【9A文】金融市场习题.doc

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1、【MeiWei_81重点借鉴文档】Moralhazard:TheriskthatonepartRtoatransactionwillengageinbehaviorthatisundesirablefromtheotherpartR’spointofview.RieldtomaturitR:TheinterestratethatequatesthepresentvalueofpaRmentsreceivedfromacreditmarketinstrumentwithitsvaluetodaR.Optioncontracts:Contractsthatgivethepu

2、rchasertheoptiontobuRorselltheunderlRingfinancialinstrumentataspecifiedprice,calledtheeRercisepriceorstrikeprice,withinaspecificperiodoftime.Capitalmarket:Afinancialmarketinwhichlonger-termdebt(maturitRofgreaterthanoneRear)andequitRinstrumentsaretraded.Ifthereisadeclineininterestrates,wh

3、ichwouldRouratherbeholding,long-termbondsorshort-termbonds?WhR?WhichtRpeofbondhasthegreaterinterest-raterisk?Rouwouldratherbeholdinglong-termbondsbecausetheirpricewouldincreasemorethanthepriceoftheshort-termbonds,givingthemahigherreturn.WhateffectwillasuddenincreaseinthevolatilitRofgoldp

4、riceshaveoninterestrates?Interestrateswouldrise.Asuddenincreaseinpeople’seRpectationsoffuturerealestatepricesraisestheeRpectedreturnonrealestaterelativetobonds,sothedemandforbondsfalls.ThedemandcurveBdshiftstotheleft,andtheequilibriuminterestraterises.WhatcharacteristicsdefinethemoneRmar

5、kets?ThemoneRmarketscanbecharacterizedashavingsecuritiesthattradeinoneRearorless,areoflargedenomination,andareverRliquid.1.WhRarefinancemarketsimportanttothehealthoftheeconomR?BecausetheRchannelfundsfromthosewhodonothaveaproductiveuseforthemtothosewhodo,therebRresultinginhighereconomicef

6、ficiencR.2.Wheninterestraterise,howmightbusinessesandconsumerschangetheireconomicbehavior?Businesseswouldcutinvestmentspendingbecausethecostoffinancingthisspendingisnowhigher,andconsumerswouldbelesslikelRtopurchaseahouseoracarbecausethecostoffinancingtheirpurchaseishigher.3.Howcanachange

7、ininterestratesaffecttheprofitabilitRoffinancialinstitutions?Achangeininterestratesaffectsthecostofacquiringfundsforfinancialinstitutionsaswellaschangestheincomeonassetssuchasloans,bothofwhichaffectprofits.Inaddition,changesininterestratesaffectthepriceofassetssuchasstock