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星辰大海
上传于：2024-09-04
第一章2WheninterestratesrisehowmightbusinessesandconsumerschangetheireconomicbehaviorBusinesseswouldcutinvestmentspendingbecausethecostoffinancingthisspendingisnowhigherandconsumerswouldbelesslikelytopurchaseahouseoracarbecausethecostoffinancingtheirpurchaseishigher11whatisthebasicactivityofbanksBanksacceptdepositsandthenusetheresultingfundstomakeloans14WhattypesofrisksdofinancialinstitutionsfaceTheprofitabilityoffinancialinstitutionsisaffectedbychangesininterestratesstockpricesandforeignexchangeratesfluctuationsinthesevariablesexposetheseinstitutionstorisk第七章1WhatcharacteristicsdefinethemoneymarketsThemoneymarketscanbecharacterizedashavingsecuritiesthattradeinoneyearorlessareoflargedenominationandareveryliquid3WhydobanksnoteliminatetheneedformoneymarketsBankshavehighercoststhanthemoneymarketowingtotheneedtomaintainreserverequirementsThelowercoststructureofthemoneymarketscoupledwiththeeconomiesofscaleresultingfromhighvolumeandlargedenominationsecuritiesallowsforhigherinterestrates10WhichofthemoneymarketsecuritiesisthemostliquidandconsideredthemostriskfreewhyTreasurybillsareusuallyviewedasthemostliquidandleastriskyofsecuritiesbecausetheyarebackedbythestrengthoftheUSgovernmentandtradeinextremelylargevolumes14WhoissuescommercialpaperandforwhatpurposeLargebusinesseswithverygoodcreditstandingssellcommercialpapertoraiseshorttermfundsThemostcommonuseofthesefundsittoextendshorttermloanstocustomersforthepurchaseofthefirmsproducts15WhyarebankersaccepatancessopopularforinternationaltransactionsBankersacceptancessubstitutethecreditworthinessofabankforthatofabusinessWhenacompanysellsaproducttoacompanyitisunfamiliarwithitoftenpreferstohavethepromiseofabankthatpaymentwillbemade第八章3DistinguishbetweentheprimarymarketandsecondarymarketforsecuritiesTheprimarymarketisforsecuritiesbeingissuedfortheveryfirsttimeandtheissuerreceivesthefundspaidforthesecurityThesecondarymarketisforsecuritiesthathavebeenissuedpreviouslybutarebeingtradedamonginvestors4AbondprovidesinformationaboutitsparvaluecouponinterestrateandmaturitydateDefineeachoftheseTheparvalueistheamounttheissuerwillpaytheholderwhenthebondmaturesThecouponinterestrateismultipliedtimestheparvaluetodeterminetheinterestpaymenttheissuermustmakeeachyearThematuritydateiswhentheissuermustpaytheholdertheparvalue5TheUSTreasureissuesbillsnotesandbondsHowdothesethreesecuritiesdifferTreasurybillsmatureinlessthan1yearTreasurynotesmaturein1to10yearsandTreasurybondsmaturein10to30years第九章1WhatbasicprincipleoffinancecanbeappliedtothevaluationofanyinvestmentassetThevalueofanyassetisthepresentvalueofitsfuturecashflowsThevalueofabondisthePVoftheinterestspaymentsplusthePVofthefinalpaymentStocksarevaluedthesamewayThepriceisthePVofthecashflowsthatstockisexpectedtogeneratefortheinvestor5WhatdistinguishesstocksfrombondsStocksdonotmaturedonotpayafixedamounteveryperiodandoftengiveholderstherighttovoteonmanagementissues第十一章8IftheBritishcentralbankprintsmoneytoreduceunemploymentwhatwillhappentothevalueofthepoundintheshortrunandthelongrunThepounddepreciatesbutovershootsdecliningbymoreintheshortrunthaninthelongrunConsiderBritaintobethedomesticcountryTheriseinthemoneysupplyleadstoahigherdomesticpricelevelinthelongrunwhichleadstoalowerexpectedfutureexchangerateInadditiontheriseinthemoneysupplylowersthedomesticinterestrateonpoundassetsBothofthesechangeslowertheexpectedreturnonpoundassetsatanygivenexchangerateshiftingthedemandcurvetotheleftTheshortrunoutcomeisalowervalueofthepoundHoweverinthelongrunthedomesticinterestratereturnstoitspreviousvalueandthedemandcurveshiftsbacktotherightsomewhatTheexchangeraterisestosomeextentbutstillremainsbelowitsinitiallevel9IfseveralEuropeangovernmentsunexpectedlyannouncethattheywillbeimposinghighertariffsonforeigngoodsoneyearfromnowwhatwillhappentothevalueofeurotodayTheIndianrupeewillappreciateTheannouncementoftariffswillraisetheexpectedfutureexchangeratefortherupeeandsoincreasetheexpectedappreciationoftherupeeThismeansthatthedemandforrupeedenominatedassetswillincreaseshiftingthedemandcurvetotherightandtherupeeexchangeratethereforerises