金融市场与机构 (14)
金融市场与金融机构考试题目
考试时间: 周一一、名词解释（20分）5道1.累积优先股累积优先股（Cumulative preferred shares）：是指当公司在某个时期内的盈利不足以支付优先股股息时, 则累计到次年或以后某一年盈利时, 在普通股的红利发放之前, 连同本年优先股的股息一并发放。
2.货币市场货币市场是短期资金市场, 是指融资期限在一年以下的金融市场, 是金融市场的重要组成部分。
包括同业拆借市场、票据贴现市场、短期政府债券市场、证券回购市场等。
3.大额可转让定期存单大额可转让定期存单是由商业银行发行的、可以在市场上转让的存款凭证。
其一般不记名、不可以提前支取, 但可以在二级市场上流通和转让。
4.欧洲债券一国筹资者在本国以外的国际债券市场上发行的, 以第三国货币为面值并由一国或几国金融机构组成辛迪加承销的证券。
5.证券投资基金证券投资基金是一种利益共享、风险共提的集合证券投资方式, 即通过发行基金份额, 集中投资者的资金, 由基金托管人托管, 由基金管理人管理和运用资金, 从事股票、债券等金融工具投资, 并将投资收益按照基金投资的投资比例进行分配的一种间接投资方式。
6.金融租赁由出租人根据承租人的要求, 按照双方事先合同约定, 向承租人指定的出卖人, 购买承租人指定的固定资产, 在出租人拥有固定资产所有权的前提下, 以承租人支付所有租金为条件, 将一个时期该固定资产的占有、使用和收益权让渡给承租人, 具有融资和融物的双重功能。
7、ETF在交易所上市交易, 基金份额可变的一种开放式基金。
投资者既可以在二级市场买卖ETF份额, 也可以向基金管理公司申购或赎回ETF份额, 但必须以一篮子股票（或少量现金）换取基金份额或以基金份额换回一篮子股票（或少量现金）8、股指期货以股票价格指数为标的的标准化期货合约, 双方约定在未来的某个特定日期, 按照事先确定的股价指数大小, 进行标的指数的买卖。
双方交易的是一定期后的股指价格水平, 通过现金结算差价来进行交割。
金融学第14章测试题单选题
第14章测试题单选题（每题6分，共5道）题目1不正确获得6.00分中的0.00分标记题目题干防止内幕交易和防止操纵市场是对（）监管的主要内容。
选择一项：A.证券业B.银行夜C.保险业.租赁、信托业反馈知识点提示：金融监管的实施。
参见教材本章第三节。
正确答案是：证券业题目2正确获得6.00分中的6.00分标记题目题干对证券市场监管的主要任务是（）。
选择一项：A.保护投保人的合法权益B.保护存款人的合法权益C.保护投资者的合法权益.保护企业并购重组中的合法权益反馈知识点提示：对证券市场的监管。
参见教材本章第三节。
正确答案是：保护投资者的合法权益题目3不正确获得6.00分中的0.00分标记题目题干金融监管理论体系中不包括（）。
选择一项：A.相关理论B.基础理论C.自然理论.应用理论反馈知识点提示：监管理论体系。
参见教材本章第一节。
正确答案是：自然理论题目4由被监管者的道德风险引起的损失或成本称之为（）。
正确答案是：间接效率损失题目5不正确获得6.00分中的0.00分标记题目题干金融监管中由政府负担的成本是（）。
选择一项：A.行政成本B.直接资源成本C.奉行成本.间接效率损失反馈知识点提示：金融监管的成本与边界。
参见教材本章第一节。
正确答案是：行政成本标记题目10不正确获得8.00分中的0.00分标记题目正确获得6.00分中的6.00分标记题目题干金融监管中由政府负担的成本是奉行成本。
选择一项：对错反馈知识点提示：金融监管的成本与边界。
参见教材本章第一节。
答案解析：政府负担的成本是行政成本。
正确的答案是“错”。
题目12不正确获得6.00分中的0.00分标记题目题干金融监管从对象上看，主要是对商业银行、金融市场的监管，非银行金融机构则不在其列。
选择一项：对错反馈知识点提示：金融监管体制的变迁。
参见教材本章第二节。
答案解析：金融监管不仅是对商业银行、金融市场的监管，也包括对非银行金融机构的监管，如对保险业的监管。
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.
自考金融学第十四章
）。
【例14-19 单选】中央银行规定与调整再贴现资格着眼于（ ）。 A．短期供求平衡 B．长期结构调整 C．短期结构调整 D．长期供求平衡 【答案】 B 教材 P320
【例14-20 单选】 既可调节货币总量，又可调节信贷结构的货币政 策工具是（ ）
A. 法定存款准备金率 B. 再贴现政策 C. 公开市场业务
）
二、货币政策的最终目标 作为一国的宏观经济政策，货币政策的最终目标与一国的宏观经济目标相一致。
（一）稳定物价
稳定物价是中央银行货币政策最早具有的，也是最基本的政策目标。
稳定物价是指一般突然间价水平在短期内相对稳定，不发生显著的或剧烈的波动。 （二）充分就业
充分就业是指凡有工作能力的且愿意工作的人都可以在较为合理的条件下找到
我国货币政策的最终目标是“保持货币币值的稳定，并以此促进经济增长”。 确定该项货币政策目标的意义在于： （一）它克服了“稳定货币”单一目标的片面性和局限性 （二）它防止了“发展经济、稳定货币”双重目标的相互冲突 （三）它适应了我国现阶段的经济状况
【例14-12 单选】《中华人民共和国中国人民银行法》确定货币政 策的最终目标是 “保持货币币值的稳定，并以此促进经济增长”
工作，通常以失业人数与愿意就业的劳动力之比——失业率的高低，作为考察 是否实现充分就业的衡量指标。 （三）经济增长 经济增长是指在一定时期内一国所生产的商品和劳务总量的增加，通常用国内 生产总值（GDP）的变化，或人均GDP的增长率来衡量一国经济增长的情况 （四）国际收支平衡 国际收支是一国对外经济活动的综合反映。在开放型经济中，保持国际收 支平衡是保证国民经济持续稳定增长和经济安全的重要条件。
货币政策主要包括四个方面的内容：政策目标、政策工具、操作指标与中介指
金融机构与金融市场练习题及答案一
金融机构与金融市场练习题及答案一1、（）是金融市场上最重要的主体。
a.政府b.家庭c.机构投资者d.企业正确答案是：企业2、在经济系统中引导资金流向、使资金由盈余部门向短缺部门转移的市场是（）。
a.资本市场b.要素市场c.产品市场d.金融市场正确答案是：金融市场3、（）是指以期限在一年以内的金融工具为交易对象的短期金融市场。
a.债券市场b.货币市场c.股票市场d.资本市场正确答案是：货币市场4、（）又称柜台市场，是指未上市的证券或不足一个成交批量的证券进行交易的市场。
店头市场以“柜台”和店内交易为特征。
a.议价市场b.店头市场c.公开市场d.第四市场正确答案是：店头市场5、金融工具的重要特性为期限性、收益性、流动性和安全性。
关于金融工具四个特性，下列说法错误的是（）。
b.正是期限性、流动性、安全性和收益性相互间的不同组合导致了金融工具的丰富性和多样性，使之能够满足多元化的资金需求和对“四性”的不同偏好。
c.一般来说，流动性、安全性与收益性成反向相关，安全性、流动性越高的金融工具其收益性越低。
d.一般来说，期限性与收益性正向相关，即期限越长，收益越高。
正确答案是：一般来说，期限性与收益性负向相关，即期限越长，收益越低。
6、家庭在金融市场中的主要活动领域是（）。
a.黄金市场b.资本市场c.货币市场d.外汇市场正确答案是：资本市场7、金融市场中最主要的经纪人有（)a.货币经纪人b.证券承销人c.证券经纪人d.黄金经纪人e.外汇经纪人正确答案是：货币经纪人,证券经纪人,黄金经纪人,外汇经纪人8、证券公司具有以下职能()a.管理金融工具交易价格b.充当证券市场重要的投资人c.充当证券市场中介人d.充当证券市场资金供给者e.提高证券市场运行效率正确答案是：充当证券市场中介人,充当证券市场重要的投资人,提高证券市场运行效率9、金融工具交易或买卖过程中所产生的运行机制，是金融市场的深刻内涵和自然发展，其中最核心的是价格机制，金融工具的价格成为金融市场的要素。
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。
金融市场学双语题库及答案(第十四章)米什金《金融市场与机构》
Financial Markets and Institutions, 8e (Mishkin)Chapter 14 The Mortgage Markets14.1 Multiple Choice1) Which of the following are important ways in which mortgage markets differ from the stock and bond markets?A) The usual borrowers in the capital markets are government entities and businesses, whereas the usual borrowers in the mortgage markets are individuals.B) Most mortgages are secured by real estate, whereas the majority of capital market borrowing is unsecured.C) Because mortgages are made for different amounts and different maturities, developing a secondary market has been more difficult.D) All of the above are important differences.E) Only A and B of the above are important differences.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Which of the following are important ways in which mortgage markets differ from stock and bond markets?A) The usual borrowers in capital markets are government entities, whereas the usual borrowers in mortgage markets are small businesses.B) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses.C) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses and individuals.D) The usual borrowers in capital markets are businesses and government entities, whereas the usual borrowers in mortgage markets are individuals.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition3) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) A borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity.C) Over 80 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition4) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) Borrowers pay off mortgages over time in some combination of principal and interest payments that result in full payment of the debt by maturity.C) Less than 65 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition5) Which of the following are true of mortgage interest rates?A) Interest rates on mortgage loans are determined by three factors: current long-term market rates, the term of the mortgage, and the number of discount points paid.B) Mortgage interest rates tend to track along with Treasury bond rates.C) The interest rate on 15-year mortgages is lower than the rate on 30-year mortgages, all else the same.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Which of the following are true of mortgages?A) More than 80 percent of mortgage loans finance residential home purchases.B) The National Banking Act of 1863 rewarded banks that increased mortgage lending.C) Most mortgages during the 1920s and 1930s were balloon loans.D) All of the above are true.E) Only A and C of the above are true.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition7) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have lower interest rates than shorter-term mortgages.B) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest rates.C) In exchange for points, lenders reduce interest rates on mortgage loans.D) All of the above are true.E) Only A and B of the above are true.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) Typically, discount points should not be paid if the borrower will pay off the loan in ________ years or less.A) 5B) 10C) 15D) 20Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition9) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have higher interest rates than shorter-term mortgages.B) In exchange for points, lenders reduce interest rates on mortgage loans.C) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest payments.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition10) Which of the following reduces moral hazard for the mortgage borrower?A) CollateralB) Down paymentsC) Private mortgage insuranceD) Borrower qualificationsAnswer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition11) Which of the following protects the mortgage lender's right to sell property if the underlying loan defaults?A) A lienB) A down paymentC) Private mortgage insuranceD) Borrower qualificationE) AmortizationAnswer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition12) Which of the following is true of mortgage interest rates?A) Mortgage rates are closely tied to Treasury bond rates, but mortgage rates tend to stay below Treasury rates because mortgages are secured with collateral.B) Longer-term mortgages have higher interest rates than shorter-term mortgages.C) Interest rates are higher on mortgage loans on which lenders charge points.D) All of the above are true.E) Only A and B of the above are true.Answer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition13) During the early years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition14) During the last years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition15) During the last years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition16) During the early years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition17) A borrower who qualifies for an FHA or VA loan enjoys the advantage thatA) the mortgage payment is much lower.B) only a very low or zero down payment is required.C) the cost of private mortgage insurance is lower.D) the government holds the lien on the property.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition18) (I) Conventional mortgages are originated by private lending institutions, and FHA or VA loans are originated by the government. (II) Conventional mortgages are insured by private companies, and FHA or VA loans are insured by the government.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition19) Borrowers tend to prefer ________ to ________, whereas lenders prefer ________.A) fixed-rate loans; ARMs; fixed-rate loansB) ARMs; fixed-rate loans; fixed-rate loansC) fixed-rate loans; ARMs; ARMsD) ARMs; fixed-rate loans; ARMsAnswer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition20) (I) ARMs offer lower initial rates and the rate may fall during the life of the loan. (II) Conventional mortgages do not allow a borrower to take advantage of falling interest rates.A) (I) is true, (II) is false.B) (I) is false, (II) is true.C) Both are true.D) Both are false.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition21) Growing-equity mortgages (GEMs)A) help the borrower pay off the loan in a shorter time.B) have such low payments in the first few years that the principal balance increases.C) offer borrowers payments that are initially lower than the payments on aconventional mortgage.D) do all of the above.E) do only A and B of the above.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition22) A borrower with a 30-year loan can create a GEM byA) simply increasing the monthly payments beyond what is required and designating that the excess be applied entirely to the principal.B) converting his ARM into a conventional mortgage.C) converting his conventional mortgage into an ARM.D) converting his conventional mortgage into a GPM.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition23) Which of the following are useful for home buyers who expect their income to rise in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition24) Which of the following are useful for home buyers who expect their income to fall in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition25) Retired people can live on the equity they have in their homes by using aA) GEM.B) GPM.C) SAM.D) RAM.Answer: DTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition26) Second mortgages serve the following purposes:A) they give borrowers a way to use the equity they have in their homes as security for another loan.B) they allow borrowers to get a tax deduction on loans secured by their primary residence or vacation home.C) they allow borrowers to convert their conventional mortgages into GEMs.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition27) Which of the following is a disadvantage of a second mortgage compared to credit card debt?A) The loans are secured by the borrower's home.B) The borrower gives up the tax deduction on the primary mortgage.C) The borrower must pay points to get a second mortgage loan.D) The borrower will find it more difficult to qualify for a second mortgage loan.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition28) The share of the mortgage market held by savings and loans isA) over 50 percent.B) approximately 40 percent.C) approximately 20 percent.D) less than 5 percent.Answer: DTopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition29) The share of the mortgage market held by commercial banks is approximatelyA) 50 percent.B) 30 percent.C) 15 percent.D) 5 percent.Answer: BTopic: Chapter 14.4 Mortgage-Lending Institutions Question Status: Updated from Previous Edition30) A loan-servicing agent willA) package the loan for an investor.B) hold the loan in their investment portfolio.C) collect payments from the borrower.D) do both A and C of the above.E) do both B and C of the above.Answer: CTopic: Chapter 14.5 Loan ServicingQuestion Status: Previous Edition31) Distinct elements of a mortgage loan includeA) origination.B) investment.C) servicing.D) all of the above.E) only B and C of the above.Answer: DTopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition32) The Federal National Mortgage Association (Fannie Mae)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: ETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition33) The Federal Housing Administration (FHA)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition34) ________ issues participation certificates, and ________ provides federal insurance for participation certificates.A) Freddie Mac; Freddie MacB) Freddie Mac; Ginnie MaeC) Ginnie Mae; Freddie MacD) Ginnie Mae; Ginnie MaeE) Freddie Mac; no oneAnswer: ETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition35) REMICs are most likeA) Freddie Mac pass-through securities.B) Ginnie Mae pass-through securities.C) participation certificates.D) collateralized mortgage obligations.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition36) Ginnie MaeA) insures qualifying mortgages.B) insures pass-through certificates.C) insures collateralized mortgage obligations.D) does only A and B. of the above.E) does only B and C of the above.Answer: BTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition37) Mortgage-backed securitiesA) have been growing in popularity in recent years as institutional investors look for attractive investment opportunities.B) are securities collateralized by a pool of mortgages.C) are securities collateralized by both insured and uninsured mortgages.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition38) The most common type of mortgage-backed security isA) the mortgage pass-through, a security that has the borrower's mortgage payments pass through the trustee before being disbursed to the investors.B) collateralized mortgage obligations, a security which reduces prepayment risk.C) the participation certificate, a security which passes the borrower's mortgage payments equally among all the owners of the certificates.D) the securitized mortgage, a security which increases the liquidity of otherwise illiquid mortgages.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition39) The interest rate borrowers pay on their mortgages is determined byA) current long-term market rates.B) the term.C) the number of discount points.D) all of the above.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition40) A loan for borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income isA) a subprime mortgage.B) a securitized mortgage.C) an insured mortgage.D) a graduated-payment mortgage.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition41) The percentage of the total loan paid back immediately when a mortgage loan is obtained, which lowers the annual interest rate on the debt, is calledA) discount points.B) loan terms.C) collateral.D) down payment.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition42) Which of the following terms are found in mortgage loan contracts to protect the lender from financial loss?A) CollateralB) Down paymentC) Private mortgage insuranceD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition43) What factors are used in determining a person's FICO score?A) Past payment historyB) Outstanding debtC) Length of credit historyD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition44) Between 2000 and 2005, home prices increased an average of ________ per year.A) 2%B) 4%C) 8%D) 12%Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question45) From 2000 to 2005, housing prices increased, on average, by over 40%. This run up in prices was caused byA) speculators.B) an increase in subprime loans, which increased demand for new and existing houses.C) both A and B.D) None of the above are correct.Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Updated from Previous Edition14.2 True/False1) In 2012, mortgage loans to farms represented the largest proportion of mortgage lending in the U.S.Answer: FALSETopic: Chapter 14.1 What Are Mortgages?Question Status: New Question2) Down payments are designed to reduce the likelihood of default on mortgage loans.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) Discount points (or simply points) are interest payments made at the beginning of a loan.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) A point on a mortgage loan refers to one monthly payment of principal and interest.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Closing for a mortgage loan refers to the moment the loan is paid off.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Private mortgage insurance is a policy that guarantees to make up any discrepancy between the value of the property and the loan amount, should a default occur.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition7) During the early years of a mortgage loan, the lender applies most of the payment to the principal on the loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) One important advantage to a borrower who qualifies for an FHA or VA loan is the very low interest rate on the mortgage.Answer: FALSETopic: Chapter 14.3 Types of Mortgages9) Adjustable-rate mortgages generally have lower initial interest rates than fixed-rate mortgages.Answer: TRUETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition10) Mortgage interest rates loosely track interest rates on three-month Treasury bills.Answer: FALSETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition11) An advantage of a graduated-payment mortgage is that borrowers will qualify for a larger loan than if they requested a conventional mortgage.Answer: TRUETopic: Chapter 14.3 Types of Mortgages12) Nearly half the funds for mortgage lending comes from mortgage pools and trusts.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition13) Many institutions that make mortgage loans do not want to hold large portfolios of long-term securities, because it would subject them to unacceptably high interest-rate risk.Answer: TRUETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition14) A problem that initially hindered the marketability of mortgages in a secondary market was that they were not standardized.Answer: TRUETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition15) Mortgage-backed securities have declined in popularity in recent years as institutional investors have sought higher returns in other markets.Answer: FALSETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition16) Mortgage-backed securities are marketable securities collateralized by a pool of mortgages.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition17) Fannie Mae and Freddie Mac together either own or insure the risk on nearly one-fourth of America's residential mortgages.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition18) A FICO score below 660 is considered good while a score above 720 is likely to cause problems in obtaining a loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition19) Subprime loans are those made to borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition14.3 Essay1) How has the modern mortgage market changed over recent years?Topic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Explain the features of mortgage loans that are designed to reduce the likelihood of default.Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) What are points? What is their purpose?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) How does an amortizing mortgage loan differ from a balloon mortgage loan?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Evaluate the advantages and disadvantages, from both the lender's and borrower's perspectives, of fixed-rate and adjustable-rate mortgages.Topic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition6) Why has the online lending market developed in recent years and what are the advantages and disadvantages of this development?Topic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition7) Why may Fannie Mae and Freddie Mac pose a threat to the health of the financial system?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition8) What are mortgage-backed securities, why were they developed, whattypes of mortgage-backed securities are there, and how do they work?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition9) What are the benefits and side effects of securitized mortgages?Topic: Chapter 14.7 Securitization of MortgagesQuestion Status: Previous Edition10) Discuss the pros and cons of a subprime market for residential mortgages in the U.S.Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question。
金融市场与金融机构期末试卷
金融市场与金融机构一、填空题✌债券价格为 美元，永久性的年偿付 美元，则到期收益率为（ ）面值为 美元的 年期零息债到期收益率为 ，则其当前价格为（ ）如果美国与英国的利率分别为 和 ，那么英镑相当于美元的预期升值率为（ ）如果当前 年期利率水平为 ， 年期利率水平为 ，则预期一年后的 年期利率水平为（ ）假设当期利率水平为 ，如果利率升至 。
某久期为 年的债券其价值为（） 假定可口可乐公司的股票以 的固定比率增长，刚分配的股利为每股 美元，假定必要回报率为 ，则其股票的理论价格为（）美元。
某德国产汽车售价为 美元，如果汇率为 美元兑换 欧元，则该汽车的美元价格应当为（ ）美元。
二、单项选择 如果收益率曲线向上倾斜，则一下（ ）是市场细分理论的结论。
✌短期利润将会上升 短期利率将会下降 短期利率不会变化 无法确定随机游走行为认为股价变动是（ ）的，因此（ ）有效市场假说。
✌可预测，支持 可预测，不支持 不可预测，支持 不可预测，不支持垃圾债券是指（ ）✌处理垃圾业务的公司所发的债券 熊猫债券 低信用等级债券 扬基债券穆迪公司评级为 ♋♋等级的公司债券风险收益一般会（ ）评级为 等级的公司债券。
✌大于 小于 等于 无法确定保险公司要求投保人必须提供详细的个人信息，目的是为了规避（ ） ✌逆向选择 道德风险 交易成本 政府管制不能解决信息不对称问题的措施包括（ ✆✌鼓励私人企业生产并销售信息 政府管制以增加信息披露金融中介机构的出现 企业更多依赖债券融资而非银行融资 年期住房抵押贷款的等额本金分期还款方式第一年还款额主要是偿还（ ）部分，第 年主要是偿还（ ）部分。
✌本金；利息 本金；本金 利息；本金 利息；利息假定其他情况不变，未来 年中国的生产率水平相对于美国持续上升，则人民币将会（ ）✌升值 贬值 不变 不确定保险公司在确定保费时，一般需要借助于（ ✆✌大数定律 货币中性 保险利益 以上都不对下列有关利率期限结构理论的结论正确的是（ ）✌纯预期理论假设长短期债券之间不能完全替代市场细分理论不能解释长短期利率之间变动的相关性流动性溢价理论认为收益率曲线向右上方倾斜意味着未来短期利率水平将会上升以上结论都不对冲销式干预中需对外汇干预导致的（ ）变动✌货币供应量 汇率 外汇储备 以上都不对货币中性理论认为，从长期看来，货币供应量的大幅增加将导致利率水平的（ ）✌上升 下降 不变 以上都不对 商业扩张初期，随着财富增加，对债券的需求会（ ），需求曲线将会（ ）移动。
金融市场与金融机构(chapter)
of the demand curve ,and the supply
curve ,at point 1,with an equilibrium federal rate of iff. *
Market equilibrium
市场均衡发生在准备金的需求数量 d 和供给数量相等时，即Rs =R。因 此均衡产生于需求曲线和供给曲线 位于点1的交点处，均衡联邦基金 利率为iff*
Demand curve
因此，对银行准备金的需求数量等于法定 准备金加上超额准备金，超额准备金是应对存 款流出的保险金额，而持有这些超额准备金的 成本就是其机会成本，即这些银行准备金借出 所能赚取的利率，它等于联邦基金利率。因此随 着联邦基金利率降低，持有超额准备金的机会 成本也将降低，当其他条件保持不变时，对银 行准备金的需求数量将会增加。银行准备金的 需求曲线向下移动。
Discount lending
A lower discount rate, with the federal funds rate held constant,leads to a greater quantity of reserves supplied and shifts the s s supply curve to the right from R1 to R2.The result is that the equilibrium moves from point 1 to point 2,lowering the federal funds 1 2 rate from iff to iff.
Demand curve
federal funds rate
Rs
1 i
Rd
Quantity of ResAs we saw in the preceding section,when discount lending increases, the quantity of reserves supplied to the banking system also increases. when banks borrow from the Fed,their principal benefit is the earnings from lending these funds out at the federal funds rate . Thus holding everything else constant, when the federal funds rate increases, banks will borrow more from the Fed,and the resulting rise in discount lending means t hat the quantity of reserves supplied rise. For this reason ,the supply curve for reserves,slopes upward.
《金融市场和金融机构》课后习题答案解析
《金融市场与金融机构》米什金第七版课后习题答案
（请集中复习1-6、10-13、15章）
第一章为什么研究金融市场与金融机构
第二章金融体系概览
第三章利率的含义及其在定价中的作用
第四章为什么利率会变化
第五章利率的风险结构和期限结构如何影响利率
第六章金融市场是否有效
第十章货币政策传导：工具、目标战略和战术
第七版中的12题在第五六版中没有，此处的12-19题即为第七版的13-20题
第十一章货币市场
第十二章债券市场
第十三章股票市场
第十四章抵押贷款市场
第十五章外汇市场。
「金融理论与实务14」
金融理论与实务课程内容与考核要求第十四章货币政策（一)货币政策与货币政策目标１．识记:货币政策（P314):是指中央银行为实现特定的经济目标，运用各种政策工具调控货币供给量和利率所采取的方针和措施的总称。
菲利普斯曲线(P３1７)：失业率和物价上涨率之间存在着此消彼长的替代关系。
失业率高，物价上涨率低；失业率低,物价上涨率高。
奥肯定律（P317):失业率与经济增长率具有反向的变动关系，经济增长有助于增加就业,降低失业率。
２．领会:（1)货币政策的四大目标(Ｐ3１５－316）①稳定物价是指一般物价水平在短期内相对稳定,不发生显著的或剧烈的波动。
②充分就业是指凡有工作能力的且愿意工作的人都可以在将为合理的条件下找到工作。
③经济增长是指在一定时期内一国所生产的商品和劳务总量的增加,通常用国内生产总值的变化，或人均GDP 的增长率来衡量一国经济增长的情况。
④国际收支平衡指在一定时期内一国对其他国家和地区，由于政治、经济、文化往来所引起的全部货币收支大体平衡。
(2)货币政策诸目标间的关系及政策目标的选择（P316-317）①稳定物价和充分就业：失业率和物价上涨率之间存在着此消彼长的替代关系。
面对物价稳定和充分就业之间的矛盾,中央银行可有三种选择:一是失业率较高的物价稳定;二是通货膨胀率较高的充分就业;三是失业率和物价上涨之间的相机选择。
②经济增长与充分就业:这两个目标之间具有一致性，经济增长有助于增加就业，降低失业率。
③稳定物价和经济增长:稳定物价和经济增长这两个目标具有矛盾性。
④稳定物价和国际收支平衡:稳定物价有助于实现国际收支平衡。
⑤经济增长和国际收支平衡:经济增长与国际收支平衡二者之间也存在矛盾,难以同时兼得。
(3）我国货币政策目标的选择(P3１8）我国货币政策的最终目标是“保持货币币值的稳定，并以此促进经济增长”。
①它克服了“稳定货币”单一目标的片面性和局限性。
②它防止了“发展经济、稳定货币”双重目标的相互冲突。
金融市场与金融机构基础-Fabozzi-Chapter14
Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones)Chapter 14 Secondary MarketsMultiple Choice Questions1 Function of Secondary Markets1) The key distinction between a primary market and a secondary market is that, in the secondary market, ________.A) funds flow from the seller of the asset to the buyer.B) the issuer of the asset receives funds from the buyer.C) funds flow from the buyer of the asset to the seller.D) the existing issue changes hands in the primary market.Answer: CComment: The key distinction between a primary market and a secondary market is that, in the secondary market, the issuer of the asset does not receive funds from the buyer. Rather, the existing issue changes hands in the secondary market, and funds flow from the buyer of the asset to the seller.Diff: 2Topic: 14.1 Function of Secondary MarketsObjective: 14.1 the definition of a secondary market2) Without a secondary market, issuers would be unable to ________, or they would have to paya higher rate of return, as investors would ________ in compensation for expected illiquidity in the securities.A) sell new securities; increase the discount rateB) sell new securities; decrease the discount rateC) buy new securities; decrease the priceD) sell new securities; increase the priceAnswer: ADiff: 2Topic: 14.1 Function of Secondary MarketsObjective: 14.12 the implications of pricing efficiency for market participants3) Investors in financial assets receive ________.A) illiquidity for their assets.B) information about the assets' fair or consensus values.C) increased the costs of searching for likely buyers and sellers of assets.D) the disadvantage of higher transaction costs.Answer: BComment: Investors in financial assets receive several benefits from a secondary market. Such a market obviously offers them liquidity for their assets as well as information about the assets’ fair or consensus values. Furthermore, secondary markets bring together many interested parties and thereby reduce the costs of searching for likely buyers and sellers of assets. Moreover, by accommodating many trades, secondary markets keep the cost of transactions low. By keeping the costs of both searching and transacting low, secondary markets encourage investors to purchase financial assets.Diff: 2Topic: 14.1 Function of Secondary MarketsObjective: 14.12 the implications of pricing efficiency for market participants2 Trading Locations1) One indication of the usefulness of secondary markets is that they exist throughout ________.A) the United States.B) Europe and Asia.C) each state.D) the world.Answer: DDiff: 1Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets2) In the United States, secondary trading of common stock occurs ________.A) in a number of trading locations.B) in Dallas, Texas.C) in each major city.D) None of theseAnswer: ADiff: 1Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets3) Which of the below statements is TRUE?A) In the United States, secondary shares are traded on major national stock exchanges (the largest of which is the American Stock Exchange) and regional stock exchanges.B) In the United States, significant trading in stock takes place on the so-called over-the-counter or OTC market, which involves specific geographical locations.C) In the United States, the dominant OTC market for stocks in the United States is the New York Stock Exchange.D) In the United States, some bonds are traded on exchanges, but most trading in bonds in the United States and throughout the world occurs in the OTC market.Answer: DComment: In the United States, secondary trading of common stock occurs in a number of trading locations. Many shares are traded on major national stock exchanges (the largest of which is the New York Stock Exchange) and regional stock exchanges, which are organized and somewhat regulated markets in specific geographical locations. Additional significant trading in stock takes place on the so-called over-the-counter or OTC market, which is a geographically dispersed group of traders linked to one another via telecommunication systems. The dominant OTC market for stocks in the United States is Nasdaq. Some bonds are traded on exchanges, but most trading in bonds in the United States and throughout the world occurs in the OTC market.Diff: 2Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets3 Market Structures1) In a continuous market, prices may vary ________.A) because of the basic situation of supply and demand.B) are determined discontinuously throughout the trading day.C) are determined continuously throughout the trading day even if buyers and sellers are not submitting orders.D) with the pattern of orders reaching the market.Answer: DComment: Many secondary markets are continuous, which means that prices are determined continuously throughout the trading day as buyers and sellers submit orders. For example, given the order flow at 10:00 A.M., the market clearing price of a stock on some organized stock exchange may be $70; at 11:00 A.M. of the same trading day, the market-clearing price of the same stock, but with different order flows, may be $70.75. Thus, in a continuous market, prices may vary with the pattern of orders reaching the market and not because of any change in the basic situation of supply and demand.Diff: 2Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market2) ________, orders are grouped together for simultaneous execution at the same price.A) In a bull marketB) In an efficient marketC) In a call marketD) In a bear marketAnswer: CDiff: 2Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market3) Which of the below statements is FALSE?A) In a call market, a market maker holds an auction for a stock at certain times in the trading day (or possibly more than once in a day).B) Many secondary markets are continuous, which means that prices are determined continuously throughout the trading day as buyers and sellers submit orders.C) In a call market, a market maker holds an auction for a stock at the same time each day.D) An auction in a call market may be oral or written.Answer: CComment: In a call market, a market maker holds an auction for a stock at certain times in the trading day (or possibly more than once in a day).Diff: 2Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market4 Perfect Markets1) Perfect market results when ________.A) the number of buyers and sellers is sufficiently small, and all participants are small enough relative to the market so that no individual market agent can influence the commodity's price. B) the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the market so that all individual market agent can influence the commodity's price. C) the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the market so that no individual market agent can influence the commodity's price. D) the number of buyers and sellers is sufficiently small, and all participants are small enough relative to the market so that all individual market agent can influence the commodity's price. Answer: CComment: In general, a perfect market results when the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the market so that no individual market agent can influence the commodity’s price.Diff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market2) A perfect market results when all buyers and sellers are ________, and the market price is determined where there is ________.A) price-takers; equality of supply and demand.B) price-makers; equality of supply and demand.C) price-takers; inequality of supply and demand.D) price-makers; inequality of supply and demand.Answer: ADiff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market3) A market is not perfect only because market agents are price takers but is also free of transactions costs and any impediment to the interaction of supply and demand for the commodity. Economists refer to these various costs and impediments as frictions. Frictions include ________.A) bid-ask spreads charged by dealers and order handling and clearance charges.B) taxes (but not on capital gains) and government-imposed transfer fees.C) costs of acquiring information about the financial asset and restrictions on market takers.D) financial liability that a buyer or seller may take and taxes on capital gains.Answer: AComment: A market is not perfect only because market agents are price takers. A perfect market is also free of transactions costs and any impediment to the interaction of supply and demand for the commodity. Economists refer to these various costs and impediments as frictions. The costs associated with frictions generally result in buyers paying more than in the absence of frictions and/or in sellers receiving less commissions charged by brokers. Frictions include: bid—ask spreads charged by dealers.order handling and clearance charges.taxes (notably on capital gains) and government-imposed transfer fees.costs of acquiring information about the financial asset.trading restrictions, such as exchange-imposed restrictions on the size of a position in the financial asset that a buyer or seller may take.restrictions on market makers.halts to trading that may be imposed by regulators where the financial asset is traded.Diff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market4) This practice of selling securities that are not owned at the time of sale is referred to as________.A) buying short.B) selling short.C) selling long.D) buying and selling simultaneously.Answer: BDiff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market5) In the absence of an effective short-selling mechanism, security prices will tend to be biased toward the ________, causing a market to depart from the standards of a perfect price-setting situation.A) view of more pessimistic investorsB) view of the market makerC) view of more optimistic investorsD) view of the market takerAnswer: CDiff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market5 Role of Brokers and Dealers in Real markets1) ________ are necessary to the smooth functioning of a secondary market.A) Inexperienced investorsB) Initial public offeringsC) Investment bankersD) Brokers and dealersAnswer: DDiff: 2Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.6 why brokers are necessary2) Investors need brokers to help ________.A) execute their orders.B) find other parties wishing to sell or buy.C) negotiate for good prices.D) All of theseAnswer: DComment: Investors need brokers to receive and keep track of their orders for buying or selling, to find other parties wishing to sell or buy, to negotiate for good prices, to serve as a focal point for trading, and to execute the orders.Diff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.6 why brokers are necessary3) Which of the following statements is FALSE?A) It is important to realize that the brokerage activity requires the broker to buy and sell or hold in inventory the financial asset that is the subject of the trade.B) A broker is an entity that acts on behalf of an investor who wishes to execute orders. In economic and legal terms, a broker is said to be an agent of the investor.C) The broker receives, transmits, and executes investors' orders with other investors.D) Services provided by brokers include research, recordkeeping, and advising.Answer: AComment: It is important to realize that the brokerage activity does not require the broker to buy and sell or hold in inventory the financial asset that is the subject of the trade.Diff: 2Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.6 why brokers are necessary4) Which of the following statements is FALSE?A) A real market might also differ from the perfect market because of the possibly frequent event of a temporary imbalance in the number of buy and sell orders that investors may place for any security at any one time.B) An unmatched or unbalanced flow of buy and sell orders causes a problem in that the security's price may change abruptly, even if there has been no shift in either supply or demand for the security.C) The fact of imbalances in buy and sell orders cannot explain the need for the dealer or market maker, who stands ready and willing to buy a financial asset for its own account (to add to an inventory of the financial asset) or sell from its own account (to reduce the inventory of the financial asset).D) An unmatched or unbalanced flow of buy and sell orders causes a problem in that buyers may have to pay higher than market-clearing prices (or sellers accept lower ones) if they want to make their trade immediately.Answer: CComment: The fact of imbalances in buy and sell orders explains the need for the dealer or market maker, who stands ready and willing to buy a financial asset for its own account (to add to an inventory of the financial asset) or sell from its own account (to reduce the inventory of the financial asset).Diff: 3Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making5) The ________ can be viewed as the price charged by dealers for supplying immediacy together with short-run price stability (continuity or smoothness) in the presence of short-term order imbalances.A) bid-ask feeB) bid-ask priceC) bid-ask spreadD) bid-ask imbalanceAnswer: CDiff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making6) By taking the opposite side of a trade when there are no other orders, the dealer prevents the price from ________ from the price at which a recent trade was consummated.A) materially convergingB) materially divergingC) immaterially concurringD) immaterially divergingAnswer: BDiff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making7) Dealers also have to be compensated for bearing risk. A dealer's position may involve carrying inventory of a security (a long position) or selling a security that is not in inventory (a short position). There are three types of risks associated with maintaining a long or short position in a given security. Two of these include ________.A) the risk of trading with someone who has inferior information and the expected time it will take the dealer to unwind a position and its uncertainty.B) the uncertainty about the future price of the security and the expected time it will take the dealer to unwind a position and its uncertainty.C) the risk of trading with someone who has inferior information and the uncertainty about the future price of the security.D) the certainty about the future price of the security and the expected time it will take the dealer to unwind a position and its uncertainty.Answer: BComment: First, there is the uncertainty about the future price of the security. A dealer who has a net long position in the security is concerned that the price will decline in the future; a dealer who is in a net short position is concerned that the price will rise. The second type of risk has to do with the expected time it will take the dealer to unwind a position and its uncertainty. And this, in turn, depends primarily on the thickness of the market for the security. Finally, while a dealer may have access to better information about order flows than the general public, there are some trades where the dealer takes the risk of trading with someone who has better information. This results in the better-informed trader obtaining a better price at the expense of the dealer. Consequently, a dealer in establishing the bid-ask spread for a trade will assess whether or not the trader might have better information.Diff: 2Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making6 Market Efficiency1) In ________, investors can obtain transaction services as cheaply as possible, given the costs associated with furnishing those services.A) an internally inefficient marketB) an externally efficient marketC) a pricing efficient marketD) an operationally efficient marketAnswer: DDiff: 2Topic: 14.6 Market EfficiencyObjective: 14.8 what is meant by the operational efficiency of a market2) In its "Big Bang" of 1986, the London Stock Exchange ________.A) abolished fixed brokerage commissions.B) abolished competitive brokerage commissions.C) adopted fixed brokerage commissions.D) shot down all types of brokerage commissions.Answer: ADiff: 2Topic: 14.6 Market EfficiencyObjective: 14.8 what is meant by the operational efficiency of a market3) Effective August 24, 2000, the minimum spread was reduced to ________ ("decimals"), with trades on all stocks in decimals beginning on August 9, 2001.A) one-eighthB) one-sixteenthC) one centD) two centsAnswer: CDiff: 2Topic: 14.6 Market EfficiencyObjective: 14.8 what is meant by the operational efficiency of a market4) ________ refers to a market where prices at all times fully reflect all available information that is relevant to the valuation of securities.A) Internal inefficiencyB) External efficiencyC) Operational efficiencyD) Pricing efficiencyAnswer: DDiff: 2Topic: 14.6 Market EfficiencyObjective: 14.9 what is meant by the pricing efficiency of a market5) Which of the below statements is TRUE?A) In a passive strategy, investors seek to capitalize on what they perceive to be the mispricing of a security or securities.B) In a market that is price efficient, active strategies will not consistently generate a return after ignoring transactions costs and the risks associated with a strategy of frequent trading.C) In a market which seems to be price efficient, one investment strategy is simply to buy and hold a broad cross section of securities in the marketD) Matching in an investment strategy that has the goal of matching the performance of some financial index from the market.Answer: CComment: A price efficient market has implications for the investment strategy that investors may wish to pursue. In an active strategy, investors seek to capitalize on what they perceive to be the mispricing of a security or securities. In a market that is price efficient, active strategies will not consistently generate a return after taking into consideration transactions costs and the risks associated with a strategy of frequent trading. The other strategy, in a market which seems to be price efficient, is simply to buy and hold a broad cross section of securities in the market. Some investors pursue this strategy through indexing, which is a policy that has the goal of matching the performance of some financial index from the market.Diff: 2Topic: 14.6 Market EfficiencyObjective: 14.10 the implications of pricing efficiency7 Electronic Trading1) Because the bond business has been ________ rather than ________ business, the capital of the market makers is critical.A) a financial; an accountingB) an accounting; a financialC) an agency; a principalD) a principal; an agencyAnswer: DDiff: 2Topic: 14.7 Electronic TradingObjective: 14.5 frictions that cause actual financial markets to differ from a perfect market2) There are several related reasons for the transition to the electronic trading of bonds. Which of the below reasons is NOT one of these?A) The profitability of bond market making has declined since many of the products have become less commodity-like.B) The increase in the volatility of bond markets has increased the capital required of bond broker-dealers.C) Making markets in bonds has become more risky for the market makers because the size of the orders has increased tremendously.D) The profitability of bond market making has declined and their bid-offer spreads have decreased.Answer: AComment: The profitability of bond market making has declined since many of the products have become more commodity-like and their bid-offer spreads have decreased.Diff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making3) The same Wall Street firms that have been the major market makers in bonds have also been the ________ of electronic trading in bonds.A) cynicsB) attackersC) supportersD) detractorsAnswer: CDiff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making4) There are a variety of types of electronic trading systems for bonds. The two major types of electronic trading systems are ________.A) the customer-to-dealer systems and the exchange systems.B) the dealer-to-customer systems and the leverage systems.C) the broker-to-dealer systems and the exchange systems.D) the dealer-to-customer systems and the exchange systems.Answer: DDiff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making5) Which of the below statement is FALSE?A) The multi-customer system simply computerizes the traditional customer-dealer market making mechanism.B) Single-dealer systems are based on a customer dealing with a single, identified dealer over the computer.C) Dealer-to-customer systems can be a single-dealer system or multiple-dealer system.D) Multi-dealer systems provide some advancement over the single- dealer method since a customer can select from any of several identified dealers whose bids and offers are provided on a computer screen.Answer: AComment: The single-dealer system simply computerizes the traditional customer-dealer market making mechanism.Diff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making6) Among the overall advantages of electronic trading are ________.A) providing liquidity to the government.B) price discovery (particularly for less liquid markets).C) utilization of old technologies.D) trading and portfolio management inefficiencies.Answer: BComment: Among the overall advantages of electronic trading are (1) providing liquidity to the markets, (2) price discovery (particularly for less liquid markets), (3) utilization of new technologies, and (4) trading and portfolio management efficiencies.Diff: 1Topic: 14.7 Electronic TradingObjective: 14.12 the implications of pricing efficiency for market participants7) Which of the below statement is FALSE?A) According to the exchange system, dealer and customer bids and offers are entered into the system on an anonymous basis, and the clearing of the executed trades is done through a common process.B) Although there is a common clearinghouse for bonds, there is none for common stocks.C) According to the exchange system, dealer and customer bids and offers are entered into the system on an anonymous basis, and the clearing of the executed trades is done through a common process.D) The exchange system is quite different rom the dealer-to-customer systems and has potentially significantly greater value added.Answer: BComment: Although there is a common clearinghouse for common stocks (Depository Trust Company), there is none for bonds.Diff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market makingTrue/False Questions1 Function of Secondary Markets1) Primary markets help the issuer of securities to track their values and required returns. Answer: FALSEComment: Secondary markets help the issuer of securities to track their values and required returns.Diff: 1Topic: 14.1 Function of Secondary MarketsObjective: 14.1 the definition of a secondary market2) Secondary markets hurt investors by providing liquidity.Answer: FALSEComment: Secondary markets benefit investors by providing liquidity.Diff: 1Topic: 14.1 Function of Secondary MarketsObjective: 14.12 the implications of pricing efficiency for market participants2 Trading Locations1) In the United States, secondary trading of common shares are traded on major national stock exchanges and regional stock exchanges, which are organized and somewhat regulated markets in specific geographical locations.Answer: TRUEDiff: 1Topic: 14.2 Trading LocationsObjective: 14.11 the different forms of pricing efficiency2) The dominant OTC market for stocks in the United States is AMEX.Answer: FALSEComment: The dominant OTC market for stocks in the United States is Nasdaq.Diff: 1Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets3 Market Structures1) Some markets conduct the day's initial trades with a call method and most other trades in a continuous way.Answer: TRUEDiff: 1Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market2) In a call market, the auction may be oral but not written.Answer: FALSEComment: In a call market, the auction may be oral or writte n.Diff: 1Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market4 Perfect Markets1) Suppose that an investor expects that the price her security will decline. She can still benefit should the price actually decline if she can arrange to sell the security without owning it. Answer: TRUEDiff: 1Topic: 14.4 Perfect MarketsObjective: 14.12 the implications of pricing efficiency for market participants2) A perfect market does not allow the sale of borrowed securities.Answer: FALSEComment: A perfect market must also permit short selling, which is the sale of borrowed securities.Diff: 1Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market5 Role of Brokers and Dealers in Real Markets1) A dealer acts as an auctioneer in all market structures, thereby providing order and fairness in the operations of the market.Answer: FALSEComment: A dealer acts as an auctioneer in some market structures, thereby providing order and fairness in the operations of the market.Diff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making。
南开14春学期《金融机构与金融市场》答案参考
南开14春学期《金融机构与金融市场》答案参考南开14春学期《金融机构与金融市场》在线作业一、单选题（共 5 道试题，共 10 分。
）1. 同业拆借市场在金融体系同属于（）市场A. 货币市场B. 资本市场C. 贷款市场D. 中长期信贷市场满分：2 分2. 银行在票据未到期时将票据买进的做法是A. 票据交换B. 票据承兑C. 票据结算D. 票据贴现满分：2 分3. 第一张大额可转让定期存单是由( )于1961年创造的A. 交通银行B. 花旗银行C. 东京银行D. 巴黎国民银行满分：2 分4. 优先股股东享有的权利主要有（）A. 公司重大决策的参与权B. 选择管理者C. 有优先剩余资产分配权D. 优先配股权满分：2 分5. 不是普通股股东享有的权利主要有（）A. 公司重大决策的参与权B. 选择管理者C. 有优先剩余资产分配权D. 优先配股权满分：2 分二、单选题（共 10 道试题，共 30 分。
）1. 同业拆借市场在金融体系同属于（）市场。
A. 货币市场B. 资本市场C. 贷款市场中长期信贷市场满分：3 分2. 回购协议实质是（）A. 证券买卖B. 短期借贷C. 有抵押的短期借贷D. 有抵押品的证券买卖满分：3 分3. 浮动利率债券是指利率可以变动的债券，这种债券的利率在确定时一般与（）挂钩A. 市场利率B. 银行贷款利率C. 同业折借利率D. 定期存款利率满分：3 分4. 按照美国的做法，垃圾债券一般是指信用评级在B B B（Baa）以下的债券，又称为A. 无风险债券B. 无收益债券C. 高风险债券D. 次级债券满分：3 分5. 为了确保股票发行审核过程中的公正性和质量，中国证监会成立了（），对股票发行进行复审A. 股票发行审核委员会B. 证券业协会C. 交易所监督部D. 证券登记机构满分：3 分6. 封闭式基金的交易价格主要取决于（）A. 基金总资产B. 供求关系C. 基金净资产D. 基金负债满分：3 分7. 商业银行参与货币市场的主要目的是为了（）A. 筹集资金头寸管理C. 实现货币政策目标D. 降低投资风险满分：3 分8. 为了满足投资者中途抽回资金、实现变现的需要，（）一般在基金资产中保持一定比例的现金A. 封闭式基金B. 开放式基金C. 国债基金D. 股票基金满分：3 分9. 下列属于所有权凭证的金融工具是A. 商业票据B. 股票C. 政府债券D. 可转让大额定期存单满分：3 分10. 在证券交易所内进行的交易称为A. 场内交易B. 场外交易C. 柜台交易D. 第三市场交易满分：3 分三、判断题（共 30 道试题，共 60 分。
金融机构和金融市场的组织与结构
金融机构（１9）：非存款性金融机构——财产和意外伤害保险公司
金融机构（20）：非存款性金融机构——财产和意外伤害保险公司
除了满足一定合格资产（eligible assets)和债券的底线，具有较大的投资选择。
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金融机构（２１）：非存款性金融机构——保险业的新趋势
银行与人寿保险公司的整合(bancassurance):跨部门投资（cross-sector investing);市场相互渗透(interpenatration of markets); 合作安排(cooperative arrangement) 整合的基础：放松管制；储蓄的增长；对保险的需求。 理论基础：资产和负债期限的对应，银行借短贷长，保险公司的资金来源是长期稳定的。 跨国经营：通过购并与设立分支机构实现。
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金融机构（１4）：非存款性金融机构——保险公司
金融机构（１5）：非存款性金融机构——保险公司
对保险公司的监管： 投资范围的限制； 会计核算的规定； 按风险调整的资本要求（risk-based capital requirement)
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金融机构（１6）：非存款性金融机构——人寿保险公司
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投资公司（6）：单位投资信托（Unit Trust）
中介的四个作用：期限调整；分散风险；降低交易成本和信息搜集的成本；支付职能。
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投资公司（基金）主要提供了第2、3两种功能，一些货币市场基金可开支票，具有支付功能。
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投资公司（7）：投资公司存在的经济动机
对投资公司的监管以《投资公司法》为依据。
金融机构（１8）：非存款性金融机构——人寿保险公司
金融市场与金融机构考试
金融市场与金融机构考试（答案见尾页）一、选择题1. 金融市场的主要参与者包括哪些？A. 中央银行B. 商业银行C. 投资公司D. 政府机构E. 非居民投资者2. 以下哪个因素通常影响货币市场的利率？A. 通货膨胀率B. 利率互换合约的利率C. 国家货币政策D. 短期国际资本流动E. 商业银行的存款准备金率3. 什么是证券化？A. 将多个贷款组合成一个资产池的过程B. 将债券发行给投资者以筹集资金的过程C. 将股票发行给投资者以筹集资金的过程D. 将房地产投资转换为证券的过程E. 将信用卡债务打包成资产支持证券的过程4. 以下哪个因素通常增加债券的收益率？A. 债券的到期日B. 债券的票面利率C. 债券的市场价格D. 债券的信用评级E. 债券的流动性5. 什么是金融危机？A. 金融市场中资产价格的急剧下跌B. 金融市场中资产价格的急剧上涨C. 金融市场中资产价格的稳定增长D. 金融市场中资产价格的波动性增加E. 金融市场中资产价格的不确定性增加6. 以下哪个因素通常导致股权投资者的风险增加？A. 公司的盈利预期下降B. 公司的盈利预期稳定C. 公司的盈利预期上升D. 公司的盈利预期波动性增加E. 公司的盈利预期不确定性增加7. 什么是量化宽松政策？A. 中央银行在金融市场购买证券以增加货币供应量的政策B. 中央银行在金融市场出售证券以减少货币供应量的政策C. 中央银行在金融市场提供贷款以增加货币供应量的政策D. 中央银行在金融市场收取利息以减少货币供应量的政策E. 中央银行在金融市场购买外汇以增加货币供应量的政策8. 金融市场的分层结构通常包括哪些层次？A. 货币市场B. 资本市场C. 衍生品市场D. 外汇市场E. 保险市场9. 什么是金融衍生品的种类？A. 期货合约B. 期权合约C. 互换合约D. 远期合约E. 信用违约掉期合约10. 金融市场的发展对实体经济的影响主要表现在哪些方面？A. 促进资金有效分配B. 提高资源配置效率C. 降低企业融资成本D. 增加居民投资渠道E. 扩大国际贸易和投资11. 金融市场的主要参与者包括哪些？A. 中央银行B. 商业银行C. 投资公司D. 政府部门E. 非居民投资者12. 以下哪个因素通常会影响货币市场的利率？A. 通货膨胀预期B. 利率政策C. 国际贸易状况D. 货币政策E. 企业盈利能力13. 金融衍生品市场的功能包括哪些？A. 提供分散风险的方法B. 提供价格发现机制C. 提供流动性D. 提供投资工具E. 提供套期保值功能14. 在金融市场中，以下哪个术语指的是买方和卖方之间的协议，承诺在未来以约定的价格购买或出售某种资产？A. 期货合约B. 期权合约C. 互换合约D. 远期合约15. 什么是证券化？A. 将多个贷款组合成一个单一的贷款B. 将多个贷款组合成一个单一的证券产品C. 将信贷风险转移到其他金融市场D. 将资产转化为可交易的股票16. 以下哪个因素通常会增加债券的吸引力？A. 利率上升B. 经济增长C. 通货膨胀预期下降D. 货币政策宽松17. 在金融市场中，什么是“无风险利率”？A. 投资股票的平均回报率B. 投资政府债券的回报率C. 投资短期国库券的回报率D. 投资长期政府债券的回报率18. 什么是金融危机？它对金融市场的影响是什么？A. 金融危机是指金融资产价格的急剧下跌B. 金融危机通常由信贷紧缩、资产价格暴跌和金融机构运作的严重困难组成C. 金融危机可能导致经济衰退和失业率上升D. 金融危机总是由货币政策失误引起的19. 什么是杠杆？A. 使用借来的资金来增加投资回报B. 使用借来的资金来增加投资规模C. 使用借来的资金来减少投资成本D. 使用借来的资金来避免投资风险20. 在金融市场中，什么是“市场风险”？A. 由于市场价格波动导致的投资损失风险B. 由于汇率波动导致的投资损失风险C. 由于利率波动导致的投资损失风险D. 由于政治事件导致的投资损失风险21. 金融市场的主要参与者包括哪些？A. 中央银行B. 商业银行C. 投资银行D. 证券公司E. 保险公司22. 以下哪个因素通常会影响货币市场的利率？A. 国家经济政策B. 突发事件C. 国际贸易D. 利率政策E. 通货膨胀预期23. 什么是股票市场？它的主要功能是什么？A. 股票市场是公司发行和交易股票的平台。
最新《金融市场与金融机构》课后习题答案
《金融市场与金融机构》米什金第七版课后习题答案
（请集中复习1-6、10-13、15章）
第一章为什么研究金融市场与金融机构
第二章金融体系概览
第三章利率的含义及其在定价中的作用
第四章为什么利率会变化
第五章利率的风险结构和期限结构如何影响利率
第六章金融市场是否有效
第十章货币政策传导：工具、目标战略和战术
第七版中的12题在第五六版中没有，此处的12-19题即为第七版的13-20题
第十一章货币市场
第十二章债券市场
第十三章股票市场
第十四章抵押贷款市场
第十五章外汇市场。
00150 金融理论与实务14
第十四章货币政策一、单项选择题1.由于劳动力流动，劳动力供给结构与需求结构不对称所造成的失业是（）。
A．摩擦性失业 B．周期性失业 C．自愿性失业 D．偶然性失业2.劳动者不愿意接受现有的工资水平而自愿放弃工作所造成的失业是（）。
A．摩擦性失业 B．周期性失业 C．自愿性失业 D．偶然性失业3.中央银行为增大就业量可采取的措施不包括（）。
A．减少货币供给量 B．增加货币供给量 C．增加社会总需求 D．提供工作岗位和就业机会4.促进经济增长的要素不包括（）。
A．劳动力的增加 B．投资的增加 C．技术的进步 D．通货膨胀5.发达国家多把年经济增长率定为（）。
A．1％至2％左右 B．2％至3％左右 C．3％至4％左右 D．4％至5％左右6.菲利普斯曲线显示；失业率高，物价上涨率（）。
A．高 B．低 C．不变 D．与失业率同比例上升7.在货币政策实践中，奉行“单一目标论”的典型国家是（）。
A．德国 B．日本 C．美国 D．英国8.在货币政策实践中，奉行“多目标论”的典型国家是（）。
A．德国 B．日本 C．美国 D．英国9.《中华人民共和国中国人民银行法》确定货币政策的最终目标是“保持货币币值的稳定，并以此促进经济增长”是在（）。
A．1993年 B．1994年 C．1995年 D．1996年10.中央银行调整再贴现利率着眼于（）。
A．短期的供求平衡 B．短期供大于求 C．短期供不应求 D．长期的供求平衡11.中央银行规定与调整再贴现资格着眼于（）。
A．短期供求平衡 B．长期结构调整 C．短期结构调整D．长期供求平衡12.目前，已经成为越来越多国家的中央银行最主要的货币政策工具是（）。
A．法定存款准备金率 B．再贴现政策 C．公开市场业务 D．直接信用控制13.中央银行直接对商业银行的信贷范围施以干预，这一直接信用控制手段是（）。
A．信用配额 B．直接干预 C．流动性比率 D．利率最高限14.中央银行为了限制商业银行扩张信用，规定流动资产对存款的比重，这一直接信用控制手段是（）。
金融机构与金融市场练习题及答案二
金融机构与金融市场练习题及答案二1、同业拆借市场的最重要参与者是（）A.保险公司B.中央银行C.证券公司D.商业银行正确答案是：商业银行2、同业拆借市场产生于（）政策的实施。
A.金融监管B.利率C.存款准备金D.财税正确答案是：存款准备金3、回购市场是通过（）进行短期资金融通交易的市场。
A.债券B.证券C.回购协议D.抵押贷款正确答案是：回购协议4、货币市场共同基金一般属于（）。
A.开放型基金B.封闭型基金C.公司型基金D.契约型基金正确答案是：开放型基金5、衡量货币市场基金表现好坏的标准是其（）。
A.风险系数B.投资收益率C.基金评级D.基金排名正确答案是：投资收益率6、货币市场就其结构而言，包括（）。
A.回购市场B.货币市场共同C.同业拆借市场D.商业票据市场正确答案是：同业拆借市场,回购市场,商业票据市场,货币市场共同7、回购协议市场的主要资金需求者包括（）A.非银行金融机构B.中央银行C.政府证券交易商D.商业银行正确答案是：商业银行,政府证券交易商8、商业票据市场的要素包括（）。
A.投资者B.信用评估C.发行者D.销售正确答案是：投资者,发行者,销售,信用评估9、货币市场共同基金提供一种有限制的存款账户。
正确答案是：“对”。
10、国库券被认为是没有违约风险的。
正确答案是：“对”。
11、从本质上说，回购协议是一种抵押贷款，其抵押品为证券。
正确的答案是“对”。
12、回购协议中证券的交付一般采用实物交付的方式。
13、美国银行法规定出售合规的银行承兑汇票所取得的资金不要求缴纳准备金。
正确的答案是“对”。
14、债券利息支出属于公司的（）。
A.直接成本B.费用范围C.营销经费D.利润正确答案是：费用范围15、政府债券的最初功能是（）。
A.弥补财政赤字B.便于调控宏观经济C.筹措建设资金D.便于金融调控正确答案是：弥补财政赤字16、按照我国的《个人所得税法》规定，下列收入中可免缴个人所得税的是（）。
金融理论与实务-14章
的增加，通常用国内生产总值（GDP）的变化，或人均 GDP的增长率来衡量一国经济增长的情况。 • • 开放型经济中，保持国际收支平衡是保证国民经济持续稳定 增长和经济安全的重要条件。
第七页，编辑于星期日：十四点 二十四分。
三、货币政策诸目标间的关系
• 第三，调整法定准备金率对商业银行的经营管理干扰 较大，增加了银行流动性风险和管理的难度，当对法 定准备金存款不付息时，还会降低银行的盈利，削弱 其在金融领域的竞争力。
第十七页，编辑于星期日：十四点 二十四分。
• 【例题】如果中央银行调高法定存款准备率，则
（
）
•
A、商业银行会增多上交存款准备金数量
第二十页，编辑于星期日：十四点 二十四分。
• 规定与调整再贴现资格的作用机理:中央 银行规定或调整何种票据及哪些金融机构 具有向中央银行申请再贴现的资格。中央 银行对此进行规定与调整，能够改变或引 导资金流向，可以发挥抑制或扶持作用， 主要着眼于长期的结构调整。
•2 • 再贴现政策的最大优点是中央银行能够利
B、商业银行会相应地降低本身贷款能力
•
C、商业银行会通过派生机制，以倍数规模
缩小货币供应量
•
D、商业银行不会受到影响
说法全对
E、以上
• 【答案】ABC
• 【解析】当中央银行提高法定存款准备金率时， 商业银行需要上缴中央银行的法定准备金数量 增加，可自主运用的超额准备金减少，商业银 行可用资金减少，在其他情况不变的条件下， 商业银行减少贷款或投资，引起存款的数倍紧 缩，市场中货币供给量减少。
第十五页，编辑于星期日：十四点 二十四分。
•2
• 优点： • 第一，中央银行是法定存款准备金率的制定者和
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14 Options Markets
? 2003 South-Western/Thomson Learning
Chapter Objectives
Explain how stock options are used to speculate
Explain why stock option premiums vary Explain how options are used by financial
Seller or writer of the option contract
Receives the premium up front Has an ongoing obligation to sell (call) or buy
(put) if the buyer decides to exercise the option contractБайду номын сангаас
At-the-money means the strike price equals the market price of the underlying asset
Background on Options
Expiration is the date when the contract matures
Note components of an option: specific quantity of asset, price, and time period
Background on Options
Premium is the price the buyer of the put or call pays to buy an option contract
At-the-money means the strike price equals the market price of the underlying asset
Background on Options
Put option
In-the-money means the put option’s strike or exercise price is higher than the market price for the underlying financial instrument
Put options give the investor an opportunity to make money from falling prices
Investor has locked in a sale price, making the price of the option (premium) higher as the stock price decreases
American-style options contracts can be exercised any time up until they expire
European-style options can only be exercised just before their expiration
institutions to hedge their security portfolios
Stock Options
An option contract grants the buyer, who has paid a premium to the seller (writer), the right to buy or sell the underlying asset at a stated price within a specific period of time
Option contracts guaranteed by a clearinghouse to make sure sellers or writers fulfill their obligations
The premium paid to the writer is the cost of the option
Buyer has the “option,” but not the obligation, to exercise the option
Background on Options
Current market price of the underlying asset or financial instrument is called the spot price
Background on Options
Call options
“In-the-money” means the call option’s strike or exercise price is lower than the market price for the underlying financial instrument
The holder of the call can buy the stock at a price below the current market price
The call premium (price) of the option would also be higher by the “in-the-money”
A call option buyer has right but not the obligation to buy the underlying asset at a set exercise or “strike” price for a specified period of time
A put option buyer has the right but not the obligation to sell the underlying asset at a set “strike” price for a specified period of time