大连理工大学货币经融学大作业Word文档格式.docx
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大连理工大学货币经融学大作业Word文档格式.docx
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1.第一部分是简述回答问题,共10道题.。
应该紧密结合相应的章节仔细思考后作答。
要求①用英文回答;
②必须写出思考分析过程,直接写答案不得分。
(每题5分)(此部分在16周时不用提交初稿)
1.Whatarethefunctionsofmoney?
Whichfunctiondoyouthinkismostimportant?
Thefunctionsofmoneyaretoserveasameansofpayment(mediumofexchange),aunitofaccount,andastoreofvalue.
Themostimportantfunctionofmoneyistoserveasameansofpayment(mediumofexchange).Thus,itiscriticalthatmoneyisgenerallyacceptedtomakepayments.Withoutagenerallyacceptedmeansofpayment,exchangeisverycostly.Foranexchangetooccur,therewouldhavetobeadoublecoincidenceofwantswherethepersonyouwishedtobuyfromwantedwhatyouwereofferinginexchange.
2.Assumethatthepriceofamarketbasketofgoodsandservicesis$2,000inthebaseperiod,$2,060oneyearlater,and$2,100twoyearslater.Whatisthepriceindexinthebaseperiod?
Afterthefirstyear?
Afterthesecondyear?
Whatistherateofinflationinthefirstyear?
Inthesecondyear?
Thepriceindexisalways100inthebaseyear.Afterthefirstyear,thepriceindexis103($2,060/$2,000x100).Thepriceindexthesecondyearis105($2,100/$2,000x100).Therateofinflationthefirstyearis3percent((103–100)/100).Therateofinflationthesecondyearis1.99percent((105-103)/103).
3.Assumethemarketformoneyisoriginallyinequilibrium.Explainwhathappenstodemand,supply,quantitydemanded,and/orquantitysupplied,ceterisparibus,giveneachofthefollowingevents:
a.TheFedlowersreserverequirements.
b.Householdsincreasetheirspendingplans.
c.Incomefallsduetoasevererecession.
d.TheFedstepsupitsprovisionofreservestodepositoryinstitutions.
A:
a.Demandformoneystaysthesame;
thesupplyofmoneyincreases(supplycurveshiftsrightward);
quantitydemandedincreasesduetothefallininterestrates;
quantitysuppliedincreasesbecauseoftherightwardshiftofthesupplycurve.
b.Demandformoneyincreases(demandcurveshiftsrightward)causingtheinterestratetorise;
thesupplyofmoneystaysthesame;
quantitydemandedstaysthesame;
quantitysuppliedstaysthesame.
c.Demandformoneydecreases(demandcurveshiftsleftward);
quantitydemandedandquantitysuppliedstaythesame.
d.Demandformoneystaysthesame;
thesupplyofmoneyincreasesduetotheincreasedprovisionofreserves;
quantitydemandedandquantitysuppliedbothincrease.
4.Thenominalinterestrateis12percent,andanticipatedinflationis8percent.Whatistherealinterestrate?
TheRealinterestrateis12%-8%=4%
5.Assumethatafteryougraduate,yougetajobasthechieffinancialofficerofasmallcompany.Explainwhybeingabletoforecastthedirectionofinterestratechangesmaybecriticalforyoursuccessinthatposition.Likewise,whyareinvestmentbankersconcernedaboutfuturechangesintheinterestrate?
Asthechieffinancialofficierofasmallcompany,theinterestrateisveryimportant.Inallprobability,thecompanyholdssomelongtermfinancialinstruments.Thefluctuationsofinterestrateshaveadirecteffectonthevalueoftheselongterminvestments.Forexample,ifinterestratesincrease,thevalueoflongtermbondsdecreasesandviceversa.Ifacompanyholdslongtermfinancialinstruments,anincreaseininterestrateswillcausethevalueoftheseinstrumentstofall.Thechieffinancialofficerwillbemuchmoresuccessfulifhe/shecananticipateorforecastchangesininterestratesandsellthelongtermfinancialinstrumentsbeforeinterestratesdoincreaseandthevalueoftheinstrumentsfall.Likewise,ifthechieffinancialofficerexpectsratestofall,he/sheshouldmoveavailablefundsintolongterminstrumentsbeforeratesdofall.Ifsuccessfulinthisstrategy,long-termcapitalgainswillbeincreasedandcapitallossesminimized.Investmentbankersholdstockpilesoflongtermfinancialinstrmentssuchasbonds.Anyincreaseordecreaseofinterestratescandrasticallychangethevaluesofbondsandexposetheinvestmentbankertopotentialcapitalgainsorlosses.
6.Ifthereisasurplusof$100inthecapitalaccount,nounilateraltransfers,anda$50deficitinthenetexportsofservices,whatisthetradebalance?
Inthebalanceofpayments,exchangeratesadjustsothatthesurplus/deficitofthecurrentaccountisexactlyoffsetbyadeficit/surplusinthecapitalaccount.Thecurrentaccountconsistsofthebalanceoftrade,thenetexportofservices,andunilateraltransfers.Inthiscase,ifthereisasurplusof$100inthecapitalaccount,thentheremustbeadeficitof$100inthecurrentaccount.Ifthereisa$50deficitinthenetexportofservicesandnounilateraltransfers,thentheremustbea$50deficitinthetradebalance.Onlythenwillthe$100surplusinthecapitalaccountbeoffsetbya$100deficitinthecurrentaccount.
7.WhatwouldhappentotheexchangerateifforeignersdecidedtosellU.S.securities?
IfforeignersdecidedtosellU.S.securities,theyarereducingtheirdemandforU.S.financialinstruments.ThedemandfordollarswouldfallandtheexchangeratewoulddecreaseastheUnitedStatesexperiencedacapitaloutflow.
8.Discusstherolesthattechnologyandregulationplayinaidingfinancialinnovation.Willinnovationalwaysoccurtoexploitloopholesinregulations?
Financialinnovationistheadoptionofnewtechnologiesandproductstoincreaseprofitability.Inrecentyears,technologicaladvancesintelecommunicationandcomputertechnologieshaveledtomanyinnovationsthathavereducedthecostofmakingpaymentsandtransferringfunds.Informationtechnologieshavealsofosteredthecreationofnewfinancialproductsandtheglobalizationoffinance.
Innovationwilloccurtofindloopholesinregulationswhenevertheregulationsarebinding—thatis,whenevertheregulationsforcetheintermediaryintobehaviorthatitwouldnototherwiseadoptandhencecausesittoearnlessprofit.Thepaceofinnovationaccelerateswheneverthebenefitsincrease.Forexample,wheninterestratesrise,thebenefitsoffindingwaysaroundRegulationQinterestrateceilingsincreased.Also,wheninterestrateandexchangeratevolatilityincreased,thebenefitstofindinginnovationsthathedgedinterestrateandexchangerateriskincreased.
9.Whatisafinancialcrisis?
Whydoesaneconomicdownturnoftenleadtoafinancialcrisis?
Explainwhythereverseisalsotrue.
Afinancialcrisisisacriticalupsetinafinancialmarketthatischaracterizedbysharpdeclinesinassetpricesandwidespreaddefaults.
Ageneralslumpintheeconomycancreateafinancialcrisis.Onepartydefaultsbecauseofadownturnintheeconomyandsetsoffachainreactionofdefaults.Atothertimes,thecausationmayflowintheoppositedirection.Inthiscase,afinancialcrisis,suchasadramaticfallinstockpricesorarandomlargebankruptcycausingachainreactionofdefaults,leadstoageneralslumpinbusinessactivityorarecession.
10.IdentifyandexplainthreedifferencesbetweentheinternationalmonetarysystemundertheBrettonWoodsAccordandthemanagedfloatexchangeratesystemthatreplacedit.
BrettonWoods
ManagedFloat
Fixedexchangerates–governmentswereresponsibleformaintainingthisfixed
rateinrelationtothedollar.
Floatingexchangerate–currenciesarenotpeggedtothedollarforthemostpart,
andtheexchangerateschangebytheminute.
Goldstandard–underBrettonWoods,1ozofgoldwasworth$35.
Goldstandard–thereisnolongeragoldstandardbecausetherewasnotenoughgoldtomaintainthe1oz/$35ratio.Itwasoriginallychangedto1oz/$42,buttherewasstillnotenoughgoldtomaintainthisrate.Now,thepriceofgoldisdeterminedindependentlythroughsupplyanddemandlikeothercommodities.
USDollar–wastheofficialreservecurrencyaroundtheworld.
USDollar–theUSdollarisnolongerthe“official”reservecurrencyforworldmarkets,althoughunofficially,itisstillthemostimportantcurrencyworldwide.
USBalance–theUSwastheonlycountryallowedtorunperpetualsurplusesordeficits.
USBalance–theUSmustbeawareofitsdeficitsandsurpluseslikeallothercountries.
1Thefunctionsofmoneyaretoserveasameansofpayment(mediumofexchange),aunitofaccount,andastoreofvalue.
第二部分是分析我国现存的某些现象。
选择下列题目之一用中文回答(字数不能低于3000字)。
回答前应对该话题多方查找资料,深刻了解该问题的来龙去脉,并理清思路,作答时应做到脉络清晰,逻辑清楚。
(1)评述2008年以后我国房地产业的发展。
房地产迅速的原因是什么?
.国家相应的政策是什么,是否有效?
市场反应如何?
结合我国的经济形势,这种现象是否与其他国家的某一时期发展很相似?
从其他国家的历史我们能吸取什么经验?
(2)如何评价中国人民币汇率?
人民币是否应该升值?
是否存在人民币低估或高估的现象?
升值和贬值导致的后果是什么?
结合我国的经济形势,这种现象是否与其他国家的某一时期发展很相似?
(3)以某一国有商业银行为例评述我国商业银行的发展。
该银行的发展改革历程;
现在运营的情况,运营所面临的问题和风险,该银行如何利用金融创新来减少和应对所面临的风险,效果如何;
以后进一步发展的难点和挑战是什么?
(4)2008年以来我国的经济金融状态是怎样的?
比如货币供给如何?
为什么CPI持续上升?
我国中央银行所采用的相应对策是什么?
这些国家(财政政策)和央行的政策(货币政策)所带来的经济和金融表现如何?
结合国家GDP、股市反应、利率调控、中国制造业发展、中小企业发展等综合分析。
我选的论题是第三个,并以中国建设
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