广外 货币银行学期末重点 全英 米什金.docx

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

•Theeffectofanopenmarketpurchaseonreservesdependsonwhetherthesellerofthe