金融学 双语版 课后题答案 莫琳伯顿.docx

金融学 双语版 课后题答案 莫琳伯顿.docx

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金融学双语版课后题答案莫琳伯顿

金融学莫林伯顿网络教学平台答案

第一单元

双语版内部资料哈

IntroductionandOverview

1.Provideashortdiscussionordefinitionofthefollowingterms:

economics,finance,thefinancialsystem,netlenders,netborrowers,directandindirectfinance,financialmarkets,financialintermediaries,liquidity,thebusinesscycle,depositoryinstitutions,andmonetarypolicy.

Economics:

Thestudyofhowasocietydecideswhattoproduce,howtoproduce,andwhogetswhat;thestudyofhowscarceresourcesgetallocatedtosatisfyunlimitedwants.

Finance:

Thestudyofhowthefinancialsystemcoordinatesandchannelstheflowoffundsfromlenderstoborrowers—andviceversa—andhownewfundsarecreatedbydepositoryinstitutionsduringtheborrowingprocess;theraisingandusingofmoneybyhouseholds,firms,governments,andthe“restoftheworld”（foreign）sectors.

Netlenders:

Spendingunitssuchashouseholdsandfirmswhosespendingonconsumptionandinvestmentislessthanincome.

Netborrowers:

Spendingunitssuchashouseholdsandfirmswhosespendingonconsumptionandinvestmentismorethanincome.

Directfinance:

Whennetlenderslendtheirsurplusfundsdirectlytonetborrowers.

Indirectfinance:

Whennetlendersdeposittheirsurplusfundsintofinancialintermediarieswhichinturn,lendthefundstonetborrowers;whennetborrowersborrowfundsfromfinancialintermediariesthathaveacquiredfundstolendfromnetlendersandthatissuetheirownliabilities.

Financialintermediaries:

Financialinstitutionsthatborrowfromnetlendersforthepurposeoflendingtonetborrowers;financialintermediariessuchasbanks,savingsandloanassociations,creditunions,mutualfunds,insurancecompanies,andfinancecompaniesissuemonetaryandotherclaimsonthemselves;theyserveasgobetweenstolinkupnetlendersandnetborrowers.

Liquidity:

Theeasewithwhichafinancialorrealassetcanbeconvertedtocashwithoutlossofvalue.

Businesscycle:

Shortrunfluctuationsinthelevelofeconomicactivityasmeasuredbytheoutputofgoodsandservicesintheeconomy.

Depositoryinstitutions:

Financialintermediariesthatoffercheckabledepositswhicharesubjecttowithdrawalbywritingachecktoathirdpartyandwhicharepartofthenation’smoneysupply.

Monetarypolicy:

TheFed’sefforttopromotetheoverallhealthandstabilityoftheeconomy.

2.Somepeoplehavemoney;somepeopleneedmoney.Explainhowthefinancialsystemlinksthesepeopletogether.

Netlendersdepositsurplusfundsintofinancialintermediariesthatinturnlendthefundstonetborrowers.Netlendersgaininterestpaymentsfromthefinancialintermediariesfortheuseoftheirfunds.Netborrowersmakeinterestpaymentstothefinancialintermediariesfortheuseoftheborrowedfunds.Theprofittofinancialintermediariesisthedifferencebetweenthecostoftheirliabilitiesandtheearningsontheirloansandinvestments.

5.Whydofinancialintermediariesexist?

Whatservicesdotheyprovidetothepublic?

Areallfinancialinstitutionsfinancialintermediaries?

Financialintermediariesexisttolinkupnetlendersandnetborrowersandtohelpminimizethetransactionscostsassociatedwithborrowingandlending.Financialservicesprovidedbyfinancialintermediariesincludeappraisinganddiversifyingrisk,offeringamenuoffinancialclaimsthatarerelativelysafeandliquid,andpoolingfundsfromindividualnetlenders.Notallfinancialinstitutionsarefinancialintermediaries.Financialintermediariesareatypeoffinancialinstitutionthatissueclaimsonthemselves.Otherfinancialinstitutions,suchasstockandbondbrokersmerelylinkupnetlendersandnetborrowersforafeeanddonotissueclaimsonthemselves.

8.WhydoestheFedmonitortheeconomy?

WhatactionscantheFedtaketoaffecttheoverallhealthoftheeconomy?

TheFedmonitorstheeconomyinordertopromotetheoverallhealthandstabilityoftheeconomy.TheFedcaninfluencetheeconomythroughmonetarypolicy.TheFedimplementsmonetarypolicytoaffectthelevelofinterestratesandcreditavailability.Wheninterestratesdecreaseandcreditavailabilityincreases,thelevelofeconomicactivityspeedsup.Wheninterestratesincreaseandcreditavailabilitydecreases,thelevelofeconomicactivityslowsdown.

CHAPTER2

PrinciplesofMoney

1.Discussordefinebrieflythefollowingtermsandconcepts:

meansofpayment,storeofvalue,unitofaccount,barter,monetaryaggregates,liquidity,domesticnonfinancialdebt,electronicfundstransfersystem,andrisk.

Meansofpayment:

Somethingthatisgenerallyacceptedandusedtomakepayments.

Storeofvalue:

Somethingthatretainsitsvalueovertime.

Unitofaccount:

Astandardizedaccountingunit,suchasthedollar,whichisthestandardmeasureofvalue.

Barter:

Tradinggoodsforgoodsinanexchangeeconomy.

MonetaryAggregates:

Themeasuresofmoney,includingMI,M2,M3,andL,whichtheFedkeepstrackofandmonitors.

Liquidity:

Theeasewithwhichanon-monetaryassetcanbeconvertedtomoneywithoutlossofvalue.

DomesticNonfinancialDebt:

Totalcreditmarketdebtowedbythenonfinancialsectorandaccumulatedinthepastandpresentyears;includesthedebtowedbythehousehold,nonfinancialbusiness,government,andrestoftheworld（foreign）sectors.

EFTS（ElectronicFundsTransferSystem）:

Thetransferoffundstothirdpartiesinresponsetoelectronicinstructionsratherthaninstructionswrittenonpaperchecks.

Risk:

Thepossibilityoffinancialassetslosingvalue.

2.Whatarethefunctionsofmoney?

Whichfunctiondoyouthinkismostimportant?

Thefunctionsofmoneyaretoserveasameansofpayment（mediumofexchange）,aunitofaccount,andastoreofvalue.

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

5.HowdoestheFedcalculateM1,M2,M3,andDNFD?

Aretheseaggregatesallmoney?

Whyorwhynot?

Whichcontainsthemostliquidassets?

Whichissmallest?

Whichislargest?

TocalculateM1,M2,M3,andDNFD,wemerelyadduptheitemsincludedintheaggregateasfollows:

M1=currencyinthehandsofthepublic+demanddepositsatcommercialbanks+othercheckabledeposits+travelers’checks

M2=M1+smallsavingsandtimedeposits（lessthan$100,000）,includingmoneymarketdepositaccounts+individualmoneymarketmutualfunds

M3=M2+largetimedeposits+termrepurchaseagreementsandtermEurodollars+institutionalmoneymarketmutualfunds

DNFD=creditmarketdebtoftheU.S.Governmentandstateandlocalgovernments+corporatebonds+mortgages+consumercredit（includingbankloans）+otherbankloans+commercialpaper+otherdebtinstruments

AlloftheseaggregatesexceptDNFDareameasureofmoney.M1isthenarrowestmeasureofmoneyandthesmallestaggregate.M1isgenerallyusedfortransactionsandcontainsthemostliquidassets—assetsthataremoneyperse.M2andM3areprogressivelybroadermeasuresofmoneythatincludeM1andothernearmoneyassets.Forexample,M2containseverythinginM1plussomeotherhighlyliquidnearmonies.M3containseverythinginM2plusotherlessliquidnearmoneysubstitutes.DNFDisthelargestaggregatebutmanyoftheitemsinDNFDarenotmoneyornearmonies.DNFDisthebroadestmeasureofnonfinancialcreditinthedomesticeconomy.

10.Zotoisaremoteislandthathasexperiencedrapideconomicgrowth.Incontrast,Zahaisanislandwheregrowthhasbeensluggishandthelevelofeconomicactivityremainslow.Howcouldtheexistenceofmoneyhaveaffectedthesetwooutcomes?

Sincemoneyfacilitateseconomicdevelopment,onewouldsuspectthatZotohasasophisticatedandadvanced“money,”whileZahareliesmainlyonbarter.Theexistenceofmoneycouldexplainthedifferinggrowthrates.

CHAPTER3

TheRoleofMoneyandCredit

2.Brieflydefinetheinterestrate,reserves,therequiredreserveratio,theinflationrate,andnominalGDP.

InterestRate:

Thecosttoborrowersofobtainingmoneyandthereturn（oryield）ofmoneytolenders.

Reserves:

AssetsthatareheldbydepositoryinstitutionsaseithervaultcashorreservedepositaccountswiththeFed.

RequiredReserveRatio:

Depositoryinstitutionsmusthavereserveassetsequaltoacertainpercentageofdepositliabilities;therequiredreserveratioisthatpercentage.

TheInflationRate:

Therateofchangeofapriceindex,suchastheconsumerpriceindex.

NominalGDP:

Thequantityoffinalgoodsandservicesproducedinaneconomyduringagiventimeperiodandvaluedattoday’sprices.

8.Whatarethesourcesofcredit?

Explainthefollowingstatement:

“Themoneysupplyismeasuredatapointintimewhiletheflowofcreditismeasuredovertime.”

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

11.Explainthedifferencebetweenmoneyandcredit.Giveanexampleofeach.

Moneyisanythingthatfunctionsasameansofpayment,unitofaccount,andstoreofvalue.Creditistheflowofmoneyinagiventimeperiodfromnetlendersorfinancialintermediariestonetborrowers.Currencyismoneywhereasaloaniscredit.

CHAPTER4

FinancialMarkets,Instruments,andMark