Financial Markets and Institutions
金融市场1financial market and institutions
Financial Markets andInstitutionsW.L. WuEmail：wuwenli@1929年夏天，股市不但支配着新闻，也笼罩着文化。
少数自诩对神学、心理分析及精神医学感兴趣的附庸风雅者，现在也在谈论联合公司和钢铁公司的股票。
每个地方总有那么一个人能够准确地把握买卖股票的时机，他们被奉为圣人，即便在画家、剧作家、诗人和美丽的情妇面前，他们也突然变得光彩照人。
他们说的话几乎字字千金，听众个个全神贯注，惟恐因错过重要消息而丧失赚钱的机会。
------《1929年大崩盘》（The Great Crash 1929 ）加尔布雷思（1908-2006），美国经济学家，新制度学派主要代表人物。
美国加利福尼亚大学研究农业经济学博士。
此后相继在哈佛大学和普林斯顿大学任教。
1941～1943年担任美国物价管理局副局长。
1961～1963年任美国驻印度大使。
1972年被选为美国经济学协会主席。
当你试图不去谈论股票的时候，反而让人感觉是缺乏勇气和决心，在那些总是轻而易举挣大钱的榜样映衬之下，还没有投身证券市场的人在内心中竟然平添了几分匪夷所思的自卑感。
------------中国证券报：不在泡沫中疯狂就在泡沫中崩溃2007年08月27日用了一个简单比喻说明“泡沫”的形成机制：猴子看，猴子学。
他说，没有什么事比眼看着一个朋友变富更困扰人们的头脑和判断力的了。
--------------金德尔伯格, 《金融危机史》Finance•1866年，英国词典（Webster）出现Finance一词，定义为“筹集或提供资本的活动”（To Raise or Provide Funds or Capital ）。
•华尔街日报在其新开的公司金融（Corporate Finance）的固定版面中将（公司）金融定义为“为业务提供融资的业务（Business of Financing Businesses）”，这一定义基本上代表了金融实业界的看法。
货币金融学financialmarketandinstitutions-米什金-英文ch11原版
▪ 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
Financial Markets and Institutions
Cash Reinvested
Cash
Investors
2-6 The Flow of Savings to Corporations
Corporation Reinvestment
Financial markets
Stock markets Fixed-income markets Money markets Markets for • Commodities • Foreign exchange • Derivatives
2- 14
Total U.S. Financing
% Holdings of Corporate Equities (Qtr 3, 2007)
1.4
28.3
Hale Waihona Puke 27.112.622.3
8 0.3
Households Rest of world Banks Insurance Cos Pension Funds Mutual Funds Other
2-15 Function of Financial Markets
Transporting cash across time Risk transfer and diversification Liquidity Payment mechanism Provide information
2- 1
Chapter 2
Financial Markets and Institutions
2- 2
Topics Covered
The Importance of Financial Markets and Institutions
The Flow of Savings to Corporations Functions of Financial Markets and
金融市场学双语题库及答案(第九章)米什金《金融市场与机构》
B) the traditional American distrust of moneyed interests.
C) Americans' desire to remove control of the money supply from the U.S. Treasury.
B) the Second Bank of the United States not been abolished in 1836 by President Andrew Jackson.
Answer: Cຫໍສະໝຸດ Topic: Chapter 9.1 Origins of the Federal Reserve System
Question Status: Previous Edition
3) The unusual structure of the Federal Reserve System is perhaps best explained by
A) 17th century.
B) 18th century.
C) 19th century.
D) 20th century.
Answer: D
Topic: Chapter 9.1 Origins of the Federal Reserve System
Question Status: Previous Edition
B) the Federal Reserve needed greater authority to deal with problem banks.
C) a central bank was needed to prevent future financial panics.
金融市场学双语题库及答案(第三章)米什金金融市场与机构
B) future value
C) interest
D) deflation
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
12) Dollars received in the future are worth ________ than dollars received today. The process of calculating what dollars received in the future are worth today is called ________.
A) 5 percent.
B) 8 percent.
C) 10 percent.
D) 40 percent.
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
11) The concept of ________ is based on the notion that a dollar paid to you in the future is less valuable to you than a dollar today.
B) U.S. Treasury bonds and notes are examples of coupon bonds.
C) Corporate bonds are examples of coupon bonds.
D) All of the above.
金融市场学双语题库及答案(第一章)米什金金融市场与机构
Financial Markets and Institutions^ 8e (Mishkin)Chapter 1 Why Study Financial Markets and Institutions?1.1 Multiple 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 seivices produced ill an economy.D)do all of the above.E)do only A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition2)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.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3)Markets in wliich funds are tiansfeired 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.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)The price paid for the rental of bonowed funds (usually expressed as a percentage of the rental of $100 per year) is conmionly referred to as theA)inflation rate.B)exchange late.C)interest rate.D)aggiegate price level.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition5)The bond maikets are impoitant becauseA)they are easily the most widely followed financial markets in the United States.B)they are the maikets where interest rates are deteimined.C)they are the markets where foreign exchange rates are determined.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition6)Interest rates are impoitant to financial institutions since an interest rate uicrease the cost of acquiring funds and the income fiom assets.A)decreases; decreasesB)increases; increasesC)decreases; increasesD)increases; decreasesAnswer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition7)Typically, increasing interest ratesA)discourages individuals fiom saving.B)discourages corporate investments.C)encourages coipoiate expansion.D)encourages coipoiate borrowing.E)none of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition8)Compared to interest rates on long-tenn U.S. govenmient bonds, interest rates onfluctuate more and are lower on average.A)medium-quality coipoiate bondsB)low-quality corporate bondsC)high-quality coipoiate bondsD)tluee-month Treasuiy billsE)none of the aboveAnswer: DTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition9)Compared to interest rates on long-tenn U.S. govenmient bonds, interest rates on tluee-month Tieasuiy bills fluctuate and are on average.A)moie; lowerB)less; lowerC)moie; liigherD)less; higherAnswer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition10)The stock market is important becauseA)it is where interest rates are determined.B)it is the most widely followed financial market in the United States.C)it is where foreign exchange rates are deteimined.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition11)Stock prices since the 1980s have beenA)relatively stable, trending upward at a steady pace.B)relatively stable, tiending downward at a moderate rate.C)extremely volatile.D)unstable, trending downward at a moderate late.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition12)The largest one-day drop in the liistoiy of the Ainei ican stock markets occuii ed inA)1929.B)1987.C)2000.D)2001.Answer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition13) A declining stock market index due to lower share pricesA)reduces people's wealth and as a result may reduce theii willingness to spend.B)increases people's wealth and as a result may increase their willingness to spend.C)decreases the amount of fiinds 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.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition14)Changes in stock pricesA)affect people's wealth and their willingness to spend.B)affect films' 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.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition15)(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 coiporation.A)(I) is true, (II) false.B)(I) is false, (II) true.C)Both are true.D)Both are false.Answer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition16)(I) A bond is a debt security that promises to make paymen's periodically fbr a specified peiiod 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.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition17)The price of one countiy's currency in terms of another's is calledA)the foreign exchange rate.B)the interest rate.C)the Dow Jones industrial average.D)none of the above.Answer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition18) A stronger dollar benefits and hurts .A)American businesses; American consumersB)American businesses; foreign businessesC)American consumers; American businessesD)foreign businesses; American consumersAnswer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition19) A weaker dollar benefits and hurts .A)American businesses; American consumersB)American businesses; foreign consumersC)American consumers; American businessesD)foreign businesses; American consumersAnswer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition20)From 1980 to early 1985 the dollar in value, thereby benefiting American.A)appreciated; businessesB)appreciated; consumeisC)depreciated; businessesD)depreciated; consumersAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition21)In general, from 2001 tluougli 2013, the dollar in value relative to major foreign cunencies.A)appreciatedB)depreciatedC)remained about the sameAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: New Question22)Money is defined asA)anything that is generally accepted in payment for goods and seivices or in the repayment of debt.B)bills of exchange.C) a riskless repositoiy of spending power.D)all of the above.E)only A and B of the above.Answer: ATopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition23)The organization responsible foi the conduct of monetary policy in the United States is theA)Compti oiler of the Currency.B)U.S. Tieasuiy.C)Federal Reserve System.D)Bureau of Monetaiy Affairs.Answer: CTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition24)The central bank of the United States isA)Citicoip.B)The Fed.C)Bank of America.D)The Tieasuiy.E)none of the above.Answer: BTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition25)Monetaiy policy is chiefly conceined 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 fbr letiiement.Answer: BTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition26)Economists gioup 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 intermediaiies. Financial intermediaiies A)act as middlemen, borrowing funds fiom those who have saved and lending these funds to others.B)produce notliing of value and are therefore a drain on society's resources.C)help piomote a more efficient and dynamic economy.D)do all of the above.E)do only A and C of the above.Answer: ETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition27)Economists gioup 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 intermediaiies. Financial intermediariesA)act as middlemen, borrowing funds fiom those who have saved and lending these funds to others.B)play an impoilant 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.Answer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition28)Banks are important to the study of money and the economy because theyA)provide a channel for linking those who want to save with those who want to invest.B)have been a source of financial innovation that is expanding the alternatives available to those wanting to invest theii money.C)are the only financial institution to play a role in determining tlie quantity of money in the economy.D)do all of the above.E)do only A and B of the above.Answer: ETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition29)Banks, savings and loan associations, mutual savings banks, and credit unionsA)are no longer inipoitant players ill financial inteimediation.B)have been providing seivices only to small depositors since deregulation.C)have been adept at innovating in response to changes in the regulatoiy environment.D)all of the above.E)only A and C of the above.Answer: CTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition30)(I) Banks are financial inteimediaries that accept deposits and make loans.(II) The tenn "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.Answer: ATopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous EditionA)Black FridayB)Black MondayC)Blackout DayD)none of the aboveAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition32)The largest financial intennediaiies areA)insurance companies.B)finance companies.C)banks.D)all of the above.Answer: CTopic: Chapter 1.2 Why Study Financial ListitutionsQuestion Status: Previous Edition33)In recent yearsA)interest rates have remained constant.B)the success of financial institutions has reached levels unpiecedented since the Great Depiession.C)stock markets have crashed.D)all of the above.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition34) A securityA)is a claim oi price of property that is subject to ownei sliip.B)promises that payments will be made peiiodically fbr a specified peiiod of time.C)is the price paid fbr the usage of funds.D)is a claim on the issuers future income.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous EditionA)BanksB)Insurance companiesC)Finance companiesD)All of the aboveAnswer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition36)Monetaiy policy affectsA)interest rates.B)inflation.C)business cycles.D)all of the above.Answer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition37) A rising stock market index due to higher share pricesA)incieases people's wealth and as a result may inciease their willingness to spend.B)increases the amount of funds that business films can raise by selling newly issued stock.C)decreases the amount of fiinds that business firms can raise by selling newly issued stock.D)both A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition38)From the peak of the high-tech bubble in 2000, the stock market by overby late 2002.A)collapsed; 75%B)rose; 35%C)collapsed; 30%D)rose; 50%Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition39)The Dow fell below 7,000 in 2009, only to stall a bull market inn, reaching new highs above in 2013.A)12,000B)10,000C)15,000D)19,000Answer: CTopic: Chapter 1.1 Why Study Financial Markets Question Status: New Question1.2 Tme/False1)Money is anything accepted by anyone as payment for sendees or goods.Answer: TRUETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition2)Interest rates are determined in the bond markets.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3) A stock is a debt security that promises to make periodic payments fbr a specific period of time.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)Monetaiy policy affects interest rates but has little effect on inflation or business cycles. Answer: FALSETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition5)The govenunent organization responsible fbr the conduct of monetaiy policy in the United States is the U.S. Treasury.Answer: FALSETopic: Chapter 1.2 Why Study Financial ListitutionsQuestion Status: Previous Edition6)Interest rates can be accurately described as the rental price of money.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition7)Holding eveiytliiiig else constant, as the dollar weakens vacations abroad become less attractive.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition8)In recent years, financial markets have become more stable and less risky. Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition9)Financial innovation has provided moie options to both investors and borrowers. Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition10) A financial inteimediaiy bonows funds fiom people who have saved.Answer: TRUETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition11)Holding everything else constant, as the dollar stiengtliens fbreigiieis will buy more U.S. exports.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition12)In a bull market stock prices are rising, on average.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition13)Financial institutions are among the largest employers in the countiy and frequently pay very high salaries.Answer: TRUETopic: Chapter 1.3 Applied Managerial PerspectiveQuestion Status: Previous Edition14)Different interest rates have a tendency to move in unison.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition15)Financial markets are what makes financial institutions work.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition16)In recent years, financial markets have become more risky. However, only a limited number of tools (such as derivatives) are available to assist in managing this risk. Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition17)Although the internet lias changed many aspects of our lives, it hasn't proven very useful for collecting and/or analyzing financial and economic data.Answer: FALSETopic: Chapter 1.4 How We Study Financial Markets and Institutions Question Status: New Question1.3 Essay1)Have interest rates been more or less volatile in recent years? Why?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition2)Why should consumers be concerned with movements in fbreign exchange rates? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3)How does the value of the dollar affect the competitiveness of American businesses? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)What is monetary policy and who is responsible fbr its implementation?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition5)What are financial intermediaiies and what do they do?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition6)What is money?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition7)How does a bond differ fiom a stock?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition8)Why is the stock market so important to individuals, films, and the economy? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition9)What is the cential bank and what does it do?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition10)If you are plamiing a vacation to Europe, do you prefer a strong dollar 01 weak dollar relative to the euio? Why?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition11)How has the stock market perfoimed since 2000?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: New Question。
第一单元 考试题 西南财经大学天府学院
Financial Markets and Institutions, 7e (Mishkin)Chapter 1 Why Study Financial Markets and Institutions?1.1 Multiple 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.Answer: D2) 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.Answer: D3) Markets in which funds are transferred from those who have excess funds available to those who havea shortage of available funds are calledA) commodity markets.B) funds markets.C) derivative exchange markets.D) financial markets.Answer: D4) 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: C5) 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.Answer: B6) Interest rates are important to financial institutions since an interest rate ________ the cost of acquiring funds and ________ the income from assets.A) decreases; decreasesB) increases; increasesC) decreases; increasesD) increases; decreasesAnswer: B7) 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.Answer: B8) 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 aboveAnswer: D9) 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: A10) The stock market is important becauseA) it is where interest rates are determined.B) it is the most widely followed financial market in the United States.C) it is where foreign exchange rates are determined.D) all of the above.Answer: B11) Stock prices since the 1980s 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.Answer: C12) The largest one-day drop in the history of the American stock markets occurred inA) 1929.B) 1987.C) 2000.D) 2001.Answer: B13) 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.Answer: D14) 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.Answer: D15) (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.Answer: A16) (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.Answer: C17) The price of one country's currency in terms of another's is calledA) the foreign exchange rate.B) the interest rate.C) the Dow Jones industrial average.18) 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.Answer: C19) 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.Answer: A20) From 1980 to early 1985 the dollar ________ in value, thereby benefiting American ________A) appreciated; businesses.B) appreciated; consumers.C) depreciated; businesses.D) depreciated; consumers.Answer: B21) 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.Answer: A22) 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.Answer: C23) The central bank of the United States isA) Citicorp.B) The Fed.C) Bank of America.D) The Treasury.24) 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.Answer: B25) 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) 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.Answer: E26) 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.Answer: D27) Banks are important to the study of money and the economy because theyA) provide a channel for linking those who want to save with those who want to invest.B) have been a source of 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.Answer: E28) 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.29) (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.Answer: A30) ________ was the stock market's worst one-day drop in history in the 1980s.A) Black FridayB) Black MondayC) Blackout DayD) none of the aboveAnswer: B31) The largest financial intermediaries areA) insurance companies.B) finance companies.C) banks.D) all of the above.Answer: C32) In recent yearsA) interest rates have remained constant.B) the success of financial institutions has reached levels unprecedented since the Great Depression.C) stock markets have crashed.D) all of the above.Answer: C33) 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.Answer: D34) ________ are an example of a financial institution.A) BanksB) Insurance companiesC) Finance companiesD) All of the above35) Monetary policy affectsA) interest rates.B) inflation.C) business cycles.D) all of the above.Answer: D36) 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.Answer: D37) From the peak of the high-tech bubble in 2000, the stock market ________ by over ________ by late 2002.A) collapsed; 75%B) rose; 35%C) collapsed; 30%D) rose; 50%Answer: C。
Financial Markets and Institutions (2)
Function of Financial Markets
Global Perspective
• Studies show that firms in the U.S., Canada, the U.K., and other developed nations usually obtain funds from financial intermediaries, not directly from capital markets.
Structure of Financial Markets
Even though firms don’t get any money, per se, from the secondary market, it serves two important functions: • Provide liquidity, making it easy to buy and sell the securities of the companies • Establish a price for the securities
2. Secondary Market
– Securities previously issued are bought and sold – Examples include the NYSE and Nasdaq – Involves both brokers and dealers (do you know the difference?)
*Function of Financial Markets
• Channels funds from person or business without investment opportunities (i.e., ―Lender-Savers‖) to one who has them (i.e., ―Borrower-Spenders‖)
financial markets and institutions 金融市场与机构
Overview of Financial Markets
Broad Classifications of Financial Markets
Money versus Capital Markets Primary versus Secondary Markets Organized versus Over-the-Counter Markets
Range of Issuer Quality
Debt Only
Debt and Equity
Primary Market Focus
Secondary Market Focus
Liquidity Market--Low Returns
Hale Waihona Puke Financing Investment-Higher Returns
Organized vs. Over-the-Counter Markets
Organized
Visible Marketplace
Members Trade
Securities Listed
OTC
Wired Network of Dealers
No Central, Physical Location
Debt vs. Equity Securities
Equity Securities: Claim with ownership rights and responsibilities
Investor receives dividends if declared Capital gain/loss when sold No maturity date—need market to sell
Institutions
financial-markets-and-institutions-金融市场与机构
Financial Markets and Institutions 6th Edition
By Jeff Madura Prepared by David R. Durst
The University of Akron
第1页，共78页。
CHAPTER
1
u Investor receives dividends if declared u Capital gain/loss when sold u No maturity date—need market to sell
第11页，共78页。
Valuation of Securities
n Value a function of:
第12页，共78页。
Investor Assessment of New Information
Economic Conditions
Industry Conditions
Impact of Future Cash
Flows
Evaluation of Security
Pricing
Investor Decision to
பைடு நூலகம்第21页，共78页。
Role of Nondepository Financial Institutions
n Focused on capital market n Longer-term, higher risk intermediation n Less focus on liquidity n Less regulation n Greater focus on equity investments
第15页，共78页。
《金融市场机构与工具》教学大纲
金融市场机构与工具》教学大纲一、课程基本信息二、课程的对象和性质本课程的授课对象为章乃器学院金融学专业学生，性质是专业必修课。
本课程侧重于培养学生面对金融市场的实践感知能力，灵活应用所学金融理论知识理解现代金融市场运作特点的能力。
通过本课程的学习，着眼于提供一个对金融市场的职能、定价和制度性结构的透析，略去宏观经济学工具的同时，给出了不同金融工具的定价方法，以与市场中运做的工具与机构间的差别，本课程要求学生具备一定的西方经济学、会计学、统计学、数学、计算机软件应用的前期知识，具备基础概念认知、计算评估、报表分析、文字描述等能力。
学习过程前后，学生应该对金融与相关市场有一定的了解与关注。
三、课程的教学目的和要求通过本课程学习，具有一定的分析美国金融市场与金融机构现象的能力。
了解中国金融市场与金融机构发展的现状与主要问题。
理解存款性金融机构的业务特点，风险来源，以与金融监管的方法。
理解投资基金的种类、结构以与主要热点问题的解释：如基金表现，封闭性基金折价等。
理解投资银行的主要业务以与主要市场现象，如IPO抑价、股价支持，声誉资本等。
解释金融市场的组织与微观结构，如股票发行过程，交易市场的结构，做市商制度与竞价制度等从市场结构角度分析基本的市场操纵现象，如专营商非法获利，做市商报价问题等。
提高伦理意识。
解释中央银行是如何介入金融市场的。
明显提高口头与书面分析金融市场与金融机构问题的能力。
四、授课方法在课堂教学中注意使用启发式，讲授和讨论相结合，加强习题课和课堂讨论，因材施教。
在课堂外面引导学生查阅资料并进行文献综述，每章要求学生写小论文，教学实习等进行教学。
改变过去单一的闭卷考试方式，代之实施一套“闭卷+课程论文+实验动手能力”等多种有利于学生创新能力培养的考试方法，考试重点从获取知识量向知识、能力、综合素质的评价转移，注重对学生知识运用能力的考察。
使用Powerpoint软件完成教学幻灯片的制作，将课程介绍、教学大纲、教材、教案、教学安排和教学进度、参考阅读资料、习题等在网上公开，以利于学生对本课程的了解、利于学生对所学知识的复习、自学和交流。
最新1_Financial Markets and Institutions精品资料
Class 1
Financial Institutions (FIs)
• Economic functions: – Monetary policy (money supply and inflation) – Credit allocation – Intergenerational wealth transfers (time intermediation) – Payment services
Homework
• Chapter 1: Qs 1-5, 8, 14, 20, 21
• Read chapter 2 (Determinants of interest rates)
• Pool of savings, international investors, information, transaction costs, deregulation.
– How does the globalization affect the global economy?
Class 1
Class 1
Financial Institutions (FIs)
• Recent trend: – What FIs become more important?
• Why do we need FIs? – Monitoring costs: how? (also, see table 1-4, services benefiting fund suppliers.) – Liquidity costs and price risk: how? – Intermediation (maturity, denomination)
• Recent trend: – Globalization and regulatory changes – Technology and financial innovation
货币银行学单选题练习1-8单元
CH2
10) Which of the following can be described as involving direct finance? A) A corporation issues new shares of stock. B) A corporation buys commercial paper issued by another corporation. C) A pension fund manager buys commercial paper from the issuing corporation. D) All of the above. E) Both (b) and (c) of the above.
26) Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called A) commodity markets. B) fund-available markets. C) derivative exchange markets. D) financial markets.
31) Budgets deficits can be a concern because they might A) ultimately lead to higher inflation. B) lead to a higher rate of money growth. C) lead to higher interest rates. D) cause all of the above to occur.
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 3 Financial Markets and Institutions
11
Major Categories of Financial Assets
5
1.1 Financial intermediation
Key term
A financial intermediary is a party bring together providers and users of finance, either as broker or as principal. A financial intermediary is an institution which links lender with borrowers, by obtaining deposits from lenders and re-lending them to borrowers.
7
Financial Intermediation
Example of intermediaries
Clearing banks Investment banks Savings banks Building societies Finance companies Pension funds Insurance companies Investment/unit trusts
6
1.1 Financial intermediation
Surplus unit
Person
savings funds
Chapter 3 Financial markets and institutions
Key term Eurobond = a bond denominated in a currency which often differs from that of the country of issue
Slide 18
Chapter 3. Financial markets and institutions 4.1 Pattern of interest rates
cial markets and institutions Answer to lecture example 1 (a)The main Stock Market • Public profile • Investor confidence • Access to wider pool of equity finance, • Allow owner to realise some of their investments
investing their clients money they are referred to as
financial intermediaries.
Slide 7
Chapter 3. Financial markets and institutions 1.2 Benefit of financial intermediaries
Company
Slide 5
Chapter 3. Financial markets and institutions 1.1 Types
Types Functions
Merchant banks A financial institution primarily engaged in offering financial services and advice to corporations and to wealthy individuals. Pension funds Pool of assets forming an independent legal entity that work for exclusive purpose of financing pension plan benefits. Building Society A financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending.
Financial Markets and Institutions (1)
* Why Study Financial Markets?
Financial markets, such as bond and stock markets, are crucial in our economy.
1. These markets channel funds from savers to investors, thereby promoting economic efficiency. 2. Market activity affects personal wealth, the behavior of business firms, and economy as a whole
• Although most people know little about this market, it has a daily volume around $1 trillion!
View historical financial data and forecasts at /data/index.htm
Financial Markets and Institutions (3)
Present Value Concept: Simple Loan
Simple loan of $100 Year: 0 1 $100 $110
2 $121
3 $133
n 100(1+i)n
$1 PV of future $1= 1+ i n
Present Value Concept: Simple Loan (cont.)
Yield to Maturity: Loans
1. Simple Loan Interest Rate (i = 10%)
$100 $110 1 i
i $110 $100 $10 .10 10% $100 $100
Present Value of Cash Flows: Example
Chapter Preview
• Any description of interest rates entails an understanding certain vernacular and definitions, most of which will not only pertain directly to interest rates but will also be vital to understanding many other foundational concepts presented later in the text.
C C C C F P 2 3 ... n 1 i 1 i 1 i 1 i 1 i n
Consol (perpetuity): Fixed coupon payments of $C forever
C P i
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• •
Well-functioning markets promote economic growth. Economies with well-developed markets perform better than economies with poorly-functioning markets.
2-2
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
How is capital transferred between savers and borrowers?
• • •
Direct transfers
Investment banks
Financial intermediaries
2-3
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
What is a market?
•
•
A market is a venue where goods and services are exchanged. A financial market is a place where individuals and organizations wanting to borrow funds are brought together with those having a surplus of funds.
•
Demanders or users of capital: individuals and institutions who need to raise funds to finance their investment opportunities. These groups are willing to pay a rate of return on the capital they borrow.
2-4
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
2-6
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
Types of Financial Markets
• • • • •
Physical assets vs. Financial assets Spot vs. Futures Money vs. Capital
Primary vs. Secondary
Public vs. Private
2-5
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
The Importance of Financial Markets
•
Well-functioning financial markets facilitate the flow of capital from investors to the users of capital.
– Markets provide savers with returns on their money
2-1
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
saved/invested, which provide them money in the future. – Markets provide users of capital with the necessary funds to finance their investment projects.
The Capital Allocation Proell-functioning economy, capital flows efficiently from those who supply capital to those who demand it. Suppliers of capital: individuals and institutions with “excess funds.” These groups are saving money and looking for a rate of return on their investment.
Chapter 2
Financial Markets and Institutions
The Capital Allocation Process Financial Markets Financial Institutions Stock Markets and Returns Stock Market Efficiency