货币银行学考试重点

一、名词搭配1.adverse selection The problem created by asymmetric information before a transaction occurs: The people who arethe most undesirable from the other party’s point of vieware the ones who are most likely to want to engage in thefinancial transaction. 812.agency theory The analysis of how asymmetric information problems affect economic behavior. 2093. asset transformation The process of turning risky assets into safer assets for investors by creating and selling assets withrisk characteristics that people are comfortable with andthen using the funds acquired by selling these assets topurchase other assets that may have far more risk. 814. bond A debt security that promises to make payments periodically for a specified period of time. 445. borrowed reserves A bank’s borrowings from the Fed. 3876. capital market A financial market in which longer-term debt (generally with original maturity of greater than one year)and equity instruments are traded. 717. central bank The government agency that oversees the banking system and is responsible for the amount of moneyand credit supplied in the economy; in the United States,the Federal Reserve System. 52, 3218. conventional monetary policy tools The usual tools ofmonetary policy that the Federal Reserve uses to controlthe money supply and interest rates: open market operations,discount lending, and reserve requirements. 4189. coupon bond A credit market instrument that pays theowner a fixed interest payment every year until the maturitydate, when a specified final amount is repaid. 11110. credit spread The difference between the interest rate onloans to households and businesses and the interest rateon completely safe assets that are sure to be paid off, suchas U.S. Treasury securities. 23311. debt deflation A situation in which a substantial decline inthe price level sets in, leading to a further deteriorationin firms’ net worth because of the increased burden of indebtedness. 23112. discount window The Federal Reserve facility at which discount loans are made to banks. 42013. e-cash Electronic money that is used on the Internet to purchase goods or services. 10014.e-finance A new means of delivering financial services electronically.4815. Eurobonds Bonds denominated in a currency other than thatof the country in which they are sold. 7816. federal funds rate The interest rate on overnight loans of deposits at the Federal Reserve. 358, 409, 7417. fiat money Paper currency decreed by a government as legal tender but not convertible into coins or precious metal.9818. financial markets Markets in which funds are transferredfrom people who have a surplus of availablefunds to people who have a shortage of availablefunds. 4419. Fisher effect The outcome that when expected inflation occurs, interest rates will rise; named after economistIrving Fisher. 14320. free-rider problem The problem that occurs when peoplewho do not pay for information take advantage of theinformation that other people have paid for. 21121. high-powered money The monetary base. 38122. incentive-compatible Having the incentives of both partiesto a contract in alignment. 21823. inflation The condition of a continually rising price level. 5024. lender of last resort Provider of reserves to financial institutionswhen no one else would provide them to prevent afinancial crisis. 42125. liquidity The relative ease and speed with which an asset canbe converted into cash. 97, 13126. M1 A measure of money that includes currency, traveler’s checks, and checkable deposits. 10127.M2 A measure of money that adds to M1: money marketdeposit accounts, money market mutual fund shares, smalldenomination time deposits, savings deposits, overnightrepurchase agreements, and overnight Eurodollars. 10228. money market A financial market in which only short-termdebt instruments (generally those with original maturity ofless than one year) are traded. 7129.money multiplier A ratio that relates the change in the money supply to a given change in the monetary base. 39630. moral hazard The risk that one party to a transaction willengage in behavior that is undesirable from the otherparty’s point of view. 8231. nonborrowed monetary base The monetary base minus discount loans (borrowed reserves). 38732.nonconventional monetary policy tools Non-interest ratetools central banks use to stimulate the economy: liquidityprovision, asset purchases, and commitment to futuremonetary policy actions. 42533. open market operations The Fed’s buying or selling ofbonds in the open market. 357, 38234. opportunity cost The amount of interest (expected return) sacrificed by not holding an alternative asset. 14735. political business cycle A business cycle caused by expansionary policies before an election. 361, 64736. present value To day’s value of a payment to be received inthe future when the interest rate is i. Also called present discounted value. 10837. principal–agent problem A moral hazard problem thatoccurs when the managers in control (the agents) act intheir own interest rather than in the interest of the owners(the principals) due to different sets of incentives.215, 23438. quantitative easing An expansion of the Federal Reserve’s balance sheet. 42639. real interest rate The interest rate adjusted for expected changes in the price level (inflation) so that it more accurately reflects the true cost of borrowing. 12340. reserves Banks’ holding of deposits in accounts with theFed plus currency that is physically held by banks (vault cash). 268, 38141. risk The degree of uncertainty associated with the return on an asset. 80, 13142. securitization The process of transforming illiquid financial assets into marketable capital market instruments. 234,32943. security A claim on the borrower’s future income that issold by the borrower to the lender. Also called a financial instrument. 4444. shadow banking system A system in which bank lending is replaced by lending via the securities market. 238, 32445. subprime mortgages Mortgages for borrowers with less than stellar credit records. 23446. transaction costs The time and money spent trying to exchange financial assets, goods, or services. 7947. wealth All resources owned by an individual, including all assets. 95, 13048. yield to maturity The interest rate that equates the present value of payments received from a credit market instrumentwith its value today. 112论述题：俄罗斯卢布暴跌问题一、原因：1. 俄罗斯经济增长明显放缓，GDP增速预期还不及美国2. 俄罗斯为保银行流动性大举收购外汇3. 俄罗斯央行无意支持卢布4. 俄罗斯市场流动性就不高5. 强势美元对新兴市场的影响6.原油价格大跌7. 乌克兰危机加剧了市场风险情绪二、影响：1．卢布贬值对股票市场的影响市场数据显示能源相关的股票再次遭到抛售，并且开始波及金融股，背后的逻辑是如果能源行业继续表现不佳，那么其债务违约可能会影响到金融行业，这本身就是一个高杠杆的行业。