金融市场习题集

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1、Moralhazard:Theriskthatonepartytoatransactionwillengageinbehaviorthatisundesirablefromtheotherparty’spointofview.Yieldtomaturity:Theinterestratethatequatesthepresentvalueofpaymentsreceivedfromacreditmarketinstrumentwithitsvaluetoday.Optioncontracts:Contr

2、actsthatgivethepurchasertheoptiontobuyorselltheunderlyingfinancialinstrumentataspecifiedprice,calledtheexercisepriceorstrikeprice,withinaspecificperiodoftime.Capitalmarket:Afinancialmarketinwhichlonger-termdebt(maturityofgreaterthanoneyear)andequityinstr

3、umentsaretraded.Ifthereisadeclineininterestrates,whichwouldyouratherbeholding,long-termbondsorshort-termbonds?Why?Whichtypeofbondhasthegreaterinterest-raterisk?Youwouldratherbeholdinglong-termbondsbecausetheirpricewouldincreasemorethanthepriceoftheshort-

4、termbonds,givingthemahigherreturn.Whateffectwillasuddenincreaseinthevolatilityofgoldpriceshaveoninterestrates?Interestrateswouldrise.Asuddenincreaseinpeople’sexpectationsoffuturerealestatepricesraisestheexpectedreturnonrealestaterelativetobonds,sothedema

5、ndforbondsfalls.ThedemandcurveBdshiftstotheleft,andtheequilibriuminterestraterises.Whatcharacteristicsdefinethemoneymarkets?Themoneymarketscanbecharacterizedashavingsecuritiesthattradeinoneyearorless,areoflargedenomination,andareveryliquid.1.Whyarefinanc

6、emarketsimportanttothehealthoftheeconomy?Becausetheychannelfundsfromthosewhodonothaveaproductiveuseforthemtothosewhodo,therebyresultinginhighereconomicefficiency.2.Wheninterestraterise,howmightbusinessesandconsumerschangetheireconomicbehavior?Businessesw

7、ouldcutinvestmentspendingbecausethecostoffinancingthisspendingisnowhigher,andconsumerswouldbelesslikelytopurchaseahouseoracarbecausethecostoffinancingtheirpurchaseishigher.3.Howcanachangeininterestratesaffecttheprofitabilityoffinancialinstitutions?Achang

8、eininterestratesaffectsthecostofacquiringfundsforfinancialinstitutionsaswellaschangestheincomeonassetssuchasloans,bothofwhichaffectprofits.Inaddition,changesininterestratesaffectthepriceofassetssuchasstockandbondsthatthefi