英文版货银复习重点【国际学院】弗雷德里克-S-米什金

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Mishkin 米什金货币银行学课件

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Chapter 1
Why Study Money, Banking, and Financial Markets?
Why Study Money,Banking and Financial Markets
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency 2. Affect personal wealth and behavior of business firms
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
5பைடு நூலகம்
Bond Market
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Stock Market
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Foreign Exchange Market
Why Study Banking and Financial Institutions?
1. Financial Intermediation
Helps get funds from savers to investors

BEC考试阅读材料精选(二十三)

BEC考试阅读材料精选（二十三）油价昨日逼近100美元大关昨日，原油价格再度跃升，距每桶100美元仅咫尺之遥，原因是美元汇率跌至创纪录低点，这重新引发了人们对于全球通货膨胀抬头的忧虑。

Crude oil jumped to within striking distance of $100 a barrel yesterday as the US dollar tumbled to records lows, prompting fresh fears of a resurgence of global inflation.美联储(Fed)理事弗雷德里克?米西金(Frederic Mishkin)在谈到价格上涨时警告，各国央行需“确保这不会蔓延成长期的通胀影响”，但他同时表示，当局也不应对短期数据做出过度反应。

Responding to the price rise, Frederic Mishkin, US Federal Reserve governor, warned that central banks needed to “m ake sure that it does not spill over into long-run inflation impacts” but said authorities should not overreact to short-term figures.Bank of New York Mellon分析师西蒙?德里克(Simon Derrick)表示：“投资者对于全球（特别是美国）通胀不断加剧的担忧显然在上升。

”Simon Derrick, analy st at Bank of New York Mellon, said: “Concerns among investors are clearly growing about rising inflation globally and in the US in particular.”在出现上述担忧之际，欧洲大陆及英国的央行今日召开会议，考虑T利率政策问题。

货币金融学financialmarketandinstitutions-米什金-英文ch11原版

▪ Figure 11.1 shows that limits on interest banks could offer was not relevant until the 1950s. But in the decades that followed, the problem became apparent.
▪ Before we do that, let’s examine some of the current rates offered in the U.S. money markets. Some of these rates have been discussed in previous chapters. Other rates will be explored throughout this chapter.
© 2012 Pearson Education. All rights reserved.
11-5
The Money Markets Defined: Cost Advantages
▪ Even today, the cost structure of banks limits their competitiveness to situations where their informational advantages outweighs their regulatory costs.
11-13
Money Market Instruments (cont.)
▪ We will examine each of these in the following slides (continued):
─ Commercial Paper ─ Banker’s Acceptance ─ Eurodollars

货币金融学第10版米什金英文答案

货币金融学第10版米什金英文答案Chapter 1ANSWERS TO QUESTIONS1.The interest rate on three-month Treasury bills fluctuates more than the other interest rates and is loweron average. The interest rate on Baa corporate bonds is higher on average than the other interest rates.2.The lower price for a firm’s shares means that it can raise a smaller amount of funds, so investment infacilities and equipment will fall.3.H igher stock prices mean that consumers’ wealth is higher, and they will be more likely to increasetheir spending.4.They channel funds from people who do not have a productive use for them to people who do,thereby resulting in higher economic efficiency.5.The United States economy was hit by the worst financial crisis since the Great Depression. Defaultsin subprime residential mortgages led to major losses in financial institutions, producing not only numerous bank failures, but also the demise of two of the largest investment banks in the United States.These factors led to the “Great Recession” which began late in 2007.6.The basic activity of banks is to accept deposits and make loans.7.Savings and loan associations, mutual savings banks, credit unions, insurance companies, mutualfunds, pension funds, and finance companies.8.Answers will vary.9.In the period from 2007 to 2011, both inflation and interest rates have generally trended downwardcompared to before that period.10.The data in Figures 3, 5, and 6 suggest that real output, the inflation rate, and interest rates wouldall fall.11.Businesses would increase investment spending because the cost of financing this spending is nowlower, and consumers would be more likely to purchase a house or a car because the cost of financing their purchase is lower.12.No. It is true that people who borrow to purchase a house or a car are worse off because it costs themmore to finance their purchase; however, savers benefit because they can earn higher interest rates on their savings.13.Because the Federal Reserve affects interest rates, inflation, and business cycles, all of which have animportant impact on the profitability of financial institutions.14.The deficit as a percentage of GDP has expanded dramatically since 2007; in 2010 the deficit to GDPratio was 10%, well above the historical average of around 2% since 1950.15.It makes foreign goods more expensive, so British consumers will buy fewer foreign goods and moredomestic goods.62 Mishkin •The Economics of Money, Banking, and Financial Markets, Tenth Edition16.It makes British goods more expensive relative to American goods. Thus American businesses willfind it easier to sell their goods in the United States and abroad, and the demand for their products will rise.17.Changes in foreign exchange rates change the value of assets held by financial institutions and thuslead to gains and losses on these assets. Also changes in foreign exchange rates affect the profits made by traders in foreign exchange who work for financial institutions.18.In the mid- to late 1970s and in the late 1980s and early 1990s, the value of the dollar was low, makingtravel abroad relatively more expensive; thus it was a good time to vacation in the United States and see the Grand Canyon. With the rise in the do llar’s value in the early 1980s, travel abroad became relatively cheaper, making it a good time to visit the Tower of London. This was also true, to a lesser extent, in the early 2000s.19.When the dollar increases in value, foreign goods become less expensive relative to American goods;thus you are more likely to buy French-made jeans than American-made jeans. The resulting drop in demand for American-made jeans because of the strong dollar hurts American jeans manufacturers.On the other hand, the American company that imports jeans into the United States now finds that the demand for its product has risen, so it is better off when the dollar is strong.20.As the dollar becomes stronger (worth more) relative to a foreign currency, one dollar is equivalent to(can be exchanged for) more foreign currency. Thus, for a given face value of bond holdings, a stronger dollar will yield more home currency to foreigners, so the asset will be worth more to foreign investors.Likewise, a weak dollar will lead to foreign bond holdings worth less to foreigners.ANSWERS TO APPLIED PROBLEMS21.The best day is 4/25. At a rate of $1.6674/pound, you would have £119.95. The wo rst day is 4/7.At $1.961/pound, you would have £101.99, or a difference of £17.96.Part Three: Answers to End-of-Chapter Problems 63 Chapter 2ANSWERS TO QUESTIONS1. Yes, I should take out the loan, because I will be better off as a result of doing so. My interest paymentwill be $4,500 (90% of $5,000), but as a result, I will earn an additional $10,000, so I will be ahead of the game by $5,500. Since Larry’s loan-sharking business can make some people better off, as in this example, loan sharking may have social benefits. (One argument against legalizing loan sharking, however, is that it is frequently a violent activity.)2. Yes, because the absence of financial markets means that funds cannot be channeled to people whohave the most productive use for them. Entrepreneurs then cannot acquire funds to set up businesses that would help the economy grow rapidly.3. The share of Microsoft stock is an asset for its owner, because it entitles the owner to a share of theearnings and assets of Microsoft. The share is a liability for Microsoft, because it is a claim on its earnings and assets by the owner of the share.4. You would rather hold bonds, because bondholders are paid off before equity holders, who are theresidual claimants.5. This statement is false. Prices in secondary markets determine the prices that firms issuing securitiesreceive in primary markets. In addition, secondary markets make securities more liquid and thus easier to sell in the primary markets. Therefore, secondary markets are, if anything, more important than primary markets.6. Treasury bills are short-term debt instruments issued by the United States government to coverimmediate spending obligations, i.e. finance deficit spending. Certificates of deposit (CDs) areissued by banks and sold to depositors. Commercial paper is issued by corporations and large banks as a method of short-term funding in debt markets. Repos are issued primarily by banks, and funded by corporations and other banks through loans in which treasury bills serve as collateral, with an explicit agreement to pay off the debt (repurchase the treasuries) in the near future. Fed funds are overnight loans from one bank to another.7. Mortgages are loans to households or firms to purchase housing, land, or other real structures, wherethe structure or land itself serves as collateral for the loans. Mortgage-backed securities are bond-like debt instruments which are backed by a bundle of individual mortgages, whose interest and principal payments are collectively paid to the holders of the security. In other words, when an individual takes out a mortgage, that loan is bundled with other individual mortgages to create a composite debtinstrument, which is then sold to investors.8. The British gained because they were able to earn higher interest rates as a result of lending toAmericans, while the Americans gained because they now had access to capital to start up profitable businesses such as railroads.9. The international trade of mortgage-backed securities is generally beneficial in that the Europeanbanks that held the mortgages could earn a return on those holdings, while providing needed capital to U.S. financial markets to support borrowing for new home construction and other productive uses.In this sense, both European banks and U.S. borrowers should have benefitted. However, with the sharp decline in the U.S. housing market, default rates on mortgages rose sharply, and the value of64 Mishkin •The Economics of Money, Banking, and Financial Markets, Tenth Editionthe mortgage-backed securities held by European banks fell sharply. Even though the financialcrisis began primarily in the United States as a housing downturn, it significantly affected European markets; Europe would have been much less affected without such internationalization of financial markets.10. Financial intermediaries benefit by carrying risk at relatively low transaction costs. Since higherrisk assets on average earn a higher return, financial intermediaries can earn a profit on a diversified portfolio of risky assets. Individual investors benefit by earning returns on a pooled collection of assets issued by financial intermediaries at lower risk. Risk to individual investors is lowered through the pooling of assets by the financial intermediary.11. Because you know your family member better than a stranger, you know more about the borrower’shonesty, propensity for risk taking, and other traits. There is less asymmetric information than witha stranger and less likelihood of an adverse selection problem, with the result that you are more likelyto lend to the family member.12. The issuance of subprime mortgages represents lenders loaning money to the pool of potentialhomeowners who are the highest credit risk and have the lowest net wealth and other financialresources. In other words, this group of borrowers most in need of mortgage credit was also thehighest risk to lenders, a perfect example of adverse selection.13. Loan sharks can threaten their borrowers with bodily harm if borrowers take actions that mightjeopardize their paying off the loan. Hence borrowers from a loan shark are less likely to increase moral hazard.14. They might not work hard enough while you are not looking or may steal or commit fraud.15. Yes, because even if you know that a borrower is taking actions that might jeopardize paying off theloan, you must still stop the borrower from doing so. Because that may be costly, you may not spend the time and effort to reduce moral hazard, and so the problem of moral hazard still exists.16. True. If there are no informational or transactions costs, people could make loans to each other atno cost and would thus have no need for financial intermediaries.17. Because the costs of making the loan to your neighbor are high (legal fees, fees for a credit check,and so on), you will probably not be able earn 5% on the loan after your expenses even though it hasa 10% interest rate. You are better off depositing your savings with a financial intermediary and earning5% interest. In addition, you are likely to bear less risk by depositing your savings at the bank rather than lending them to your neighbor.18. Potentially competing interests may lead an individual or firm to conceal information or disseminatemisleading information. A substantial reduction in the quality of information in financial markets increases asymmetric information problems and prevents financial markets from channeling funds into the most productive investment opportunities. Consequently, the financial markets and the economy become less efficient. That is, false information as a result of a conflict of interest can lead to a more inefficient allocation of capital than just asymmetric information alone.19. Financial firms that provide multiple types of financial services can be more efficient througheconomies of scope, that is, by lowering the cost of information production. However, this can be problematic since it can also lead to conflicts of interest, in which the financial firm provides false orPart Three: Answers to End-of-Chapter Problems 65 misleading information to protect its own interests. This can lead to a worsening of the asymmetric information problem, making financial markets less efficient.20. You would likely use a credit union if you are a member, since their primary business is consumerloans. In some cases it is possible to borrow directly from pension funds, but it can come with high borrowing costs and tax implications. Investment banks do not provide loans to the general public. 21. Most life insurance companies hold large amounts of corporate bonds and mortgage assets, thus poorcorporate profits or a downturn in the housing market can significantly adversely impact the value of asset holdings of insurance companies.22. During the financial panic, regulators were concerned that depositors worried their banks would fail,and that depositors (especially with accounts over $100,000) would pull money from banks, leaving cash-starved banks with even less cash to satisfy customer demands and day-to-day operations. This could create a contagious bank panic in which otherwise healthy banks would fail. Raising the insurance limit would reassure depositors that their money was safe in banks and prevent a bank panic, helping to stabilize the financial system.ANSWERS TO APPLIED PROBLEMS23. a. With Option 1, since deposits are insured it can be assumed a riskless investment. Thus, theexpected total payoff would be $10,000 ⨯ 1.02 = $10,200. With Option 2, a bond return of5% implies a potential payoff of $10,000 ⨯ 1.05 = $10,500, and there is a 90% chance thatthis outcome will occur, thus the expected payoff is $10,500 ⨯ 0.9 = $9450. Under Option 3,the expected payoff is $10,000 ⨯ 1.08 ⨯ 0.93 = $10,044. Option 4 is riskless, so the expectedtotal payoff is $10,000. Given these choices and the assumption that you don’t care about risk,Option 1 is the best investment.b. This option implies the very real possibility of either receiving nothing (if he actually leaves town),or $10,800 (if he indeed pays as promised). If you don’t pay Mike, you have an expected returnof $10,044 as shown above. If you paid your friend the $100 and learned that Mike would leavewithout paying, then obviously you wouldn’t loan Mike the money, and you would be left with$9900. However, if you paid the friend $100 and learned that Mike would pay, you would have$10,700 (= $10,000 ⨯ 1.08 - $100). After paying your friend Mike, but before knowing the trueoutcome, your expected return would be $10,644 ($9900 ⨯ 0.07 + $10,700 ⨯ 0.93). Paying yourfriend the $100 is definitely worth it because it increases your expected return and in additiondramatically reduces the downside risk that you make a bad loan, and increases the certainty ofthe payoff amount. That is, with asymmetric information (not paying your roommate), you havea range of payoffs of $0 to $10,800 versus $9900 to $10,700 without asymmetric information.Thus, paying a small amount to improve risk assessment can be very beneficial, a task for which financial intermediaries are well suited.66 Mishkin •The Economics of Money, Banking, and Financial Markets, Tenth EditionChapter 3ANSWERS TO QUESTIONS1. Since a lot of other assets have liquidity properties that are similar to currency but can be used asmoney to purchase goods and services, not counting them would understate an economy’s access to liquidity for transactions purposes. For this reason, counting assets such as checking deposits or savings accounts more accurately reflects the stock of assets that can be considered money.2. Even if he or she is a non-smoker, since the prisoner knows that others in the prison will acceptcigarettes as a form of payment, they themselves would be willing to accept cigarettes as a form of payment. So, rather than prisoners having to barter and trade favors, cigarettes satisfy the double coincidence of wants in that both parties to a trade stand ready to use them to “purchase” goods or services.3. Because the orchard owner likes only bananas but the banana grower doesn’t like apples, thebanana grower will not want apples in exchange for his bananas, and they will not trade. Similarly, the chocolatier will not be willing to trade with the banana grower because she does not like bananas.The orchard owner will not trade with the chocolatier becau se he doesn’t like chocolate. Hence, in a barter economy, trade among these three people may well not take place, because in no case is therea double coincidence of wants. However, if money is introduced into the economy, the orchard ownercan sell his apples to the chocolatier and then use the money to buy bananas from the banana grower.Similarly, the banana grower can use the money he receives from the orchard owner to buy chocolate from the chocolatier, and the chocolatier can use the money to buy apples from the orchard owner.The result is that the need for a double coincidence of wants is eliminated, and everyone is better off because all three producers are now able to eat what they like best.4. Cavemen did not need money. In their primitive economy, they did not specialize in producing onetype of good and they had little need to trade with other cavemen.5. (a) This situation illustrates the medium-of-exchange function of money. We often do not think whywe accept money in exchange for hours spent working, as we are so accustomed to using money.The medium-of-exchange function of money refers to its ability to facilitate trades (hours worked for money and then money for groceries) in a society. (b) In this case we observe money performing its unit-of-account function. If modern societies did not use money as a unit of account, then the price of apples would have to be quoted in terms of all the other items in the market. This quickly becomes an impossible task. Suppose that a pound of apples sells for 0.80 pounds of oranges, half a gallon of milk, one third of a pound of meat, 2 razor blades, 1.5 pound of potatoes, etc., etc., etc! (c) Maria is contemplating the store-of-value function of money. As a medium of exchange and unit of account, measures of money known as M1 or M2 have no important rivals. With respect to the store-of-value function, however, there are many assets that can preserve value better than a checking account.Maria’s choice to preserve the purchasing power of her income by in creasing her savings account balance is fine for a small period of time. For a period of 20 years, however, you might choose to buy a U.S. Treasury bond that matures in 20 years (as many grandparents have done as a way to pay for their grandchildren’s ed ucations).6. Because of the rapid inflation in Brazil, the domestic currency, the real, was a poor store of value.Thus many people preferred to hold dollars, which were a better store of value, and used them in their daily shopping.Part Three: Answers to End-of-Chapter Problems 67 7. Because money was losing value at a slower rate (the inflation rate was lower) in the 1950s than inthe 1970s, it was a better store of value then, and you would have been willing to hold more of it.8. Money loses its value at an extremely rapid rate in hyperinflation, so you want to hold it for as shorta time as possible. Thus money is like a hot potato that is quickly passed from one person to another.9. Because a check was so much easier to transport than gold, people would frequently rather be paid bycheck even if there was a possibility that the check might bounce. In other words, the lower transactions costs involved in handling checks made people more willing to accept them.10. Wine is more difficult to transport than gold and is also more perishable. Gold is thus a better storeof value than wine and also leads to lower transactions cost. It is therefore a better candidate for use as money.11. Neither. Although PayPal and many other e-money systems work as other forms of money doto facilitate purchases of goods and services, it does not count in the M1 or M2 money supplies.Because PayPal and similar payment systems are generally credit-based, this requires payment ata future date for funds used today; those future payments must be made using existing money thatis already in the system, such as currency or funds in a bank deposit account. In other words, the M1 and M2 money supplies would theoretically remain the same, but money would move fromyour checking account to a third party, once the credit transaction is settled.12. The ranking from most liquid to least liquid is: (c), (a), (e), (f ), (d), and (b).13. M1 contains the most liquid assets. M2 is the largest measure.14. The degree of liquidity of an asset is measured by considering how much time and effort (i.e.,transaction costs) are needed to convert that asset into currency. Currency is by definition the most liquid type of money. Different types of money have different degrees of liquidity. A check, which represents a balance on a checking account, is a quite liquid type of money. After all, all that is needed to pay for a good or service using a check is the two minutes it takes to include the date and amount and sign the check. However, the above example shows that some merchants refuse to accept checks as a means of payment. (They cannot refuse to accept dollars, as dollars are legal tender in the United States.) This can result in significant transaction costs in trying to find a bank or an ATM. It is even possible that the transaction never takes place. This example illustrates the point that even inside the same monetary aggregate, different types of money do not have the same degree of liquidity.15. a. M1 and M2,b. M2,c. M2,d. M1 and M2.16. Your actions will reduce your checking account balance and increase your holdings of money marketmutual fund shares. Considering this transaction only, M1 will decrease as one of its components decreased. M2 will remain constant, as M2 is composed of all items that add up to M1 plus some other types of money that are not so liquid to be considered part of M1. One of these categories is money market mutual fund shares. The decrease in your checking account balance is offset by the increase in money market mutual fund shares, and therefore M2 remains constant.68 Mishkin •The Economics of Money, Banking, and Financial Markets, Tenth Edition17. During the period in question, the M1 growth rate increased by 17 percentage points, while the M2growth rate increased by only 3 percentage points. Although both measures are moving in the same direction, the magnitude of the difference in growth rates between the two makes it difficult tojudge the appropriateness of monetary policy by just looking at the money supply measures alone.For instance, if one focused just on the M2 money supply, knowing the economy was in severeeconomic contraction would suggest that the growth rate of M2 perhaps should be even higher than the 3 percentage point increase over this time. On the other hand, if one just focused on the M1 growth increase of 17 percentage points, this may seem alarmingly high and suggest an inflationary problem in the future.18. Not necessarily. Although the total amount of debt has predicted inflation and the business cyclebetter than M1 or M2, it may not be a better predictor in the future. Without some theoretical reason for believing that the total amount of debt will continue to predict well in the future, we may not want to define money as the total amount of debt.ANSWERS TO APPLIED PROBLEMS19. The M1 money supply is the sum of rows A, E, and G for each year. The M2 money supply is thesum of all components A–G for each year. Note that 3-month treasury bills are not considered part of the M1 or M2 money supply, even though they are fairly liquid assets. The table below shows the M1 and M2 money supplies, along with the growth rates from the previous year. Note that while the M1 money supply is relatively flat (and slightly negative for 2010), the M2 money supply grows ata much higher, positive rate. This is because the components of M2 are rising much more rapidlycompared to the components of M1 (which are also included in M2). In particular, small denomination time deposits increase 30% from 2010 to 2011, and 39% from 2011 to 2012, driving much of the growth in M2. Moreover, the narrower components which make up just the M1 money supply represent less than 20% (1904/10128) of the broader M2 indicators. Thus movements in the money market, savings account, and time deposit measures will have a much bigger impact on M2 growth than the narrower M1 components will.2009 2010 2011 2012A. Currency 900 920 925 931B. Money market mutual fund shares 680 681 679 688C. Savings account deposits 5500 5780 5968 6105D. Money market deposit accounts 1214 1245 1274 1329E. Demand and checkable deposits 1000 972 980 993F. Small denomination time deposits 830 861 1123 1566G. Traveler’s checks 4 4 3 2H. 3-month treasury bills 1986 2374 2436 2502Total M1 money stock 1904 1896 1908 1926Total M2 money stock 10128 10463 10952 11614M1 growth rate 0.4 0.6 0.9M2 growth rate 3.3 4.7 6.0Part Three: Answers to End-of-Chapter Problems 69 Chapter 4ANSWERS TO QUESTIONS1. It would be worth 1/(1 + 0.20) = $0.83 when the interest rate is 20%, rather than 1/(1 + 0.10) = $0.91when the interest rate is 10%. Thus, a dollar tomorrow is worth less with a higher interest rate today.2. $2,000 = $100/(1 +i) + $100/(1 +i)2+ . . . + $100/(1 +i)20+ $1,000/(1 + i)20. Solving for i gives theyield to maturity.3. If the interest rate were 12%, the present discounted value of the payments on the government loanare necessarily less than the $1,000 loan amount because they do not start for two years. Thus the yield to maturity must be lower than 12% in order for the present discounted value of these payments to add up to $1,000.4. When the yield to maturity increases, this represents a decrease in the price of the bond. If thebondholder were to sell the bond at a lower price, the capital gains would be smaller (capital losses larger) and therefore the bondholder would be worse off.5. No. If interest rates rise sharply in the future, long-term bonds may suffer such a sharp fall in pricethat their return might be quite low, possibly even negative.6. People are more likely to buy houses because the real interest rate when purchasing a house hasfallen from 3% (= 5% - 2%) to 1% (= 10% - 9%). The real cost of financing the house is thus lower, even though nominal mortgage rates have risen. (If the tax deductibility of interest payments isallowed for, then it becomes even more likely that people will buy houses.)7. The current yield will be a good approximation to the yield to maturity whenever the bond price isvery close to par or when the maturity of the bond is over about ten years. This is because cash flows farther in the future have such small present discounted values that the value of a long-term coupon bond is close to a perpetuity with the same coupon rate.8. The near-term costs to maintaining a given size loan are much smaller for a perpetuity than for a similarfixed payment loan, discount, or coupon bond. For instance, assuming a 5% interest rate over 10 years, on a $1000 loan, a perpetuity costs $50 a year (or $500 in payments over 10 years). For a fixedpayment loan, this would be $129.50 per year (or $1295 in payments over the same 10-year period).For a discount loan, this loan would require a lump sum payment of $1628.89 in 10 years. For acoupon bond, assuming the same $50 coupon payment as the perpetuity implies a $1000 face value.Thus, for the coupon bond, the total payments at the end of 10 years will be $1500.9. Whenever the current price P is greater than face value F of a discount bond, the yield to maturity willbe negative. It is possible for a coupon bond to have a negative nominal interest rate, as long as the coupon payment and face value are low relative to the current price. As an example, with a one-year coupon bond, the yield to maturity is given as i= (C+F-P)/P; in this case whenever C+F<P,i will be negative. It is impossible for a perpetuity to have a negative nominal interest rate, since thiswould require either the coupon payment or the price to be negative.10. True. The return on a bond is the current yield i C plus the rate of capital gain, g. A discount bond, bydefinition, has no coupon payments, thus the current yield is always zero (the coupon payment of zero divided by current price) for a discount bond.。

货币银行学(米什金原书第4版)知识点串讲

货币银行学（米什金原书第4版）串讲第一部分重要知识点梳理第二章重要知识点1．逆向选择（adverse selection）答：逆向选择是指在买卖双方信息非对称的情况下，差的商品总是将好的商品驱逐出市场；或者说拥有信息优势的一方，在交易中总是趋向于做出尽可能地有利于自己而不利于别人的选择。

逆向选择主要是交易前的信息不对称造成的。

逆向选择的存在使得市场价格不能真实地反映市场供求关系，导致市场资源配置的低效率。

一般在商品市场上卖者关于产品的质量。

保险市场上投保人关于自身的情况等等都有可能产生逆向选择问题。

解决逆向选择问题的方法主要有：政府对市场进行必要的干预和利用市场信号。

3．货币市场（money market）答：货币市场通常是指以短期金融工具为媒介，融资期限在一年以内（包括一年）的资金交易市场，又称短期资金市场。

货币市场主要是由短期信贷市场、短期证券市场、贴现市场等构成。

货币市场的主要特征表现为：期限短、流动性强、风险小等。

货币市场的主要交易对象有：银行存款、短期证券和商业票据等。

3．道德风险（moral hazard）答：道德风险是指在双方信息非对称的情况下，人们享有自己行为的收益，而将成本转嫁给别人，从而造成他人损失的可能性。

道德风险是信息不对称问题在交易后的影响产生的。

道德风险的存在不仅使得处于信息劣势的一方受到损失，而且会破坏原有的市场均衡，导致资源配置的低效率。

道德风险分析的应用领域主要是保险市场。

解决道德风险的主要方法是风险分担。

4.信息不对称（asymmetric information）答：信息不对称是指市场上的某些参与者拥有，但另一些参与者不拥有的信息；或指一方掌握的信息多一些，另一方所掌握的信息少一些。

信息不对称会导致资源配置不当，减弱市场效率，并且还会产生道德风险和逆向选择。

在很多情况下，市场机制并不能解决信息不对称问题，只能通过其他的一些机制来解决，特别是运用博奕论的相关知识来解决机制设计问题。

米什金《货币金融学》(第11版)笔记和课后习题详解

米什金《货币金融学》（第11版）笔记和课后习题详解（1）浓缩内容精华，整理名校笔记。

（2）解析课后习题，提供详尽答案。

国内外教材一般没有提供课（章）后习题答案或者答案很简单，（3）补充相关要点，强化专业知识。

一般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相关经典教材进行了必要的整理和分析。

第1篇引言第1章为什么研究货币、银行与金融市场1.1 复习笔记1为什么研究金融市场金融市场是指将资金剩余方的资金转移到资金短缺方的市场。

通过债券市场和股票市场等金融市场，资金从没有生产用途的人向有生产用途的人转移，从而提高了经济效率。

此外，金融市场上的变化还直接影响着个人财富、企业和消费者的行为以及经济周期。

（1）债券市场和利率证券是对发行人未来收入与资产的索取权。

债券是债务证券，它承诺在一个特定的时间段中进行定期支付，债券包括长期债务工具和短期债务工具。

债券市场可以帮助政府和企业筹集到所需要的资金，并且是决定利率的场所，因此在经济活动中有着重要的特殊意义。

利率是借款的成本或为借入资金支付的价格（通常以一定时期内的利息额同本金额的比率来表示）。

利率对整个经济的健康运行有着很大的影响：对于个人来说，利率过高倾向于使其减少消费，增加储蓄；对于企业来说，利率还影响着企业的投资决策，利率的高低决定着企业投资成本的高低。

（2）股票市场普通股（简称为股票）代表持有者对公司的所有权，是对公司收益和资产的索取权。

股票市场是指人们交易股票的市场。

股票市场的价格波动会影响到人们的财富水平，进而对他们的消费意愿产生影响。

股票市场也是影响投资决策的一个重要因素，因为股票价格的高低决定了发行股票所能筹集到的资金数量，从而限制了企业可用于投资的资金。

企业股票的价格高，则他们可以筹集到更多的资金，用于购买更多的生产设施以及装备。

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。

重点推荐货币银行学教材参考书

1.货币银行学（MONEY AND BANKING）——现代经济学管理学教科书系列作者：易纲、吴有昌著易纲、海闻主编2．货币金融学（第七版）（经济科学译丛）[美]弗雷德里克·S·米什金 2006-12-313．《金融学》作者：（美）兹维·博迪罗泊特·C·莫顿4．金融学投资·机构·管理(美)斯坦利·G.伊肯思(Stanley G.Eakins)著曹廷贵译5．金融市场与机构(第5版高等院校双语教材)作者：(美)弗雷德里克·S·米什金//斯坦利·G·埃金斯|译者:贾玉革6.货币银行与经济(第6版)/当代经济学系列丛书/当代经济学教学参考书系作者：(美)托马斯·梅耶//詹姆斯·S.杜森贝里//罗伯特·Z.阿利伯|主编:陈昕|译者:林宝清//洪锡熙|校注:林宝清书籍内容简介1.货币银行学（MONEY AND BANKING）——现代经济学管理学教科书系列作者：易纲、吴有昌著易纲、海闻主编出版社：上海人民出版社ISBN： 7208032750出版时间： 1999-9第1版书籍介绍：本书试图将现代货币银行理论与中国的具体实践有机地融合起来，从而形成一个既反映现代货币银行理论的优秀成果，又具有中国特色的货币银行学体系。

针对国内同类教科书大多只编重制度性和操作性方面内容的特点，我们试图在理论性内容方面有所加强。

本书结合课程内容设计了28个专栏，这些专栏有助于增强学生对所学内容的感性认识，培养学生关注现实问题的兴趣。

由于篇幅所限，同时也考虑到绝大多数高校的经济类院系都开设了专门的国际金融课程。

本书是“现代经济学管理学教科书系列”之一。

该教科书系列的主编易纲先生在编著本书时，力求了联系世界经济和中国经济的实际，在充分体现理论深度的同时注重教材的实用性。

本书共分6篇；基本概念；金融机构与金融市场；货币供求及利率决定；货币与经济；金融与经济发展；货币政策。

米什金_货币金融学_超强复习重点SWUFE

1,measurement of moneyM0:流通中的现金Currency in circulation refers to that circulated in nonbank publics, this is the money in the narrowest sense,We use M 0 to denote. Eg: coins, paper moneyM1: narrow money 狭义货币currency in circulation and checkable deposits 反应了社会的直接购买支付能力M2: broad money 广义货币 M 1+Saving deposits既反映了现实的购买力也反映了潜在的购买力，中央银行货币政策调节的主要中介目标2，function definition:（会判断）Measurement of money 价值尺度Medium of exchange 流通手段Medium of payment 支付手段Means of storage 储藏手段World currency 世界货币3，Gold standard 大致了解Gold coin standard is the typical example （金铸币本位制）4，fiat money standard （不兑现信用货币制度）Lecture2 money and monetary systems2011年11月20日0:231，components of financial system 看一下定义2，funds flows 流动的载体、原则、监管Indirect financing 间接融资：●3，直接融资和间接融资（了解）Indirect financing is a means of financing via financial intermediaries which mainly includes commercial banks.Commercial banks, insurance companies, investment funds, etc., are bridges for indirect financing.Theory of financial intermediation focusing on the reason why there is financial intermediary, the nature of financial intermediary, and the division of labor between financial markets and intermediaries.Direct financing●Financing activities between demanders for funds and suppliers of funds are conducted in financial markets directly.It is worth pointing out that direct financing also involves financial institutions such as investment banks, security brokers, and market makers, etc.Financial market theory focusing on allocation efficiency of capitals, and asset pricing, etc.Disadvantages of direct financing●Advantages vs. disadvantages of different financingsExpertise requirementsHigher risks involvedIndirect financing●Tough requirements for issuersReducing information and contract costsReducing risks by diversificationsTransformation of maturities4，两种结构，大致理解比较bank-based and market-based市场，伙伴关系相对少，股权分散银行，贷款，商业往来，合作伙伴，允许交叉持股直接融资：市场间接融资：银行Lecture3 financial system and financial structure2011年12月9日15:495，中国的金融体系概览（有所了解）A glimpse at china's financial system中国以商业银行主导的间接融资模式为主● 非简单的银行主导，政府干预太多在直接融资中，通过发行企业债券方式所筹集的资金比例低于股票融资。

米十金英文版货币银行学Chapter 4 Understanding Interest Rates

Consol/ Perpetuity: �� 1+�� P�� = lim = �� = 1 �� →∞ (1 + �� ) �� 1 − 1+�� =1 �� = P��
�� = �� +1 �� + 1 C = coupon payment �� +1 − �� R= + �� Current yield: �� = ic �� Rate of capital gain: �� +1 − �� = �� = �� + �� Key findings are generally true of all bonds: The only bond whose return equals the initial yield to maturity is one whose time to maturity is the same as the holding period. A rise in interest rates is associated with a fall in bond prices, resulting in capital losses on bonds whose terms to maturity are 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 that occurs as a result of the increase in the interest rate. Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise. Prices and returns for long-term bonds are more volatile than those for shorter-term bonds. Interest-rate risk: Bonds with a maturity that is as short as the holding period have no interest-rate risk, because the price at the end of the holding period is already fixed at the face value. Ex ante real interest rate: adjusted for expected changes in price level. Ex post real interest rare: adjusted for actual changes in the price level. Fisher Equation: �� = �� + �� More precise formulation of the Fisher equation: 1 + �� = (1 + �� )(1 + �� ) �� = �� + �� + (�� × �� ) Calculating real interest rate: �� = �� − �� When the real interest rate is low, there are greater incentives to borrow and fewer incentives to lend.

米什金货币金融学英文版习题答案chapter 1英文习题

Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 1 Why Study Money, Banking, and Financial Markets?1.1 Why Study Financial Markets?1) Financial markets promote economic efficiency byA) channeling funds from investors to savers.B) creating inflation.C) channeling funds from savers to investors.D) reducing investment.Answer: CAACSB: Reflective Thinking2) Financial markets promote greater economic efficiency by channeling funds from ________ to ________.A) investors; saversB) borrowers; saversC) savers; borrowersD) savers; lendersAnswer: CAACSB: Reflective Thinking3) Well-functioning financial markets promoteA) inflation.B) deflation.C) unemployment.D) growth.Answer: DAACSB: Reflective Thinking4) A key factor in producing high economic growth isA) eliminating foreign trade.B) well-functioning financial markets.C) high interest rates.D) stock market volatility.Answer: BAACSB: Reflective Thinking5) Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are calledA) commodity markets.B) fund-available markets.C) derivative exchange markets.D) financial markets.Answer: DAACSB: Application of Knowledge6) ________ markets transfer funds from people who have an excess of available funds to people who have a shortage.A) CommodityB) Fund-availableC) FinancialD) Derivative exchangeAnswer: CAACSB: Application of Knowledge7) Poorly performing financial markets can be the cause ofA) wealth.B) poverty.C) financial stability.D) financial expansion.Answer: BAACSB: Reflective Thinking8) The bond markets are important because they areA) easily the most widely followed financial markets in the United States.B) the markets where foreign exchange rates are determined.C) the markets where interest rates are determined.D) the markets where all borrowers get their funds.Answer: CAACSB: Reflective Thinking9) The price paid for the rental of borrowed funds (usually expressed as a percentage of the rental of $100 per year) is commonly referred to as theA) inflation rate.B) exchange rate.C) interest rate.D) aggregate price level.Answer: CAACSB: Application of Knowledge10) Compared to interest rates on long-term U.S. government bonds, interest rates on three-month Treasury bills fluctuate ________ and are ________ on average.A) more; lowerB) less; lowerC) more; higherD) less; higherAnswer: AAACSB: Reflective Thinking11) The interest rate on Baa corporate bonds is ________, on average, than interest rates on Treasuries, and the spread between these rates became ________ in the 1970s.A) lower; smallerB) lower; largerC) higher; smallerD) higher; largerAnswer: DAACSB: Reflective Thinking12) Everything else held constant, a decline in interest rates will cause spending on housing toA) fall.B) remain unchanged.C) either rise, fall, or remain the same.D) rise.Answer: DAACSB: Analytical Thinking13) High interest rates might ________ purchasing a house or car but at the same time high interest rates might ________ saving.A) discourage; encourageB) discourage; discourageC) encourage; encourageD) encourage; discourageAnswer: AAACSB: Analytical Thinking14) An increase in interest rates might ________ saving because more can be earned in interest income.A) encourageB) discourageC) disallowD) invalidateAnswer: AAACSB: Analytical Thinking15) Everything else held constant, an increase in interest rates on student loansA) increases the cost of a college education.B) reduces the cost of a college education.C) has no effect on educational costs.D) increases costs for students with no loans.Answer: AAACSB: Analytical Thinking16) High interest rates might cause a corporation to ________ building a new plant that would provide more jobs.A) completeB) considerC) postponeD) contemplateAnswer: CAACSB: Analytical Thinking17) The stock market isA) where interest rates are determined.B) the most widely followed financial market in the United States.C) where foreign exchange rates are determined.D) the market where most borrowers get their funds.Answer: BAACSB: Reflective Thinking18) Stock prices areA) relatively stable trending upward at a steady pace.B) relatively stable trending downward at a moderate rate.C) extremely volatile.D) unstable trending downward at a moderate rate.Answer: CAACSB: Reflective Thinking19) A rising stock market index due to higher share pricesA) increases people's wealth, but is unlikely to increase their willingness to spend.B) increases people's wealth and as a result may increase their willingness to spend.C) decreases the amount of funds that business firms can raise by selling newly-issued stock.D) decreases people's wealth, but is unlikely to increase their willingness to spend. Answer: BAACSB: Analytical Thinking20) When stock prices fallA) an individual's wealth is not affected nor is their willingness to spend.B) a business firm will be more likely to sell stock to finance investment spending.C) an individual's wealth may decrease but their willingness to spend is not affected.D) an individual's wealth may decrease and their willingness to spend may decrease. Answer: DAACSB: Analytical Thinking21) Changes in stock pricesA) do not affect people's wealth and their willingness to spend.B) affect firms' decisions to sell stock to finance investment spending.C) occur in regular patterns.D) are unimportant to decision makers.Answer: BAACSB: Reflective Thinking22) An increase in stock prices ________ the size of people's wealth and may ________ their willingness to spend, everything else held constant.A) increases; increaseB) increases; decreaseC) decreases; increaseD) decreases; decreaseAnswer: AAACSB: Analytical Thinking23) Low stock market prices might ________ consumers’ willingness to spend and might________ businesses willingness to undertake investment projects.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: CAACSB: Analytical Thinking24) Fear of a major recession causes stock prices to fall, everything else held constant, which in turn causes consumer spending toA) increase.B) remain unchanged.C) decrease.D) cannot be determined.Answer: CAACSB: Reflective Thinking25) A share of common stock is a claim on a corporation'sA) debt.B) liabilities.C) expenses.D) earnings and assets.Answer: DAACSB: Application of Knowledge26) On ________, October 19, 1987, the stock market experienced its worst one-day drop in its entire history with the DJIA falling by 22%.A) "Terrible Tuesday"B) "Woeful Wednesday"C) "Freaky Friday"D) "Black Monday"Answer: DAACSB: Application of Knowledge27) The decline in stock prices from 2000 through 2002A) increased individuals' willingness to spend.B) had no effect on individual spending.C) reduced individuals' willingness to spend.D) increased individual wealth.Answer: CAACSB: Analytical Thinking28) The Dow reached a peak of over 11,000 before the collapse of the ________ bubble in 2000.A) housingB) manufacturingC) high-techD) bankingAnswer: CAACSB: Application of Knowledge29) When I purchase a corporate ________, I am lending the corporation funds for a specific time. When I purchase a corporation's ________, I become an owner in the corporation.A) bond; stockB) stock; bondC) stock; debt securityD) bond; debt securityAnswer: AAACSB: Application of Knowledge30) What is a stock? How do stocks affect the economy?Answer: A stock represents a share of ownership of a corporation, or a claim on a firm's earnings/assets. Stocks are part of wealth, and changes in their value affect people's willingness to spend. Changes in stock prices affect a firm's ability to raise funds, and thus their investment. AACSB: Application of Knowledge31) Why is it important to understand the bond market?Answer: The bond market supports economic activity by enabling the government and corporations to borrow to undertake their projects and it is the market where interest rates are determined.AACSB: Application of Knowledge1.2 Why Study Financial Institutions and Banking?1) Channeling funds from individuals with surplus funds to those desiring funds when the saver does not purchase the borrower's security is known asA) barter.B) redistribution.C) financial intermediation.D) taxation.Answer: CAACSB: Application of Knowledge2) A financial crisis isA) not possible in the modern financial environment.B) a major disruption in the financial markets.C) a feature of developing economies only.D) typically followed by an economic boom.Answer: BAACSB: Application of Knowledge3) Banks are important to the study of money and the economy because theyA) channel funds from investors to savers.B) have been a source of rapid financial innovation.C) are the only important financial institution in the U.S. economy.D) create inflation.Answer: BAACSB: Reflective Thinking4) BanksA) provide a channel for linking those who want to save with those who want to invest.B) produce nothing of value and are therefore a drain on society's resources.C) are the only financial institutions allowed to give loans.D) hold very little of the average American's wealth.Answer: AAACSB: Reflective Thinking5) Banks, savings and loan associations, mutual savings banks, and credit unionsA) are no longer important players in financial intermediation.B) since deregulation now provide services only to small depositors.C) have been adept at innovating in response to changes in the regulatory environment.D) produce nothing of value and are therefore a drain on society's resources.Answer: CAACSB: Reflective Thinking6) Financial institutions search for ________ has resulted in many financial innovations.A) higher profitsB) regulationsC) respectD) higher riskAnswer: AAACSB: Application of Knowledge7) Banks and other financial institutions engage in financial intermediation, whichA) can hurt the performance of the economy.B) can benefit economic performance.C) has no effect on economic performance.D) involves borrowing from investors and lending to savers.Answer: BAACSB: Reflective Thinking8) Financial institutions that accept deposits and make loans are calledA) exchanges.B) banks.C) over-the-counter markets.D) finance companies.Answer: BAACSB: Application of Knowledge9) The financial intermediaries that the average person interacts with most frequently areA) exchanges.B) over-the-counter markets.C) finance companies.D) banks.Answer: DAACSB: Application of Knowledge10) Which of the following is NOT a financial institution?A) A life insurance companyB) A pension fundC) A credit unionD) A business collegeAnswer: DAACSB: Application of Knowledge11) The delivery of financial services electronically is calledA) e-business.B) e-commerce.C) e-finance.D) e-possible.Answer: CAACSB: Information Technology12) What crucial role do financial intermediaries perform in an economy?Answer: Financial intermediaries borrow funds from people who have saved and make loans to other individuals and businesses and thus improve the efficiency of the economy.AACSB: Reflective Thinking1.3 Why Study Money and Monetary Policy?1) Money is defined asA) bills of exchange.B) anything that is generally accepted in payment for goods and services or in the repayment of debt.C) a risk-free repository of spending power.D) the unrecognized liability of governments.Answer: BAACSB: Application of Knowledge2) The upward and downward movement of aggregate output produced in the economy is referred to as theA) roller coaster.B) see saw.C) business cycle.D) shock wave.Answer: CAACSB: Application of Knowledge3) Sustained downward movements in the business cycle are referred to asA) inflation.B) recessions.C) economic recoveries.D) expansions.Answer: BAACSB: Application of Knowledge4) During a recession, output declines result inA) lower unemployment in the economy.B) higher unemployment in the economy.C) no impact on the unemployment in the economy.D) higher wages for the workers.Answer: BAACSB: Analytical Thinking。

Financialmarketandinstitutions货币金融学米什金英文CH12原版

© 2012 Pearson Education. All rights reserved.
12-10
Treasury Bond Interest Rates
▪ No default risk since the Treasury can print money to payoff the debt
12-17
The 2007–2009 Financial Crisis: Bailout of Fannie and Freddie
▪ Part of this growth was driven by their Congressional mission to support affordable housing. They did this by purchasing subprime and Alt-A mortgages.
12-7
Types of Bonds: Sample Corporate Bond
© 2012 Pearson Education. All rights reserved.
12-8
Treasury Notes and Bonds
▪ The U.S. Treasury issues notes and bonds to finance its operations.
▪ Types of bonds we will examine include long-term government bonds (T-bonds), municipal bonds, and corporate bonds.
© 2012 Pearson Education. All rights reserved.
12-18

米什金《货币金融学-英文第12版》PPT课件-第六章-利率风险和期限结构

FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock Market, theTheory of Rational Expectations, and the Efficient Market HypothesisLecture 6The Risk and Term Structure of Interest Rates•Risk Structure of Interest Rates•Term Structure of Interest RatesExpectations TheorySegmented Markets TheoryLiquidity Premium and Preferred Habitat TheoriesLearning ObjectivesIdentify and explain the three factors affecting the risk structure of interest rates.List and explain the three theories of why interest rates vary across different maturities.Part 1Risk Structure of Interest RatesOne attribute of a bond that influences its interestrate is its risk of default.Default occurs when the issuer of the bond is unable or unwilling to make interest payments as promised or pay off the face value when the bond matures.债券的违约(default)风险是指债券发行人无法或不愿履行其之前承诺的支付利息或债券到期时偿付面值的义务1.1 Default Risk1.1 Default Risk1.1 Default RiskU.S. Treasury bonds have usually been considered to have no default risk. Bonds like treasury bonds with no default risk are called default-free bonds.美国国债通常被认为不存在违约风险，像这种没有违约风险的债券被称为无违约风险债券(default-free bonds)。

北外金融硕士参考书详解

北外金融硕士参考书详解北外的国际金融硕士考研科目是：政治外国语（英语二及其他语种）数学三金融学综合北外官网上制定的参考书是：1、罗斯等人著：《公司理财（精要版）》，中英文版本；2、米什金：《货币金融（商学院版）》，中英文版本。

使用心得理解：《公司理财》篇章结构十分精妙、逻辑严密、内容新颖、资料翔实、易教易学，既适合作为商学院mba、财务管理和金融管理本科生、研究生的教科书，又适合作为财务和投资专业人士、大学相关教师和研究人员的必读名著或参考书。

A、绝对是公司类财务书籍的经典！不同于国内的大学教材，这本书很适合自学者自学。

作者通过提问的方式来阐述知识，并通过大量的案例来阐述原理。

试比国内大学教材的死沉单调，这本书更有利于学通、学透。

但是也有少许的翻译错误，个别地方甚至出现数据错误。

如果要买这本书，我建议和英文版的一起看。

B、非常好的一本书，对于公司的财务状况、融资架构、资本运走讲解的很到位，特别适合从事投资、私募等方面的人研读。

C、无论是作为学生还是专业人士，都可以从中学到最新的西方公司财务管理的理念和新的观念。

很有启发的一本书。

D、这个考研考金融的不可错过啊！很多学校都指定了这本书，比如上财，公司理财就占了60%的比重，这本书不可忽视。

E、作为考研专业课用书来说，这本公司金融既通俗又详细，完全不用担心看不懂的问题，很棒的书。

《货币金融学》适用于货币金融学课程，同时，作为一部经典著作，它也可以作为很多渴望了解货币金融知识的人的学习用书和参考读物。

A.书是货币银行学领域的一本经典著作，自十几年前引入中国以来，一直畅销不衰。

由于次贷危机及其所引发的一系列事件极大地改变了金融体系的结构与中央银行的运作模式B.但凡从事金融行业的专业人士对这本书都不会感到陌生，这是金融专业第一本专业基础课教材。

过去我国大学课程里叫“货币银行学”，后来随着金融业的发展，货币逐渐成为金融产品里的一部分而非全部，银行也是金融机构的一个分支，于是和国际接轨改成“金融学”或者“货币金融学”，其实是同一类书。

上外学长的备考心得——上外金融专硕考研备考

上海外国语大学MF金融专硕——怎样备考？►院系及专业国际金融贸易学院：025100 金融MF（专业硕士）►费用学费：11.8万2年；住宿费：800-1200元/年►培养方式学制：2年，全日制►复试分数（技术分）能否进入复试不是取决于初试的总分，而是技术分：专业课1+专业课2+外语+总分*10%在国家线基础上，复试采取技术分排名，差额比例按照120%-200%选拔进入参加复试►初试考试科目政治外语（204英语二、202俄、203日、240法语、241德语、242西班牙语、243阿拉伯语、244意大利语、245葡萄牙语、246朝鲜语）任选一门396经济类联考综合能力431金融学综合►金融专业硕士初试参考书黄达的《金融学》米什金的《货币金融学》罗斯《公司理财》►金融专业硕士考试题型经济类联考综合能力题型：1)数学基础（70分）2)逻辑推理（40分）3)写作（40分）金融学综合题型：包括两部分，即金融学（90分）和公司财务（60分)。

►复试科目及参考书目：公司理财(1)《货币金融学》(第九版)(英文影印版)，(美)弗雷德里克〃S〃米什金，中国人民大学出版社，2013年版(2)《公司理财》(第九版)，(美)斯蒂芬〃A〃罗斯，机械工业出版社，2012年版(3)《金融学》(第三版)，黄达，中国人民大学出版社，2012年版(4)《货币金融学》(第九版)(英文影印版)，(美)弗雷德里克〃S〃米什金，中国人民大学出版社，2013年版(5)《金融学》(第三版)，黄达，中国人民大学出版社，2012年版►近几年报录比16年报考255 统招62 招录比24% 推免2317年报考339 统招68 招录比20% 推免16初试备考建议上外金融专硕共考四门课：431金融与综合、396经济类联考与综合能力、英语二（或者小语种）、政治。

因为上外在算总分时，政治分是要折0.1的，比如说一百分它只占十分，所以说重点的科目还是放在431、396和英语上面。

广外货币银行学期末重点全英米什金

考试题型以及分数分布：一、选择题：1’*20=20’二、名词解释：4’*5=20’三、简答题：8’*5=40’四、论述题：20’*1=20’重点制作思路：1.考虑到时间关系，抓大放小2.结合老师提及复习内容进行预测3.以理顺书本架构为主，看到一个知识点猜一下可能会出什么题The economics of money,banking and financial markets----by Kyle Chapter1：Why Study Money, Banking, and Financial Markets？（本章了解一下这个问题即可，最多考一下选择）Answer：•To examine how financial markets such as bond and stock markets work •To examine how financial institutions such as banks work•To examine the role of money in the economyChapter2：An Overview of the Financial System1. Function of Financial Markets•Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds •Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.•Promotes economic efficiency by producing an efficient allocation（分配）of capital（资金）, which increases production•Directly improve the well-being of consumers by allowing them to time purchases better2.Structure of Financial Markets•Debt and Equity （普通股） Markets•Primary and Secondary Markets•Exchanges and Over-the-Counter (OTC不通过交易所而直接售给顾客的) Markets •Money and Capital Markets（货币和资本市场）3. Financial Market Instruments(要能举出例子，很可能考选择)Money markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments.4.Internationalization of Financial Markets（重点，选择、名词解释都有可能）•Foreign Bonds & Eurobond?•Eurocurrencies & Eurodollars?•World Stock Markets5．Function of Financial Intermediaries: Indirect Finance（记一下金融中介机构的功能，交易成本很可能考名词解释）•Lower transaction costs (time and money spent in carrying out financial transactions).•Reduce the exposure of investors to risk•Deal with asymmetric 不对称 information problems•Conclusion:Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets.6. Types of Financial Intermediaries（会分类即可）Depository institutionsContractual saving institutionsInvestment intermediaries7. Regulation of the Financial System•To increase the information available to investors:•To ensure the soundness 健康稳固of financial intermediariesChapter3：What Is Money?1. Meaning of Money（即definition，必考名词解释！！）•Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts.2. Functions of Money（重点）•Medium of Exchange:• A medium of exchange must•Unit of Account:•Store 储藏 of Value:3. Evolution of the Payments System•Commodity 商品 Money•Fiat 法定 Money•Checks 支票Electronic Payment (e.g. online bill pay).•E-Money (electronic money):4. Measuring Money （重中之重，M1/M2都很有可能考名词解释）•Construct monetary aggregates using the concept of liquidity: （构建货币总量使用流动性的概念）•M1 (most liquid assets)= currency + traveler’s checks + demand deposits + other checkable deposits.•M2 (adds to M1 other assets that are not so liquid)= M1 + small denomination time deposits + savings deposits and money market deposit accounts + money market mutual fund shares.Chapter 4：Understanding Interest Rates1.measuring interest rates:Present Value(很可能考察名词解释)A dollar paid to you one year from now is less valuable than a dollar paidto you todaySimple Present Value：PV=CF/(1+i)n次方2.Four Types of Credit Market Instruments•Simple Loan•Fixed Payment Loan•Coupon Bond 附票债券•Discount Bond 贴现债券3.Yield to Maturity（重点，很可能名词解释）•The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today计算4种不同信用工具外加Consol or Perpetuity（金边债券或永久债券）的YM4. Yield on a Discount Basis（了解即可）Current Yield当期收益率Yield on a Discount Basis 折价收益率Rate of Return 收益率5.Rate of Return and Interest Rates（收益率与利息率的distinction）•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 gr eater 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 rise6. Interest-Rate Risk•Prices and returns for long-term bonds are more volatile than those for shorter-term bonds•There is no interest-rate risk for any bond whose time to maturity matches the holding period7. Real and Nominal Interest Rates（重点，很可能考察简答题）•Nominal interest rate makes no allowance for inflation•Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing•Ex ante real interest rate is adjusted for expected changes in the price level•Ex post real interest rate is adjusted for actual changes in the price level8. Fisher Equation（重点考察）Chapter5：The Behavior of Interest Rates1. Determining the Quantity Demanded of an Asset•Wealth: the total resources owned by the individual, including all assets •Expected Return: the return expected over the next period on one asset relative to alternative assets•Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets•Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets（流动性很有可能考名词解释）2.Theory of Asset Demand（必考，死活都得背下来）Holding all other factors constant:1.The quantity demanded of an asset is positively related to wealth2.The quantity demanded of an asset is positively related to its expectedreturn relative to alternative assets3.The quantity demanded of an asset is negatively related to the riskof its returns relative to alternative assets4.The quantity demanded of an asset is positively related to itsliquidity relative to alternative assets3. Supply and Demand for Bonds（见到看一下图）Market Equilibrium4. Shifts in the Demand for Bonds•Wealth: in an expansion with growing wealth, the demand curve for bonds shifts to the right•Expected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the left •Expected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, causing the demand curve to shift to the left •Risk: an increase in the riskiness of bonds causes the demand curve to shift to the left•Liquidity: increased liquidity of bonds results in the demand curve shifting right5．Shifts in the Supply of Bonds•Expected profitability of investment opportunities: in an expansion, the supply curve shifts to the right•Expected inflation: an increase in expected inflation shifts the supply curve for bonds to the right•Government budget: increased budget deficits shift the supply curve to the right6. The Liquidity Preference Framework（重中之重）7.Demand for Money in the Liquidity Preference Framework•As the interest rate increases:–The opportunity cost of holding money increases…–The relative expected return of money decreases…•…and therefore the quantity demanded of money decreases.8.Shifts in the Demand for Money（都很重要）•Income Effect: a higher level of income causes the demand for money at each interest rate to increase and the demand curve to shift to the right •Price-Level Effect: a rise in the price level causes the demand for money at each interest rate to increase and the demand curve to shift to the right•Liquidity preference framework leads to the conclusion that an increase in the money supply will lower interest rates: the liquidity effect.•Income effect finds interest rates rising because increasing the money supply is an expansionary influence on the economy (the demand curve shifts to the right).Chapter9:Banking1.The Bank Balance Sheet•Liabilities–Checkable deposits–Nontransaction deposits–Borrowings–Bank capital•Assets–Reserves(准备金)–Cash items in process of collection–Deposits at other banks–Securities–Loans–Other assets2.Basic Banking:•Cash Deposit：Opening of a checking account leads to an increase in the bank’s reserves equal to the increase in checkable depositsCheck Deposit3．Inter-business•Bank settlement•Finance lease•Fiduciary business•Safe deposit box4. Off-Balance-Sheet Activities•Loan sales (secondary loan participation)•Generation of fee income. Examples:Chapter12:Central Banks and the Federal Reserve System(此章省略很多)1.Structure of theFed(了解即可)Board of Governors（7人）12 FRBs（9人）FOMC (7+1+4人)Federal Advisory Council （12人）2.Federal Reserve Bank（3+3+3人）Functions：Clear checksIssue new currencyWithdraw damaged currency from circulationAdminister and make discount loans to banks in their districtsEvaluate proposed mergers and applications for banks to expand their activities Act as liaisons between the business community and the Federal Reserve System Examine bank holding companies and state-chartered member banksCollect data on local business conditionsUse staffs of professional economists to research topics related to the conduct of monetary policyChapter13&14：The Money Supply Process:1.Players in the Money Supply Process Central bank (Federal Reserve System)Banks (depository institutions; financial intermediaries)Depositors (individuals and institutions)2．Fed’s Balance Sheet3.Monetary Base4.Open Market Purchase•The effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in deposits •The effect of an open market purchase on the monetary base always increases the monetary base by the amount of the purchaseOpen Market Sale•Reduces the monetary base by the amount of the sale•Reserves remain unchangedThe effect of open market operations on the monetary base is much more certain than the effect on reserves5.Fed’s Ability to Control the MonetaryBaseSplit the monetary base into two components :MBn= MB - BRthe non-borrowed monetary base :MBnborrowed reserves:BR6.The Formula for Multiple Deposit Creation（很重要！必考,记住公式）7. Factors that Determine the Money SupplyChanges in the nonborrowed monetary base MBnChanges in borrowed reserves from the FedChanges in the required reserves ratioChanges in currency holdingsChanges in excess reserves8. The Money Multiplier(重点)Assume that the desired holdings of currency C and excess reserves ER grow proportionally with checkable deposits D. Then,c = {C/D} = currency ratioe = {ER/D} = excess reserves ratioThe monetary base MB equals currency (C) plus reserves (R):MB = C + R = C + (r x D) + ERM=m*MB=m*(MBn+BR)M=1+c/r+e+cChapter 15：Tools of Monetary Policy1. Tools of Monetary PolicyOpen market operationsChanges in borrowed reservesChanges in reserve requirementsFederal funds rate: the interest rate on overnight loans of reserves from one bank to another2.Demand in the Market for ReservesSupply in the Market for Reserves3.Affecting the Federal Funds Rate4.Open Market Operations（超级重点）Advantages：The Fed has complete control over the volumeFlexible and preciseEasily reversedQuickly implemented5.Discount Policy（超级重点）Advantages：Used to perform role of lender of last resortdisadvantages：Cannot be controlled by the Fed; the decision maker is the bank 6.Reserve Requirements（超级重点）Advantages：•No longer binding for most banksdisadvantages：•Can cause liquidity problems•Increases uncertainty for banks7. Monetary Policy Tools of the European Central Bank•Open market operations•Lending to banks•Reserve RequirementsChapter16：The Conduct of Monetary Policy: Strategy and Tactics 1. Goals of Monetary Policy（1）The Price Stability Goal•Low and stable inflation•Inflation•Nominal anchor to contain inflation expectations•Time-inconsistency problem（2）Other Goals of Monetary Policy•High employment•Economic growth•Stability of financial markets•Interest-rate stability•Foreign exchange market stability2. Monetary Targeting•Advantages–Almost immediate signals help fix inflation expectations and produce less inflation–Almost immediate accountability•Disadvantages–Must be a strong and reliable relationship between the goal variable and the targeted monetary aggregat e3. Inflation Targeting•Public announcement of medium-term numerical target for inflation •Institutional commitment to price stability as the primary, long-run goal of monetary policy and a commitment to achieve the inflation goal •Information-inclusive approach in which many variables are used in making decisions•Advantages•Does not rely on one variable to achieve target•Easily understood•Reduces potential of falling in time-inconsistency trap•Stresses transparency and accountability•Disadvantages•Delayed signaling•Too much rigidity•Potential for increased output fluctuations•Low economic growth during disinflation4.Monetary Policy with an Implicit Nominal AnchorThere is no explicit nominal anchor in the form of an overriding concern for the Fed.Forward looking behavior and periodic “preemptive strikes”The goal is to prevent inflation from getting started.•Advantages–Uses many sources of information–Avoids time-inconsistency problem•Disadvantages–Lack of transparency and accountability–Strong dependence on the preferences, skills, and trustworthiness of individuals in charge–Inconsistent with democratic principles5. Tactics: Choosing the Policy Instrument•Tools–Open market operation–Reserve requirements–Discount rate•Policy instrument (operating instrument)–Reserve aggregates–Interest rates–May be linked to an intermediate target•Interest-rate and aggregate targets are incompatible (must chose one or the other).6.Linkages Between Central Bank Tools, Policy Instruments, Intermediate Targets, and Goals of Monetary Policy(中间目标是超级重点，死活都要背下来)Chapter19:The Demand for Money1.Velocity of Money and The Equation ofExchangeV=P*Y/MM*V=P*Y2.Quantity Theory of Money DemandSO: Demand for money is determined by:The level of transactions generated by the level of nominal income PYThe institutions in the economy that affect the way people conduct transactions and thus determine velocity and hence k3.Keynes’s Liquidity Prefe rence TheoryTransactions motivePrecautionary motiveSpeculative motiveVelocity is not constant:4.Friedman’s Modern Quantity Theory of Money(记住该公式及其含义)5. Differences between Keynes’s and Friedman’s Model (cont’d)•Friedman–Includes alternative assets to money–Viewed money and goods as substitutes–The expected return on money is not constant; however, r b –r m does stayconstant as interest rates rise–Interest rates have little effect on the demand for money •Friedman (cont’d)–The demand for money is stable ?–velocity is predictable–Money is the primary determinant of aggregate spendingChapter23：Transmission Mechanisms of Monetary Policy: The Evidence1.Framework(1)Structural Modelwhether one variable affects another•Transmission mechanism–The change in the money supply affects interest rates–Interest rates affect investment spending–Investment spending is a component of aggregate spending (output) Advantages and Disadvantages(2)Reduced-Form•Analyzes the effect of changes in money supply on aggregate output (spending) to see if there is a high correlationAdvantages and Disadvantages2.Transmission Mechanisms of Monetary Policy(1) Asset Price EffectsTraditional interest rate effectsExchange rate effects on net exports...(2)Credit ViewChapter24:Money and Inflation1.meaning of inflation(死活背下来)extremely high for a sustained period of time, its rate of money supply growth is also extremely high•Money Growth–High money growth produces high inflation•Fiscal Policy–Persistent high inflation cannot be driven by fiscal policy alone •Supply Shocks–Supply-side phenomena cannot be the source of persistent high inflation•Conclusion: always a monetary phenomenon2. Origins of Inflationary Monetary Policy•Cost-push inflation–Cannot occur without monetary authorities pursuing an accommodating policy•Demand-pull inflation•Budget deficits–Can be the source only if the deficit is persistent and is financed by creating money rather than by issuing bonds•Two underlying reasons–Adherence of policymakers to a high employment target–Presence of persistent government budget deficits3. The Discretionary (Activist)/ Nondiscretionary (Nonactivist) Policy Debate（1）Advocates of discretionary policy：regard the self-correcting mechanism as slowPolicy lags slow activist policy（2）Advocates of nondiscretionary policy:believe government should not get involvedDiscretionary policy produces volatility in both the price level and output。

货币金融学米什金期末重点总结

计算Term structureExpectations theory:Liquidity premium theory:Because of people preferred short- term bonds, there is a larger liquidity premium as the term to maturity lengthens. (上升图)Yield curves tend to have an especially steep upward slope. (下降图）Yield curves will not tend to have a steep downward slope, and maybe will slope upward.Stock pricing modelOne-Period Valuation Model：.Generalized Dividend Valuation Model：Gordon Growth Model：.Interest-Rate RiskA change in its interest rate:percent change in market value of security≈persentage-point change in interest rate×duration in yearsA1：The assets fall in value by $8 million(=$100 million)while the liabilities fall in value by $10.8 million(=$90 million). Because the liabilities fall in value by $2.8 million more than the assets do, the net worth of the bank rises by $2.8 million. The interest-rate risk can be reduced by shortening the maturity of the liabilities to a duration of 4 years or lengthening the maturity of the assets to a duration of 6 years. Alternatively, you could engage in an interest-rate swap, in which you swap the interest earned on your assets with the interest in another bank’s assets that hav e a duration of 6 years.A2: The gap is $10 million ($30 million of rate-sensitive assets minus $20 million of rate-sensitive liabilities). The change in bank profits from the interest rate rise is +$0.5 million (5%×$10 million); the interest rate risk can be reduced by increasing rate-sensitive liabilities to $30 million or by reducing rate-sensitive assets to $20 million. Alternatively, you could engage in an interest rate swap in which you swap the interest in $10 million of rate-sensitive assets for the interest on another bank’s $10 million of fixed-rate assets.The Money MultiplierM is money supply.MB is the monetary base.c = {C/D} = currency ratioe = {ER/D} = excess reserves ratioC is currency.ER is excess reserves.D is checkable deposits.r is the required reserve ratio.问答Present Value: A dollar paid to you one year from now is less valuable than a dollar paid to you today.Yield to Maturity and the Bond Price for a Coupon Bond: have 3 facts.1.When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.2.The price of a coupon bond and the yield to maturity are negatively related; that is, as the yield to maturity rises, the price of the bond falls. AS the yield to maturity falls, the price of the bond rises.3.The yield to maturity is greater than the coupon rate when the bond price is below its face value.Yield to Maturity(到期收益率):1.The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today.2.Also called internal rate of return.3.Most accurate measure of i.Rate of Return:The payment to the owner plus the change in value expressed as a fraction of the purchase price.RET=return from holding the bond from time t to t+1.=price of bond at time t=price of the bond at time t+1C=coupon payment=current yield==rate of capital gain=gRate of Return and Interest Rates:1.The return equals the yield to maturity only if the holding period equals the time to maturity.2.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.3.The more distant a bond’s maturity, the greater the size of the percentage price change associated with an interest-rate change.4.The more distant a bond’s maturity, the lower the rate of return that occurs as a result of an increase in the interest rate.5.Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise.Real and Nominal Interest Rates:1.Nominal interest rate makes no allowance for inflation.2.Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing.3.Ex ante real interest rate is adjusted for expected changes in the price level.4.Ex post real interest rate is adjusted for actual changes in the price level.4 Factors of Asset Demand:An asset is a piece of property that is a store of value, such as money ,bond, stocks, and houses.1.Wealth: the total resources owned by the individual, including all assets2.Expected Return: the return expected over the next period on one asset relative to alternative assets3.Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets4.Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assetsTheory of Asset Demand:1.The quantity demanded of an asset is positively related to wealth2.The quantity demanded of an asset is positively related to its expected return relative to alternative assets3.The quantity demanded of an asset is negatively related to the risk of its returns relative to alternative assets4.The quantity demanded of an asset is positively related to its liquidity relative to alternative assetsThe Structure of Interest Rates风险结构：Bonds with the same maturity have different interest rates due to: Default risk违约风险, Liquidity流动性, Tax considerations所得税因素.1. Default risk: probability that the issuer of the bond is unable or unwilling to make interest payments or pay off the face value.Conclusion: a bond with default risk will always have a positive risk premium, and an increase in its default risk will raise the risk premium. 具有违约风险的债券通常具有正的风险溢价，而违约风险的增长将会提高风险溢价水平。