediaries. Depository institutions are financial intermediaries that accept deposits from individuals and institutions and make loans. Contractual saving institutions are financial intermediaries that acquire funds at periodic intervals on a contractual basis. Investment intermediaries are finance companies, mutual funds, and money market mutual funds that provide transactionary services.
Chapter 11 3. Explain how the Federal Reserve can influence the federal funds interest rate. The Federal Reserve cannot directly control fed funds rates. It can and does indirectly influence them by adjusting the level of reserves available to banks in the system. The Fed can increase the amount of money in the financial system by buying securities. when investors sell securities to the Fed, the proceeds are deposited in their banks' accounts at the Federal Reserve. These deposits increase the supply of reserves by selling securities, fed funds rates will increase. 4. Explain why money market interest rates move so closely together over time. Because all of comparing money market securities have very low risk and a short term. They all have deep markets and so are priced competitively. In addition , because these instruments have so many of the same risk and term characteristics, they are close substitutes. 5. How are Treasury bills sold? How do competitive and noncompetitive bids differ? The Fed has set up a direct purchase option that individuals may use to purchase Treasury bills over the Internet. The significant difference between the two methods is that competitive bidders may or may not end up buying securities whereas the noncompetitive bidders are guaranteed to do so.
Chapter 12 3. What role do restrictive covenants play in bond markets? The restrictive covenants include rules and restrictions on managers designed to protect the bondholders’ interest. And they usually limit the amount of dividends the firm can pay, and the ability of the firm to issue additional debt. 4. What is a convertible bond? How does the convertibility feature affect the bond's price and interest rate? Convertible bond is a kind of bond which bondholders can convert into a company's common stock at the agreed price. Result from the convertibility feature ,its price will be relatively higher and interest rate will be comparatively lower. 5. What types of risks should bondholders be aware of and how do these affect bond prices and yields? (1) Interest-rate risk. The longer the time until the bond matures, the greater will be the change in price. If the bondholders attempt to sell their bonds after interest rates have risen, they will receive less than they paid. (2)Default risk. The degree of risk varies widely among different bond issues .Bonds with lower risk and a higher rating have lower interest rates than more risk bonds. (3) Liquidity risk. Bonds with shorter term and lower face value have lower interest rates.
Chapter 13 3. How do over-the-counter markets differ from organized exchanges? Organized exchanges : 1) Auction markets with floor specialists. 2) 25% of traders are filled with directly by specialist. 3) Remaining trades are filled through SuperDOT. Over-the-counter markets: 1) Multiple market makers set bid and ask prices. 2) Multiple dealers for any given security. 4. What are the advantages and disadvantages of Electronic Communications Networks (ECNs) for trading stocks? Advantages: 1）Transparency: everyone can see unfilled orders. 2）Cost reduction: smaller spreads. 3) Faster execution 4）After-hours trading Disadvantage: they work only for stocks with substantial volume. 5. Why would a crisis in the subprime mortgage market lead to declining prices in the U.S. equity markets? The subprime financial crisis had a major negative impact on the economy leading to a downward revision of the growth prospects for U.S. companies, thus lowering the dividend growth rate in the Gordon model.