貨幣銀行學(xué)名詞解釋

1、貨幣銀行學(xué)2012級(jí)期末考試題型（彭方平）名詞解釋20分5對(duì)選擇題40分20題小計(jì)算簡(jiǎn)答題2個(gè)20分案例分析1大題2問(wèn)20分名詞解釋重點(diǎn)：Adverse selection VS Moral hazardAdverse Selection: the problem created by asymmetric information before the transaction occurs. In financial market it occurs when the potential borrowers who are the most likely to produce the bad

2、credit risks are the ones who most actively seek out a loan and are thus most likely to be selected. Because of adverse selection, loans are more likely made to bad credit risks. So lenders may rather not make a loan even though there are good credit risks.Moral hazard: the problem created by asymme

3、tric information before the transaction occurs.In financial market it s the haZwdbtfrHiwer might engage in immoral activities thatmake the loan less likely to be paid back. Because of the moral hazard, lenders may rather not make a loan.Capital market VS Money marketCapital market: the market where

4、long-term debt and equity instruments are traded.Money market: the market where short-term debt instruments are traded.Eurobond VS Foreign bondsEurobond: a bond denominated in a currency other than that of the country in which it is sold.Foreign bonds: sold in a foreign country and denominated in th

5、at country s currency.Eurocurrencies VS EurodollarsEurocurrencies:存放在貨幣發(fā)行國(guó)境外的各國(guó)貨幣Eurodollars: U.S. dollars deposited in banks outside the United States.Primary market & Secondary market & OTC marketPrimary market:籌集資金的公司或政府機(jī)構(gòu)將新發(fā)行的股票和債券等證券銷售給最初 購(gòu)買者的金融市場(chǎng)。Secondary market:對(duì)已發(fā)行的證券進(jìn)行買賣、轉(zhuǎn)讓、流通的市場(chǎng)。OTC marke

6、t:場(chǎng)外交易市場(chǎng)。在交易所外由證券買賣雙方當(dāng)面議價(jià)成交的市場(chǎng)，它 沒有固定場(chǎng)所。YTM & Current yield & Yield on a discount basis到期收益率。使債務(wù)工具所有未來(lái)回報(bào)的現(xiàn)值與今天的價(jià)值相等的利率。當(dāng)期收益率：an approximation of the yield to maturity. Defined as the yearly couponpayment divided by the price of the security.貼現(xiàn)基礎(chǔ)上的收益率：Expectations theory & Segmented theory & Liquidit

7、y premium theory期望理論：長(zhǎng)期債券利率等于該長(zhǎng)期債券期限中各個(gè)預(yù)期短期債券利率的平均。市場(chǎng)分割理論：長(zhǎng)期債券和短期債券是在不同的相互分割的市場(chǎng)上交易的，不同期限的債券之間完全不能替代。流動(dòng)性溢價(jià)理論：長(zhǎng)期債券利率等于該長(zhǎng)期債券期限中各個(gè)預(yù)期短期債券利率的平均與流動(dòng)性溢價(jià)之和。Sterilized foreign exchange intervention & unsterilized foreign exchange intervention沖銷性夕卜匯干預(yù)：a foreign exchange intervention with an offsetting open mark

8、et operationthat leaves the monetary base unchanged.非沖銷性夕卜匯干預(yù)：a foreign exchange intervention that has an effect on the monetary base.Discount bonds: bought at a price below its face value.Fisher effect: when expected inflation rises, interest rates will rise.Yield curve : a plot of yields with diff

9、ering terms to maturity but the same risk, liquidity and tax considerations.Off-balance-sheet activities:商業(yè)銀行從事的不列入資產(chǎn)負(fù)債表內(nèi)但能影響當(dāng)期損益的經(jīng)營(yíng)活動(dòng)。Float: temporary net increase in the total amount of reserves in the banking system occurring from the Fed s checkering process.High-powered money: the monetary base

10、. MB = C + RMoney multiplier : a ration relating the change in the money supply to a given change in the monetary base.Federal funds rate:聯(lián)邦基金禾U率。the interest rate on overnight loans of reserves from onebank to another.Exchange rate overshooting:利率超調(diào)。當(dāng)貨幣供給增加時(shí)，匯率下降幅度短期內(nèi)比長(zhǎng)期的 大。名詞解釋(中文):2章逆向選擇 ：(advers

11、e selection)因?yàn)榻灰浊暗男畔⒉粚?duì)稱所導(dǎo)致的問(wèn)題。金融市場(chǎng)上的逆向選擇指，那些最有可能造成不利后果即造成信貸風(fēng)險(xiǎn)的借款人，常常就是那些尋找貸款最積極，而且是最可能得到貸款的人。道德風(fēng)險(xiǎn)：(moral hazard )信息不對(duì)稱在交易后產(chǎn)生的影響引起的問(wèn)題。金融市場(chǎng)上的道德風(fēng)險(xiǎn)指， 借款人可能將資金用于某些其他的投資，而從貸款人的角度來(lái)看這些投資可能是不合理的，因?yàn)闀?huì)加大還款的風(fēng)險(xiǎn)。歐洲債券：(eurobond )不是以發(fā)行所在國(guó)的貨幣標(biāo)價(jià)的債券。ex：倫敦發(fā)行的美元標(biāo)價(jià)債券。歐洲貨幣：(eurocurrency )指在某種貨幣發(fā)行國(guó)境外的銀行體系所創(chuàng)造的該種貨幣存款。歐洲美元：(eu

12、rodollar)美國(guó)境外的外國(guó)銀行或者美國(guó)銀行的外國(guó)分支機(jī)構(gòu)的美元存款。貨幣市場(chǎng)：交易短期債務(wù)工具(通常期限在一年以下)的金融市場(chǎng)。資本市場(chǎng)：交易長(zhǎng)期債務(wù)工具(通常期限在一年以上)的金融市場(chǎng)。一級(jí)市場(chǎng)：借入資金的企業(yè)或政府向最初購(gòu)買者出售新發(fā)行的有價(jià)證券(如債券和股票)的金融市場(chǎng)。二級(jí)市場(chǎng)：交易過(guò)去已發(fā)行的(即二手的)有價(jià)證券的金融市場(chǎng)。交易所:二級(jí)市場(chǎng)的一種組織形式。證券的買方和賣方(或者他們的代理人或經(jīng)濟(jì)人)在某個(gè)地點(diǎn)集中進(jìn)行交易。場(chǎng)外市場(chǎng)：(otc)二級(jí)市場(chǎng)的另一種組織形式。處于不同地區(qū)的擁有證券存貨的交易商們隨時(shí)向與他們聯(lián)系并 愿意接受它們價(jià)格的任何人在交易所外買賣證券。3沒有4到期

13、收益率：(yield to maturity )恰好使債券工具帶來(lái)的回報(bào)的現(xiàn)值與其現(xiàn)在的價(jià)值相等的利率。最精準(zhǔn)的利率指標(biāo)。貼現(xiàn)收益率：貼現(xiàn)收益率=(貼現(xiàn)債券面值貼現(xiàn)債券購(gòu)買價(jià)格)貼現(xiàn)債券面值 cheng (360距到期日天數(shù)) 貼現(xiàn)收益率與到期收益率相偏離， 貼現(xiàn)債券期限越長(zhǎng)，偏離越嚴(yán)重。但貼現(xiàn)收益率總是與到 期收益率同方向變動(dòng)。當(dāng)期收益率：當(dāng)期收益率=每年支付的息票利息金額債券價(jià)格債券價(jià)格越接近債券面值，債券期限越長(zhǎng)，當(dāng)期收益率越近似于到期收益率。當(dāng)期收益率與到期收益率同方向變動(dòng)。折扣債券：(discount bond )也稱零息債券。以低于面值的價(jià)格購(gòu)入，到期日按票面價(jià)值償還的債券。5費(fèi)雪

14、效應(yīng)：(fisher effect)預(yù)期通貨膨脹上升，利率也隨之上升。名義利率=(1真實(shí)利率)(1預(yù)期通貨膨脹率)真實(shí)利率預(yù)期通貨膨脹率流動(dòng)性偏好理論：(liquidity preference feamework )凱恩斯提出的一個(gè)利率決定理論。該理論分析貨幣供給與貨幣需求，表明貨幣需求隨收入和物價(jià)水平的變動(dòng)而變動(dòng)，而當(dāng)貨幣需求與貨幣供給變動(dòng)時(shí)，利率也隨之改變。6市場(chǎng)分割理論 ：(segmented markets theory )認(rèn)為各種期限不同的債券的利率由各種債券市場(chǎng)的供給與需求決定的利率期限結(jié)構(gòu)理論。預(yù)期理論：(expectations theory )認(rèn)為長(zhǎng)期債券利率等于債券到期之

15、前未來(lái)短期利率預(yù)期的平均值的利率期限結(jié)構(gòu)理論。 流動(dòng)性溢價(jià)理論(liquidity premium theory )認(rèn)為長(zhǎng)期債券利率等于該種債券到期之前短期利率預(yù)期的平均值加上該種債券隨供求的變 化而變化的流動(dòng)性溢價(jià)的利率期限結(jié)構(gòu)理論。收益率曲線：將期限不同，但風(fēng)險(xiǎn)、流動(dòng)性和稅收特征都相同的債券的收益率連成的一條曲線。它描述了某些類型債券利率的期限結(jié)構(gòu)。9表夕卜業(yè)務(wù)：(off-balance-sheet activities)包括交易金融工具、收費(fèi)和出售貸款等取得收入的業(yè)務(wù)，以及所有會(huì)影響銀行收益但不會(huì)在資產(chǎn)負(fù)債表中顯示出來(lái)的活動(dòng)。13高能貨幣：(high-power money )即基礎(chǔ)貨幣

16、，它等于流通中的美聯(lián)儲(chǔ)銀行券(通貨)以及存款準(zhǔn)備金，加上美國(guó)財(cái)政部的貨幣負(fù)債。浮款：(float)與支票清算有關(guān)的兩個(gè)資產(chǎn)負(fù)債表項(xiàng)目合成一項(xiàng)，定義為“托收中的現(xiàn)金項(xiàng)目”減去“遞延的可使用的現(xiàn)金項(xiàng)目”。14貨幣乘數(shù)：(money multiplier )貨幣變動(dòng)與給定的基礎(chǔ)貨幣變動(dòng)之間的比率。反映了給定的基礎(chǔ)貨幣的變動(dòng)引起的huobi供給的變動(dòng)，貨幣乘數(shù)大于1。15能動(dòng)性公開市場(chǎng)操作：(dynamic open market operation )主動(dòng)變動(dòng)存款準(zhǔn)備金和基礎(chǔ)貨幣水平的公開市場(chǎng)操作。防御性公開市場(chǎng)操作：(defensive open market operation )被動(dòng)抵消其他影響存款準(zhǔn)備金和基礎(chǔ)貨幣的因素的變動(dòng)的公開市場(chǎng)操作?；刭?gòu) ：(repurchase ) repo美聯(lián)儲(chǔ)購(gòu)買證券，同意賣出者在短期內(nèi)(自購(gòu)買日起，115天內(nèi))買回這些債券。反回購(gòu)：(reverse repo)二再買回交易( matched sale-purchase transaction )美聯(lián)儲(chǔ)出售證券，買者同意在不遠(yuǎn)的將來(lái)將