电子教案-货币金融学基础(第二版_周建松)课件与习题答案-第四章金融机构及金融机构体系(凌)

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《金融学(第二版)》讲义大纲及课后习题答案详解第四章

CHAPTER 4THE TIME VALUE OF MONEY AND DISCOUNTED CASH FLOW ANALYSISObjectives•To explain the concepts of compounding and discounting, future value and present value.•To show how these concepts are applied to making financial decisions.Outline4.1 Compounding4.2 The Frequency of Compounding4.3 Present Value and Discounting4.4 Alternative Discounted Cash Flow Decision Rules4.5 Multiple Cash Flows4.6 Annuities4.7 Perpetual Annuities4.8 Loan Amortization4.9 Exchange Rates and Time Value of Money4.10 Inflation and Discounted Cash Flow Analysis4.11 Taxes and Investment DecisionsSummary•Compounding is the process of going from present value (PV) to future value (FV). The future value of $1 earning interest at rate i per period for n periods is (1+i)n.•Discounting is finding the present value of some future amount. The present value of $1 discounted at rate i per period for n periods is 1/(1+i)n.•One can make financial decisions by comparing the present values of streams of expected future cash flows resulting from alternative courses of action. The present value of cash inflows less the present value of cash outflows is called net present value (NPV). If a course of action has a positive NPV, it is worth undertaking. •In any time value of money calculation, the cash flows and the interest rate must be denominated in the same currency.•Never use a nominal interest rate when discounting real cash flows or a real interest rate when discounting nominal cash flows.How to Do TVM Calculations in MS ExcelAssume you have the following cash flows set up in a spreadsheet:Move the cursor to cell B6 in the spreadsheet. Click the function wizard f x in the tool bar and when a menu appears, select financial and then NPV. Then follow the instructions for inputting the discount rate and cash flows. You can input the column of cash flows by selecting and moving it with your mouse. Ultimately cell B6should contain the following:=NPV(0.1,B3:B5)+B2The first variable in parenthesis is the discount rate. Make sure to input the discount rate as a decimal fraction (i.e., 10% is .1). Note that the NPV function in Excel treats the cash flows as occurring at the end of each period, and therefore the initial cash flow of 100 in cell B2 is added after the closing parenthesis. When you hit the ENTER key, the result should be $47.63.Now move the cursor to cell B7to compute IRR. This time select IRR from the list of financial functions appearing in the menu. Ultimately cell B7 should contain the following:=IRR(B2:B5)When you hit the ENTER key, the result should be 34%.Your spreadsheet should look like this when you have finished:Solutions to Problems at End of Chapter1. If you invest $1000 today at an interest rate of 10% per year, how much will you have 20 years from now,assuming no withdrawals in the interim?2. a. If you invest $100 every year for the next 20 years, starting one year from today and you earninterest of 10% per year, how much will you have at the end of the 20 years?b. How much must you invest each year if you want to have $50,000 at the end of the 20 years?3. What is the present value of the following cash flows at an interest rate of 10% per year?a. $100 received five years from now.b. $100 received 60 years from now.c. $100 received each year beginning one year from now and ending 10 years from now.d. $100 received each year for 10 years beginning now.e. $100 each year beginning one year from now and continuing forever.e. PV = $100 = $1,000.104. You want to establish a “wasting” fund which will provide you with $1000 per year for four years, at which time the fund will be exhausted. How much must you put in the fund now if you can earn 10% interest per year?SOLUTION:5. You take a one-year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments.a. What is the monthly payment?b. What is the total amount of interest paid over the 12-month term of the loan?SOLUTION:b. 12 x $88.85 - $1,000 = $66.206. You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments.a.If the interest rate is 16% per year what is the amount of the monthly payment?b.If you can only afford to pay $1000 per month, how large a loan could you take?c.If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it taketo pay off the mortgage?d.If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is thehighest interest rate you can pay?SOLUTION:a.Note: Do not round off the interest rate when computing the monthly rate or you will not get the same answerreported here. Divide 16 by 12 and then press the i key.b.Note: You must input PMT and PV with opposite signs.c.Note: You must input PMT and PV with opposite signs.7. In 1626 Peter Minuit purchased Manhattan Island from the Native Americans for about $24 worth of trinkets. If the tribe had taken cash instead and invested it to earn 6% per year compounded annually, how much would the Indians have had in 1986, 360 years later?SOLUTION:8. You win a $1 million lottery which pays you $50,000 per year for 20 years, beginning one year from now. How much is your prize really worth assuming an interest rate of 8% per year?SOLUTION:9. Your great-aunt left you $20,000 when she died. You can invest the money to earn 12% per year. If you spend $3,540 per year out of this inheritance, how long will the money last?SOLUTION:10. You borrow $100,000 from a bank for 30 years at an APR of 10.5%. What is the monthly payment? If you must pay two points up front, meaning that you only get $98,000 from the bank, what is the true APR on the mortgage loan?SOLUTION:If you must pay 2 points up front, the bank is in effect lending you only $98,000. Keying in 98000 as PV and computing i, we get:11. Suppose that the mortgage loan described in question 10 is a one-year adjustable rate mortgage (ARM), which means that the 10.5% interest applies for only the first year. If the interest rate goes up to 12% in the second year of the loan, what will your new monthly payment be?SOLUTION:Step 2 is to compute the new monthly payment at an interest rate of 1% per month:12. You just received a gift of $500 from your grandmother and you are thinking about saving this money for graduation which is four years away. You have your choice between Bank A which is paying 7% for one-year deposits and Bank B which is paying 6% on one-year deposits. Each bank compounds interest annually. What is the future value of your savings one year from today if you save your money in Bank A? Bank B? Which is the better decision? What savings decision will most individuals make? What likely reaction will Bank B have? SOLUTION:$500 x (1.07) = $535Formula:$500 x (1.06) = $530a.You will decide to save your money in Bank A because you will have more money at the end of the year. Youmade an extra $5 because of your savings decision. That is an increase in value of 1%. Because interestcompounded only once per year and your money was left in the account for only one year, the increase in value is strictly due to the 1% difference in interest rates.b.Most individuals will make the same decision and eventually Bank B will have to raise its rates. However, it isalso possible that Bank A is paying a high rate just to attract depositors even though this rate is not profitable for the bank. Eventually Bank A will have to lower its rate to Bank B’s rate in order to make money.13.Sue Consultant has just been given a bonus of $2,500 by her employer. She is thinking about using the money to start saving for the future. She can invest to earn an annual rate of interest of 10%.a.According to the Rule of 72, approximately how long will it take for Sue to increase her wealth to $5,000?b.Exactly how long does it actually take?SOLUTION:a.According to the Rule of 72: n = 72/10 = 7.2 yearsIt will take approximately 7.2 years for Sue’s $2,500 to double to $5,000 at 10% interest.b.At 10% interestn i PV FV PMTSolve10 - $2,500 $5,0007.27 YearsFormula:$2,500 x (1.10)n = $5,000Hence, (1.10)n = 2.0n log 1.10 = log 2.0n = .693147 = 7.27 Years.095310rry’s bank account has a “floating” interest rate on certa in deposits. Every year the interest rate is adjusted. Larry deposited $20,000 three years ago, when interest rates were 7% (annual compounding). Last year the rate was only 6%, and this year the rate fell again to 5%. How much will be in his account at the end of this year?SOLUTION:$20,000 x 1.07 x 1.06 x 1.05 = $23,818.2015.You have your choice between investing in a bank savings account which pays 8% compounded annually (BankAnnual) and one which pays 7.5% compounded daily (BankDaily).a.Based on effective annual rates, which bank would you prefer?b.Suppose BankAnnual is only offering one-year Certificates of Deposit and if you withdraw your moneyearly you lose all interest. How would you evaluate this additional piece of information when making your decision?SOLUTION:a.Effective Annual Rate: BankAnnual = 8%.Effective Annual Rate BankDaily = [1 + .075]365 - 1 = .07788 = 7.788%365Based on effective annual rates, you would prefer BankAnnual (you will earn more money.)b.If BankAnnual’s 8% annual return i s conditioned upon leaving the money in for one full year, I would need tobe sure that I did not need my money within the one year period. If I were unsure of when I might need the money, it might be safer to go for BankDaily. The option to withdraw my money whenever I might need it will cost me the potential difference in interest:FV (BankAnnual) = $1,000 x 1.08 = $1,080FV (BankDaily) = $1,000 x 1.07788 = $1,077.88Difference = $2.12.16.What are the effective annual rates of the following:a.12% APR compounded monthly?b.10% APR compounded annually?c.6% APR compounded daily?SOLUTION:Effective Annual Rate (EFF) = [1 + APR] m - 1ma.(1 + .12)12 - 1 = .1268 = 12.68%12b.(1 + .10)- 1 = .10 = 10%1c.(1 + .06)365 - 1 = .0618 = 6.18%36517.Harry promises that an investment in his firm will double in six years. Interest is assumed to be paid quarterly and reinvested. What effective annual yield does this represent?EAR=(1.029302)4-1=12.25%18.Suppose you know that you will need $2,500 two years from now in order to make a down payment on a car.a.BankOne is offering 4% interest (compounded annually) for two-year accounts, and BankTwo is offering4.5% (compounded annually) for two-year accounts. If you know you need $2,500 two years from today,how much will you need to invest in BankOne to reach your goal? Alternatively, how much will you need to invest in BankTwo? Which Bank account do you prefer?b.Now suppose you do not need the money for three years, how much will you need to deposit today inBankOne? BankTwo?SOLUTION:PV = $2,500 = $2,311.39(1.04)2PV = $2,500 = $2,289.32(1.045)2You would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 two years from today.b.PV = $2,500 = $2,222.49(1.04)3PV = $2,500 = $2,190.74(1.045)3Again, you would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 three years from today.19.Lucky Lynn has a choice between receiving $1,000 from her great-uncle one year from today or $900 from her great-aunt today. She believes she could invest the $900 at a one-year return of 12%.a.What is the future value of the gift from her great-uncle upon receipt? From her great-aunt?b.Which gift should she choose?c.How does your answer change if you believed she could invest the $900 from her great-aunt at only 10%?At what rate is she indifferent?SOLUTION:a. Future Value of gift from great-uncle is simply equal to what she will receive one year from today ($1000). Sheearns no interest as she doesn’t receive the money until next year.b. Future Value of gift from great-aunt: $900 x (1.12) = $1,008.c. She should choose the gift from her great-aunt because it has future value of $1008 one year from today. Thegift from her great-uncle has a future value of $1,000. This assumes that she will able to earn 12% interest on the $900 deposited at the bank today.d. If she could invest the money at only 10%, the future value of her investment from her great-aunt would only be$990: $900 x (1.10) = $990. Therefore she would choose the $1,000 one year from today. Lucky Lynn would be indifferent at an annual interest rate of 11.11%:$1000 = $900 or (1+i) = 1,000 = 1.1111(1+i) 900i = .1111 = 11.11%20.As manager of short-term projects, you are trying to decide whether or not to invest in a short-term project that pays one cash flow of $1,000 one year from today. The total cost of the project is $950. Your alternative investment is to deposit the money in a one-year bank Certificate of Deposit which will pay 4% compounded annually.a.Assuming the cash flow of $1,000 is guaranteed (there is no risk you will not receive it) what would be alogical discount rate to use to determine the present value of the cash flows of the project?b.What is the present value of the project if you discount the cash flow at 4% per year? What is the netpresent value of that investment? Should you invest in the project?c.What would you do if the bank increases its quoted rate on one-year CDs to 5.5%?d.At what bank one-year CD rate would you be indifferent between the two investments?SOLUTION:a.Because alternative investments are earning 4%, a logical choice would be to discount the project’s cash flowsat 4%. This is because 4% can be considered as your opportunity cost for taking the project; hence, it is your cost of funds.b.Present Value of Project Cash Flows:PV = $1,000 = $961.54(1.04)The net present value of the project = $961.54 - $950 (cost) = $11.54The net present value is positive so you should go ahead and invest in the project.c.If the bank increased its one-year CD rate to 5.5%, then the present value changes to:PV = $1,000 = $947.87(1.055)Now the net present value is negative: $947.87 - $950 = - $2.13. Therefore you would not want to invest in the project.d.You would be indifferent between the two investments when the bank is paying the following one-year interestrate:$1,000 = $950 hence i = 5.26%(1+i)21.Calculate the net present value of the following cash flows: you invest $2,000 today and receive $200 one year from now, $800 two years from now, and $1,000 a year for 10 years starting four years from now. Assume that the interest rate is 8%.SOLUTION:Since there are a number of different cash flows, it is easiest to do this problem using cash flow keys on the calculator:22.Your cousin has asked for your advice on whether or not to buy a bond for $995 which will make one payment of $1,200 five years from today or invest in a local bank account.a.What is the internal rate of return on the bond’s cash flows? What additional information do you need tomake a choice?b.What advice would you give her if you learned the bank is paying 3.5% per year for five years(compounded annually?)c.How would your advice change if the bank were paying 5% annually for five years? If the price of thebond were $900 and the bank pays 5% annually?SOLUTION:a.$995 x (1+i)5 = $1,200.(1+i)5 = $1,200$995Take 5th root of both sides:(1+i) =1.0382i = .0382 = 3.82%In order to make a choice, you need to know what interest rate is being offered by the local bank.b.Upon learning that the bank is paying 3.5%, you would tell her to choose the bond because it is earning a higherrate of return of 3.82% .c.If the bank were paying 5% per year, you would tell her to deposit her money in the bank. She would earn ahigher rate of return.5.92% is higher than the rate the bank is paying (5%); hence, she should choose to buy the bond.23.You and your sister have just inherited $300 and a US savings bond from your great-grandfather who had left them in a safe deposit box. Because you are the oldest, you get to choose whether you want the cash or the bond. The bond has only four years left to maturity at which time it will pay the holder $500.a.If you took the $300 today and invested it at an interest rate 6% per year, how long (in years) would ittake for your $300 to grow to $500? (Hint: you want to solve for n or number of periods. Given these circumstances, which are you going to choose?b.Would your answer change if you could invest the $300 at 10% per year? At 15% per year? What otherDecision Rules could you use to analyze this decision?SOLUTION:a.$300 x (1.06)n = $500(1.06)n = 1.6667n log 1.06 = log 1.6667n = .510845 = 8.77 Years.0582689You would choose the bond because it will increase in value to $500 in 4 years. If you tookthe $300 today, it would take more than 8 years to grow to $500.b.You could also analyze this decision by computing the NPV of the bond investment at the different interest rates:In the calculations of the NPV, $300 can be considered your “cost” for acquiring the bond since you will give up $300 in cash by choosing the bond. Note that the first two interest rates give positive NPVs for the bond, i.e. you should go for the bond, while the last NPV is negative, hence choose the cash instead. These results confirm the previous method’s results.24.Suppose you have three personal loans outstanding to your friend Elizabeth. A payment of $1,000 is due today, a $500 payment is due one year from now and a $250 payment is due two years from now. You would like to consolidate the three loans into one, with 36 equal monthly payments, beginning one month from today. Assume the agreed interest rate is 8% (effective annual rate) per year.a.What is the annual percentage rate you will be paying?b.How large will the new monthly payment be?SOLUTION:a.To find the APR, you must first compute the monthly interest rate that corresponds to an effective annual rate of8% and then multiply it by 12:1.08 = (1+ i)12Take 12th root of both sides:1.006434 = 1+ ii = .006434 or .6434% per monthOr using the financial calculator:b.The method is to first compute the PV of the 3 loans and then compute a 36 month annuity payment with thesame PV. Most financial calculators have keys which allow you to enter several cash flows at once. This approach will give the user the PV of the 3 loans.Note: The APR used to discount the cash flows is the effective rate in this case, because this method is assuming annual compounding.25.As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year.a.What is the net present value if the relevant discount rate (the company’s cost of capital) is 10%?b.Would you accept the offer?c.What is the internal rate of return? Can you explain why you would reject a project which has aninternal rate of return greater than its cost of capital?SOLUTION:At 10% discount rate:Net Present Value = - 0 + $5,000 + $4,000 - $11,000 = - 413.22(1.10) (1.10)2 (1.10)3c.This example is a project with cash flows that begin positive and then turn negative--it is like a loan. The 13.6% IRR is therefore like an interest rate on that loan. The opportunity to take a loan at 13.6% when the cost of capital is only 10% is not worthwhile.26.You must pay a creditor $6,000 one year from now, $5,000 two years from now, $4,000 three years from now, $2,000 four years from now, and a final $1,000 five years from now. You would like to restructure the loan into five equal annual payments due at the end of each year. If the agreed interest rate is 6% compounded annually, what is the payment?SOLUTION:Since there are a number of different cash flows, it is easiest to do the first step of this problem using cash flow keys on the calculator. To find the present value of the current loan payments:27.Find the future value of the following ordinary annuities (payments begin one year from today and all interest rates compound annually):a.$100 per year for 10 years at 9%.b.$500 per year for 8 years at 15%.c.$800 per year for 20 years at 7%.d.$1,000 per year for 5 years at 0%.e.Now find the present values of the annuities in a-d.f.What is the relationship between present values and future values?SOLUTION:Future Value of Annuity:e.f.The relationship between present value and future value is the following:nbeginning three years from today in an account that yields 11% compounded annually. How large should the annual deposit be?SOLUTION:You will be making 7 payments beginning 3 years from today. So, we need to find the value of an immediate annuity with 7 payments whose FV is $50,000:29.Suppose an investment offers $100 per year for five years at 5% beginning one year from today.a.What is the present value? How does the present value calculation change if one additional payment isadded today?b.What is the future value of this ordinary annuity? How does the future value change if one additionalpayment is added today?SOLUTION:$100 x [(1.05)5] - 1 = $552.56.05If you were to add one additional payment of $100 today, the future value would increase by:$100 x (1.05)5 = $127.63. Total future value = $552.56 + $127.63 = $680.19.Another way to do it would be to use the BGN mode for 5 payments of $100 at 5%, find the future value of that, and then add $100. The same $680.19 is obtained.30.You are buying a $20,000 car. The dealer offers you two alternatives: (1) pay the full $20,000 purchase price and finance it with a loan at 4.0% APR over 3 years or (2) receive $1,500 cash back and finance the rest at a bank rate of 9.5% APR. Both loans have monthly payments over three years. Which should you choose? SOLUTION:31.You are looking to buy a sports car costing $23,000. One dealer is offering a special reduced financing rate of 2.9% APR on new car purchases for three year loans, with monthly payments. A second dealer is offering a cash rebate. Any customer taking the cash rebate would of course be ineligible for the special loan rate and would have to borrow the balance of the purchase price from the local bank at the 9%annual rate. How large must the cash rebate be on this $23,000 car to entice a customer away from the dealer who is offering the special 2.9% financing?SOLUTION:of the 2.9% financing.32.Show proof that investing $475.48 today at 10% allows you to withdraw $150 at the end of each of the next 4 years and have nothing remaining.SOLUTION:You deposit $475.48 and earn 10% interest after one year. Then you withdraw $150. The table shows what happensAnother way to do it is simply to compute the PV of the $150 annual withdrawals at 10% : it turns out to be exactly $475.48, hence both amounts are equal.33.As a pension manager, you are considering investing in a preferred stock which pays $5,000,000 per year forever beginning one year from now. If your alternative investment choice is yielding 10% per year, what is the present value of this investment? What is the highest price you would be willing to pay for this investment? If you paid this price, what would be the dividend yield on this investment?SOLUTION:Present Value of Investment:PV = $5,000,000 = $50,000,000.10Highest price you would be willing to pay is $50,000,000.Dividend yield = $5,000,000 = 10%.$50,000,00034. A new lottery game offers a choice for the grand prize winner. You can receive either a lump sum of $1,000,000 immediately or a perpetuity of $100,000 per year forever, with the first payment today. (If you die, your estate will still continue to receive payments). If the relevant interest rate is 9.5% compounded annually, what is the difference in value between the two prizes?SOLUTION:The present value of the perpetuity assuming that payments begin at the end of the year is:$100,000/.095 = $1,052,631.58If the payments begin immediately, you need to add the first payment. $100,000 + 1,052,632 = $1,152,632.So the annuity has a PV which is greater than the lump sum by $152,632.35.Find the future value of a $1,000 lump sum investment under the following compounding assumptions:a.7% compounded annually for 10 yearsb.7% compounded semiannually for 10 yearsc.7% compounded monthly for 10 yearsd.7% compounded daily for 10 yearse.7% compounded continuously for 10 yearsa.$1,000 x (1.07)10 = $1,967.15b.$1,000 x (1.035)20 = $1,989.79c.$1,000 x (1.0058)120 = $2,009.66d.$1,000 x (1.0019178)3650 = $2,013.62e.$1,000 x e.07x10 = $2,013.7536.Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard which has a stated interest rate of 18% APR compounded monthly. She made 12 regular monthly payments of $50, at the end of each month, and refrained from using the card for the past year. How much does she still owe? SOLUTION:Sammy Jo has taken a $1,000 loan at 1.5% per month and is paying it off in monthly installments of $50. We could work out the amortization schedule to find out how much she still owes after 12 payments, but a shortcut on the financial calculator is to solve for FV as follows:37.Suppose you are considering borrowing $120,000 to finance your dream house. The annual percentage rate is 9% and payments are made monthly,a.If the mortgage has a 30 year amortization schedule, what are the monthly payments?b.What effective annual rate would you be paying?c.How do your answers to parts a and b change if the loan amortizes over 15 years rather than 30?EFF = [1 + .09]1238.Suppose last year you took out the loan described in problem #37a. Now interest rates have declined to 8% per year. Assume there will be no refinancing fees.a.What is the remaining balance of your current mortgage after 12 payments?b.What would be your payment if you refinanced your mortgage at the lower rate for 29 years? SOLUTION:Exchange Rates and the Time Value of Money39.The exchange rate between the pound sterling and the dollar is currently $1.50 per pound, the dollar interest rate is 7% per year, and the pound interest rate is 9% per year. You have $100,000 in a one-year account that allows you to choose between either currency, and it pays the corresponding interest rate.a.If you expect the dollar/pound exchange rate to be $1.40 per pound a year from now and are indifferentto risk, which currency should you choose?b.What is the “break-even” value of the dollar/pound exchange rate one year from now?SOLUTION:a.You could invest $1 today in dollar-denominated bonds and have $1.07 one year from now. Or you couldconvert the dollar today into 2/3 (i.e., 1/1.5) of a pound and invest in pound-denominated bonds to have .726667(i.e., 2/3 x 1.09) pounds one year from now. At an exchange rate of $1.4 per pound, this would yield 0.726667(1.4) = $1.017 (this is lower than $1.07), so you would choose the dollar currency.b.For you to break-even the .726667 pounds would have to be worth $1.07 one year from now, so the break-evenexchange rate is $1.07/.726667 or $1.4725 per pound. So for exchange rates lower than $1.4725 per pound one year from now, the dollar currency will give a better return.。

电子教案-货币金融学基础(第二版_周建松)课件与习题答案-第九章_金融监管机构与体系(郑)

日本(证券业监管)
日本的证券监管工作主要由金融部和其顾问机构－金融制度研究委员会，以及证券交易委员会主持。
❖ 对银行监管方面：1992年6月通过的金融制度改革法对证券交易法、银行法和其他法规进行了修正。商业银行、信托银行和证券公司可通过建立独立的附属机构开展对方领域的业务。对于银行与其附属证券机构间的关系，金融部通过同年12月实施的“防火墙”制度进行管理
第三节证券业监管
❖ 监管目标：
1.保护投资者利益 2.保证市场公信力和维护投资者信心 3.降低系统性风险
❖ 监管措施
1.现场检查权； 2.询问权； 3.查询权； 4.查封、冻结权； 5.限制交易权。
第四节保险业监管
❖ 目标：
保证保险人有足够的偿付能力；规范保险市场、维护保险业的公平竞争；防止保险欺诈；弥补自行管理的不足。
第五节金融监管的国内协调与国际协议
❖ 金融监管的国内协调
❖ （一）组织监管体系
我国已形成中国人民银行、银监会、证监会、保监会分别对不同领域的金融活动进行监管的金融监督组织系统。
❖ （二）国内协调
强化金融联席会议制度，待条件成熟后全面实行独立于中央银行的金融一体化监管。
❖ 金融监管国际协议：
最后挽救
❖ 存款保险制度 ❖ 最后援助手段：直接贷款；组织大银行救助小银
行或者安排大银行兼并小银行；由存款保险机构出面提供资金，解决困难；购买银行资产；银行收归政府经营，全部债务由政府清偿。 ❖ 最后制裁手段：经济惩罚，如实行惩罚性利率、罚款等；停止对其贷款和贴现；建议撤换高级管理人员；撤销该行在存款保险公司的保险权，降低其社会信誉；提出诉讼，迫使其倒闭。
英国（监管模式）
❖ 1997年以前，英国主要的监管机构是财政部、英格兰银行和证券与投资委员会。英格兰银行主要负责对各类从事存贷款业务的机构进行监管；证券与投资委员会监管英国的证券市场，主要是对自律性专业组织进行监管。

货币金融学课后习题答案

第一章课后习题答案一、关键词1.货币（money；currency）从商品中分离出来固定地充当一般等价物的商品。

现代货币：是指以某一权力机构为依托，在一定时期一定地域内推行的一种可以执行交换媒介、价值尺度、延期支付标准及作为完全流动的财富的储藏手段等功能的凭证。

一般可以分为纸凭证及电子凭证，就是人们常说的纸币及电子货币。

2.信用货币（credit money）由国家法律规定的，强制流通不以任何贵金属为基础的独立发挥货币职能的货币。

目前世界各国发行的货币，基本都属于信用货币。

3.货币职能（monetary functions）货币本质所决定的内在功能。

货币的职能主要包括了价值尺度、流通手段、贮藏手段、支付手段和国际货币这五大职能。

4.货币层次（monetary levels）货币层次的划分：M1=现金+活期存款；M2=M1+储蓄存款+定期存款；M3=M2+其他所有存款；M4=M3+短期流动性金融资产。

这样划分的依据是货币的流动性。

5.流动性（liquidity）资产能够以一个合理的价格顺利变现的能力，它是一种所投资的时间尺度（卖出它所需多长时间）和价格尺度（与公平市场价格相比的折扣）之间的关系。

6.货币制度（monetary system）国家对货币的有关要素、货币流通的组织与管理等加以规定所形成的制度，完善的货币制度能够保证货币和货币流通的稳定，保障货币正常发挥各项职能。

二、重要概念1.价值形式商品的价值表现形式。

商品的价值不能自我表现，必须在两种商品的交换中通过另一种商品表现出来。

2.一般等价物从商品中分离出来的充当其它一切商品的统一价值表现材料的商品，它的出现，是商品生产和交换发展的必然结果。

3.银行券由银行（尤指中央银行）发行的一种票据，俗称钞票。

早期银行券由商业银行分散发行，代替金属货币流通，通过与金属货币的兑现维持其价值。

中央银行产生以后，银行券由中央银行垄断发行，金属货币制度崩溃后，银行券成为不兑现的纸制信用货币。

(2024年)货币金融学课件

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内涵
金融创新是指金融领域内部通过各种要素的重新组合和创造性变革所创造或引进的新事物，包括新的技术、新的制度、新的产品、新的服力主要来自于追求利润、规避风险、适应经济环境变化以及科技进步等方面。
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金融创新可以按照不同的标准进行分类，如按照创新主体可以分为金融机构创新和金融市场创新，按照创新内容可以分为金融产品创新、金融技术创新和金融制度创新等。
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货币政策的传导机制是指从政策工具的实施到实现政策目标的过程。主要包括利率渠道、信贷渠道、资产价格渠道和汇率渠道等。
传导机制
货币政策的实施会对经济产生一系列影响，包括改变总需求、总供给、物价水平、就业和国际收支等。政策效应的大小和时滞取决于多种因素，如经济周期、市场预期、政策力度等。
经济增长对金融发展的推动作用
经济增长会带来更多的投资机会和融资需求，从而推动金融体系的不断发展和完善。同时，经济增长也会提高人们的收入水平，增加对金融服务的需求，进一步推动金融发展。
金融发展与经济增长的互动关系
金融发展与经济增长之间存在相互促进、相互依存的互动关系。一方面，金融发展可以为经济增长提供必要的资金支持和金融服务；另一方面，经济增长也会为金融发展提供更加广阔的市场空间和更多的发展机遇。
资产业务
提供支付结算、代理、担保等金融服务，收取手续费或佣金。
中间业务
包括衍生金融工具交易、贷款承诺等，不直接反映在资产负债表上，但对金融机构的风险和收益具有重要影响。
表外业务
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识别和评估各种风险，采取相应措施进行防范和控制，包括信用风险、市场风险、操作风险等。
风险管理

第四章金融市场货币金融学

金融市场是市场经济形式中多种经济运行的杠杆与枢纽。资本积
累需要金融市场，经济调节需要金融市场，商品流通需要金融市场，投资、投机、变现需要金融市场。
事实证明，只有金融市场活跃起来，整个市场经济才能更好地运
转起来。
2、发展和完善金融市场是发展多种经济形式和多种经营方式的要求
我国社会主义市场经济是以公有制为主体的，由多种所有制形式

2 全球金融市场的发展趋势（1）金融资产证券化
其主要含义有二：二是将流动性较低的金融资产，经过重新组合和抵押而发行流动性较高的证券，对原先的资产赋予新的活力。即，把流动性较差的资产，如金融机构的一些长期固定利率放款或企业的应收账款等，通过商业银行或投资银行予以集中及重新组合，以这些资产作抵押来发行证券，实现了相关债权的流动化。
快突破固定场所的限制，计算机、电传、
二、金融市场的分类
金融市场
按交易对象分
按市场级次分
按交易方式分
按功能分
按地域分
货币市场资本市场外汇市场黄金市场
一级市场二级市场
现货市场期货市场
单一市场综合市场
国内市场国际市场

三、金融市场的构成要素
1.交易主体-参与交易的当事人。
交易主体
资金供应者资金需求者中介者管理者
一是证券形式的资产在金融市场的所占比重日益扩大；

（2）金融市场国际化
即国际金融市场成为一个密切联系的整体。在全球任何一个主
要市场，都可以进行相同品种的金融交易，由于时差的原因，由
于伦敦、纽约、东京和新加坡等国际金融中心可以实现24小时不间断的金融交易，世界任何局部市场的波动都可马上传递到其他市场上。
信息不对称的结果

金融学第二版课后习题答案

金融学第二版课后习题答案金融学第二版课后习题答案金融学是一门研究金融市场、金融机构和金融工具的学科，它对于理解和解决现代金融问题具有重要意义。

而课后习题则是帮助学生巩固所学知识、提高解决问题能力的重要工具。

本文将为读者提供金融学第二版课后习题的答案，以帮助读者更好地理解金融学的概念和理论。

第一章：金融的基本概念和职能1. 金融的基本概念是指金融的定义和范围。

金融的定义是指金融活动和金融制度的总称。

金融的范围包括金融市场、金融机构和金融工具等。

2. 金融的职能是指金融对于经济发展和社会进步的作用。

金融的主要职能包括储蓄和融资、支付和结算、风险管理和信息中介等。

第二章：金融市场1. 金融市场的分类包括货币市场、资本市场和衍生品市场等。

货币市场是指短期资金融通的市场，资本市场是指长期资金融通的市场，衍生品市场是指金融衍生品交易的市场。

2. 金融市场的功能包括资源配置、风险管理和信息传递等。

资源配置是指将资金从供给者转移给需求者的过程，风险管理是指通过金融市场进行风险的转移和分散，信息传递是指金融市场通过价格和交易信息传递经济信息。

第三章：金融机构1. 金融机构的分类包括银行、非银行金融机构和金融市场机构等。

银行是最重要的金融机构，它包括商业银行、中央银行和政策性银行等。

2. 金融机构的职能包括储蓄和融资、支付和结算、风险管理和信息中介等。

储蓄和融资是指金融机构接受存款并提供贷款的过程，支付和结算是指金融机构提供支付和结算服务的过程，风险管理是指金融机构通过风险评估和风险转移来管理风险，信息中介是指金融机构通过收集、加工和传递信息来提供金融服务。

第四章：金融工具1. 金融工具的分类包括货币工具、债券、股票和衍生品等。

货币工具是指短期借贷和短期投资的金融工具，债券是指借款人向债权人发行的债务凭证，股票是指公司向股东发行的所有权凭证，衍生品是指衍生自其他金融资产的金融工具。

2. 金融工具的特点包括流动性、收益性和风险性等。

《货币金融学》课后习题参考答案

《货币金融学》课后习题参考答案第一章货币与货币制度1.解释下列概念：狭义货币、广义货币、准货币、实物货币、格雷欣法则（1）狭义货币，通常由现金和活期存款组成。

这里的现金是指流通中的通货。

活期存款，在国外是指全部的活期存款，在我国只包括支票类和信用类活期存款。

狭义货币是现实购买力的代表，是各国货币政策调控的主要对象。

（2）广义货币，通常由现金、活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。

这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具，如商业票据、可转让存单、国库券、金融债券、保险单、契约等。

广义货币扩大了货币的范围，包括了一切可能成为现实购买力的货币形式。

对于研究货币流通整体状况和对未来货币流通的预测都有独特作用。

（3）准货币，也称亚货币。

一般将广义货币口径中除狭义货币以外的部分称为准货币或亚货币。

包括活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。

准货币本身虽非真正的货币，但由于它们在经过一定的手续后，能比较容易地转化为现实的购买力，加大流通中的货币供应量。

所以，也称为近似货币。

（4）实物货币，是指以自然界存在的某种物品或人们生产出来的某种物品来充当的货币。

最初的实物货币形式五花八门，各地、各国和各个时期各不相同。

例如，在中国历史上，充当过实物货币的物品种类就有：龟壳、海贝、布匹、农具、耕牛等。

实物货币的缺点在于：不易分割和保存、不便携带，而且价值不稳定，很难满足商品交换的需要。

所以，它不是理想的货币形式，随后被金属货币所取代。

2.如何理解货币的定义？它与日常生活中的通货、财富和收入概念有何不同？答：（1）货币是日常生活中人们经常使用的一个词，它的涵义丰富，在不同的场合有不同的意义。

《金融学(第二版)》(高等教育出版社)名词解释及课后习题答案

第一章货币概述货币量层次划分：货币量层次划分，即是把流通中的货币量，主要按照其流动性的大小进行相含排列，分成若干层次并用符号代表的一种方法。

价值尺度：货币在表现商品的价值并衡量商品价值量的大小时，发挥价值尺度的职能。

这是货币最基本、最重要的职能。

价格标准：指包含一定重量的贵金属的货币单位。

在历史上，价格标准和货币单位曾经是一致的，随着商品经济的发展，货币单位名称和货币本身重量单位名称分离了。

货币制度：货币制度简称“币制”，是一个国家以法律形式确定的该国货币流通的结构、体系与组织形式。

它主要包括货币金属，货币单位，货币的铸造、发行和流通程序，准备制度等。

金本位制：金本位制又称金单本位制，它是以黄金作为本位货币的一种货币制度。

其形式有三种金币本位制、金块本位制和金汇兑本位制。

无限法偿：即在货币收付中无论每次支付的金额多大，用本位币支付时，受款人不得拒绝接受，也即本位币具有无限的法定支付能力，即无限法偿。

有限法偿：有限法偿是指，货币在每一次支付行为中使用的数量受到限制，超过限额的部分，受款人可以拒绝接受。

格雷欣法则：即所谓“劣币驱逐良币”的规律。

就是在两种实际价值不同而面额价值相同的通货同时流通的情况下，实际价值较高的通货（所谓良币）必然会被人们熔化、输出而退出流通领域；而实际价值较低的通货（所谓劣币）反而会充斥市场。

6．什么是货币量层次划分，我国划分的标准和内容如何？（1）所谓货币量层次划分，即是把流通中的货币量，主要按照其流动性的大小进行相含排列，分成若干层次并用符号代表的一种方法。

（2）货币量层次划分的目的是把握流通中各类货币的特定性质、运动规律以及它们在整个货币体系中的地位，进而探索货币流通和商品流通在结构上的依存关系和适应程度，以便中央银行拟订有效的货币政策。

（3）我国货币量层次指标的划分标准主要为货币的流动性。

所谓流动性是指一种资产具有可以及时变为现实的购买力的性质。

流动性程度不同，所形成的购买力也不一样，因而对社会商品流通的影响程度也就不同。

货币金融学58全书电子教案完整版课件(2024)

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THANKS
感谢观看
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深入讲解投资银行的并购业务，如收购、兼并等。
投资银行资产管理业务
介绍投资银行的资产管理业务，如基金管理、财富管理等。
投资银行概述
介绍投资银行的定义、特点和业务范围。
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投资银行风险管理
探讨投资银行风险管理的原则、方法和技巧，包括市场风险、信用风险等。
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保险公司业务与管理
保险公司概述
01
02
定义
度量
通货紧缩是指货币一般购买力持续上升，物价普遍下跌的经济现象。
与通货膨胀相反，通货紧缩的度量指标是物价下跌的幅度和持续时间。
03
分类
按照价格下跌的速度和趋势，通货紧缩可分为温和的、严重的和恶性的三类；按照成因，可分为需求减弱型、供给冲击型和结构型等。
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通货紧缩的成因与治理
金融市场的监管与发展趋势
监管
监管机构、监管制度、监管技术等
发展趋势
金融科技创新、国际化、综合化等
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04
金融机构与金融业务
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金融机构的体系与职能
01
金融机构体系
介绍金融机构的组成和分类，包括商业银行、投资银行、保险公司等。
02
金融机构职能
03
金融机构监管
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03
金融市场与金融工具
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金融市场的构成与功能
构成
货币市场、资本市场、外汇市场、黄金市场等
功能
资金融通、风险分散、价格发现、提供流动性等

货币金融学培训课件

货币金融学培训课件1. 引言货币金融学是研究货币和金融市场的学科。

它涵盖了货币的本质、货币供应与需求、货币政策以及金融市场的运作等内容。

本课程将全面介绍货币金融学的基本理论和实践，旨在帮助学员建立对货币金融市场的深入了解。

2. 货币的本质2.1 货币的定义货币是一种广泛接受的支付工具，具有以下三个基本特征：•流通性：货币可以流通并广泛被接受•价值尺度：货币用作衡量商品和服务价值的尺度•存储价值：货币可以储存并在未来使用货币的形式多种多样，包括现金、存款、电子支付等。

各种形式的货币在现代经济中发挥着重要的作用。

3. 货币供求关系3.1 货币供应货币供应是指经济体内可使用的货币总量。

货币供应包括中央银行创造的货币（即基础货币）以及商业银行通过贷款创造的货币。

货币需求是指个人和企业为支付交易和持有财富而需求货币的量。

货币需求受到经济活动、利率、预期通胀率等因素的影响。

3.3 货币供求平衡当货币供应与货币需求达到平衡时，经济体内的货币市场将不出现过剩或短缺的情况。

4.1 货币政策目标货币政策的主要目标是维持物价稳定和促进经济增长。

其他目标包括最大就业和金融稳定。

4.2 货币政策工具货币政策的工具包括利率调整、公开市场操作和储备金要求等。

这些工具可以用来影响货币供应和需求，从而实现货币政策目标。

4.3 货币政策的执行货币政策由中央银行负责执行。

中央银行通过调整利率和市场操作等手段来实施货币政策。

5. 金融市场5.1 金融市场的分类金融市场可以分为货币市场和资本市场。

货币市场是短期金融工具的交易场所，资本市场则是长期金融工具的交易场所。

5.2 金融市场的功能金融市场发挥着资金配置、风险管理和信息交流等功能。

它为投资者提供了交易和融资的机会。

5.3 金融市场的参与者金融市场的参与者包括个人投资者、机构投资者、金融 intermediaries 等。

它们在金融市场中发挥不同的角色和职能。

6. 总结货币金融学是研究货币和金融市场的重要学科。

《金融学基础(第2版)》第4章：金融市场

7
五、金融市场的类型
(一)按交易对象划分 (二)按金融工具的约定期限划分 (三)按金融交易的功能划分 (四)按成交后是否立即交割划分 (五)按金融交易的区域范围划分 (六)按有无固定交易场所和设施划分
8
五、金融市场的类型
票据市场
综合以上的分类，的分类，金融市场的结构可用图4-1来用图来表示。表示。
11
二、货币市场的分类及主要业务
(一)同业拆借市场
1. 同业拆借市场的产生与发展 2. 同业拆借市场的含义 3. 同业拆借市场的类型
1) 银行同业拆借市场 2) 短期拆借市场
4. 同业拆借市场的功能和特点 5. 同业拆借市场的管理
(二)票据市场
1. 票据市场的含义 2. 票据市场的类型
1) 票据承兑市场 2) 票据贴现市场
(二)外汇市场
1. 外汇市场的概念 2. 外汇市场的作用
1) 2) 3) 4) 1) 2) 3) 4) 实现购买力的国际转移提供国际性的资金融通反映国际外汇资金运动和汇率变化的趋势避免或转移外汇风险即期外汇交易远期外汇交易套汇交易外汇期货、期权交易
3. 外汇市场的业务
21
本章小结
金融市场是为融通资金而办理各种票据、金融市场是为融通资金而办理各种票据、有价证券买卖或各种货币借贷的场所。卖或各种货币借贷的场所。货币市场是融资期限在1年以内的短期资金的交易场所年以内的短期资金的交易场所，货币市场是融资期限在年以内的短期资金的交易场所，具有期限短、流动性强、风险性小、交易量大等特点。具有期限短、流动性强、风险性小、交易量大等特点。货币市场包括同业拆借市场、短期证券市场、货币市场包括同业拆借市场、短期证券市场、票据市场三类。场三类。资本市场是指期限在1年以上的货币资金融通和金融工资本市场是指期限在年以上的货币资金融通和金融工具交易的市场，具有期限长、风险性大、盈利性强、具交易的市场，具有期限长、风险性大、盈利性强、灵敏度高等特点。灵敏度高等特点。资本市场包括证券市场和中长期信贷市场等。贷市场等。其他金融市场主要包括金融衍生工具交易的市场、其他金融市场主要包括金融衍生工具交易的市场、黄金市场、外汇市场等。金市场、外汇市场等。

《货币金融学》课件

职能
作为支付手段、计价单位、储备货币等。
国际金融体系的风险与管理
风险
汇率风险、利率风险、信用风险等。
VS
管理
建立风险管理机制、运用金融衍生工具进行风险对冲、加强国际合作与监管等。
THANKS
货币供给与需求的关系
总结词
货币供给与需求的关系是相互依存的，当货币供给大于货币需求时，会导致通货膨胀；当货币供给小于货币需求时，会导致通货紧缩。
详细描述
通货膨胀是指一般物价水平的持续上升，而通货紧缩则是指一般物价水平的持续下降。在市场经济条件下，货币供给与需求是通过市场机制自动调节的，以保持经济的稳定增长。政府可以通过货币政策对经济进行干预，以调节货币供给与需求的平衡。
金融创新的风险管理
金融创新的风险识别
识别金融创新中可能出现的风险，如市场风险、信用风险等。
金融创新的风险评估
金融创新的风险控制
采取措施控制和降低金融创新的风险，如建立风险管理制度、加强内部控制等。
评估金融创新的风险大小和影响程度。
05
国际金融体系与货币
国际金融体系的发展历程
19世纪初的金本位制
进行评估。
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金融创新与风险管理
金融创新的种类与影响
金融创新的种类
金融创新包括金融产品创新、金融技术创新、金融市场创新等。
金融创新的影响
金融创新有助于提高金融市场的效率和灵活性，同时也会带来新的风险和挑战。
风险管理的方法与工具
风险管理方法
包括风险分散、风险对冲、风险转移等。
风险管理工具
包括保险、期货、期权等。
《货币金融学》ppt课件
目录
• 货币与金融市场概述 • 货币供给与需求 • 货币政策与工具 • 金融创新与风险管理 • 国际金融体系与货币

殷孟波《货币金融学》(第2版)笔记和课后习题详解(第4章汇率——第6章金融机构)【圣才出品】

第4章汇率4.1 复习笔记一、汇率的定义1．外汇（1）广义的外汇广义的外汇泛指一切以外国货币表示的资产。

（2）狭义的外汇狭义的外汇是指以外币表示的可直接用于国际间结算的支付手段。

（3）外汇的特点①普遍接受性，即外汇必须是在国际上被普遍认可和接受的资产。

②可偿性，即外汇债权应该保证能够得到货币发行国的偿付。

③可兑换性，即某种形式的外汇应该可以自由地兑换为其他外币资产。

2．汇率（1）汇率的含义汇率，也称汇价、外汇牌价或外汇行情，是指一国货币用另一国货币表示的价格，或以一个国家的货币折算成另一国货币的比率。

（2）汇率的表示方法①直接标价法直接标价法，是指以一定单位的外国货币作为标准，折算成若干单位的本国货币来表示的汇率。

在直接标价法下，如果本国货币数量增加，即表示外币增值或本币贬值，称为外汇汇率上升或本币汇率下降；反之，如果本国货币数量减少，则称为外汇汇率下降或本币汇率上升。

②间接标价法间接标价法，是指以一定单位的本国货币作为标准，折算成若干单位的外国货币来表示的汇率，即本币数量不变，用外国货币的数量变化来表示汇率的变化。

外国货币数量减少，说明本币贬值或外币升值；反之，则说明本币升值或外汇贬值。

3．外汇市场（1）外汇市场的含义外汇市场是指由外汇需求和外汇供给双方以及外汇交易中介机构所构成的买卖外汇的交易系统。

这一交易系统由有形市场和无形市场共同组成。

（2）外汇市场的参与者①外汇银行外汇银行又叫外汇指定银行，是由本国中央银行批准，可以经营外汇业务的商业银行或其他金融机构。

其参与外汇交易的主要目的是为了获利，其利润来自外汇买卖的差价。

②客户客户是指在外汇市场中与外汇银行有外汇交易关系的公司或个人。

其进入外汇市场的目的，要么是为了交易性的外汇买卖；要么是为了投机性的外汇交易。

③外汇经纪人外汇经纪人是指在外汇市场上为银行与银行、银行与客户之间的外汇交易进行介绍、接洽并赚取佣金的中间商。

其作用主要在于提高外汇交易的效率。

《货币金融学》课件

政策协调与合作
货币政策目标的实现需要依靠货币政策传导机制。中央银行通过货币政策工具影响市场利率水平，进而影响投资和消费等经济活动，最终实现货币政策目标。
货币政策时滞是指从制定货币政策到政策产生效果所需的时间。由于时滞的存在，中央银行需要提前制定货币政策以实现预期的政策目标。
经济不确定性对货币政策目标的实现产生影响。如果经济形势出现意外变化，中央银行需要灵活调整货币政策以适应变化的经济形势。
社会监管
共同应对全球性金融风险
加强各国之间的信息交流和协调，共同应对跨国金融风险。
要点一
要点二
统一监管标准
推动各国在监管制度、监管标准等方面的趋同，减少监管套利。
提升监管效率：通过共享监管资源和信息，提高各国监管机构的效率和效果。
03
双边和区域合作机制
如跨国银行监管协议、区域金融监管机构等，加强各国之间的监管协调与合作。
总结词
详细描述
总结词
随着全球经济格局的变化，国际货币体系也在不断发展与改革，以适应新的经济形势和需求。
详细描述
国际货币体系的发展经历了多个阶段，包括金本位制、布雷顿森林体系以及当前的多元化货币体系等。这些体系各有优缺点，并在不同历史时期发挥了重要作用。然而，随着全球经济的发展和金融市场的深化，现有的国际货币体系逐渐暴露出一些问题，需要进行改革以更好地满足各国经济发展的需求。改革的方向包括建立更加稳定和公平的国际货币体系、加强国际合作与监管以及推动金融市场一体化等。
详细描述
总结词
货币供给与需求的均衡是指货币供给量与货币需求量相等，即市场上的货币流通量达到稳定状态。
详细描述
当货币供给大于货币需求时，会导致通货膨胀；当货币供给小于货币需求时，会导致通货紧缩。为了实现经济的稳定增长，需要保持货币供给与需求的均衡。货币政策是中央银行为实现宏观经济目标而采取的控制和调节货币供应量的措施，其最终目标是保持物价稳定和充分就业。

(2024年)《货币金融学》PPT课件

国际金融危机的防范与应对
国际金融危机的成因
包括经济周期波动、政策失误、金融市场缺陷和道德风险等。
国际金融危机的防范
通过加强金融监管、建立风险预警机制、推进国际金融合作等方式防范金融危机。
2024/3/26
国际金融危机的应对
在金融危机爆发时，各国政府和国际组织应采取积极措施，如提供流动性支持、实施财政刺激计划、推动国际协调等，以减轻危机对实体经济的冲击并促进经济复苏。
金融风险加大
金融创新可能带来新的金融风险，如信用风险、市场风险等。
金融监管难度增加
金融创新使得金融监管面临新的挑战，如何有效监管成为难题。
金融不稳定因素增多
金融创新可能引发金融市场的波动，增加金融不稳定的因素。
2024/3/26
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金融科技对金融业的影响
提升金融服务效率
金融科技通过技术手段提高金融服务的自动化和智能化水平，降
市场风险
金融机构需关注市场波动对资产价值的影响，通过分散投资、对冲交易等方式降低市场风险。
操作风险
金融机构需加强内部管理和员工培训，减少操作失误和欺诈行为的发生。
法律风险
金融机构需遵守法律法规和监管要求，防范因违法违规行为而产生的法律风险。
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2024/3/26
04
CATALOGUE
货币政策与宏观调控
低运营成本，提高服务效率。
2024/3/26
改变金融业态
金融科技推动金融业向数字化、网络化、智能化方向发展，改变传统金融业态。
重塑金融竞争格局
金融科技的发展使得新兴金融科技企业快速崛起，对传统金融机构形成竞争压力，重塑金融竞争格局。
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THANKS

金融学精编版第二版[货币银行学]第4章课后答案

第四章利息和利率1．为什么利息成为收益的最一般的形式？举一个例子，说明收益的资本化。

答：（1）利息是资金所有者由于借出资金而取得的报酬，它来自于生产者使用该笔资金发挥生产职能而形成的利润的一部分。

显然，没有借贷，就没有利息。

但在现实生活中，利息被人们看作是收益的一般形态：无论贷出资金与否，利息都被看作是资金所有者理所当然的收入——可能取得的或将会取得的收入。

与此相对应，无论借入资金与否，生产经营者也总是把自己的利润分成利息与企业收入两部分，似乎只有扣除利息所余下的利润才是经营所得。

于是，利息就成为一个尺度：如果投资额与所获利润之比低于利息率，则根本不应该投资；如果扣除利息，所余利润与投资的比例甚低，则说明经营的效益不高。

利息之所以能够转化为收益的一般形态，马克思认为主要是由于以下几个原因：①借贷关系中利息是资本所有权的果实这种观念被广而化之，取得了普遍存在的意义。

在货币资本的借贷中，贷者之所以可以取得利息，在于他拥有对货币资本的所有权；而借者之所以能够支付利息，在于他将这部分资本运用于产业营运的过程之中，形成价值的增值。

一旦人们忽略整个过程中创造价值这个实质内容，而仅仅注意货币资本的所有权可以带来利息这一联系，货币资本自身天然具有收益性的概念，便植根于人们的观念之中。

②利息虽然就其实质来说是利润的一部分，但同利润率有一个极明显的区别：利润率是一个与企业经营状况密切联系而事先捉摸不定的量；而利息率则是一个事先极其确定的量，无论企业家的生产经营情形如何，都不会改变这个量。

因此，对于企业主来说，“一旦利息作为独特的范畴存在，企业主收入事实上就只是总利润超过利息的余额所采取的对立形式。

”利息率的大小，在其他因素不变的条件下，直接制约企业主收入的多少。

在这个意义上，用利息率衡量收益，并以利息表现收益的观念及做法，就不奇怪了。

③利息有着悠久的历史。

信用与利息，早在“资本主义生产方式以及与之相适应的资本观念和利润观念存在以前很久”就存在了，货币可以提供利息，早已成为传统的看法。

2024年货币金融学课程教案

货币金融学课程教案一、课程简介货币金融学是研究货币、金融体系及其在经济运行中作用的一门学科。

本课程旨在帮助学生理解货币金融领域的基本理论和实践，掌握金融市场的运作机制，以及分析金融政策对经济的影响。

通过本课程的学习，学生将能够运用所学知识对现实中的货币金融问题进行深入分析，并提出相应的政策建议。

二、教学目标1.理解货币金融学的基本概念和理论框架。

2.掌握金融市场的运作机制和金融工具的特点。

3.分析金融政策对经济的影响，包括货币政策、信贷政策和国际金融政策。

4.运用所学知识对现实中的货币金融问题进行深入分析，并提出相应的政策建议。

三、教学内容1.货币与金融体系货币的定义和功能金融体系的组成和功能金融中介机构的角色和功能2.金融市场与金融工具金融市场的分类和功能债券市场、股票市场、外汇市场的基本特点金融工具的种类和特点3.货币政策货币政策的定义和目标货币政策的工具和传导机制货币政策的实施和效果评估4.信贷政策信贷政策的定义和目标信贷政策的工具和传导机制信贷政策的实施和效果评估5.国际金融国际货币体系的历史和现状汇率制度的选择和影响国际金融市场的基本特点和运作机制四、教学方法1.授课方式：采用讲授法、案例分析法、讨论法等多种教学方式，结合多媒体教学手段，提高学生的学习兴趣和参与度。

2.实践环节：组织学生进行金融市场的实地考察和调研，增加学生的实践经验和动手能力。

3.作业与考试：布置适量的课后作业，组织定期的课堂测试和期末考试，检验学生的学习效果。

五、课程安排1.授课时间：共计16周，每周2学时。

2.授课顺序：按照教学内容逐章进行，每章2-3学时。

六、教学评估1.学生评估：通过课后作业、课堂测试和期末考试等方式，评估学生对课程内容的掌握程度。

2.教学效果评估：通过学生的反馈和成绩的统计分析，评估教学效果，及时调整教学内容和方法。

七、教材与参考书目1.教材：《货币金融学》（作者：X，出版社：X）2.参考书目：《金融市场与金融工具》（作者：X，出版社：X）、《货币政策理论与实践》（作者：X，出版社：X）等。

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