英文版货银复习重点【国际学院】弗雷德里克-S-米什金
合集下载
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
2. YTM:
CF (1 + i ) n
The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today 3. Four types of credit market instruments (1) Simple Loan PV = amount borrowed = $100 CF = cash flow in one year = $110 n = number of years = 1 $110 $100 = (1 + i )1 (1 + i ) $100 = $110 $110 (1 + i ) = $100 i = 0.10 = 10% For simple loans, the simple interest rate equals the yield to maturity (2) Fixed-Payment Loan The same cash flow payment every period throughout the life of the loan LV = loan value FP = fixed yearly payment
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 4
1. Simple Present Value
PV = today's (present) value CF = future cash flow (payment) i = the interest rate PV =
n = number of years until maturity FP FP FP FP ...+ 2 3 1 + i (1 + i ) (1 + i ) (1 + i ) n (3)Coupon Bond Using the same strategy used for the fixed-payment loan: P = price of coupon bond C = yearly coupon payment F = face value of the bond n = years to maturity date C C C C F P= . . . + 2 3 n 1+i (1+i ) (1+i ) (1+i ) (1+i ) n LV =
来自百度文库
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 2
1. Function of Financial Markets Channeling funds; Promotes economic efficiency; Time purchases better 2. Primary and Secondary Markets Primary market: New security issues sold to initial buyers Investment Banks Secondary market: Brokers and dealers Make financial instruments more liquid Determine the price in primary market 3. Function of Financial Intermediaries: Indirect Finance • Lower transaction costs：Economies of scale & Liquidity services • Reduce Risk：Risk Sharing (Asset Transformation) & Diversification • Asymmetric Information Adverse Selection (before the transaction)—more likely to select risky borrower Moral Hazard (after the transaction)—less likely borrower will repay loan,
经济衰退前期伴随着货币增长率的下降
4. Monetary and Fiscal Policy • Monetary policy is the management of the money supply and interest rates, by Fed • Fiscal policy is government spending and taxation • Budget deficit is the excess of expenditures over revenues for a particular year. Any deficit must be financed by borrowing. • Budget surplus is the excess of revenues over expenditures for a particular year
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 3
1. Money (money supply) • anything that is generally accepted in payment for goods or services or in the repayment of debts • overcomes the difficulties of barter, promotes economic efficiency by minimizing the time spent in exchanging goods and services • Function: Medium of Exchange; A unit of Account; A Store of Value 2. Types of Money • Commodity Money • Fiat Money • Checks • Electronic Payment • E-money 3. Measures of the monetary aggregates
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
When the coupon bond is priced at its face value, YTM = coupon rate The price of a coupon bond and YTM are negatively related YTM is greater than the coupon rate when the bond price is below its face value Consol : A bond with no maturity date that does not repay principal but pays fixed coupon payments forever i c = C / Pc (4)Discount Bond 1. i= ( F－P) / P 4. Current yield & Yield on a Discount Basis (1) Current yield= yearly payment/price, that is, ic=C/P • Is better approximation to YTM, nearer price is to par and longer is maturity of bond • Change in current yield always signals change in same direction as YTM (2)Yield on a Discount Basis idb = ( F－P) / F * 360/(number of day to maturity) • Longer the maturity, greater is understatement • Change in discount yield always signals change in same direction as YTM 5. Rate of Return • The return on a bond will not necessarily equal the YTM on that bond.
• •
•
Financial Intermediaries(FI)—institutions that borrow funds from people who have saved and make loans to other people Aggregate price level: average price of goods and services in an economy
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 1
1. Financial Markets
• • • •
Security (financial instrument): a claim on the issuer’s future income or assets Bond: a debt security that promises to make payments periodically for a specified period of time Interest rate: the price of money, the cost of borrowing Common stock: a share of ownership in a corporation, claim on the earnings and assets of the corporation
2. Foreign Exchange Market • The foreign exchange rate: the price of one currency in terms of another currency • The foreign exchange market determines the foreign exchange rate 3. With FIs
• • • •
• • • • •
The return equals the yield to maturity only if the holding period equals the time to maturity A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period The more distant a bond’s maturity, the greater the size of the percentage price change associated with an interest-rate change The more distant a bond’s maturity, the lower the rate of return the occurs as a result of an increase in the interest rate Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise
CF (1 + i ) n
The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today 3. Four types of credit market instruments (1) Simple Loan PV = amount borrowed = $100 CF = cash flow in one year = $110 n = number of years = 1 $110 $100 = (1 + i )1 (1 + i ) $100 = $110 $110 (1 + i ) = $100 i = 0.10 = 10% For simple loans, the simple interest rate equals the yield to maturity (2) Fixed-Payment Loan The same cash flow payment every period throughout the life of the loan LV = loan value FP = fixed yearly payment
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 4
1. Simple Present Value
PV = today's (present) value CF = future cash flow (payment) i = the interest rate PV =
n = number of years until maturity FP FP FP FP ...+ 2 3 1 + i (1 + i ) (1 + i ) (1 + i ) n (3)Coupon Bond Using the same strategy used for the fixed-payment loan: P = price of coupon bond C = yearly coupon payment F = face value of the bond n = years to maturity date C C C C F P= . . . + 2 3 n 1+i (1+i ) (1+i ) (1+i ) (1+i ) n LV =
来自百度文库
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 2
1. Function of Financial Markets Channeling funds; Promotes economic efficiency; Time purchases better 2. Primary and Secondary Markets Primary market: New security issues sold to initial buyers Investment Banks Secondary market: Brokers and dealers Make financial instruments more liquid Determine the price in primary market 3. Function of Financial Intermediaries: Indirect Finance • Lower transaction costs：Economies of scale & Liquidity services • Reduce Risk：Risk Sharing (Asset Transformation) & Diversification • Asymmetric Information Adverse Selection (before the transaction)—more likely to select risky borrower Moral Hazard (after the transaction)—less likely borrower will repay loan,
经济衰退前期伴随着货币增长率的下降
4. Monetary and Fiscal Policy • Monetary policy is the management of the money supply and interest rates, by Fed • Fiscal policy is government spending and taxation • Budget deficit is the excess of expenditures over revenues for a particular year. Any deficit must be financed by borrowing. • Budget surplus is the excess of revenues over expenditures for a particular year
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 3
1. Money (money supply) • anything that is generally accepted in payment for goods or services or in the repayment of debts • overcomes the difficulties of barter, promotes economic efficiency by minimizing the time spent in exchanging goods and services • Function: Medium of Exchange; A unit of Account; A Store of Value 2. Types of Money • Commodity Money • Fiat Money • Checks • Electronic Payment • E-money 3. Measures of the monetary aggregates
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
When the coupon bond is priced at its face value, YTM = coupon rate The price of a coupon bond and YTM are negatively related YTM is greater than the coupon rate when the bond price is below its face value Consol : A bond with no maturity date that does not repay principal but pays fixed coupon payments forever i c = C / Pc (4)Discount Bond 1. i= ( F－P) / P 4. Current yield & Yield on a Discount Basis (1) Current yield= yearly payment/price, that is, ic=C/P • Is better approximation to YTM, nearer price is to par and longer is maturity of bond • Change in current yield always signals change in same direction as YTM (2)Yield on a Discount Basis idb = ( F－P) / F * 360/(number of day to maturity) • Longer the maturity, greater is understatement • Change in discount yield always signals change in same direction as YTM 5. Rate of Return • The return on a bond will not necessarily equal the YTM on that bond.
• •
•
Financial Intermediaries(FI)—institutions that borrow funds from people who have saved and make loans to other people Aggregate price level: average price of goods and services in an economy
The Economics of Money, Banking and Financial Markets (For 11 IA02, Dec 2012)
Chapter 1
1. Financial Markets
• • • •
Security (financial instrument): a claim on the issuer’s future income or assets Bond: a debt security that promises to make payments periodically for a specified period of time Interest rate: the price of money, the cost of borrowing Common stock: a share of ownership in a corporation, claim on the earnings and assets of the corporation
2. Foreign Exchange Market • The foreign exchange rate: the price of one currency in terms of another currency • The foreign exchange market determines the foreign exchange rate 3. With FIs
• • • •
• • • • •
The return equals the yield to maturity only if the holding period equals the time to maturity A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period The more distant a bond’s maturity, the greater the size of the percentage price change associated with an interest-rate change The more distant a bond’s maturity, the lower the rate of return the occurs as a result of an increase in the interest rate Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise