广外货币银行学期末重点全英米什金.docx

1、广外货币银行学期末重点全英米什金广外 货币银行学 期末重点 全英 米什金(总25页)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The economics of money,banking and financial markets-by KyleChapter1：Why Study Money, Banking, and Financial Markets（本章了解一下这个问题即可，

2、最多考一下选择） Answer：To examine how financial markets such as bond and stock markets workTo examine how financial institutions such as banks workTo examine the role of money in the economyChapter2：An Overview of the Financial System1. Function of Financial MarketsPerform the essential function of channel

3、ing funds from economic players that have saved surplus funds to those that have a shortage of fundsDirect finance: borrowers borrow funds directly from lenders in financial markets by selling them securities. Promotes economic efficiency by producing an efficient allocation（分配） of capital（资金）, whic

4、h increases production Directly improve the well-being of consumers by allowing them to time purchases better of Financial MarketsDebt and Equity （普通股） MarketsPrimary and Secondary MarketsExchanges and Over-the-Counter (OTC不通过交易所而直接售给顾客的) MarketsMoney and Capital Markets（货币和资本市场）3. Financial Market

5、Instruments(要能举出例子，很可能考选择)Money markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments. of Financial Markets（重点，选择、名词解释都有可能）Foreign Bonds & EurobondEurocurrencies & EurodollarsWorld Stock Markets5Function of Financial Intermediaries: Indirect Finan

6、ce（记一下金融中介机构的功能，交易成本很可能考名词解释）Lower transaction costs (time and money spent in carrying out financial transactions). Reduce the exposure of investors to riskDeal with asymmetric 不对称 information problemsConclusion:Financial intermediaries allow “small” savers and borrowers to benefit from the existenc

7、e of financial markets. 6. Types of Financial Intermediaries（会分类即可） Depository institutions Contractual saving institutions Investment intermediaries7. Regulation of the Financial SystemTo increase the information available to investors:To ensure the soundness 健康稳固of financial intermediariesChapter3

8、：What Is Money?1. Meaning of Money（即definition，必考名词解释！）Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts. 2. Functions of Money（重点）Medium of Exchange: A medium of exchange mustUnit of Account: Store 储藏 of Value: 3. Evolut

9、ion of the Payments SystemCommodity 商品 MoneyFiat 法定 MoneyChecks 支票Electronic Payment . online bill pay).E-Money (electronic money):4. Measuring Money （重中之重，M1/M2都很有可能考名词解释）Construct monetary aggregates using the concept of liquidity: （构建货币总量使用流动性的概念）M1 (most liquid assets) = currency + travelers che

10、cks + demand deposits + other checkable deposits. M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits + savings deposits and money market deposit accounts + money market mutual fund shares. Chapter 4：Understanding Interest Rates1.measuring interest rates:Prese

11、nt Value(很可能考察名词解释)A dollar paid to you one year from now is less valuable than a dollar paid to you todaySimple Present Value：PV=CF/(1+i)n次方2.Four Types of Credit Market InstrumentsSimple LoanFixed Payment LoanCoupon Bond 附票债券Discount Bond 贴现债券 to Maturity（重点，很可能名词解释）The interest rate that equates

12、the present value of cash flow payments received from a debt instrument with its value today计算4种不同信用工具外加Consol or Perpetuity（金边债券或永久债券）的YM4. Yield on a Discount Basis（了解即可）Current Yield当期收益率Yield on a Discount Basis 折价收益率Rate of Return 收益率 of Return and Interest Rates（收益率与利息率的distinction）The return

13、equals the yield to maturity only if the holding period equals the time to maturityA rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding periodThe more distant a bonds maturity, the greater the size of the percen

14、tage price change associated with an interest-rate changeThe more distant a bonds maturity, the lower the rate of return the occurs as a result of an increase in the interest rateEven if a bond has a substantial initial interest rate, its return can be negative if interest rates rise 6. Interest-Rat

15、e RiskPrices and returns for long-term bonds are more volatile than those for shorter-term bondsThere is no interest-rate risk for any bond whose time to maturity matches the holding period7. Real and Nominal Interest Rates（重点，很可能考察简答题）Nominal interest rate makes no allowance for inflationReal inter

16、est rate is adjusted for changes in price level so it more accurately reflects the cost of borrowingEx ante real interest rate is adjusted for expected changes in the price levelEx post real interest rate is adjusted for actual changes in the price level8. Fisher Equation（重点考察）Chapter5：The Behavior

17、of Interest Rates1. Determining the Quantity Demanded of an AssetWealth: the total resources owned by the individual, including all assetsExpected Return: the return expected over the next period on one asset relative to alternative assetsRisk: the degree of uncertainty associated with the return on

18、 one asset relative to alternative assetsLiquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets（流动性很有可能考名词解释） of Asset Demand（必考，死活都得背下来） Holding all other factors constant:1.The quantity demanded of an asset is positively related to wealth2.The quan

19、tity demanded of an asset is positively related to its expected return relative to alternative assets3.The quantity demanded of an asset is negatively related to the risk of its returns relative to alternative assets4.The quantity demanded of an asset is positively related to its liquidity relative

20、to alternative assets3. Supply and Demand for Bonds（见到看一下图）Market Equilibrium4. Shifts in the Demand for BondsWealth: in an expansion with growing wealth, the demand curve for bonds shifts to the right Expected Returns: higher expected interest rates in the future lower the expected return for long-

21、term bonds, shifting the demand curve to the leftExpected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, causing the demand curve to shift to the leftRisk: an increase in the riskiness of bonds causes the demand curve to shift to the leftLiquidity: in

22、creased liquidity of bonds results in the demand curve shifting right5Shifts in the Supply of BondsExpected profitability of investment opportunities: in an expansion, the supply curve shifts to the rightExpected inflation: an increase in expected inflation shifts the supply curve for bonds to the r

23、ightGovernment budget: increased budget deficits shift the supply curve to the right6. The Liquidity Preference Framework（重中之重） for Money in the Liquidity Preference FrameworkAs the interest rate increases:The opportunity cost of holding money increasesThe relative expected return of money decreases

24、and therefore the quantity demanded of money decreases. in the Demand for Money（都很重要）Income Effect: a higher level of income causes the demand for money at each interest rate to increase and the demand curve to shift to the rightPrice-Level Effect: a rise in the price level causes the demand for mon

25、ey at each interest rate to increase and the demand curve to shift to the rightLiquidity preference framework leads to the conclusion that an increase in the money supply will lower interest rates: the liquidity effect.Income effect finds interest rates rising because increasing the money supply is

26、an expansionary influence on the economy (the demand curve shifts to the right).Chapter9:Banking Bank Balance SheetLiabilitiesCheckable depositsNontransaction depositsBorrowingsBank capital AssetsReserves(准备金)Cash items in process of collectionDeposits at other banksSecuritiesLoans Other assets Bank

27、ing:Cash Deposit：Opening of a checking account leads to an increase in the banks reserves equal to the increase in checkable depositsCheck Deposit3Inter-businessBank settlement Finance leaseFiduciary business Safe deposit box4. Off-Balance-Sheet ActivitiesLoan sales (secondary loan participation)Gen

28、eration of fee income. Examples:Chapter12:Central Banks and the Federal Reserve System(此章省略很多)1.Structure of the Fed(了解即可)Board of Governors（7人）12 FRBs（9人） Member BanksFOMC (7+1+4人)Federal Advisory Council （12人）2.Federal Reserve Bank（3+3+3人）Functions：Clear checksIssue new currencyWithdraw damaged cu

29、rrency from circulationAdminister and make discount loans to banks in their districtsEvaluate proposed mergers and applications for banks to expand their activitiesAct as liaisons between the business community and the Federal Reserve SystemExamine bank holding companies and state-chartered member b

30、anksCollect data on local business conditionsUse staffs of professional economists to research topics related to the conduct of monetary policyChapter13&14：The Money Supply Process:1.Players in the Money Supply ProcessCentral bank (Federal Reserve System)Banks (depository institutions; financial int

31、ermediaries)Depositors (individuals and institutions)2Feds Balance SheetFederal Reserve SystemAssetsLiabilitiesGovernment securitiesCurrency in circulationDiscount loansReserves Base Market PurchaseThe effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in depositsThe effect of an open market purchase on the monetary base always increases the monetary base by the amo