金融学第四版莫林伯顿答案整理双语仅供学习参考.docx

金融学第四版莫林伯顿答案整理双语仅供学习参考.docx

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by江大学子。

●13、iseachofthefollowinganexampleofdirectorindirectfinancing?

a.directfinancing（johnhasadirectclaimonthebiotechfirm）

b.directfinancing（marylendsdirectlytothegovernmentbypurchasingthegovernmentsecurity）

c.indirectfinancing（assumingthesavingsandloanlendsfunds）

d.directfinancing（loangoesdirectlyfrommarytojohn）

e.indirectfinancing（loanisthrouthafinancialintermediary中间人）

●2、Whatarethefunctionsofmoney?

Whichfunctiondoyouthinkismostimportant?

Toserveasameansofpayment（mediumofexchange）,aunitofaccount,andastoreofvalue.

Themostimportantfunctionofmoneyistoserveasameansofpayment（mediumofexchange）.Thus,itiscriticalthatmoneyisgenerallyacceptedtomakepayments.Withoutagenerallyacceptedmeansofpayment,exchangeisverycostly.Foranexchangetotakeplace,therewouldhavetobeadoublecoincidenceofwantswherethepersonyouwishedtobuyfromwantedwhatyouwereofferinginexchange.

●8、whyisthedebtoffinancialinstitutionsexcludedfromDNFD?

creditcomesfromdepositoryinstitutions,otherfinancialintermediries,andotherfinancialandnonfinancialinstitutions.themoneysupplyisastock,whilecreditisaflow.flowsovertimeleadtochangesisstocksmeasuredatdifferentpointsintime.likewise,changesinstocksmeasuredatdifferentpointsintimeresultfromovertime

●5、Whatistheoppotunitycostofholdingmoney?

theopportunitycostofholdingmoneyisthevalueofthenextbestalternativetoholdingmoney.thisistheinterestthatcouldbeearnedbyholdingnon-monetaryassets.

●8、Whatarethesourcesofcredit?

Explainthefollowingstatement:

“Themoneysupplyismeasuredatapointintimewhiletheflowofcreditismeasuredovertime.”

Creditcomesfromdepositoryinstitutions,otherfinancialintermediaries,andotherfinancialandnonfinancialinstitutions.Themoneysupplyisastock,whilecreditisaflow.Flowsovertimeleadtochangesinstocksmeasuredatdifferentpointsintime.Likewise,changesinstocksmeasuredatdifferentpointsintimeresultfromflowsovertime.

●9、howdoesrealDGPdifferfromnominalGDP?

realGDPistheinflationadjustedquantityoffinalgoodsandservicesproducedinanecnomyinagiventimeperiod.nominalGDPisthequanlityoffinalgoodsandservicesproductedinaneconomyduringaguventimeperiodandvaluedattoday’sprices.

●11、Explainthedifferecebetweenmoneyandcredit.giveanexampleofeach.

moneyclocksgoingoffobviouslydonotcausethesuntorise.Toassumesowouldbemistakingcorrlation（association）withcausation.

●14、Assumethemarketformoneyisoriginallyinequilibrium.Explainwhathappenstodemand,supply,quantitydemanded,and/orquantitysupplied,ceterisparibus,giveneachofthefollowingevents:

a.demandformoneystaysthesame;thesupplyofmoneyincreases（supplycurveshiftsrightward）;quantitydemandedincreacesduetithefallininterestrates;quantitysuppliedincreasesbecauseoftherightwardshiftofthesupplycurve.

b.Demandformoneyincreases（demandcurveshiftsrightward）causingtheinterestratetorise;thesupplyofmoneystaysthesame;quantitydemandedstaysthesame;quantitysuppliedstaysthesame.

c.Demandformoneydecreases（demandcurveshiftsleftward）;thesupplyofmoneystaysthesame;quantitydemandedandquantitysuppliedstaythesame.

d.Demandformoneystaysthesame;thesupplyofmoneyincreasesduetotheincreasedprovisionofreserves;quantitydemandedandquantitysuppliedbothincrease.

●20、Assumethatthepriceofamarketbasketofgoodsandservicesis$2,000inthebaseperiod,$2,060oneyearlater,and$2,100twoyearslater.Whatisthepriceindexinthebaseperiod?

Afterthefirstyear?

Afterthesecondyear?

Whatistherateofinflationinthefirstyear?

Inthesecondyear?

Thepriceindexisalways100inthebaseyear.Afterthefirstyear,thepriceindexis103（$2,060/$2,000x100）.Thepriceindexthesecondyearis105（$2,100/$2,000x100）.Therateofinflationthefirstyearis3percent（（103–100）/100）.Therateofinflationthesecondyearis1.99percent（（105-103）/103）.

●21、Ceterisparibus,whathappenstothedemandformoneyifincomesgodown?

Ceterisparibus,whathappenstothesupplyofmoneyifreservesgoup?

Ineachcase,doestheinterestratechange?

Grapheachcase.

Ifincomesgodown,thedemandformoneydecreases（Case1）andinterestratesfall.Ifreservesgoup,thesupplyofmoneyincreases（Case11）andtheinterestratefalls.TheRoleofMoneyandCredit17

●22、Useagraphtoshowwhathappenstotheinterestrateifthedemandformoneyisincreasingwhilethesupplyofmoneyisdecreasing.Thegraphaboveshowswhathappenstotheinterestratewhenthedemandformoneyisincreasingandthesupplyofmoneydecreasing.Originally,themarketisinequilibriumwherethedemandcurve（D）andthesupplycurve（S）intersectatinterestratei.Atequilibrium,thequantitysuppliedofmoneyisequaltothequantitydemanded.WhenthedemandformoneyincreasesfromDtoD1,andthesupplyofmoneydecreasesfromStoS1,themarketwillmovetotheintersectionofthenewdemandandsupplycurve.Theinterestrateincreasestoi1.

●23、Assumeapriceindexincreasesfrom145to150to155overthreeconsecutiveyears.Wastherateofinflationhigherinthesecondorthirdyear?

Whatdoesitmeanwhenapriceindexfallsfrom150to145?

Inthefirstyear,therateofinflationwas3.1percent（（150-145）/145）.Inthesecondyear,therateofinflationwas3percent（（155-150）/150）.Whenapriceindexfallsinvalue,itmeansthattheoveralllevelofpriceshasfallenandthatthereisdeflationornegativeinflation.Inthiscase,theoveralllevelofpricesfell3percent.

●4、Discussthemajorfunctionofmarketmarkersinsecuritiesmarkets.Whatisthedifferencebetweenabrokerandadealer?

Themarketmakersfunctionascoordinatorswholinkupbuyersandsellersoffinancialinstruments.Theyservethreeimportantfunctions:

1.theydisseminateinformationaboutmarketconditionstobuyersandsellers;2.theyconnectthevariousmarketsbybuyingandsellinginthemarketthemselves;3.theyprovidefinancialservicesthatdeterminethequalityofprimaryandsecondarymarkets.Abrokersimplyarrangestradesbetweenbuyersandsellers.Adealer,inadditiontoarrangingtradesbetweenbuyersandsellers,standsreadytobeaprincipalinatransaction.

●10、Defineandcontraststocksandbonds.Whataretheadvantagesofowningpreferredstock?

Whataretheadvantagesofowningcommonstock?

Stocksareequityclaimsthatrepresentownershipofthenetincomeandassetsofacorporation.Theincomethatstockholdersreceivefortheirownershipiscalleddividends.Corporatebondsarelongtermdebtinstrumentsissuedbycorporations,usually（althoughnotalways）withexcellentcreditratings.Theownersofsuchbondsreceiveinterestpaymentstwiceayearandtheprincipalatmaturity.Bondholdersarepaidinterestbeforestockholdersarepaidanydividends.Governmentbondsareissuedbythefederalgovernmentandareconsideredrisk-free.Theproceedsofthebondsareusedtofinancethedeficitsofthefederalgovernment.

Preferredstockpaysafixeddividendand,intheeventofbankruptcy,theownersofpreferredstockareentitledtobepaidfirstafterothercreditorsofthecorporationhavebeenpaid.

Commonstockpaysavariabledividend,whichisdependentontheprofitsthatareleftoverafterpreferredstockholdershavebeenpaidandretainedearningssetaside.Owningcommonstockmayresultinhigherprofitrateswhenthecompanyisgrowingandelectingtopayhighdividends.

●17、InJune2004,Johnpays$9,800foraone-yearT-billthatcanberedeemedfor$10,000.?

Whatistheeffectiveinterest?

?

Whatistheyield?

TheeffectiveinterestisthedifferencebetweenthepriceoftheT-bill（$9,800）andwhattheT-billwillberedeemedforinoneyear.Inthisexample,theamountis$200（$10,000-$9,800）.?

TheyieldistheinterestpaymentdividedbythepriceoftheT-bill（$200/$9,800=2.04percent）.

●3、Underwhatconditionswillabondsellatapremiumabovepar?

Atadiscountfrompar?

Iftheinterestrateincreases,abondwillsellatadiscountfrompar.Iftheinterestrateincreases,thepresentvalueofthefuturestreamofincomefromthebondfallsandthereforeitspricefalls.

Iftheinterestratedecreases,abondwillsellatapremiumabovepar.Iftheinterestratedecreases,thepresentvalueofthefuturestreamofincomefromthebondrisesandthereforeitspricerises.

●9、Whatisthepresentvalueofeachofthefollowingincomestreams?

a.$100tobereceivedattheendofeachofthenextthreeyears.b.$100tobereceivedattheendofeachofthenextthreeyearsplusanadditionalpaymentof$1,000attheendofthethirdyear

a.Thepresentvalueof$100attheendofeachofthenextthreeyearsdependsonthecurrentinterestrateandcanbefoundbythefollowingformula:

?

$100/（1+i）1+$100/（1+i）2+$100/（1+i）3?

Foraninterestrateof10percent,thepresentvalueisfoundbysubstituting.10foriintheaboveformula:

?

$90.91+$82.64+$75.19=$248.7419b.Thepresentvalueof$100attheendofeachofthenextthreeyearsplusanadditionalpaymentof$1,000attheendofthethirdyeardependsonthecurrentinterestrateandcanbefoundbythefollowingformula:

?

$100/（1+i）1+$100/（1+i）2+$100/（1+i）3+$1,000/（1+i）3?

Foraninterestrateof10percent,thepresentvalueisfoundbysubstituting.10foriwouldbeequalto?

$90.91+$82.64+$75.19+$751.88=$1,000.62

●10、Whatisthepriceof