金融市场与机构课后习题答案精选

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1、Chapter1/RoleofFinancialMarketsandInstitutionsE71Chapter1RoleofFinancialMarketsandInstitutionsQuestions1.Explainthemeaningofsurplusunitsanddeficitunits.Provideanexampleofeach.ANSWER:Surplusunitsprovidefundstothefinancialmarketswhiledeficitunitsobtainfundsfromthefinancialmarkets.Surplusunitsincl

2、udehouseholdswithsavings,whiledeficitunitsincludefirmsorgovernmentagenciesthatborrowfunds.2.Distinguishbetweenprimaryandsecondarymarkets.ANSWER:Primarymarketsareusedfortheissuanceofnewsecuritieswhilesecondarymarketsareusedforthetradingofexistingsecurities.3.Distinguishbetweenmoneyandcapitalmark

3、ets.ANSWER:Moneymarketsfacilitatethetradingofshort-term(moneymarket)instrumentswhilecapitalmarketsfacilitatethetradingoflong-term(capitalmarket)instruments.4.Distinguishbetweenperfectandimperfectsecuritymarkets.ANSWER:Withperfectfinancialmarkets,allinformationaboutanysecuritiesforsalewouldbefre

4、elyavailabletoinvestors,informationaboutsurplusanddeficitunitswouldbefreelyavailable,andallsecuritiescouldbeunbundledintoanysizedesired.Inreality,marketsareimperfect,sothatsurplusanddeficitunitsdonothavefreeaccesstoinformation,andsecuritiescannotbeunbundledasdesired.5.Explainwhytheexistenceofim

5、perfectmarketscreatesaneedforfinancialinstitutions.ANSWER:Financialintermediariesareneededtofacilitatetheexchangeoffundsbetweensurplusanddeficitunits.Theyhavetheinformationtoprovidethisserviceandcanevenrepackagedepositstoprovidetheamountoffundsborrowersdesire.6.Explainthemeaningofefficientmarke

6、ts.Whymightweexpectmarketstobeefficientmostofthetime?ANSWER:Ifmarketsareefficientthenpricesofsecuritiesavailableinthesemarketsproperlyreflectallinformation.Weshouldexpectmarketstobeefficientbecauseiftheyweren't,investorswouldcapitalizeonthediscrepancybetweenwhatpricesareandwhattheyshouldbe.This

7、actionwouldforcemarketpricestorepresenttheappropriatepricesasperceivedbythemarket.7.Inrecentyears,severalsecuritiesfirmshavebeenguiltyofusinginsideinformationwhenpurchasingsecurities,therebyachievingreturnswellabovethenorm(evenwhe