广外货币银行学期末重点 全英 米什金.docx
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广外货币银行学期末重点全英米什金
考试题型以及分数分布:
一、选择题:
1’*20=20’
二、名词解释:
4’*5=20’
三、简答题:
8’*5=40’
四、论述题:
20’*1=20’
重点制作思路:
1.考虑到时间关系,抓大放小
2.结合老师提及复习内容进行预测
3.以理顺书本架构为主,看到一个知识点猜一下可能会出什么题
Theeconomicsofmoney,bankingandfinancialmarkets----byKyle
Chapter1:
WhyStudyMoney,Banking,andFinancialMarkets?
(本章了解一下这个问题即可,最多考一下选择)
Answer:
•Toexaminehowfinancialmarketssuchasbondandstockmarketswork
•Toexaminehowfinancialinstitutionssuchasbankswork
•Toexaminetheroleofmoneyintheeconomy
Chapter2:
AnOverviewoftheFinancialSystem
1.FunctionofFinancialMarkets
•Performtheessentialfunctionofchannelingfundsfromeconomicplayersthathavesavedsurplusfundstothosethathaveashortageoffunds
•Directfinance:
borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities.
•Promoteseconomicefficiencybyproducinganefficientallocation(分配)ofcapital(资金),whichincreasesproduction
•Directlyimprovethewell-beingofconsumersbyallowingthemtotimepurchasesbetter
2.StructureofFinancialMarkets
•DebtandEquity(普通股)Markets
•PrimaryandSecondaryMarkets
•ExchangesandOver-the-Counter(OTC不通过交易所而直接售给顾客的)Markets
•MoneyandCapitalMarkets(货币和资本市场)
3.FinancialMarketInstruments(要能举出例子,很可能考选择)
Moneymarketsdealinshort-termdebtinstruments
Capitalmarketsdealinlonger-termdebtandequityinstruments.
4.InternationalizationofFinancialMarkets(重点,选择、名词解释都有可能)
•ForeignBonds&Eurobond?
•Eurocurrencies&Eurodollars?
•WorldStockMarkets
5.FunctionofFinancialIntermediaries:
IndirectFinance
(记一下金融中介机构的功能,交易成本很可能考名词解释)
•Lowertransactioncosts(timeandmoneyspentincarryingoutfinancialtransactions).
•Reducetheexposureofinvestorstorisk
•Dealwithasymmetric不对称informationproblems
•Conclusion:
Financialintermediariesallow“small”saversandborrowerstobenefitfromtheexistenceoffinancialmarkets.
6.TypesofFinancialIntermediaries(会分类即可)
Depositoryinstitutions
Contractualsavinginstitutions
Investmentintermediaries
7.RegulationoftheFinancialSystem
•Toincreasetheinformationavailabletoinvestors:
•Toensurethesoundness健康稳固offinancialintermediaries
Chapter3:
WhatIsMoney?
1.MeaningofMoney(即definition,必考名词解释!
!
)
•Money(orthe“moneysupply”):
anythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.
2.FunctionsofMoney(重点)
•MediumofExchange:
•Amediumofexchangemust
•UnitofAccount:
•Store储藏ofValue:
3.EvolutionofthePaymentsSystem
•Commodity商品Money
•Fiat法定Money
•Checks支票ElectronicPayment(e.g.onlinebillpay).
•E-Money(electronicmoney):
4.MeasuringMoney(重中之重,M1/M2都很有可能考名词解释)
•Constructmonetaryaggregatesusingtheconceptofliquidity:
(构建货币总量使用流动性的概念)
•M1(mostliquidassets)=currency+traveler’schecks+demanddeposits+othercheckabledeposits.
•M2(addstoM1otherassetsthatarenotsoliquid)=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundshares.
Chapter4:
UnderstandingInterestRates
1.measuringinterestrates:
PresentValue(很可能考察名词解释)
Adollarpaidtoyouoneyearfromnowislessvaluablethanadollarpaidtoyoutoday
SimplePresentValue:
PV=CF/(1+i)n次方
2.FourTypesofCreditMarketInstruments
•SimpleLoan
•FixedPaymentLoan
•CouponBond附票债券
•DiscountBond贴现债券
3.YieldtoMaturity(重点,很可能名词解释)
•Theinterestratethatequatesthepresentvalueofcashflowpaymentsreceivedfromadebtinstrumentwithitsvaluetoday
计算4种不同信用工具外加ConsolorPerpetuity(金边债券或永久债券)的YM
4.YieldonaDiscountBasis(了解即可)
CurrentYield当期收益率
YieldonaDiscountBasis折价收益率
RateofReturn收益率
5.RateofReturnandInterestRates(收益率与利息率的distinction)
•Thereturnequalstheyieldtomaturityonlyiftheholdingperiodequalsthetimetomaturity
•Ariseininterestratesisassociatedwithafallinbondprices,resultinginacapitallossiftimetomaturityislongerthantheholdingperiod
•Themoredistantabond’smaturity,thegreaterthesizeofthepercentagepricechangeassociatedwithaninterest-ratechange
•Themoredistantabond’smaturity,thelowertherateofreturntheoccursasaresultofanincreaseintheinterestrate
•Evenifabondhasasubstantialinitialinterestrate,itsreturncanbenegativeifinterestratesrise
6.Interest-RateRisk
•Pricesandreturnsforlong-termbondsaremorevolatilethanthoseforshorter-termbonds
•Thereisnointerest-rateriskforanybondwhosetimetomaturitymatchestheholdingperiod
7.RealandNominalInterestRates(重点,很可能考察简答题)
•Nominalinterestratemakesnoallowanceforinflation
•Realinterestrateisadjustedforchangesinpricelevelsoitmoreaccuratelyreflectsthecostofborrowing
•Exanterealinterestrateisadjustedforexpectedchangesinthepricelevel
•Expostrealinterestrateisadjustedforactualchangesinthepricelevel
8.FisherEquation(重点考察)
Chapter5:
TheBehaviorofInterestRates
1.DeterminingtheQuantityDemandedofanAsset
•Wealth:
thetotalresourcesownedbytheindividual,includingallassets
•ExpectedReturn:
thereturnexpectedoverthenextperiodononeassetrelativetoalternativeassets
•Risk:
thedegreeofuncertaintyassociatedwiththereturnononeassetrelativetoalternativeassets
•Liquidity:
theeaseandspeedwithwhichanassetcanbeturnedintocashrelativetoalternativeassets(流动性很有可能考名词解释)
2.TheoryofAssetDemand(必考,死活都得背下来)
Holdingallotherfactorsconstant:
1.Thequantitydemandedofanassetispositivelyrelatedtowealth
2.Thequantitydemandedofanassetispositivelyrelatedtoitsexpectedreturnrelativetoalternativeassets
3.Thequantitydemandedofanassetisnegativelyrelatedtotheriskofitsreturnsrelativetoalternativeassets
4.Thequantitydemandedofanassetispositivelyrelatedtoitsliquidityrelativetoalternativeassets
3.SupplyandDemandforBonds(见到看一下图)
MarketEquilibrium
4.ShiftsintheDemandforBonds
•Wealth:
inanexpansionwithgrowingwealth,thedemandcurveforbondsshiftstotheright
•ExpectedReturns:
higherexpectedinterestratesinthefuturelowertheexpectedreturnforlong-termbonds,shiftingthedemandcurvetotheleft
•ExpectedInflation:
anincreaseintheexpectedrateofinflationslowerstheexpectedreturnforbonds,causingthedemandcurvetoshifttotheleft
•Risk:
anincreaseintheriskinessofbondscausesthedemandcurvetoshifttotheleft
•Liquidity:
increasedliquidityofbondsresultsinthedemandcurveshiftingright
5.ShiftsintheSupplyofBonds
•Expectedprofitabilityofinvestmentopportunities:
inanexpansion,thesupplycurveshiftstotheright
•Expectedinflation:
anincreaseinexpectedinflationshiftsthesupplycurveforbondstotheright
•Governmentbudget:
increasedbudgetdeficitsshiftthesupplycurvetotheright
6.TheLiquidityPreferenceFramework(重中之重)
7.DemandforMoneyintheLiquidityPreferenceFramework
•Astheinterestrateincreases:
–Theopportunitycostofholdingmoneyincreases…
–Therelativeexpectedreturnofmoneydecreases…
•…andthereforethequantitydemandedofmoneydecreases.
8.ShiftsintheDemandforMoney(都很重要)
•IncomeEffect:
ahigherlevelofincomecausesthedemandformoneyateachinterestratetoincreaseandthedemandcurvetoshifttotheright
•Price-LevelEffect:
ariseinthepricelevelcausesthedemandformoneyateachinterestratetoincreaseandthedemandcurvetoshifttotheright
•Liquiditypreferenceframeworkleadstotheconclusionthatanincreaseinthemoneysupplywilllowerinterestrates:
theliquidityeffect.
•Incomeeffectfindsinterestratesrisingbecauseincreasingthemoneysupplyisanexpansionaryinfluenceontheeconomy(thedemandcurveshiftstotheright).
Chapter9:
Banking
1.TheBankBalanceSheet
•Liabilities
–Checkabledeposits
–Nontransactiondeposits
–Borrowings
–Bankcapital
•Assets
–Reserves(准备金)
–Cashitemsinprocessofcollection
–Depositsatotherbanks
–Securities
–Loans
–Otherassets
2.BasicBanking:
•CashDeposit:
Openingofacheckingaccountleadstoanincreaseinthebank’sreservesequaltotheincreaseincheckabledeposits
CheckDeposit
3.Inter-business
•Banksettlement
•Financelease
•Fiduciarybusiness
•Safedepositbox
4.Off-Balance-SheetActivities
•Loansales(secondaryloanparticipation)
•Generationoffeeincome.Examples:
Chapter12:
CentralBanksandtheFederalReserveSystem(此章省略很多)
1.StructureoftheFed(了解即可)
BoardofGovernors(7人)
12FRBs(9人)MemberBanks
FOMC(7+1+4人)
FederalAdvisoryCouncil(12人)
2.FederalReserveBank(3+3+3人)
Functions:
Clearchecks
Issuenewcurrency
Withdrawdamagedcurrencyfromcirculation
Administerandmakediscountloanstobanksintheirdistricts
Evaluateproposedmergersandapplicationsforbankstoexpandtheiractivities
ActasliaisonsbetweenthebusinesscommunityandtheFederalReserveSystem
Examinebankholdingcompaniesandstate-charteredmemberbanks
Collectdataonlocalbusinessconditions
Usestaffsofprofessionaleconomiststoresearchtopicsrelatedtotheconductofmonetarypolicy
Chapter13&14:
TheMoneySupplyProcess:
1.PlayersintheMoneySupplyProcess
Centralbank(FederalReserveSystem)
Banks(depositoryinstitutions;financialintermediaries)
Depositors(individualsandinstitutions)
2.Fed’sBalanceSheet
FederalReserveSystem
Assets
Liabilities
Governmentsecurities
Currencyincirculation
Discountloans
Reserves
3.MonetaryBase
4.OpenMarketPurchase
•Theeffectofanopenmarketpurchaseonreservesdependsonwhetherthesellerofthebondskeepstheproceedsfromth