金融市场与机构 24Word格式文档下载.docx

金融市场与机构 24Word格式文档下载.docx

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（a）adverseselectionproblem.

（b）lemonproblem.

（c）adversecreditriskproblem.

（d）moralhazardproblem.

D

4.Banks’attemptstosolveadverseselectionandmoralhazardproblemshelpexplainloanmanagementprinciplessuchas

（a）screeningandmonitoringofloanapplicants.

（b）collateralandcompensatingbalances.

（c）creditrationing.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

5.Inonesense,_________appearssurprisingsinceitmeansthatthebankisnot_________itsportfolioofloansandthusisexposingitselftomorerisk.

（a）specializationinlending;

diversifying

（b）specializationinlending;

rationing

（c）creditrationing;

（d）screening;

6.Fromthestandpointof_________,specializationinlendingissurprisingbutmakesperfectsensewhenoneconsidersthe_________problem.

（a）moralhazard;

diversification

（b）diversification;

moralhazard

（c）adverseselection;

（d）diversification;

adverseselection

7.Provisionsinloancontractsthatproscribeborrowersfromengaginginspecifiedriskyactivitiesarecalled

（a）proscriptionbonds.

（b）collateralclauses.

（c）restrictivecovenants.

（d）liens.

C

8.Banksattempttoscreengoodfrombadcreditriskstoreducetheincidenceofloandefaults.Todothis,banks

（a）specializeinlendingtocertainindustriesorregions.

（b）writerestrictivecovenantsintoloancontracts.

（c）expendresourcestoacquireaccuratecredithistoriesoftheirpotentialloancustomers.

（d）doalloftheabove.

9.Abank’scommitment（foraspecifiedfutureperiodoftime）toprovideafirmwithloansuptoagivenamountataninterestratethatistiedtoamarketinterestrateiscalled

（a）creditrationing.

（b）alineofcredit.

（c）continuousdealings.

（d）noneoftheabove.

10.Linesofcreditandlong-termrelationshipsbetweenbanksandtheircustomers

（a）reducethecostsofinformationcollection.

（b）makeiteasierforbankstoscreengoodfrombadrisks.

（c）enablebankstodealwithmoralhazardcontingenciesthatareneitheranticipatednorspecifiedinrestrictivecovenants.

（e）doonly（a）and（b）oftheabove.

11.Compensatingbalances

（a）areaparticularformofcollateralcommonlyrequiredoncommercialloans.

（b）arearequiredminimumamountoffundsthataborrower（i.e.,afirmreceivingaloan）mustkeepinacheckingaccountatthebank.

（c）allowbankstomonitorfirms’checkpaymentpracticeswhichcanyieldinformationabouttheirborrowers’financialconditions.

12.Abankthatwantstomonitorthecheckpaymentpracticesofitscommercialborrowers,sothatmoralhazardcanbeprevented,willrequireborrowersto

（a）placeabankofficerontheirboardofdirectors.

（b）placeacorporateofficeronthebank’sboardofdirectors.

（c）keepcompensatingbalancesinacheckingaccountatthebank.

13.Ofthefollowingmethodsthatbanksmightusetoreducemoralhazardproblems,theonenotlegallypermittedintheUnitedStatesistherequirementthat

（a）firmskeepcompensatingbalancesatthebanksfromwhichtheyobtaintheirloans.

（b）firmsplaceontheirboardofdirectorsanofficerfromthebank.

（c）loancontractsincluderestrictivecovenants.

（d）individualsprovidedetailedcredithistoriestobankloanofficers.

14.Whenalenderrefusestomakealoan,althoughborrowersarewillingtopaythestatedinterestrateorevenahigherrate,itissaidtoengagein

（a）constrainedlending.

（b）strategicrefusal.

（d）collusivebehavior.

15.Whenalenderrefusestomakealoan,eventhoughborrowersarewillingtopaythestatedinterestrateorevenahigherrate,itissaidtoengagein

（a）specializedlending.

（c）diversifiedlending.

（d）coercivebehavior.

（e）noneoftheabove.

E

16.Creditrationingoccurswhenabank

（a）refusestomakealoanofanyamounttoaborrower,evenwhensheiswillingtopayahigherinterestrate.

（b）restrictstheamountofaloantolessthantheborrowerwouldlike.

（c）doeseither（a）or（b）oftheabove.

（d）doesneither（a）nor（b）oftheabove.

17.Becauselargerloanscreategreaterincentivesforborrowerstoengageinundesirableactivitiesthatmakeitlesslikelytheywillrepaytheloans,banks

（a）rationcredit,grantingborrowerssmallerloansthantheyhaverequested.

（b）rationcredit,charginghigherinterestratestoborrowerswhowantlargeloansthantothosewhowantsmallloans.

（c）rationcredit,charginghigherfeesasapercentageoftheloantoborrowerswhowantlargeloansthantothosewhowantsmallloans.

（d）dononeoftheabove.

18.Whenbanksofferborrowerssmallerloansthantheyhaverequested,banksaresaidto

（a）shavecredit.

（b）discounttheloan.

（c）razecredit.

（d）rationcredit.

19.Whichofthefollowingarenotrate-sensitiveassets?

（a）Securitieswithamaturityoflessthanoneyear.

（b）Variable-ratemortgages.

（c）Fixed-ratemortgages.

（d）Alloftheabovearerate-sensitiveassets.

（e）Noneoftheaboveisarate-sensitiveasset.

20.Liabilitiesthatarepartially,butnotfully,rate-sensitiveinclude

（a）checkabledeposits.

（b）federalfunds.

（c）non-negotiableCDs.

（d）fixed-ratemortgages.

（e）moneymarketdepositaccounts.

21.Ifabankhasmorerate-sensitiveliabilitiesthanrate-sensitiveassets,thena（n）_________ininterestrateswill_________bankprofits.

（a）increase;

increase

（b）increase;

reduce

（c）decline;

（d）decline;

notaffect

22.Ifabankhasmorerate-sensitiveassetsthanrate-sensitiveliabilities,thena（n）_________ininterestrateswill_________bankprofits.

23.Ifabankhas_________rate-sensitiveassetsthanrate-sensitiveliabilities,thena（n）_________ininterestrateswillincreasebankprofits.

（a）more;

decline

（b）more;

（c）less;

（d）both（a）and（c）

24.Thedifferencebetweenrate-sensitiveliabilitiesandrate-sensitiveassetsisknownasthe

（a）duration.

（b）interest-sensitivityindex.

（c）interest-rateriskindex.

（d）gap.

Table24.1

FirstNationalBank

Assets

Liabilities

Rate-sensitive

$20million

$50million

Fixed-rate

$80million

$40million

25.ReferringtoTable24.1,FirstNationalBankhasagapof_________.

（a）–30

（b）+30

（c）60

（d）0

26.ReferringtoTable24.1,ifinterestratesriseby5percentagepoints,thenbankprofits（measuredusinggapanalysis）will

（a）declineby$0.5million.

（b）declineby$1.5million.

（c）declineby$2.5million.

（d）increaseby$1.5million.

27.RefertoTable24.1.Assumingthattheaveragedurationofitsassetsisfiveyears,whiletheaveragedurationofitsliabilitiesisthreeyears,ariseininterestratesfrom5percentto10percentwillcausethenetworthofFirstNationalto_________by_________ofthetotaloriginalassetvalue.

11percent

（b）decline;

（c）increase;

10percent

5percent

Table24.2

$60million

28.ReferringtoTable24.2,FirstNationalBankhasagapof_________.

（a）–10

（b）10

（c）20

29.ReferringtoTable24.2,ifinterestratesriseby5percentagepoints,thenbankprofits（measuredusinggapanalysis）will

（d）increaseby$2.0million.

30.RefertoTable24.2.Assumingthattheaveragedurationofthebank’sassetsisfouryears,whiletheaveragedurationofitsliabilitiesisthreeyears,ariseininterestratesfrom5percentto10percentwillcausethenetworthofFirstNationalto_________by_________ofthetotaloriginalassetvalue.

（a）decline;

1.3percent

6.2percent

（d）increase;

31.IfFirstStateBankhasagapequaltoapositive$20million,thena5percentagepointdropininterestrateswillcauseprofitsto

（a）increaseby$10million.

（b）increaseby$1.0million.

（c）declineby$10million.

（d）declineby$1.0million.

32.IfFirstNationalBankhasagapequaltoanegative$30million,thena5percentagepointincreaseininterestrateswillcauseprofitsto

（a）increaseby$15million.

（b）increaseby$1.5million.

（c）declineby$15million.

（d）declineby$1.5million.

33.Measuringthesensitivityofbankprofitstochangesininterestratesbymultiplyingthegaptimesthechangeintheinterestrateiscalled

（a）basicdurationanalysis.

（b）basicgapanalysi