金融专业英语考题总结文档格式.docx

金融专业英语考题总结文档格式.docx

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UrbanCC;

RuralCC;

Investmentfund;

Postalsavingsandotherinstitutions.

Financialmarketsincludemoneymarket,stockmarket,bandmarket,futuresmarket,VC/PEandrealestate.

RegulatorycommissionincludesCBRC（ChinaBankingRegulatoryCommission）,CSRC（ChinaSecuritiesRegulatoryCommission）,CIRC（ChinaInsuranceRegulatoryCommission）,SAFE（StateAdministrationofForeignExchange）,andsonon.

二、ShortHistoryofModernFinance

1.Whenisthewatershedyearofmodernfinance?

Nineteenfifty-twoisthewatershedyearformodernfinance.

现代金融的分水岭是1952年。

2.Whoisthefounder/MilestoneCharacterofmodernfinance?

HarryMarkowitz（哈里﹒马克维茨）.

现代金融的鼻祖是哈里﹒马克维茨。

3.Before1945,themacrofinanceisconcernedwiththemonetarysystem,andafter1945,itpaysmoreattentiontofinancemarket.

1945年以前宏观金融关注的是货币制度，1945年以后更多关注的是金融市场。

4.Whatisthecommoncharacteristicofmacrofinanceandmicrofinance?

宏观金融和微观金融的共同特点是什么？

Spiralofsilenceandepidemiology.

5.Keywords：

Monetarist货币主义学派

NewKeynesianschool新凯恩斯主义学派

Spiralofsilence沉默的螺旋

Assetmispricing资产误定价

Mediasentiment媒体情感

Animalspirit非理性的动物精神

Epidemiology流行病学

Inflationexpectation通胀预期

Media媒体

三、MoneyMarket

1.Whatismoneymarket?

什么是货币市场？

Themoneymarketisactuallyacollectionoffinancialmarketsinwhichinvestorstradefinancialinstrumentsthatareconsideredtobe“justasgood”asmoney.

2.Howmanytypesofinstrumentsinmoneymarket?

Pleaselistthreeitemsatleast.

在货币市场中有几种操作工具？

至少写出三种。

-UnitedStatesTreasurybills（T-bills）（国债）

-Federalagencysecurities（fromagenciesliketheFederalNationalMortgageAssociation—FannieMae）（联邦机构证券）

-Commercialpaper（商业汇票）

-Repurchaseagreements（Repos）（回购）

-Negotiablecertificatesofdeposit（CDs,可转让定期存单）

-Federalfunds（银行间拆借资金）

-Short-termmunicipalsecurities（短期市政证券）

3.Whyarethosefinancialinstrumentsasgoodasmoney?

为什么金融工具可以发挥与货币一样的效能？

Becausetheymeetthefollowingthreerequirements:

（1）Theyaregenerallyextremelyliquid——youcaneasilybuyandsellthem;

（Whyaretheyliquid）

（2）Theyareconsideredtobequitesafebecausetheyareissuedbystrong,credit-worthyinstitutions（LiketheU.S.Government）;

（Whyaretheysafe?

）

（3）Theycarryverylittlepriceriskbecauseoftheirshort-termexpirations；

（Whyaretheylowpricerisk?

4.Howmanyfundinginstitutionsthatinvolvedinthemoneymarket?

卷入货币市场的融资机构有哪些？

Forexample,governmentagency,U.S.Treasury,banks,GSE（Government-sponsoredentities）,largecorporations,andsoon.

5.Whatismoneymarketfunds?

什么是货币市场基金？

Moneymarketfundsarelikemutualfunds.Whenyouinvestinamoneymarketfund,youareactuallybuyingsharesinthatfund.Typically,moneymarketfundmanagerstrytokeepthepriceofeachshareinthefundequalto$1.Soifyouarelookingtoinvest$1,000inamoneymarketfund,youaremostlikelygoingtoown1,000sharesinthatfund.

6.Whatarethemoneymarketaccounts?

什么是货币市场账户？

Moneymarketaccountsarejustlikeanyothersavingsorcheckingaccountyoumightopenatyourbank.Whenyouputmoneyintoamoneymarketaccount,youaredepositingitwithyourbank,orotherfinancialinstitution.Youarenotbuyingsharesinafundorinvestingdirectlyinanymoney-marketassets.

四、LIROR

1.WhatdoesLIBORstandfor?

LIBOR的全拼是什么？

LIBORstandsforLondonInterbankOfferedRate.

2.What’sthedefinitionofLIBOR?

LIBOR的定义？

LIRORistheaverageinterestratethatbankschargewhentheymakeshort-termunsecuredloanstootherbanks.

3.WhoisresponsibleforandundertakethecalculationofLIBOR?

Andwhatistheworkingprocessofcalculation?

谁负责计算LIBOR利率？

怎么计算？

TheLIBORiscalculatedbytheBritishBankers’Association（BBA,英国银行家协会）whosurveys16differentmajorbanksandasksthemwhatratetheyarechargingotherbankstoborrowmoney.Oncetheyhavecompiledtheresults,theytakeanapproachsimilartothejudgeswhoscoreOlympicdivingtake---theythrowthefourhighscores（orrates）andthrowoutthefourlowscoresandthenfindtheaverageoftheremainingeightscores.（Conciseexpression:

TheBritishBankers’AssociationisresponsibleforcalculatingLIBOR.Andtheycalculatetheaverageofthemiddleeightscores.）

4.WhatdoesariseLIBORtellus?

LIBOR利率上升意味着什么？

WhenLIBORisrising,ittellsusoneoftwothings:

1）ittellsusthatinterestratesingeneralarerisingandthusLIBORisalsorising,and/or2）ittellsusthatlendingbanksbelievethebankstheyarelendingtohaveahigherriskofdefaultingontheloansothelendingbankhastochargeahigherinterestratetooffsetthisrisk.

（Conciseexpression:

1）ingenerally,theinterestratesarerising;

2）higherdefaultingrisk.）

五、TEDSpread泰德利差

1.WhereisthenameofTEDcomefrom?

TED的名字是怎么得来的？

TheTEDspreadconsistsoftwofinancialinstruments:

the3-monthTreasuryBillandtheEurodollarfuturescontract.Investorssimplytookthe“T”fromT-billandcombineditwith“ED”,whichisthetickersymbolfortheEurodollarfuturescontractontheChicagoMercantileExchange（CME,芝加哥商品交易所），andtheycameupwith“TED”.

2.WhatdoesTEDmeasure?

AndhowTEDSpreadiscalculated?

TED度量了什么？

它是怎么计算出来的？

s

TheTEDspreadmeasuresthedifferencebetweentheyieldonthe3-monthTreasuryBill（T-bill）andthevalueoftheEurodollarfuturescontract----whichisbasedonthe3-monthLIBORrate.

TocalculatetheTEDspread,yousimplysubtracttheyieldonthe3-monthT-bill（whichisunsecure）loansfromthevalueoftheEurodollarcontract（whichisriskfree）.

3.WhenTEDspreadincreasing，whatdoesittellus?

当TED利差增大时，说明了什么？

WhentheTEDspreadisincreasing,ittellsuseitherthatbanksbelievetheotherbankstheyarelendingtohaveahigherriskofdefaultingontheloanssotheyarechargingahigherinterestratetooffsetthisriskorthatinvestorsareflockingtobuyT-billsbecausetheybelievethestockmarketisfaltering.Italsotellsusthatthecreditmarketsarenotfunctioningassmoothlyastheycouldbe—whichissignofpotentialeconomiccontraction.

ahigherdefaultingrisk;

signofpotentialeconomiccontraction.）

六、OvernightIndexSwaps（OIS）

1.PleasewriteoutthefullnameofOIS.

请全拼OIS.

OvernightIndexSwap.

2.What’stheworkingprocessoftheOIS?

OIS的运作机制是什么？

TocreateanOIS,weneedtohavetwofinancialinstitutions.Oneinstitutionhasanovernightinterestrateandtheotherinstitutionhasafixedshort-terminterestrate.Thetwoinstitutionsagreetoswapeachother’sobligations.Soattheendofaspecifiedperiod,whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.

whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.）

3.WhatdoesLIBOR-OIStellus?

LIBOR-OIS告诉我们什么信息？

Liquidityriskpremium.（流动性风险溢价）

4.Whatdoestheovernightindexswaptellus?

隔夜指数掉期说明什么？

Byitself,theovernightindexswapratedoesn’ttellusmuch---otherthanwhattheovernightrateis.However,whenyoucombinetheovernightindexswapratewithanotherindicator,likeLIBOR,andcreateaspreadliketheLIBOROISspread,youcangetaglimpseintothehealthoftheglobalmarkets.

七、TheFedinPostSubprimeCrisis（无考题）

八、TheEconomicofStructuredFinance

1.Whatistheessenceofstructuredfinanceactivities?

结构性融资活动的本质是什么？

Theessenceofstructuredfinanceactivitiesisthepoolingofeconomicassetslikeloans,bonds,andmortgages,andthesubsequentissuanceofaprioritizedcapitalstructureofclaims,knownastranches,againstthesecollateralpools.

2.Whatistranche?

什么是分层？

Aprioritizedcapitalstructureofclaims.

3.Whatarethefeaturesofstructuredfinanceproducts?

结构性金融产品的特点是什么？

Wearguethatbothofthesefeaturesofstructuredfinanceproducts—theextremefragilityoftheirratingstomodestimprecisioninevaluatingunderlyingrisksandtheirexposuretosystematicrisks—goalongwayinexplainingthespectacularriseandfallofstructuredfinance.

（注：

红色题目为第一次上课时老师说的考题，但是最后讲考题时没讲到，可以大概复习一下。