金融与机构北外作业2
金融市场与机构第二次作业
金融市场与机构第二次作业作业名称：金融市场与机构第二次作业作业总分：100 通过分数：60起止时间：2015-5-4 至 2015-5-29 23:59:00标准题总分：100详细信息：题号:1 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:根据国际清算银行（BIS）的统计，2005年年末，在全球场外衍生产品交易市场上，（）是交易最活跃的衍生工具A、外汇远期B、利率互换C、远期利率协议D、利率期权正确答案:B题号:2 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:假定某借款者借入10万美元的抵押贷款,年利率为12%,期限为30年,则第一个月偿还的利息为()A、1500B、1250C、1000D、1150正确答案:C题号:3 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:商业银行因支付清算和业务合作等的需要，存在同业及其他金融机构的款项叫做（）A、同业拆入B、同业拆出C、存放同业D、同业存放正确答案:C题号:4 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:一份瑞士法郎期货的叫买价为0.6500，这个报价表明即期汇率是（）A、1.5384B、1.5385C、1.5386D、1.5387正确答案:B题号:5 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:如果投资银行采用代销，与包销向比较，可以避免以下哪个风险()A、发行时机不合理的风险B、发行方式不合理的风险C、定价不合理的风险D、不能通过监管的风险正确答案:C题号:6 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:在交易双方商定合约时，不需要缴纳保证金的交易品种是（）A、利率期货合约B、股票指数期权合约C、远期利率协议D、股票期货正确答案:C题号:7 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:对于利率互换和货币互换的异同，以下说法中不正确的是（）A、它们都是银行常用的金融衍生品，都属于互换B、利率互换只涉及一种货币，货币互换通常涉及两种货币C、利率互换可以对冲利率风险，货币互换可以对冲汇率风险D、利率互换和货币互换均要进行本金的交换正确答案:D题号:8 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:如果你买进了一份远期利率协议，那么你就能（）A、规避了利率下降的风险B、规避了利率上升的风险C、以现金向对方支付本金D、收到对方以现金向你支付本金正确答案:B题号:9 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:在美国，下列不是构成储蓄机构的金融机构是()A、储蓄协会B、储蓄银行C、信用合作社D、商业银行正确答案:D题号:10 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:按承保风险性质不同，保险可以分为(）A、财产保险和人身保险B、个人保险和团体保险C、原保险和再保险D、自愿保险和法定保险正确答案:A题号:11 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:银行组织资金来源的主要业务是（）A、发放贷款B、吸收存款C、发行债券D、票据贴现正确答案:B题号:12 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:商业银行最主要的资金来源是()A、资本金B、中央银行借款C、发行金融债券D、存款负债正确答案:D题号:13 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:期权价格是以（）为调整依据A、买方利益B、卖方利益C、买卖两方共同利益D、无具体规定，买方卖方均可正确答案:A题号:14 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 内容:银行面临的风险主要是（）A、利率风险B、汇率风险C、信用风险D、市场风险正确答案:C题号:15 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:商业银行并购的动因是（）A、规模不经济和范围经济B、规模经济和范围经济C、规模经济和范围不经济D、规模不经济和范围不经济正确答案:B题号:16 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:远期合约、期货合约、期权合约、互换合约的英文名是（）A、ForwardsB、 futuresC、 optionsD、 stocksE、 swaps正确答案:ABCE题号:17 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:在美国，一级市场抵押贷款主要有（）A、房屋抵押贷款B、多个家庭住房抵押贷款C、商业抵押贷款D、农场抵押贷款E、消费贷款正确答案:ABCD题号:18 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:金融衍生市场形成的条件有（）A、风险推动金融创新B、金融管制放松C、技术进步D、证券化的兴起E、金融竞争的加剧正确答案:ABCDE题号:19 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:商业银行面临的信风险主要有（）A、借款人违约B、借款人信用品质下降C、银行危机D、通货膨胀正确答案:ABC题号:20 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:商业银行面临的主要风险有（）A、流动性风险B、信用风险C、市场风险D、操作风险正确答案:ABCD题号:21 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:抵押贷款证券化的原因包括（）A、抵押贷款的数额太小无法形成能够批发的金融工具B、抵押贷款不是标准化的贷款C、抵押贷款业务的成本较高D、抵押贷款存在未知的违约风险正确答案:ABCD题号:22 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:金融期权的要素包括（）A、基础资产B、期权的买方和卖方C、敲定价格D、到期日E、期权费正确答案:CDE题号:23 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:美国次债危机的根源是（）A、利率上升B、金融产品本身的缺陷C、美国房地产市场降温D、监管不力正确答案:BD题号:24 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:远期合约的缺点主要有（）A、市场效率较低B、流动性较差C、灵活性较小D、违约风险相对较高E、利率较高正确答案:ABD题号:25 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4内容:贷款是银行的（）A、资产B、负债C、最主要的资金来源D、最主要的资金运用E、中间业务正确答案:AD题号:26 题型:判断题本题分数:3内容:逆向年金抵押贷款这种贷款方式下，借款人不是每月定期向金融机构还款，而是每月定期从金融机构获得一笔付款。
金融市场与机构课后习题答案.doc
Chapter 1Role of Financial Markets and InstitutionsQuestions1. Explain the meaning of surplus units and deficit units. Provide an example of each.ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds.2. Distinguish between primary and secondary markets.ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities.3. Distinguish between money and capital markets.ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments.4. Distinguish between perfect and imperfect security markets.ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired.5. Explain why the existence of imperfect markets creates a need for financial institutions.ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire.6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of thetime?ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market.7. In recent years, several securities firms have been guilty of using inside information when purchasingsecurities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain.ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market.12 Chapter 1/Role of Financial Markets and Institutions8. What was the purpose of the Securities Act of 1933? What was the purpose of the SecuritiesExchange Act of 1934? Do these laws prevent investors from making poor investment decisions?Explain.ANSWER: The Securities Act of 1933 was intended to assure complete disclosure of relevantfinancial information on publicly offered securities, and prevent fraudulent practices when selling these securities. The Securities Exchange Act of 1934 extended the disclosure requirements tosecondary market issues. It also declared a variety of deceptive practices illegal, but does not prevent poor investments.9. If barriers to international securities markets are reduced, will a country's interest rate be more or lesssusceptible to foreign lending or borrowing activities? Explain.ANSWER: If international securities market barriers are reduced, a country's interest rate will likely become more susceptible to foreign lending and borrowing activities. Without barriers, funds will flow more freely in between countries. Funds would seek out countries where expected returns are high. Then, the amount of foreign funds invested in any country could adjust abruptly and affect interest rates.10. In what way could the international flow of funds cause a decline in interest rates?ANSWER: If a large volume of foreign funds was invested in the United States, it could placedownward pressure on U.S. interest rates. Without this supply of foreign funds, U.S. interest rates would have been higher.11. Distinguish between the functions of a broker and those of a dealer, and explain how each iscompensated.ANSWER: Brokers are commonly compensated with commissions on trades, while dealers are compensated on their positions in particular securities. Some dealers also provide brokerage services.12. Why is it necessary for securities to be somewhat standardized?ANSWER: Securities can be more easily traded when they are standardized because the specifics of the security transaction are well known. If securities were not standardized, transactions would be slowed considerably as participants would have to negotiate all the provisions.13. What are the functions of securities firms?ANSWER: Securities firms provide a variety of functions (such as underwriting and brokerage) that either enhance a borrower's ability to borrow funds or an investor’s abi lity to invest funds.14. Explain why some financial flows of funds cannot occur through the sale of standardized securities.ANSWER: Some financial flows, such as most commercial loans, must be provided on a personal basis, since the firms requesting loans have particular needs.15. If securities were not standardized, how would this affect the volume of financial transactionsconducted by brokers?ANSWER: If securities were not standardized, the volume of financial transactions conducted by brokers would be reduced, because the documentation would be greater.16. Commercial banks use some funds to purchase securities and other funds to make loans. Why are thesecurities more marketable than loans in the secondary market?ANSWER: Securities are more standardized than loans and therefore can be more easily sold in the secondary market. The excessive documentation on commercial loans limits a bank's ability to sell loans in the secondary market.17. How have the asset compositions of savings and loan associations differed from those of commercialbanks? Explain why and how this distinction may change over time.ANSWER: Savings and loan associations have traditionally concentrated in mortgage lending, while commercial banks have concentrated in commercial lending. Savings and loan associations are nowChapter 1/Role of Financial Markets and Institutions 3 allowed to diversify their asset portfolio to a greater degree and will likely increase theirconcentration in commercial loans (but not to the same degree as commercial banks.18. With regard to the profit motive, how are credit unions different from other financial institutions?ANSWER: Credit unions are non-profit financial institutions.19. Compare the main sources and uses of funds for finance companies, insurance companies, andpension funds.ANSWER: Finance companies sell securities to obtain funds, while insurance companies receive insurance premiums and pension funds receive employee/employer contributions. Finance companies use funds to provide direct loans to consumers and businesses. Insurance companies and pension funds purchase securities.20. What is the function of a mutual fund? Why are mutual funds popular among investors?ANSWER: A mutual fund sells shares to investors, pools the funds, and invests the funds in aportfolio of securities. Mutual funds are popular because they can help individuals diversify while using professional expertise to make investment decisions.21. How does a money market mutual fund differ from a stock or bond mutual fund?ANSWER: A money market mutual fund invests in money market securities, whereas other mutual funds normally invest in stocks or bonds.22. Classify the types of financial institutions mentioned in this chapter as either depository ornondepository. Explain the general difference between depository and nondepository institution sources of funds.ANSWER: Depository institutions include commercial banks, savings and loan associations, and credit unions. These institutions differ from nondepository institutions in that they accept deposits.Nondepository institutions include finance companies, insurance companies, pension funds, mutual funds, and money market funds.23. It is often stated that all types of financial institutions have begun to offer services that werepreviously offered only by certain types. Consequently, many financial institutions are becoming more similar in terms of their operations. Yet, the performance levels still differ significantly among types of financial institutions. Why?ANSWER: Even though financial institutions are becoming more similar, they often differ distinctly from each other in terms of sources and uses of funds. Therefore, their performance levels differ as well.24. Look in a recent business periodical for news about a recent financial transaction that involves twofinancial institutions. For this transaction, determine the following:a. How will each institution's balance sheet be affected?b. Will either institution receive immediate income from the transaction?c. Who is the ultimate user of funds?d. Who is the ultimate source of funds?ANSWER: This exercise will force students to understand how the balance sheet and incomestatement of a financial institution is affected by various transactions. When a financial institution simply acts as a middleman, income (fees or commissions) are earned, but the institution's asset portfolio is not significantly affected.25. Which types of financial institutions do you deal with? Explain whether you are acting as a surplusunit or a deficit unit in your relationship with each financial institution.ANSWER: This exercise allows students to realize that they constantly interact with financialinstitutions, and that they often play the role of a deficit unit (on car loans, tuition loans, etc.).4 Chapter 1/Role of Financial Markets and Institutions26. Explain how the privatization of companies in Europe can lead to the development of new securitiesmarkets.ANSWER: The privatization of companies will force these companies to finance with stocks and debt securities, instead of relying on the federal government for funds. Consequently, secondary markets for stocks and debt securities will be developed over time.Chapter 2Determination of Interest RatesQuestions1.Explain why interest rates changed as they did over the past year.ANSWER: This exercise should force students to consider how the factors that influence interest rates have changed over the last year, and assess how these changes could have affected interest rates.2. Explain what is meant by interest elasticity.ANSWER: Interest elasticity of supply represents a change in the quantity of loanable funds supplied in response to a change in interest rates. Interest elasticity of demand represents a change in thequantity of loanable funds demanded in response to a change in interest rates.3. Would you expect federal government demand for loanable funds to be more or less interest elasticthan household demand for loanable funds? Why?ANSWER: Federal government demand for loanable funds should be less interest elastic than the consumer demand for loanable funds, because the government's planned borrowings will likely occur regardless of the interest rate. Conversely, the quantity of loanable funds by consumers is moreresponsive to the interest rate level.4. If the federal government planned to expand the space program, how might this affect interest rates?ANSWER: An expanded space program would (a) force the federal government to increase its budget deficit, (b) possibly force any firms involved in facilitating the program to borrow more funds.Consequently, there is a greater demand for loanable funds. The additional spending could cause higher income and additional saving. Yet, this impact is not likely to be as great. The likely overall impact would therefore be upward pressure on interest rates.5. Explain why interest rates tend to decrease during recessionary periods.ANSWER: During a recession, firms and consumers reduce their amount of borrowing. The demand for loanable funds decreases and interest rates decrease as a result.6. Obtain or develop forecasts of economic growth and inflation. Use this information to forecastinterest rates one year from now.ANSWER: Open-ended question, intended to illustrate the ease of subjectively creating forecasts, but the difficulty in deciding the appropriate weight to be assigned to each influential factor.7. Jayhawk Forecasting Services analyzed several factors that could affect interest rates in the future.Most factors were expected to place downward pressure on interest rates. Jayhawk also felt that although the annual budget deficit was to be cut by 40 percent from the previous year, it would stillChapter 1/Role of Financial Markets and Institutions 5 be very large. Thus, Jayhawk believed that the deficit's impact would more than offset the othereffects and therefore forecast interest rates to increase by 2 percent. Comment on Jayhawk's logic.ANSWER: A reduction in the deficit should free up some funds that had been used to support the government borrowings. Thus, there should be additional funds available to satisfy other borrowing needs. Given this situation plus the other information, Jayhawk should have forecasted lower interest rates.8. Should increasing money supply growth place upward or downward pressure on interest rates? Justifyyour answer.ANSWER: If one believes that higher money supply growth will not cause inflationary expectations, the additional supply of funds places downward pressure on interest rates. However, if one believes that inflation expectations do erupt as a result, demand for loanable funds will also increase, and interest rates could increase (if the increase in demand more than offsets the increase in supply).9. Consider a scenario where inflation is low and is not expected to rise in the future. In addition,assume that the Fed substantially increases the money supply. Explain how this would likely affect interest rates.ANSWER: Interest rates should decrease because the amount of loanable funds will increase withouta corresponding increase in the demand for loanable funds.10. What is the logic behind the Fisher effect's implied positive relationship between expected inflationand nominal interest rates?ANSWER: Investors require a positive real return, which suggests that they will only invest funds if the nominal interest rate is expected to exceed inflation. In this way, the purchasing power of invested funds increases over time. As inflation rises, nominal interest rates should rise as well since investors would require a nominal return that exceeds the inflation rate.11. What is the difference between the nominal interest rate and real interest rate?ANSWER: The nominal interest rate is the quoted interest rate, while the real interest rate is defined as the nominal interest rate minus the expected rate of inflation. The real interest rate represents the recent nominal interest rate minus the recent inflation rate.12. Estimate the real interest rate over the last year.ANSWER: This exercise forces students to measure last year's nominal interest rate and inflation rate.13. Review historical interest rates to determine how they react to recessionary periods. Explain thisreaction.ANSWER: In general, interest rates tend to decline in recessionary periods. This reaction occurs because the demand for loanable funds declines during the recessionary periods, which placesdownward pressure of interest rates.14. Why do forecasts of interest rates differ among experts?ANSWER: Various factors may influence interest rates, and changes in these factors will affectinterest rate movements. Experts disagree about how various factors will change. They also disagree about the specific influence these factors have on interest rates.15. During the stock market crash in October 1987, interest rates declined. Use the loanable fundsframework discussed in this chapter to explain why.ANSWER: The crash led to concerns of a possible recession. The demand for loanable funds declined, causing downward pressure on interest rates. In addition, investors shifted funds out of stocks and into money market securities, causing an increase in the supply of loanable funds.6 Chapter 1/Role of Financial Markets and Institutions16. If foreign investors expected that the U.S. dollar's value would weaken over the next few years, howmight this affect (a) the foreign supply of funds to the U.S. markets and (b) U.S. interest rates?Explain.ANSWER: The expectation of a weaker U.S. dollar can cause a lower foreign supply of funds to the U.S. markets, as foreign investors reduce their investment in the United States, because a weakened dollar over the investment horizon reduces the return to foreign investors. The reduced foreign supply of funds to U.S. markets places upward pressure on U.S. interest rates.17. A well-known economist recently suggested that lower interest rates will stimulate the economy. Yet,this chapter implied that a strong economy can cause high interest rates. Do these concepts conflict?Explain.ANSWER: The concepts do not conflict. There are feedback effects between interest rates andeconomic growth. Lower interest rates stimulate the economy because they encourage borrowing and therefore spending. Yet, a strong economy can cause an additional desire to borrow, which places upward pressure on interest rates.18. Assume that if the U.S. dollar strengthens, it can place downward pressure on U.S. inflation. Basedon this information, how might expectations of a strong dollar affect the demand for loanable funds in the United States and U.S. interest rates? Is there any reason to think that expectations of a strong dollar could also affect the supply of loanable funds? Explain.ANSWER: As a strong U.S. dollar dampens U.S. inflation, it can reduce the demand for loanable funds, and therefore reduce interest rates. The expectations of a strong dollar could also increase the supply of funds because it may encourage saving (there is less concern to purchase goods before prices rise when inflationary expectations are reduced). In addition, foreign investors may invest more funds in the United States if they expect the dollar to strengthen, because that could increase their return on investment.19. If financial market participants overestimate inflation in a particular period, will real interest rates berelatively high or low? Explain.ANSWER: If inflation is overestimated, the real interest rate will be relatively high. Investors had required a relatively high nominal interest rate because they expected inflation to be high (according to the Fisher effect).20. Why might you expect interest rate movements of various industrialized countries to be more highlycorrelated in recent years than in earlier years?ANSWER: Interest rates among countries are expected to be more highly correlated in recent years because financial markets are more geographically integrated. More international financial flows will occur to capitalize on higher interest rates in foreign countries, which affects the supply and demand conditions in each market. As funds leave a country with low interest rates, this places upwardpressure on that country's interest rates. The international flow of funds caused this type of reaction.21. In November 1989, the wall separating East and West Germany was removed. Some analysts say thatthis event led to an increase in German and U.S. interest rates. Offer a possible explanation as to why this event could have caused an increase in German and U.S. interest rates.ANSWER: The removal of the wall led to the reunification of East and West Germany, and resulted in economic expansion in Germany. This led to an increased demand for loanable funds from sources in Germany and in the United States, placing upward pressure on interest rates.22. In August 1990, the Persian Gulf crisis occurred, resulting in some significant reactions in financialmarkets. Why would the crisis be expected to place upward pressure on U.S. interest rates? Why might some investors expect the crisis to place downward pressure on U.S. interest rates?ANSWER: The Persian Gulf crisis placed upward pressure on U.S. interest rates because it (1)increased inflationary expectations in the United States as oil prices increased abruptly, and (2)increased the expected U.S. budget deficit as government expenditures were necessary to boostChapter 1/Role of Financial Markets and Institutions 7 military support. However, the crisis also caused some analysts to revise their forecasts of economic growth downward. In fact, some analysts predicted that a U.S. recession would occur. The slower economy reflects a reduced corporate demand for funds, which by itself places downward pressure on interest rates. If inflation was not a concern, the Fed may attempt to increase money supply growth to stimulate the economy. However, the inflationary pressure restricted the Fed from stimulating the economy (since any stimulative policy could cause higher inflation).23. Offer an argument for why the terrorist attack on the United States on September 11, 2001 couldplace downward pressure on U.S. interest rates. Offer an argument for why the terrorist attack could place upward pressure on U.S. interest rates.ANSWER: The terrorist attack could cause a reduction in spending related to travel (airlines, hotels), and would also reduce the expansion by those types of firms. This reflects a decline in the demand for loanable funds, and places downward pressure on interest rates. Conversely, the attack increases the amount of government borrowing needed to support a war, and therefore places upward pressure on interest rates.Interpreting Financial NewsInterpret the following comments made by Wall Street analysts and portfolio managers.a. “The flight of funds from bank deposits to U.S. stocks will pressure interest rates.”As the supply of loanable funds declines (due to bank deposit withdrawals), there will be upward pressure on interest rates.b. “Since Japanese interest rates have recently declined to very low levels, expect a reduction in U.S.interest rates.”As Japanese interest rates decline, Japanese savers invest more loanable funds in the UnitedStates, which places downward pressure on U.S. interest rates.c. “The cost of borrowing by U.S. firms is dictated by the degree to which the federal governmen tspends more than it taxes.”As the federal government spends more than it taxes, it borrows the difference; the greater theamount borrowed, the higher the pressure on U.S. interest rates.Managing in Financial MarketsAs the treasurer of a manufacturing company, your task is to forecast the direction of interest rates. You plan to borrow funds and may use the forecast of interest rates to determine whether you should obtain a loan with a fixed interest rate or a floating interest rate. The following information can be considered when assessing the future direction of interest rates:♦Economic growth has been high over the last two years, but you expect that it will be stagnant over the next year.♦Inflation has been 3 percent over each of the last few years, and you expect that it will be about the same over the next year.♦The federal government has announced major cuts in its spending, which should have a major impact on the budget deficit.♦The Federal Reserve is not expected to affect the existing supply of loanable funds over the next year. ♦The overall level of savings by households is not expected to change.a. Given the preceding information, determine how the demand for and the supply of loanable fundswould be affected (if at all), and determine the future direction of interest rates.The demand for loanable funds should decline in response to: (1) stagnant economic growth(because a relatively low level of borrowing will be needed), and (2) a major cut in government8 Chapter 1/Role of Financial Markets and Institutionsspending. The supply of loanable funds should remain unchanged because the savings level is not expected to change, and the Fed is not expected to affect the existing money supply. Given a large decline in the demand for loanable funds and no significant change in the supply of loanablefunds, U.S. interest rates should decline.b. You can obtain a one-year loan at a fixed-rate of 8 percent or a floating-rate loan that is currentlyat 8 percent but would be revised every month in accordance with general interest ratemovements. Which type of loan is more appropriate based on the information provided?Since interest rates are expected to decline, you should prefer the floating-rate loan. As interest rates decline, the rate charged on this type of loan would decline.c. Assume that Canadian interest rates have abruptly risen just as you have completed your forecastof future U.S. interest rates. Consequently, Canadian interest rates are now 2 percentage pointsabove U.S. interest rates. How might this specific situation place pressure on U.S. interest rates?Considering this situation along with the other information provided, would you change yourforecast of the future direction of U.S. interest rates?This situation could encourage U.S. individuals and firms to withdraw their savings from U.S.financial institutions and send their funds to Canada to earn a higher interest rate (although they would have to convert their U.S. dollars into Canadian dollars and are therefore exposed toexchange rate risk). To the extent that savings are withdrawn from U.S. financial institutions,there would be a reduction in the supply of loanable funds in the U.S. Consequently, this specific situation places upward pressure on the U.S. interest rates.While this specific situation places upward pressure on U.S. interest rates, the economic growth and the budget deficit are expected to place downward pressure on interest rates.Therefore, you would still forecast a decline in U.S. interest rates, unless you believe that theimpact of the Canadian situation would overwhelm the impact of the economic growth and thebudget deficit.Problems1.Suppose the real interest rate is 6 percent and the expected inflation is 2 percent. What would youexpect the nominal rate of interest to be?ANSWER:i = E(INF) + i ki = 2% + 6% = 8%2. Suppose that Treasury bills are currently paying 9 percent and the expected inflation is 3 percent.What is the real interest rate?ANSWER:i = E(INF) + i ki k = i – E(INF)i k = 9% – 3% = 6%Chapter 3Structure of Interest RatesChapter 1/Role of Financial Markets and Institutions 9Questions1.Identify the relevant characteristics of any security that can affect the security's yield.ANSWER:The relevant characteristics are:1. default risk2. liquidity3. tax status4. maturity5. special provisions (such as a call feature)2. What effect does a high credit risk have on securities?ANSWER: Investors require a higher risk premium on securities with a high default risk.3. Discuss the relationship between the yield and liquidity of securities.ANSWER: The greater the liquidity of a security, the lower is the yield, other things being equal.4. Do investors in high-tax brackets or those in low-tax brackets benefit more from tax-exemptsecurities? Why?ANSWER: High-tax bracket investors benefit more from tax-exempt securities because their tax savings from avoiding taxes is greater.5. Do municipal bonds or corporate bonds offer a higher before-tax yield at a given point in time? Why?Which has the higher after-tax yield?ANSWER: Corporate bonds offer a higher before-tax yield, since they are taxable by the federal government. The municipal bonds may have a higher tax yield for investors subject to a high tax rate.For low-tax bracket investors, the corporate bonds would likely have a higher after-tax yield.6. If taxes did not exist, would Treasury bonds offer a higher or lower yield than municipal bonds withthe same maturity? Why?ANSWER: Treasury bonds would offer a lower yield than municipal bonds because they areperceived to be risk-free. If taxes did not exist, the required return on Treasury bonds would be lower than on municipal bonds.7. Explain how a yield curve would shift in response to a sudden expectation of rising interest rates,according to the pure expectations theory.ANSWER: The demand for short-term securities would increase, placing upward (downward)pressure on their prices (yields). The demand for long-term securities would decrease, placingdownward (upward) pressure on their prices (yields). If the yield curve was originally upward sloped, it would now have a steeper slope as a result of the expectation. If it was originally downward sloped, it would now be more horizontal (less steep), or may have even become upward sloping.8. What is the meaning of the forward rate in the context of the term structure of interest rates?ANSWER: The forward rate is the expected interest rate at a future point in time.9. Why might forward rates consistently overestimate future interest rates? How could such a bias beavoided?ANSWER: If forward rates are estimated without considering the liquidity premium, it mayoverestimate the future interest rates. If a liquidity premium is accounted for when estimating the forward rate, the bias can be eliminated.10. Assume there is a sudden expectation of lower interest rates in the future. What would be the effecton the shape of the yield curve? Explain.ANSWER: The demand for short-term securities would decrease, placing downward (upward)pressure on their prices (yields). The demand for long-term securities would increase, placing upward。
[北京语言大学]21春《金融学概论》作业2参考答案
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20春《金融学概论》作业2试卷总分:100 得分:100一、单选题 (共 10 道试题,共 30 分)1.凯恩斯的货币需求理论，非常重视（）的作用[A.]恒久收入[B.]汇率[C.]利率[D.]货币供应量[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:C2.弗里德曼认为，货币需求具有（）特点[A.]不稳定[B.]不确定[C.]相对稳定[D.]相对不稳定[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:C3.中央银行提高再贴现率时，会使商业银行（）[A.]提高贷款利率[B.]降低贷款利率[C.]贷款利率升降不确定[D.]贷款利率不受影响[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:A4.国家信用的主要形式是（）[A.]发型政府债券[B.]短期借款[C.]长期借款[D.]自愿捐款[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:A5.创造基础货币的主体是（）[A.]商业银行[B.]投资银行[C.]财政结构[D.]中央银行[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:D6.基础货币是中央银行通过自身的（）业务提供出来的[A.]资产[B.]负债[C.]中间[D.]所有者权益[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:A7.我国的中央银行制度属于（）[A.]单一制[B.]多元制[C.]跨国中央银行制度[D.]准中央银行制度[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:A8.菲利普斯曲线反映的是与（）之间此消彼长的关系[A.]通货膨胀与失业率[B.]经济增长与失业率[C.]通货紧缩与经济增长[D.]通货膨胀与经济增长[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:A9.下列货币政策操作中，会引起货币存量增加的是（）[A.]提高法定准备金率[B.]提高再贴现率[C.]降低再贴现率[D.]中央银行卖出债券[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:C10.在一国的货币制度中，（）是不具有无限法偿能力的货币[A.]主币[B.]辅币[C.]本位币[D.]都不是[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:B二、多选题 (共 15 道试题,共 30 分)11.我国的货币层次中属于准货币的是（）[A.]银行活期存款[B.]企业单位定期存款[C.]居民储蓄存款[D.]证券公司的客户保证金存款[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:BCD12.广义的有价证券包括三类，是（）[A.]商品证券[B.]货币证券[C.]资本证券[D.]保险证券[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:ABC13.凯恩斯主义对凯恩斯货币需求理论的发展包括（）[A.]平方根率[B.]惠伦模型[C.]托宾的资产选择理论[D.]货币数量论[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:ABC14.下列属于股票基本特征的是（）[A.]流通性[B.]返还型[C.]盈利性[D.]风险性[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:ACD15.金币本位制的特点有（）[A.]金币作为货币单位的价值标准[B.]金币可以自由铸造、融化、兑换[C.]金币与黄金可以自由输入输出[D.]金币具有无限法偿能力[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:ABCD16.投资基金的基本特征有（）[A.]小额投资，费用低廉[B.]分散投资，降低风险[C.]流动性好，变现能力强[D.]经营稳定，收益可观[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:ABCD17.资本市场包括（）[A.]股票市场[B.]长期债券市场[C.]基金市场[D.]票据贴现市场[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:ABC18.国际货币市场的参与者包括（）[A.]政府部门[B.]商业银行[C.]中央银行[D.]证券交易商[解析提示]本题请参考课本相关知识，并完成课程作业本题参考选项是:ABCD19.商业信用由于自身特点，存在一定的局限性，表现在（）。
国际金融(北外网上作业)
第1单元单选题件，是指下列哪一组弹性之和大于1？A、出口商品的供给弹性和进口商品的供给弹性B、出口商品的需求弹性和进口商品的需求弹性C、出口商品的需求弹性和进口商品的供给弹性D、出口商品的供给弹性和进口商品的需求弹性是非题11. 国际收支是一个存量的概念。
A、对B、错12. 线上项目总差额为负数，则表示该国在这段时期内国际收支是逆差，官方储备就会增加。
A、对B、错13. 在一国的国际收支统计中，如果商品进口大于商品出口，则其贸易差额为顺差。
A、对B、错14. 英国经济学家大卫-休谟提出的物价现金流动机制理论是金本位制下国际收支的自动调节理论。
A、对B、错15. 国际投资头寸表是反映特定时点上一个国家或地区对世界其他国家或地区的金融资产和负债存量的统计报表。
A、对B、错16. 新中国成立后，我国也一直编制国际收支平衡表。
A、对B、错17. 国际收支平衡表的记账规则是复试记账法，即有借必有贷，借贷必相等。
A、对B、错18. 经常项目差额是判断一个国家国际收支地位的重要指标。
A、对B、错19. 经济结构和经济增长变化所引起的国际收支不平衡往往被称为暂时性不平衡，货币因素和偶发事件引起的国际收支不平衡往往被称为持久性不平衡。
A、对B、错20. 一个国家政府的政策目标有很多个，内部平衡目标包括经济增长和物价稳定，外部平衡目标包括充分就业和国际收支平衡。
A、对B、错第2单元单选题C、政府采购外国商品D、提供对外信用保证2. 近年来我国外汇储备迅速增加带来了流动性过剩，中国人民银行除了利用传统的货币政策工具应对之外，还进行了创新性操作A、公开市场操作B、发行央行票据C、提高准备金率D、收缩再贷款和再贴现3. 美国耶鲁大学教授特里芬在《黄金与美元危机》一书中指出：一国的国际储备额应同其年进口额保持一定的比例关系；对大多数国家来说，比较合理的储备额占年进口额的比重应该是A、20%~30%B、30%~40%C、40%~50%D、50%~60%4. 国际储备结构管理的基本原则——三性原则是指A、安全性、固定性、保值性B、安全性、固定性、收益性C、流动性、安全性、收益性D、流动性、保值性、增值性5. 以下哪一项不属于借入性储备？A、特别提款权B、备用信贷C、借款总安排D、互惠信贷协议6. 普通提款权是指国际储备中的A、黄金储备B、外汇储备C、特别提款权D、在国际货币基金组织的储备头寸7. 第二次世界大战后，世界上最重要的储备货币是A、美元B、日元C、欧元D、英镑8.A、经常项目收支顺差B、资本项目收支顺差C、长期资本项目收支顺差D、短期资本项目收支顺差9.自改革开放以来，我国外汇储备数量的增长既迅猛又曲折，下列哪一个阶段是外汇储备的迅速巨额增长阶段？10. 目前，世界各国的国际储备中，最重要的组成部分是A、黄金储备B、外汇储备C、在国际货币基金组织（IMF）的储备头寸D、特别提款权是非题11.黄金储备是一国国际储备中的重要组成部分，可以直接用它进行对外支付。
北外15春国际金融(02次作业)答案
管理学作业答题纸国际金融作业01（第6-10单元）答题纸学籍号：姓名：分数：学习中心：专业：__国际经济与贸易______本次作业满分为100分。
请将每道题的答案写在对应题目下方的横线上。
题目1（1）请阅读下面关于亚洲金融危机的文字，然后回答问题。
[50分]在1997年亚洲金融危机以前，东南亚国家的经济已经连续10年高速增长。
伴随着经济的高速增长，这些国家的银行信贷额以更快的速度增加，短期外债也达到前所未有的水平。
其中相当部分投向房地产。
投资的增加导致资产价格膨胀(主要是泰国和马来西亚)。
此外，汇率制度缺乏弹性也使得大量外债没有考虑汇率风险。
这些都为危机的发生埋下了伏笔。
危机首先从泰国爆发。
1997年3月至6月期间，泰国66家财务公司秘密从泰国银行获得大量流动性支持。
此外，还出现了大量资本逃离泰国。
泰国中央银行将所有的外汇储备用于维护钉住汇率制度，但仍然以失败告终。
7月2日，泰国财政部和中央银行宣布，泰币实行浮动汇率制，泰铢价值由市场来决定，放弃了自1984年以来实行了14年的泰币与美元挂钩的一揽子汇率制。
这标志着亚洲金融危机正式爆发。
很快，危机开始从泰国向其它东南亚国家蔓延，从外汇市场向股票市场蔓延。
7月以后，菲律宾、马来西亚、印度尼西亚等货币相继出现问题。
8月13日，印尼财政部和印尼银行联合宣布，放弃钉住美元的汇率政策，实行自由浮动汇率制度，印尼盾大幅下跌55%。
随着危机的发展，以国际货币基金组织为首的国际社会开始向危机国家提供了大量援助。
但这些国家的金融市场仍在恶化，并波及香港和美国市场。
危机国家在采取措施稳定金融市场和金融体系时，也开始进行经济和金融改革。
8月11日，国际货币基金组织经过协商，确定对泰国提供约为160亿美元的资金援助，以稳定泰国的经济和金融市场秩序。
香港特区政府首次动用外汇基金，提供10亿美元，参与泰国的贷款计划。
9月以后，菲律宾股票市场继续下跌；韩元对美元汇率跌到了韩国至1990年3月实行市场平均汇率以来的最低点；菲律宾比索也跌至历史新低点。
国际金融(北外网上作业)
第1单元单选题件，是指下列哪一组弹性之和大于1？A、出口商品的供给弹性和进口商品的供给弹性B、出口商品的需求弹性和进口商品的需求弹性C、出口商品的需求弹性和进口商品的供给弹性D、出口商品的供给弹性和进口商品的需求弹性是非题11. 国际收支是一个存量的概念。
A、对B、错12. 线上项目总差额为负数，则表示该国在这段时期内国际收支是逆差，官方储备就会增加。
A、对B、错13. 在一国的国际收支统计中，如果商品进口大于商品出口，则其贸易差额为顺差。
A、对B、错14. 英国经济学家大卫-休谟提出的物价现金流动机制理论是金本位制下国际收支的自动调节理论。
A、对B、错15. 国际投资头寸表是反映特定时点上一个国家或地区对世界其他国家或地区的金融资产和负债存量的统计报表。
A、对B、错16. 新中国成立后，我国也一直编制国际收支平衡表。
A、对B、错17. 国际收支平衡表的记账规则是复试记账法，即有借必有贷，借贷必相等。
A、对B、错18. 经常项目差额是判断一个国家国际收支地位的重要指标。
A、对B、错19. 经济结构和经济增长变化所引起的国际收支不平衡往往被称为暂时性不平衡，货币因素和偶发事件引起的国际收支不平衡往往被称为持久性不平衡。
A、对B、错20. 一个国家政府的政策目标有很多个，内部平衡目标包括经济增长和物价稳定，外部平衡目标包括充分就业和国际收支平衡。
A、对B、错第2单元单选题C、政府采购外国商品D、提供对外信用保证2. 近年来我国外汇储备迅速增加带来了流动性过剩，中国人民银行除了利用传统的货币政策工具应对之外，还进行了创新性操作A、公开市场操作B、发行央行票据C、提高准备金率D、收缩再贷款和再贴现3. 美国耶鲁大学教授特里芬在《黄金与美元危机》一书中指出：一国的国际储备额应同其年进口额保持一定的比例关系；对大多数国家来说，比较合理的储备额占年进口额的比重应该是A、20%~30%B、30%~40%C、40%~50%D、50%~60%4. 国际储备结构管理的基本原则——三性原则是指A、安全性、固定性、保值性B、安全性、固定性、收益性C、流动性、安全性、收益性D、流动性、保值性、增值性5. 以下哪一项不属于借入性储备？A、特别提款权B、备用信贷C、借款总安排D、互惠信贷协议6. 普通提款权是指国际储备中的A、黄金储备B、外汇储备C、特别提款权D、在国际货币基金组织的储备头寸7. 第二次世界大战后，世界上最重要的储备货币是A、美元B、日元C、欧元D、英镑8.A、经常项目收支顺差B、资本项目收支顺差C、长期资本项目收支顺差D、短期资本项目收支顺差9.自改革开放以来，我国外汇储备数量的增长既迅猛又曲折，下列哪一个阶段是外汇储备的迅速巨额增长阶段？10. 目前，世界各国的国际储备中，最重要的组成部分是A、黄金储备B、外汇储备C、在国际货币基金组织（IMF）的储备头寸D、特别提款权是非题11.黄金储备是一国国际储备中的重要组成部分，可以直接用它进行对外支付。
国际金融二第二次作业及答案讲解
国际金融（二）课程第二次作业答案及讲解问题 不属于银行信用的是（ ） 答案 A. 延期付款 B. 买房信贷C. 银行贴现出口商的汇票D. 卖方信贷在此处添加问题问题 当一国同时处于通货膨胀和国际收支逆差时，应采用（ ） 答案 A. 紧缩的货币政策和扩张的财政政策 B. 紧缩的货币政策和紧缩的财政政策 C. 扩张的货币政策和紧缩的财政政策 D. 扩张的货币政策和扩张的财政政策在此处添加问题问题 当一国货币贬值时，会引起该国的外汇储备（ ） 答案A. 数量减少B. 数量增加C. 实际价值增加D. 实际价值减少在此处添加问题问题世界银行的主要任务是向会员国政府提供（）答案 A. 短期贷款B. 中长期贷款C. 中长期生产性贷款D. 石油贷款在此处添加问题问题欧洲货币体系中心汇率的波动幅度为( )答案 A. 上下2.25%B. 上下1.125%C. 上下4.5%D. 上下1%在此处添加问题问题布雷顿森林体系是采纳了（）的结果答案 A. 华特计划B. 凯恩斯计划C. 布雷迪计划D. 贝克计划在此处添加问题问题如果一国的贸易和非贸易汇率相对稳定，而金融汇率听任市场供求关系决定，这通常是（）答案 A. 浮动汇率B. 固定汇率C. 管理浮动汇率D. 复汇率制在此处添加问题问题 设某一金融市场的货币投资收益率高于美元利率，若使美国公司取得高于国内金融市场的货币投资收益率，则 （ ）答案 A. 该市场与美国国内金融市场联系密切 B. 该货币与美元波动呈正相关 C. 该市场与美国国内金融市场无联系 D. 以上答案均不对在此处添加问题问题 所谓外汇管制就是对外汇交易实行一定的限制,目的是 ( ) 答案 A. 防止资金外逃 B. 限制非法贸易 C. 奖出限入D. 平衡国际收支,限制汇价在此处添加问题问题 国际货币体系的内容不包括（ ） 答案 A. 国际储备资产的选择与确定B. 国际结算的安排C. 汇率制度的安排与本国货币的是否可兑换D. 统计国际收支的数据在此处添加问题问题 二战后实行的固定汇率制度的主要特征之一是（ ） 答案 A. 各国货币与美元挂钩 B. 各国货币直接与黄金挂钩 C. 各国货币之间没有任何联系 D. 美元只与英镑固定比价在此处添加问题问题 国际债券包括 ( )答案 A. 固定利率债券和浮动利率债券 B. 美元债券和日元债券 C. 欧洲美元债券和欧元债券 D. 外国债券和欧洲债券在此处添加问题问题 国际储备不包括( ) 答案A. 商业银行储备B. 外汇储备C. 在IMF 的储备头寸D. 特别提款权在此处添加问题问题 国际储备运营管理有三个基本原则是（ ) 答案 A. 安全、流动、盈利 B. 安全、固定、保值 C. 安全、固定、盈利D. 流动、保值、增值在此处添加问题问题 一国货币按照某一固定的、事先宣布的幅度或者根据某些量化指标的变化，定期、小幅度调整的汇率制度称为（） 答案 A. 爬行钉住制 B. 管理浮动汇率制度 C. 联合浮动汇率制度 D. 汇率目标区制度在此处添加问题问题 1984年以后，国际证券的发行规模开始超出银行贷款规模，融资手段证券化成为一种趋势，这主要得益于（ ） 答案 A. 离岸金融市场 B. 欧洲债券市场 C. NASDAQD. 欧洲中长期信贷市场在此处添加问题问题 世界上成立最早的国际金融组织是（ ） 答案 A. 国际货币基金组织B. 国际清算银行C. 世界银行集团D. 亚洲开发银行在此处添加问题问题下列不属于世界银行集团成员的是（ ） 答案 A. 国际金融公司 B. 国际复兴与开发银行 C. 国际开发协会 D. 农业发展基金在此处添加问题问题 从长期讲，影响一国货币币值的因素是( ) 答案 A. 通货膨胀 B. 国际收支状况 C. 经济实力 D. 利率高低在此处添加问题问题 跨国公司现金管理的主要目标有（ ） 答案 A. 便利现金净额结算 B. 管理国际货币与税制差异C. 在全球范围内迅速而有效的控制公司的全部资金D. 使公司现金的保存和利用达到最佳状态在此处添加问题问题 按照干预策略分，政府对外汇市场干预的类型可分为（ ） 答案 A. 非冲销式干预 B. 熨平每日波动型干预 C. 砥柱中流型干预D. 非官方钉住型干预在此处添加问题问题 根据蒙代尔的最优通货区理论，在以下情况中，两国之间不适合建立跨国货币体系的是（ ）答案 A. 两国具有不一致的通货膨胀率 B. 两国政府的政策偏好不同 C. 两国的生产要素流动性很低 D. 两国的生产要素流动性很高在此处添加问题问题 根据蒙代尔——弗莱明模型，在固定汇率制下（ ） 答案 A. 财政政策无效 B. 货币政策有效 C. 财政政策有效 D. 货币政策无效在此处添加问题问题 国际储备的构成一般有哪些（ ）答案 A. 货币性黄金 B. 外汇储备 C. 在IMF 的储备头寸D. 特别提款权在此处添加问题问题新发展的汇率制度选择理论是（ ）答案 A. 原罪论 B. 害怕浮动论 C. 中间制度消失论 D. 退出战略在此处添加问题问题 下列哪些是国际间政策协调的方案（ ）答案 A. 对全球外汇交易进行征税的托宾税方案 B. 恢复固定汇率制的麦金农方案 C. 对各国国际储备进行管理的方案 D. 汇率目标区方案在此处添加问题问题 根据蒙代尔的有效市场分类原则，用来实现外部均衡的政策是（ ） 答案 A. 利率政策 B. 货币政策 C. 财政政策 D. 汇率政策在此处添加问题问题 跨国公司对外直接投资的理论有哪些（ ）答案 A. 产业结构论 B. 生产内在化论 C. 生产综合论 D. 产品生命周期论在此处添加问题问题外汇风险可以概括为（）答案 A. 通胀风险 B. 交易风险 C. 折算风险 D. 经济风险在此处添加问题问题 根据“三元悖论”，以下情况可能实现的是：（ ） 答案 A. 独立的货币政策、资本的自由流动、浮动的汇率制度 B. 独立的货币政策、资本流动管制、固定的汇率制度 C. 不独立的货币政策、资本的自由流动、固定的汇率制度 D. 独立的货币政策、资本的自由流动、固定的汇率制度在此处添加问题问题 外汇管制就是限制外汇流出 答案对 错在此处添加问题问题 只有实现了资本项目下的货币兑换，该国货币才能被称为可兑换货币 答案对错在此处添加问题问题 国内外价格体系的差异是实施外汇管理的原因之一 答案对 错在此处添加问题问题 浮动汇率制下，货币政策相对有效答案对 错在此处添加问题问题 一国在国际市场上购买黄金，从而使该国的国际储备增加答案对 错在此处添加问题问题 储备货币的发行国拥有巨大的铸币税利益 答案对 错在此处添加问题问题 国际储备的过分增长，会引发世界性的通货膨胀 答案对 错在此处添加问题问题 基金组织的任何重大决定不经美国同意都无法实施答案对 错在此处添加问题问题 在国际金汇兑本位制下，黄金依然充当支付手段 答案对 错在此处添加问题问题 牙买加体系完全摒弃了布雷顿森林体系答案对 错在此处添加问题问题 黄金非货币化是指黄金既不是各国货币平价的基础，也不能用于官方之间的国家清算答案对 错在此处添加问题问题 进口公司向银行买入外汇时，应使用买入价 答案对 错在此处添加问题问题 米德冲突是指财政手段和金融手段的冲突 答案对 错在此处添加问题问题 当票面利率小于市场利率，发行价格大于债券面值 答案对 错在此处添加问题问题 国际金本位制度,就是直接以黄金作为国际支付手段的制度 答案对 错在此处添加问题问题 储备货币种类的安排是国际储备的需求数量管理答案对 错在此处添加问题问题 规则性协调的缺点在于可行性与可信性较差 答案对 错在此处添加问题问题 特别提款权不能兑换黄金答案对 错在此处添加问题问题 卖方信贷是出口商的联系银行向出口商提供的信贷 答案对 错在此处添加问题问题 现行货币体系要求“黄金非货币化” 答案对 错在此处添加问题问题 在外汇管制中，一般各国对居民的外汇管制较宽松，对非居民的外汇管制则较严格答案对 错在此处添加问题问题 国际间资金流动程度越高，利率机制对冲击的传导效果就越不明显 答案对 错在此处添加问题问题 在浮动汇率制下，按照两国蒙代尔一弗莱明模型，财政政策的溢出效应与货币政策的溢出效应正好相反答案对 错在此处添加问题问题 米德冲突忽略了资本因素，只考虑了固定汇率制的情况，没有考虑浮动汇率制的情况。
北外金融市场与机构网考复习答案1
（1）努力发展直接信用市场，改变直接信用和间接信用的比例（2）货币市场和资本市场要合理配置（3）进一步加快利率市场化的步伐（4）减少垄断，搞活金融市场。
2. 招商银行成立于1987 年，总部位于中国深圳，业务以中国市场为主。
截至2008 年12 月31 日，招行在中国境内设有44 家分行及623 家支行（含分理处），一个代表处（北京），一个信用卡中心，一个小企业信贷中心，1,567 家自助银行，离行式单台设备1,400 多台（ATM 和CDM），一家全资子公司——招银金融租赁有限公司。
招行高效的分销网络主要分布在长江三角洲地区、珠江三角洲地区、环渤海经济区域等中国相对富裕的地区以及其他地区的一些大城市。
招行在香港拥有永隆银行有限公司（以下简称“永隆银行”）和招银国际金融有限公司（以下简称“招银国际”）两家子公司，及一家分行，在纽约有一家分行和一个代表处，还与93 个国家及地区的1,756 家海外金融机构保持着业务往来。
招商银行并未采取跟随型产品定位战略，而是采取挑战型产品定位战略，在深入调查研究的基础上，进行市场细分，同时结合自身的优势和特点，寻求“人无我有、人有我新、人新我特”的产品定位战略。
结合具体银行的例子，论述商业银行管理理论的演变过程。
答案：商业银行是特殊的企业，有自己的经营管理理论。
随着经济环境的变化，银行自身业务的发展，其管理理论经历了资产管理、负债管理和资产负债管理演变过程。
（1）资产管理理论经历了三个不同的发展阶段：第一阶段，商业贷款理论（真实票据论）；第二阶段，可转换性理论；第三阶段，预期收入理论。
（2）负债管理理论是在金融创新中发展起来的理论。
负债管理理论的核心是，银行的流动性不仅可以加强资产管理获得，向外借款也可提供流动性，只要借款领域扩大，流动性就有保证。
而且，负债管理有效，则无须经常保有大量流动性资产，并可将资金投入到更有利可图的资产上，银行收益将提高。
负债管理存在的缺陷在与经营成本的提高可能给银行增加压力。
北京外国语~国际金融(第2次)作业
请阅读下面关于亚洲金融危机的文字，然后回答问题。
在1997年亚洲金融危机以前，东南亚国家的经济已经连续10年高速增长。
伴随着经济的高速增长，这些国家的银行信贷额以更快的速度增加，短期外债也达到前所未有的水平。
其中相当部分投向房地产。
投资的增加导致资产价格膨胀(主要是泰国和马来西亚)。
此外，汇率制度缺乏弹性也使得大量外债没有考虑汇率风险。
这些都为危机的发生埋下了伏笔。
危机首先从泰国爆发。
1997年3月至6月期间，泰国66家财务公司秘密从泰国银行获得大量流动性支持。
此外，还出现了大量资本逃离泰国。
泰国中央银行将所有的外汇储备用于维护钉住汇率制度，但仍然以失败告终。
7月2日，泰国财政部和中央银行宣布，泰币实行浮动汇率制，泰铢价值由市场来决定，放弃了自1984年以来实行了14年的泰币与美元挂钩的一揽子汇率制。
这标志着亚洲金融危机正式爆发。
很快，危机开始从泰国向其它东南亚国家蔓延，从外汇市场向股票市场蔓延。
7月以后，菲律宾、马来西亚、印度尼西亚等货币相继出现问题。
8月13日，印尼财政部和印尼银行联合宣布，放弃钉住美元的汇率政策，实行自由浮动汇率制度，印尼盾大幅下跌55%。
随着危机的发展，以国际货币基金组织为首的国际社会开始向危机国家提供了大量援助。
但这些国家的金融市场仍在恶化，并波及香港和美国市场。
危机国家在采取措施稳定金融市场和金融体系时，也开始进行经济和金融改革。
8月11日，国际货币基金组织经过协商，确定对泰国提供约为160亿美元的资金援助，以稳定泰国的经济和金融市场秩序。
香港特区政府首次动用外汇基金，提供10亿美元，参与泰国的贷款计划。
9月以后，菲律宾股票市场继续下跌；韩元对美元汇率跌到了韩国至1990年3月实行市场平均汇率以来的最低点；菲律宾比索也跌至历史新低点。
10月31日，印度尼西亚宣布银行处置一揽子计划；关闭16家商业银行，对其他银行的存款实行有限担保。
11月1日，国际货币基金组织总裁康德苏宣布，国际社会将向印尼提供280亿美元的紧急援助贷款，以帮助其稳定国内金融市场。
1403批次之前的,北外《金融市场与机构》自测1-8单元
答案与解析单选题1 下列不属于初级市场活动内容的是（）。
A. 发行股票B. 发行债券C. 转让股票D. 增发股票你的答案 C本题考察的知识点是初级市场和二级市场的含义。
2 下列关于初级市场与二级市场关系的论述正确的是（）。
A. 初级市场是二级市场的前提B. 二级市场是初级市场的前提C. 没有二级市场初级市场仍可存在D. 没有初级市场二级市场仍可存在你的答案 A本题考察的知识点是初级市场和二级市场的关系：初级市场（发行市场）是二级市场（买卖市场）存在的前提。
一级市场是二级市场的基础和前提：没有一级市场，就没有直接筹资的场所，也没有金融工具的发行，更谈不上流通。
3 目前我国有（）家证券交易所。
A. 1B. 2C. 3D. 4你的答案 B本题考察的知识点是我国的深圳和上海证券交易所。
判断题1 新证券的发行，有公募与私募两种形式。
A. 正确B. 错误你的答案 A本题考察的知识点是新证券发行的形式：一级市场上的证券发行方式有两种：私募发行（Private Placement）和公募发行（Public Offering）。
2 可转换债券是利率衍生工具的一种。
A. 正确B. 错误你的答案 B金融衍生工具要求有初始或者基本的指数或利率做基础，可转换公司债券本身就是基础的融资工具，只不过插入了期权的性质，但本质上还是债券。
答案与解析单选题1 下列不属于货币市场的是（）。
A. 银行同业拆借市场B. 贴现市场C. 短期债券市场D. 证券市场。
北外期末考试在线参考答案货币金融学
一、判断题1.从价值形式的演变历史看，最早的价值形式是“扩大的价值形式”。
（X ）改正：从价值形式的演变历史看，最早的价值形式是“简单的价值形式”，然后才是“扩大的价值形式”。
2.商业信用是指企业之间在出售商品时以延期支付或预先支付货币的形式所提供的信用，是现代信用制度的基础。
（√）3.金融机构体系通过规模经营可以大大降低交易成本，推动资金资源的有效配置。
（X ）改正：债券是固定的契约，必须偿还本息，其中的利息一般是事前约定好的；而股票是一定的所有权，所以收益不固定，与企业盈利状况有关。
4.企业获得资金后，其盈利情况决定其能够支付给企业债券的持有人的利息，和支付给其普通股票的持有者的收益。
（×）改正：债券是固定的契约，必须偿还本息，其中的利息一般是事前约定好的；而股票是一定的所有权，所以收益不固定，与企业盈利状况有关。
5.商业银行的现金资产的流动性很高，一般包括库存现金、在中央银行的存款、存放同业存款几项。
（×）改正：商业银行的现金资产的流动性很高，一般包括库存现金，在中央银行的存款、存放同业存款、以及托收中的现金。
6.中央银行是发行的银行，所以除中央银行外任何其他金融机构的行为都不会影响货币供给。
（×）改正：中央银行是发行的银行，但是商业银行、公众都会参与到货币供给过程，发挥一定的影响。
7.在货币供给中，影响货币供应程度的包括中央银行和商业银行的行为。
（×）改正：货币供给由中央银行和商业银行以及企业居民的行为共同作用来决定。
居民的持有现金的选择也会影响到供给的过程。
8.外部时滞是指中央银行从认识到制订实施货币政策的必要性，到研究政策措施和采取行动经过的时间，中央银行对其很难控制。
（X ）改正：内部时滞是指中央银行从认识到制订实施货币政策的必要性，到研究政策措施和采取行动经过的时间，可通过中央银行效率的提高而缩短内部时滞。
外部时滞央行很难控制。
9.国家信用是国家以债权人的身份，借助债券而形成的一种信用形式。
第一章--为何学习金融市场与机构(英文习题及答案)
Chapter 1 Why Study Financial Markets and Institutions?1.1 Single Choice1)Financial markets and institutionsA)involve the movement of huge quantities of money.B)affect the profits of businesses.C)affect the types of goods and services produced in an economy.D)do all of the above.E)do only A and B of the above.2)Financial market activities affectA) personal wealth.B) spending decisions by individuals and business firms.C) the economy's location in the business cycle.D) all of the above.3) 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) funds markets.C) derivative exchange markets.D) financial markets.4) The price paid for the rental of borrowed funds (usually expressedas 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.5) The bond markets are important becauseA) they are easily the most widely followed financial markets in the United States.B) they are the markets where interest rates are determined.C) they are the markets where foreign exchange rates are determined.D) all of the above.6) Interest rates are important to financial institutions since an interest rate increase _________ the cost of acquiring funds and _________ the income from assets.A) decreases; decreasesB) increases; increasesC) decreases; increasesD) increases; decreases7) Typically, increasing interest ratesA) discourages individuals from saving.B) discourages corporate investments.C) encourages corporate expansion.D) encourages corporate borrowing.E) none of the above.8) Compared to interest rates on long-term U.S. government bonds, interest rates on _________ fluctuate more and are lower on average.A) medium-quality corporate bondsB) low-quality corporate bondsC) high-quality corporate bondsD) three-month Treasury billsE) none of the above9) 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; higher10) The stock market is important becauseA) it is where interest rates are determined.B) it is the most widely followed financial market in the UnitedStates.C) it is where foreign exchange rates are determined.D) all of the above.11) Stock prices since the 1950s have beenA) 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.12) The largest one-day drop in the history of the American stock markets occurred inA) 1929.B) 1987.C) 2000.D) 2001.13) A rising stock market index due to higher share pricesA) increases people's wealth and as a result may increase their willingness to spend.B) increases the amount of funds that business firms can raise by selling newly issued stock.C) decreases the amount of funds that business firms can raise by selling newly issued stock.D) both A and B of the above.14) A declining stock market index due to lower share pricesA) reduces people's wealth and as a result may reduce 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) both A and C of the above.E) both B and C of the above.15) Changes in stock pricesA) affect people's wealth and their willingness to spend.B) affect firms' decisions to sell stock to finance investment spending.C) are characterized by considerable fluctuations.D) all of the above.E) only A and B of the above.16) (I) Debt markets are often referred to generically as the bond market. (II) A bond is a security that is a claim on the earnings and assets of a corporation.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.17) (I) A bond is a debt security that promises to make payments periodically for a specified period of time. (II) A stock is a security that is a claim on the earnings and assets of a corporation.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.18) The price of one country's currency in terms of another's is calledA) the exchange rate.B) the interest rate.C) the Dow Jones industrial average.D) none of the above.19) A stronger dollar benefits _________ and hurts _________A) American businesses; American consumers.B) American businesses; foreign businesses.C) American consumers; American businesses.D) foreign businesses; American consumers.20) A weaker dollar benefits _________ and hurts _________A) American businesses; American consumers.B) American businesses; foreign consumers.C) American consumers; American businesses.D) foreign businesses; American consumers.21)From 1980 to early 1985 the dollar _________ in value, thereby benefiting American _________A) appreciated; businesses.B) appreciated; consumers.C) depreciated; businesses.D) depreciated; consumers.22) Money is defined asA) anything that is generally accepted in payment for goods and services or in the repayment of debt.B) bills of exchange.C) a riskless repository of spending power.D) all of the above.E) only A and B of the above.23) The organization responsible for the conduct of monetary policy in the United States is theA) Comptroller of the Currency.B) U.S. Treasury.C) Federal Reserve System.D) Bureau of Monetary Affairs.24) The central bank of the United States isA) Citicorp.B) The Fed.C) Bank of America.D) The Treasury.E) none of the above.25) Monetary policy is chiefly concerned withA) how much money businesses earn.B) the level of interest rates and the nation's money supply.C) how much money people pay in taxes.D) whether people have saved enough money for retirement.26) Economists group commercial banks, savings and loan associations, credit unions, mutual funds, mutual savings banks, insurance companies, pension funds, and finance companies together under the heading financial intermediaries. Financial intermediariesA) act as middlemen, borrowing funds from those who have saved andlending these funds to others.B) produce nothing of value and are therefore a drain on society's resources.C) help promote a more efficient and dynamic economy.D) do all of the above.E) do only A and C of the above.27) Economists group commercial banks, savings and loan associations, credit unions, mutual funds, mutual savings banks, insurance companies, pension funds, and finance companies together under the heading financial intermediaries. Financial intermediariesA) act as middlemen, borrowing funds from those who have saved and lending these funds to others.B) play an important role in determining the quantity of money in the economy.C) help promote a more efficient and dynamic economy.D) do all of the above.E) do only A and C of the above.28) Banks are important to the study of money and the economy because theyA) provide a channel for linking those who want to save with thosewho want to invest.B) have been a source of rapid financial innovation that is expanding the alternatives available to those wanting to invest their money.C) are the only financial institution to play a role in determining the quantity of money in the economy.D) do all of the above.E) do only A and B of the above.29) Banks, savings and loan associations, mutual savings banks, and credit unionsA) are no longer important players in financial intermediation.B) have been providing services only to small depositors since deregulation.C) have been adept at innovating in response to changes in the regulatory environment.D) all of the above.E) only A and C of the above.30) (I) Banks are financial intermediaries that accept deposits and make loans. (II) The term "banks" includes firms such as commercial banks, savings and loan associations, mutual savings banks, credit unions, insurance companies, and pension funds. A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.31) ____ was the stock market's worst one-day drop in history in the 1980s.A) Black FridayB) Black MondayC) Blackout DayD) none of the above32) The largest financial intermediaries areA) insurance companies.B) finance companies.C) banks.D) all of the above.33) In recent yearsA) interest rates have remained constant.B) success of financial institutions have reached levels unprecedented since the Great Depression.C) stock markets have crashed.D) all of the above.34) A securityA) is a claim or price of property that is subject to ownership.B) promises that payments will be made periodically for a specified period of time.C) is the price paid for the usage of funds.D) is a claim on the issuer's future income.35) ____ are considered a financial institutions.A) BanksB) Insurance companiesC) Finance companiesD) Investment banks36) Monetary policy affectsA) interest rates.B) inflation.C) business cycles.D) all of the above.答案：1-5：DDDCB 6-10：BBDAB 11-15：CBDDD 16-20：ACACA 21-25：BACBB 26-30：EDECA 31-36：BCCDDD。
北外金融学《国际金融》作业2
第1页（共13页）管理学作业答题纸国际金融作业01（第1-5单元）答题纸学籍号：141415306043 姓名：杨芳清分数：学习中心：云南爱因森科技专修学院奥专业：金融学鹏学习中心[39]本次作业满分为100分。
请将每道题的答案写在对应题目下方的横线上。
题目1 [50 分] 答：1.文中第一段提到2010年中后期几种货币的汇率表现，请结合汇率决定的有关理论和世界经济环境的背景对它们进行析。
美元汇率在本周经历了一次大起大落。
由于美国公布的经济数据十分疲软，令交易商怀疑美联储对美国经济的乐观评论是否真有道理，一些经济学家预计美联储可能不会在8月10日的会议上再次提高利率。
13日美国公布6月贸易逆差大幅增加，使美国由来已久的双赤字问题又浮出水面，影响美元汇率大幅下跌，周五美元兑欧元汇率下跌到1.2374美元，美元兑日元汇率下跌到110.70日元。
贸易逆差创纪录财政预算入不敷出第2页（共13页）本周公布的经济数据进一步证实美国经济面临大幅滑坡的危险。
7月零售销售增长了0.7%，扣除汽车的零售销售仅上升0.2%,分别低于市场原先预期的增长1.1% 以及0.4%。
6月零售销售修正后为下滑0.5%。
美国周五公布多项经济数据均较预期疲弱。
其中，6月贸易逆差扩大至创纪录的558.2亿美元，远超出预期的470亿美元；7月生产者物价指数增长0.1%，增幅逊于预期的上升0.2%，而8月密西根大学消费者信心指数初值自7月的96.7下滑至94.0,远非市场预期的升至97.5。
疲弱的数据令市场更加怀疑美国经济复苏前景。
加之美国财政部公布7月预算赤字为691.6亿美元,超出华尔街分析师普遍预计的610亿美元,也高于上年同期的542.4 亿赤字。
令本年度迄今财政赤字几乎达到4000亿美元，这使美元汇率再次受到双赤字的压力。
石油价格连写新高个人收入几无增加虽然美联储表示对经济前景充满信心，但在一连串不利经济数据的影响下，投资者仍然对美国经济发展满怀疑虑。
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第1页（共4页）
管理学作业答题纸
金融市场与机构 02次作业（第5-8单元）答题纸
学籍号：132212310020 姓名：__方超__________________
学习中心：合肥师范学院分数：班级： ____________________ 批改老师：
本次作业满分为100分。
请将每道题的答案写在对应题目下方的横线上。
题目1 [50 分] 1、中国人民银行要真正地成为我国金融体系的核心和领导。
首先，中央银行
必须有相对的独立性和权威性，国家行政部门不能过多地进行干预。
其次，中央银行对商业银行和非银行金额欧诺个机构的核心和领导作业，主要不是靠中央政府赋予的行政领导和管理权实现。
而要靠经济手段对商业银行和非银行金融机构施加影响。
最后，现在我国市场经济体制还不够完善，各种机制尚不健全，人民银行作为中央银行不应以盈利为目的。
2、国有商业银行要真正成为我国金融机构的主体：（1）为国有企业的现代企业制度改造；（2）进行银行自身经营机制的改造；（3）解决历史遗留问题。
3、广泛开展金融领域的有序竞争，打破专业银行分工垄断的局面，准许专业银
行业务适当交叉。
（4）建立为直接金融服务规范化机构。
第3页（共4页）题目2 [50 分] 1、宏观经济因素（1）国民经济的增长率；（2）经济周期或经济景气循环；（3）利率；（4）货币供应量；（5）财政收支因素；（6）投资与消费因素；（7）物价因素；（8）国际收支因素；（9）汇率因素。
2、政治因素及自然因素
（1）战争因素；（2）政局因素；（3）国际政治局势；（4）劳资纠纷；（4）自然灾害。
3、行业因素
4、心理因素
5、公司自身因素
（1）公司利润因素；（2）股息、红利因素；（3）股票的分割因素；（4）股票是否初次上市因素；（5）重大人事变动因素；（6）投资者因素。
6、其他因素
（1）不正当投机操作；（2）信用交易因素；（3）政策调整与限制性规定。
第4页（共4页）。