货币金融学答案.docx

货币金融学答案.docx

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货币金融学答案

55Chapter1WhyStudyMoney,Banking,andFinancialMarkets?

2.ThedatainFigures1,2,3,and4suggestthatrealoutput,theinflationrate,andinterestrateswouldallfail.

4.Youmightbemorelikelytobuyahouseoracarbecausethecostoffinancingthemwouldfall,oryoumightbelesslikelytosavebecauseyouearnlessonyoursavings.

6.No.Itistruethatpeoplewhoborrowtopurchaseahouseoracarareworseoffbecauseitcoststhemmoretofinancetheirpurchase;however,saversbenefitbecausetheycanearnhigherinterestratesontheirsavings.

7.Thebasicactivityofbanksistoacceptdepositsandmakeloans.

8.Theychannelfundsfrompeoplewhodonothaveaproductiveuseforthemtopeoplewhodo,therebyresultinginhighereconomicefficiency.

9.Theinterestrateonthree-monthTreasurybillsfluctuatesmorethantheotherinterestratesandisloweronaverage.TheinterestrateonBaacorporatebondsishigheronaveragethantheotherinterestrates.

10.Thelowerpriceforafirm’ssharesmeansthatitcanraiseasmalleramountoffunds,soinvestmentinfacilitiesandequipmentwillfall.11.Higherstockpricesmeansthatconsumers’wealthishigher,andtheywillbemorelikelytoincreasetheirspending.

12.Itmakesforeigngoodsmoreexpensive,soBritishconsumerswillbuyfewerforeigngoodsandmoredomesticgoods.13.ItmakesBritishgoodsmoreexpensiverelativetoAmericangoods.ThusAmericanbusinesseswillfinditeasiertoselltheirgoodsintheUnitedStatesandabroad,andthedemandfortheirproductswillrise.

14.Inthemid-tolate1970sandinthelate1980sandearly1990s,thevalueofthedollarwaslow,makingtravelabroadrelativelymoreexpensive;thusitwasagoodtimetovacationintheUnitedStatesandseetheGrandCanyon.Withtheriseinthedollar’svalueintheearly1980s,travelabroadbecamerelativelycheaper,makingitagoodtimetovisittheTowerofLondon.15.Whenthedollarincreasesinvalue,foreigngoodsbecomelessexpensiverelativetoAmericangoods;thusyouaremorelikelytobuyFrench-madejeansthanAmerican-madejeans.TheresultingdropindemandforAmerican-madejeansbecauseofthestrongdollarhurtsAmericanjeansmanufacturers.Ontheotherhand,theAmericancompanythatimportsjeansintotheUnitedStatesnowfindsthatthedemandforitsproducthasrisen,soitisbetteroffwhenthedollarisstrong.56Chapter2AnOverviewoftheFinancialSystem

1.TheshareofMicrosoftstockisanassetforitsowner,becauseitentitlestheownertoashareoftheearningsandassetsofMicrosoft.TheshareisaliabilityforMicrosoft,becauseitisaclaimonitsearningsandassetsbytheowneroftheshare.

2.Yes,Ishouldtakeouttheloan,becauseIwillbebetteroffasaresultofdoingso.Myinterestpaymentwillbe$4,500（90%of$5,000）,butasaresult,Iwillearnanadditional$10,000,soIwillbeaheadofthegameby$5,500.SinceLarry’sloan-sharkingbusinesscanmakesomepeoplebetteroff,asinthisexample,loansharkingmayhavesocialbenefits.（Oneargumentagainstlegalizingloansharking,however,isthatitisfrequentlyaviolentactivity.）

3.Yes,becausetheabsenceoffinancialmarketsmeansthatfundscannotbechanneledtopeoplewhohavethemostproductiveuseforthem.Entrepreneursthencannotacquirefundstosetupbusinessesthatwouldhelptheeconomygrowrapidly.

4.TheprincipaldebtinstrumentsusedwereforeignbondswhichweresoldinBritainanddenominatedinpounds.TheBritishgainedbecausetheywereabletoearnhigherinterestratesasaresultoflendingtoAmericans,whiletheAmericansgainedbecausetheynowhadaccesstocapitaltostartupprofitablebusinessessuchasrailroads.

5.Thisstatementisfalse.Pricesinsecondarymarketsdeterminethepricesthatfirmsissuingsecuritiesreceiveinprimarymarkets.Inaddition,secondarymarketsmakesecuritiesmoreliquidandthuseasiertosellintheprimarymarkets.Therefore,secondarymarketsare,ifanything,moreimportantthanprimarymarkets.

6.Youwouldratherholdbonds,becausebondholdersarepaidoffbeforeequityholders,whoaretheresidualclaimants.

7.Becauseyouknowyourfamilymemberbetterthanastranger,youknowmoreabouttheborrower’shonesty,propensityforrisktaking,andothertraits.Thereislessasymmetricinformationthanwithastrangerandlesslikelihoodofanadverseselectionproblem,withtheresultthatyouaremorelikelytolendtothefamilymember.

9.Loansharkscanthreatentheirborrowerswithbodilyharmifborrowerstakeactionsthatmightjeopardizetheirpayingofftheloan.Henceborrowersfromaloansharkarelesslikelytoincreasemoralhazard.10.Theymightnotworkhardenoughwhileyouarenotlookingormaystealorcommitfraud.

11.Yes,becauseevenifyouknowthataborroweristakingactionsthatmightjeopardizepayingofftheloan,youmuststillstoptheborrowerfromdoingso.Becausethatmaybecostly,youmaynotspendthetimeandefforttoreducemoralhazard,andsotheproblemofmoralhazardstillexists.5712.True.Iftherearenoinformationortransactionscosts,peoplecouldmakeloanstoeachotheratnocostandwouldthushavenoneedforfinancialintermediaries.

13.Becausethecostsofmakingtheloantoyourneighborarehigh（legalfees,feesforacreditcheck,andsoon）,youwillprobablynotbeableearn5%ontheloanafteryourexpenseseventhoughithasa10%interestrate.Youarebetteroffdepositingyoursavingswithafinancialintermediaryandearning5%interest.Inaddition,youarelikelytobearlessriskbydepositingyoursavingsatthebankratherthanlendingthemtoyourneighbor.14.Arankingfrommostliquidtoleastliquidis（a）,（b）,（c）,and（d）.Therankingissimilarforthemostsafetotheleastsafe.

15.IncreaseddiscussionofforeignfinancialmarketsintheU.S.pressandthegrowthinmarketsforinternationalfinancialinstrumentssuchasEurodollarsandEurobonds.58Chapter3WhatIsMoney?

1.（b）

2.Becausetheorchardownerlikesonlybananasbutthebananagrowerdoesn’tlikeapples,thebananagrowerwillnotwantapplesinexchangeforhisbananas,andtheywillnottrade.Similarly,thechocolatierwillnotbewillingtotradewiththebananagrowerbecauseshedoesnotlikebananas.Theorchardownerwillnottradewiththechocolatierbecausehedoesn’tlikechocolate.Hence,inabartereconomy,tradeamongthesethreepeoplemaywellnottakeplace,becauseinnocaseisthereadoublecoincidenceofwants.However,ifmoneyisintroducedintotheeconomy,theorchardownercansellhisapplestothechocolatierandthenusethemoneytobuybananasfromthebananagrower.Similarly,thebananagrowercanusethemoneyshereceivesfromtheorchardownertobuychocolatefromthechocolatier,andthechocolatiercanusethemoneytobuyapplesfromtheorchardowner.Theresultisthattheneedforadoublecoincidenceofwantsiseliminated,andeveryoneisbetteroffbecauseallthreeproducersarenowabletoeatwhattheylikebest.

3.Cavemendidnotneedmoney.Intheirprimitiveeconomy,theydidnotspecializeinproducingonetypeofgoodandtheyhadlittleneedtotradewithothercavemen.

4.Becauseacheckwassomucheasiertotransportthangold,peoplewouldfrequentlyratherbepaidbycheckeveniftherewasapossibilitythatthecheckmightbounce.Inotherwords,thelowertransactionscostsinvolvedinhandlingchecksmadepeoplemorewillingtoacceptthem.

5.Wineismoredifficulttotransportthangoldandisalsomoreperishable.Goldisthusabetterstoreofvaluethanwineandalsoleadstolowertransactionscost.Itisthereforeabettercandidateforuseasmoney.

6.Becausemoneywaslosingvalueataslowerrate（theinflationratewaslower）inthe1950sthaninthe1970s,itwasthenabetterstoreofvalue,andyouwouldhavebeenwillingtoholdmoreofit.

7.Notnecessarily.Checkshavetheadvantageinthattheyprovideyouwithreceipts,areeasiertokeeptrackof,andmaymakeitharderforsomeonetostealmoneyoutofyouraccount.Theseadvantagesofchecksmayexplainwhythemovementtowardachecklesssocietyhasbeenverygradual.

8.Therankingfrommostliquidtoleastliquidis:

（a）,（c）,（e）,（f）,（b）,and（d）.

9.Moneylosesitsvalueatanextremelyrapidrateinhyperinflation,soyouwanttoholditforasshortatimeaspossible.Thusmoneyislikeahotpotatothatisquicklypassedfromonepersontoanother.10.BecauseoftherapidinflationinBrazil,thedomesticcurrency,thereal,isapoorstoreofvalue.Thusmanypeoplewouldratherholddollars,whichareabetterstoreofvalue,andusethemintheirdailyshopping.5911.Notnecessarily.AlthoughthetotalamountofdebthaspredictedinflationandthebusinesscyclebetterthanM1orM2,itmaynotbeabetterpredictorinthefuture.Withoutsometheoreticalreasonforbelievingthatthetotalamountofdebtwillcontinuetopredictwellinthefuture,wemaynotwanttodefinemoneyasthetotalamountofdebt.13.M1containsthemostliquidassets.M2isthelargestmeasure.

14.（a）M1andM2,（b）M2,（c）M2,（d）M1andM

2.

15.Revisionsarenotaseriousproblemforlong-runmovementsofthemoneysupply,becauserevisionsforshort-run（one-month）movementstendtocancelout.Revisionsforlong-runmovements,suchasone-yeargrowthrates,arethustypicallyquitesmall.60Chapter4UnderstandingInterestRates

1.Less.Itwouldbeworth1/（1+0.20）=$0.83whentheinterestrateis20%,ratherthan1/（1+0.10）=$0.91whentheinterestrateis10%.

2.No,becausethepresentdiscountedvalueofthesepaymentsisnecessarilylessthan$10millionas