货币银行学 第四章

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1、Chapter4UnderstandingInterestRates利率的重要性与我们的生活息息相关：挣还是赚？在世界所有流通的总市值中，有2/3被归为固定收益证券。4-24-3PresentValue（现值）Adollarpaidtoyouoneyearfromnowislessvaluablethanadollarpaidtoyoutoday(一年后你收入的1美元不如你现在收入的1美元值钱）4-4DiscountingtheFuture（对未来的贴现）4-5SimplePresentVal

2、ue4-6YieldtoMaturity（到期收益率）Theinterestratethatequatesthepresentvalueofcashflowpaymentsreceivedfromadebtinstrumentwithitsvaluetoday（使债务工具所有未来回报的现值与其今天的价值相等的利率）4-7FourTypesofCreditMarketInstrumentsSimpleLoan（普通贷款）FixedPaymentLoan（固定支付贷款；分期偿还贷款）Coupon

3、Bond（息票债券）DiscountBond（贴现发行债券；零息债券）4-8SimpleLoan—YieldtoMaturity4-9FixedPaymentLoan—YieldtoMaturity4-10CouponBond—YieldtoMaturity4-11Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate（息票债券价格等于其面值，到期收益率等于息票利率）Thepriceofacoup

4、onbondandtheyieldtomaturityarenegativelyrelated（息票债券价格与到期收益率是负向相关的）Theyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisbelowitsfacevalue（当债券价格低于其面值时，到期收益率要高于息票利率）4-12ConsolorPerpetuity（统一公债；永续债券）Abondwithnomaturitydatethatdoesnotrepayprincip

5、albutpaysfixedcouponpaymentsforever4-13DiscountBond—YieldtoMaturity思考：债券合成用零息债券复制息票债券。用息票债券复制零息债券。4-14到期收益率的缺陷分析投资者持有债券至偿还期。再投资收益率等于到期收益率。到期收益率难以计算。4-154-16CurrentYield(当期收益率）Itisanapproximationoftheyieldtomaturityoncouponbondswhichdefinedastheyearlyc

6、ouponpaymentdividedbythepriceofthesecurityic=C/PWhereic=currentyieldP=priceofcouponbondC=yearlycouponpayment4-17YieldonaDiscountBasis（贴现基础上的收益率Question:wichwouldyouratherown?Youareofferedtwobonds,aone-yearu.s.treasurybondwithayieldtomaturityof9%andaon

7、e-yearu.s.treasurybillwithayieldonadiscountbasisof8.9%.4-184-19FollowingtheFinancialNews:BondPricesandInterestRates4-20RateofReturn(回报率）4-21RateofReturnandInterestRatesThereturnequalstheyieldtomaturityonlyiftheholdingperiodequalsthetimetomaturity（只有持

8、有期与到期期限一致的债券回报率才与最初的到期收益率相等）Ariseininterestratesisassociatedwithafallinbondprices,resultinginacapitallossiftimetomaturityislongerthantheholdingperiod（对于到期期限长于持有期的债券而言，利率上升与债券的价格负相关，进而引起投资该债券的资本损失）Themoredistantabond’smaturity,thegreaterthesize