1、一、名詞搭配1.adverse selection The problem created by asymmetric informationbefore a transaction occurs: The people who arethe most undesirable from the other partys point of vieware the ones who are most likely to want to engage in thefinancial transaction. 812.agency theory The analysis of how asymmetr

2、ic informationproblems affect economic behavior. 2093. asset transformation The process of turning risky assets intosafer assets for investors by creating and selling assets withrisk characteristics that people are comfortable with andthen using the funds acquired by selling these assets topurchase

3、other assets that may have far more risk. 814. bond A debt security that promises to make payments periodicallyfor a specified period of time. 445. borrowed reserves A banks borrowings from the Fed. 3876. capital market A financial market in which longer-term debt(generally with original maturity of

4、 greater than one year)and equity instruments are traded. 717. central bank The government agency that oversees the bankingsystem and is responsible for the amount of moneyand credit supplied in the economy; in the United States,the Federal Reserve System. 52, 3218. conventional monetary policy tool

5、s The usual tools ofmonetary policy that the Federal Reserve uses to controlthe money supply and interest rates: open market operations,discount lending, and reserve requirements. 4189. coupon bond A credit market instrument that pays theowner a fixed interest payment every year until the maturityda

6、te, when a specified final amount is repaid. 11110. credit spread The difference between the interest rate onloans to households and businesses and the interest rateon completely safe assets that are sure to be paid off, suchas U.S. Treasury securities. 23311. debt deflation A situation in which a s

7、ubstantial decline inthe price level sets in, leading to a further deteriorationin firms net worth because of the increased burden ofindebtedness. 23112. discount window The Federal Reserve facility at which discountloans are made to banks. 42013. e-cash Electronic money that is used on the Internet

8、 to purchasegoods or services. 10014.e-finance A new means of delivering financial services electronically.4815. Eurobonds Bonds denominated in a currency other than thatof the country in which they are sold. 7816. federal funds rate The interest rate on overnight loans ofdeposits at the Federal Res

9、erve. 358, 409, 7417. fiat money Paper currency decreed by a government as legaltender but not convertible into coins or precious metal.9818. financial markets Markets in which funds are transferredfrom people who have a surplus of availablefunds to people who have a shortage of availablefunds. 4419

10、. Fisher effect The outcome that when expected inflationoccurs, interest rates will rise; named after economistIrving Fisher. 14320. free-rider problem The problem that occurs when peoplewho do not pay for information take advantage of theinformation that other people have paid for. 21121. high-powe

11、red money The monetary base. 38122. incentive-compatible Having the incentives of both partiesto a contract in alignment. 21823. inflation The condition of a continually rising price level. 5024. lender of last resort Provider of reserves to financial institutionswhen no one else would provide them

12、to prevent afinancial crisis. 42125. liquidity The relative ease and speed with which an asset canbe converted into cash. 97, 13126. M1 A measure of money that includes currency, travelerschecks, and checkable deposits. 10127.M2 A measure of money that adds to M1: money marketdeposit accounts, money

13、 market mutual fund shares, smalldenominationtime deposits, savings deposits, overnightrepurchase agreements, and overnight Eurodollars. 10228. money market A financial market in which only short-termdebt instruments (generally those with original maturity ofless than one year) are traded. 7129.mone

14、y multiplier A ratio that relates the change in the moneysupply to a given change in the monetary base. 39630. moral hazard The risk that one party to a transaction willengage in behavior that is undesirable from the otherpartys point of view. 8231. nonborrowed monetary base The monetary base minus

15、discountloans (borrowed reserves). 38732.nonconventional monetary policy tools Non-interest ratetools central banks use to stimulate the economy: liquidityprovision, asset purchases, and commitment to futuremonetary policy actions. 42533. open market operations The Feds buying or selling ofbonds in

16、the open market. 357, 38234. opportunity cost The amount of interest (expected return)sacrificed by not holding an alternative asset. 14735. political business cycle A business cycle caused by expansionarypolicies before an election. 361, 64736. present value Todays value of a payment to be received

17、 inthe future when the interest rate is i. Also called presentdiscounted value. 10837. principalagent problem A moral hazard problem thatoccurs when the managers in control (the agents) act intheir own interest rather than in the interest of the owners(the principals) due to different sets of incent

18、ives.215, 23438. quantitative easing An expansion of the Federal Reservesbalance sheet. 42639. real interest rate The interest rate adjusted for expectedchanges in the price level (inflation) so that it more accuratelyreflects the true cost of borrowing. 12340. reserves Banks holding of deposits in

19、accounts with theFed plus currency that is physically held by banks (vaultcash). 268, 38141. risk The degree of uncertainty associated with the return onan asset. 80, 13142. securitization The process of transforming illiquid financialassets into marketable capital market instruments. 234,32943. sec

20、urity A claim on the borrowers future income that issold by the borrower to the lender. Also called a financialinstrument. 4444. shadow banking system A system in which bank lending isreplaced by lending via the securities market. 238, 32445. subprime mortgages Mortgages for borrowers with less than

21、stellar credit records. 23446. transaction costs The time and money spent trying toexchange financial assets, goods, or services. 7947. wealth All resources owned by an individual, including allassets. 95, 13048. yield to maturity The interest rate that equates the presentvalue of payments received

22、from a credit market instrumentwith its value today. 112論述題：俄羅斯盧布暴跌問題一、原因：1. 俄羅斯經(jīng)濟增長明顯放緩，GDP增速預期還不及美國2. 俄羅斯為保銀行流動性大舉收購外匯3. 俄羅斯央行無意支持盧布4. 俄羅斯市場流動性就不高5. 強勢美元對新興市場的影響6. 原油價格大跌7. 烏克蘭危機加劇了市場風險情緒二、影響：1盧布貶值對股票市場的影響市場數(shù)據(jù)顯示能源相關的股票再次遭到拋售，并且開始波及金融股，背后的邏輯是如果能源行業(yè)繼續(xù)表現(xiàn)不佳，那么其債務違約可能會影響到金融行業(yè)，這本身就是一個高杠桿的行業(yè)。2盧布貶值對外匯市場的影

23、響就中國來看，國內經(jīng)濟數(shù)據(jù)持續(xù)回落，加之國際對以盧布為代表的新興經(jīng)濟體貨幣走勢將大幅貶值預期影響，近期的人民幣匯率貶值壓力驟增，只是央行近日壓低美元兌人民幣中間價，以對沖方式力保人民幣匯率穩(wěn)定，短期而言，人民幣貶值壓力繼續(xù)存在，國內資產(chǎn)價格承壓。3對新興市場貨幣的影響2008年美國金融危機后，美國通過貨幣寬松等政策將危機外溢，引發(fā)了歐洲的金融危機，國際資本流向新興經(jīng)濟體。而隨著目前美國經(jīng)濟的復蘇，新興經(jīng)濟體增速的放緩，美元資產(chǎn)將重新成為避險資金，促使資本加速回流美國。盧布危機或將逐步波及蔓延至巴西、尼日利亞、印尼、韓國等新興經(jīng)濟體。這對于同樣屬于新興市場的中國而言是一個信號。后市中國可能也面臨

24、資金流入規(guī)模減小及人民幣貶值的壓力，雖然中國央行干預的必要性不大，但依然需要對俄羅斯的形勢密切關注，若進一步惡化可能會放大風險效應。4對中俄貿易的影響盧布貶值和俄羅斯經(jīng)濟放緩對中國出口產(chǎn)生不利沖擊。俄羅斯經(jīng)濟下行將直接影響到我國對俄出口。中俄貿易往來較多，我國是俄羅斯的第一大貿易伙伴，在其出口市場占了17%的份額，人民幣兌盧布過快升值，俄羅斯民眾的購買力受到制約，支付能力變差，這會對中俄貿易產(chǎn)生很大的負面影響?，F(xiàn)在很多做邊貿的企業(yè)已經(jīng)受到比較大的沖擊，還是要采取一些比較妥善的措施，幫助俄羅斯度過難關。在俄羅斯投資的企業(yè)也受到了影響，譬如，吉利汽車、華斯股份等。三、盧布貶值對中國的警示面對盧布貶

25、值問題，我國應該從中得到警示：（1）加快頁巖氣的開發(fā)盧布匯率受原油價格下跌以及美元走強影響頗大，可以看出，俄羅斯經(jīng)濟屬于受制于人的被動局面。中國來講，為了擺脫經(jīng)濟增長受制于人的被動局面，應加快對頁巖氣的開發(fā)與研究，若研究成功，即可以克服這個問題。頁巖氣成本更低、更環(huán)保，每桶石油能量的頁巖氣成本大約在40到50美元，是未來石油的替代品。石油大國中有國家希望降低油價讓生產(chǎn)頁巖氣的企業(yè)無利可圖甚至破產(chǎn)的意圖是有的。中國是最大的石油進口國，為了避免未來石油與頁巖氣對中國的影響，所以應該加快頁巖氣的開發(fā)。（2）加快經(jīng)濟結構轉型從俄羅斯來看，我國可以得到的另一個警示就是經(jīng)濟結構單一，雖然我國不存在類似局面，但是，要謹防走入這條不歸路。（3）貨幣政策不應過猛從俄羅斯央行方面得到教訓，央行使用貨幣政策不應該過猛、過大，不能像俄羅斯央行一樣，大幅調整短期利率和以印發(fā)鈔票的方式來解決問題，這只會使市場流動性進一步降低，很可能造成惡性循環(huán)。所以我國若遇到此類問題，應該謹防使用過猛的貨幣政策。（4）充足的外匯儲備。俄羅斯的官方外匯儲備高達4205億美元。但這些儲備中一半以上流動性不高，有效外匯儲備僅約2030億美元。盡管中國外匯儲備與俄羅斯不可同日而語，中國外匯儲備超四萬億美元，