金融学练习6
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一 问答题
试题1满分值：0.0分 状态：已答
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How do regulators help to ensure the
soundness of financial
intermediaries?
[参考答案]
Answer: Regulators
restrict who can set up a financial intermediary,
conduct regular examinations, restrict
assets,
and provide insurance to help ensure the soundness
of financial intermediaries.
[我的答案]
the
government has implemented six types of
regulations.
Restrictions on Entry . Disclosure
. Restrictions on Assets and
Activities.
Deposit Insurance.
limits on
Competition.
Restrictions on Interest
rate.
试题2满分值：0.0分 状态：已答 实际得分：分
Because
there is an imbalance of information in a lending
situation, we must deal with the problems
of
adverse selection and moral hazard. Define
these terms and explain how financial
intermediaries can reduce
these
problems.
[参考答案]
Answer: Adverse selection
is the asymmetric information problem that exists
before the transaction occurs.
For lenders, it
is the difficulty in judging a good credit risk
from a bad credit risk. Moral hazard is
the
asymmetric information problem that exists
after the transaction occurs. For lenders, it is
the difficulty in
making sure the borrower uses
the funds appropriately. Financial intermediaries
can reduce adverse selection
through intensive
screening and can reduce moral hazard by
monitoring the borrower.
[我的答案]
Adverse
selection is the problem created by asymmetric
information before the transaction
occurs.
Moral hazard is the problem created by
asymmetric information after the transaction
occurs.
They are better equipped than
individuals to screen out bad credit risks from
good ones, thereby reducing losses due
to
adverse selection.
They develop expertise
in monitoring the parties they lend to, thus
reducing losses due to moral
hazard.
试题3满分值：0.0分 状态：已答
实际得分：分
Distinguish between a foreign
bond and a Eurobond.
[参考答案]
Answer: A
foreign bond is sold in a foreign country and
priced in that country’s currency. A Eurobond
is
sold in a foreign country and priced in a
currency that is not that country’s
currency.
[我的答案]
Foreign bonds are sold in a
foreign country and are denominated in that
country’s currency.
Eurobond denominated in a
currency other than that of the country in which
it is sold.
试题4满分值：0.0分 状态：已答
实际得分：分
Describe the two methods of organizing a
secondary market.
[参考答案]
Answer: A
secondary market can be organized as an exchange
where buyers and sellers meet in one
central
location to conduct trades. An example
of an exchange is the New York Stock Exchange. A
secondary
market can also be organized as an
over-the-counter market. In this type of market,
dealers in different
locations buy and sell
securities to anyone who comes to them and is
willing to accept their prices. An
example of
an over-the-counter market is the federal funds
market.
[我的答案]
Brokers match buyers with
sellers of securities.
Dealers link buyersand
sellers by buying and selling securities at stated
prices.
试题5满分值：0.0分 状态：已答
实际得分：分
Corporations receive funds when their
stock is sold in the primary market. Why do
corporations pay attention
to what is happening
to their stock in the secondary
market?
[参考答案]
Answer: The existence of the
secondary market makes their stock more liquid and
the price in the secondary
market sets the
price that the corporation would receive if they
choose to sell more stock in the
primary
market.
[我的答案]
The
existence
of the secondary market makes their stock more
liquid and the price in the secondary
market
sets the price that the corporation would receive
if they choose to sell more stock in
the
primary market.
试题6满分值：0.0分 状态：已答
实际得分：分
Distinguish between direct finance and
indirect finance. Which of these is the most
important source of funds
for corporations in
the United States?
[参考答案]
Answer:
With direct finance, funds flow directly from the
lendersaver to the borrower. With
indirect
finance, funds flow from the lendersaver
to a financial intermediary who then channels the
funds to the
borrowerinvestor. Financial
intermediaries (indirect finance) are the major
source of funds for corporations
in the
U.S.
[我的答案]
In direct finance , borrowers
borrow funds directly from lenders in financial
markets by selling them securities.
Financial
markets are essential to promoting economic
efficiency.
Thus indirect finance in most
important.