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Fabozzi金融市场与金融机构基础课后答案

C H A P T E R6

I N S U R A N C E C O M P A N I E S

TYPE OF INSURANCE COMPANIES

Insurance companies sell insurance policies for a premium. They have two sources of income: underwriting income, and investment income.

Life Insurance

The life insurance company pays the beneficiary of the life insurance policy in the event of the death of the insured.

Health Insurance

The health insurance company pays the insured all or a portion of the medical treatment of the insured. Until the last decade, the major type of health insurance available was indemnity insurance. Due to the lack of constraints and incentives for cost savings, the medical service insured by indemnity insurance became very expensive. In response, various forms of managed health care have been developed. In general, these forms of managed health care put constraints on the choice of the provider by the insured and on the types of service provided by the provider.

Property and Casualty Insurance

Property and casualty (P&C) insurance companies insure the risk of damage to various types of property.

Liability Insurance

The risk insured against is litigation, or the risk of lawsuits against the insured due to actions by the insured or others. This is typically a third-party claim.

Disability Insurance

Disability insurance insures against the inability of employed persons to earn an income. Typically, “own occ” disability insurance is written for professionals in white-collar occupations, and “any occ” for blue-collar workers. There are two types of policies regarding the sustainability of the policy. First, guaranteed renewable is a term where the issuer has to sustain the policy for a specified period of time, but can change the premium rates for the entire class. The other type is noncancellable and guaranteed renewable whereby the issuer has no right to make any changes in any policy during the specified period.

Long-Term Care Insurance

Long-term care insurance provides coverage for custodial care for the aged who are no longer able to care for themselves.

Structured Settlements

Structured settlements are fixed, guaranteed periodic payments over a long period of time, typically resulting from a settlement on a disability policy or other type of policy.

Investment Oriented Products

A guaranteed investment contract or guaranteed income contract (or simply GIC), is a pure investment product. In a GIC, a life insurance company agrees, for a single premium, to pay the principal amount and a predetermined annual crediting rate over the life of the investment, all of which is paid at the maturity date. A life insurance company agrees in return for a premium to pay the principal amount and a predetermined annual crediting rate over the life of the investment. Effectively, a GIC is a zero coupon bond issued by a life insurance company and as such exposes the investor to the same credit risk. Some GICs require a single premium payment (bullet), others provide windows wherein deposits are accepted over time at the same interest rate. GICs are popular contracts for pension funds, since interest rate risk assumed by insurance company. But investors still have to worry about the credit risk of the insurance company. Annuity

An annuity is often described as a mutual fund in an insurance wrapper. The income and realized gains are not taxable if not withdrawn from the annuity product. Thus, the “inside buildup” of returns receives a favorable tax treatment. Annuities can be either fixed, or variable. For a single payment or premium the insurance company will provide fixed payments for the life of the policyholder. It can also provide a “lump sum” payment to the retiree after a number of years of accumulating and investing premium payments.

Monoline Insurance Companies

Monoline insurers guarantee the timely repayment of the bond principal and interest when a bond insurer defaults on these payments. The insured securities have traditionally been municipal bonds, but they now include structured finance bonds, CDOs, CLOs, and asset-backed bonds. Monoline insurers have been rated AAA and must have this high rating to be effective since they transfer their rating to the bond issue being insured.

INSURANCE COMPANIES VERSUS TYPES OF PRODUCTS

Traditionally, life and health products were coupled by an insurance company because of some of the similarities of the products. Property and casualty products were also provided by P&C companies. Companies that provide both types of insurances (life, health, property, casualty) are called multiline insurance companies. Investment products tend to be sold by life insurance companies.

Recently, health insurance companies have separated from life insurance. This change has been due to mainly federal regulation of the health industry. Life insurance companies have focused on investment products. Also, disability insurance is now sold primarily by pure disability companies.

FUNDAMENTALS OF INSURANCE INDUSTRY

A fundamental aspect of the insurance industry results from the relationship between the revenues and costs. A company collects its premium income initially and invests these receipts in its portfolio. The payments on the insurance policy occur later and, depending on the type of insurance, in a perhaps very unpredictable manner. The payments are contingent on potential future events.

An insurance policy is a binding contract for which the policyholder pays premium in exchange for the insurance company’s promise to pay specified amounts contingent on future events. The accepted policy is an asset for the owner and a liability for the insurance company.

Life insurance and property and casualty insurance companies are financial intermediaries that, for a price, will make a payment if a certain event occurs. They function as risk bearers. The principal event that the life insurance company insures against is death: a life insurance company agrees to make either a lump sum payment to the beneficiary of the policy or make a series of payments. However, life insurance protection is not the only financial product sold by these companies. A major portion of the business of life insurance companies is now in the area of providing retirement benefits. The key distinction between life insurance and property and casualty insurance (P&C) companies is the difficulty of projecting whether a policyholder will be paid off and how much the payment will be.

REGULATIONS OF INSURANCE INDUSTRY

Regulation is primarily at the state level as a result of 1945 federal statute (McCarran-Ferguson Act). Model laws and regulations are developed by National Association of Insurance Commissioners (NAIC). Insurance companies are also rated by the rating agencies.

To assure financial stability, insurance companies must maintain reserves or surplus, which are the excess of assets over liabilities. State statutory surplus requirements are called statutory surplus, which is distinguished from generally accepted accounting principles (GAAP) surplus.

STRUCTURE OF INSURANCE COMPANIES

Insurance companies are really a composite of three companies. First there is the “home office” or actual insurance company. Second, there is the investment component, which invests the premium collected in the investment portfolio. This is the investment company. The third is the distribution component of the sales force. There are different typed of distribution forces. Finally there are also brokers who sell insurance products of many companies.

Insurance companies are attracted by commercial bank customer contacts. As a result, commercial bank distribution of insurance company products has grown. This relationship is called bankassurance.

FORMS OF INSURANCE COMPANIES

There are two forms of insurance companies: stock and mutual. A stock insurance company is similar in structure to any corporation or public company. Shares (of ownership) are owned by independent shareholders and are traded publicly. The shareholders care only about the performance of their shares that is the stock appreciation and the dividends. The insurance policies are simply the products or business of the company. In contrast, mutual insurance companies have no stock and no external owners. Their policyholders are also their owners. The owners, that is the policyholders, care primarily or even solely about the performance on their insurance policie s, notably the company’s ability to pay on the policy. Since theses payments may occur considerably into the future, the policyholders view may be long term.

Finally a new form of insurance company, which is a hybrid between a pure mutual and a pure stock company has been approved by some states and implemented by some insurance companies in these states since their introduction in 1996. This form is called a mutual holding company (MHC).

INDIVIDUAL VERSUS GROUP INSURANCE

Insurance products can be sold on individual and group bases. Also, in the P&C business, insurers can sell personal lines and commercial lines of insurance products.

TYPES OF LIFE INSURANCE

There are two fundamentally different types of life insurance: term (life) insurance and cash value life insurance.

Term Insurance

Term policies pay off only on death. Three are no investment benefits and so the premiums are substantially lower than those on whole life policies. Most group policies are term policies. “Term” implies that c overage is available only during the premium-paying term of the contract.

Cash Value or Permanent Life Insurance

There is a broad classification of life insurance, which is cash value, or permanent or investment type life insurance. A common type of cash value life insurance is whole life insurance. This cash value can be withdrawn and can also be borrowed against by the owner of the policy. If the owner wishes to let the policy lapse, he or she can withdraw the cash value. A major advantage of this type of policy is that the inside buildup is not subject to tax, i.e., is taxed as either income or capital gains. Neither is the beneficiary subject to income tax.

Guaranteed cash value life insurance:This insurance provides a cash value based on a minimum dividend paid on the policy. Additionally, the policy can be either participating or nonparticipating. For a nonparticipating policy, the minimum dividend and the minimum cash value on the policy are the guaranteed amounts. For the participating policy, the dividend paid on the policy is based on the realized actuarial experience of the company and its investment portfolio.

Variable life insurance: Contrary to the guaranteed or fixed cash value policies based on the general account portfolio of the insurance company, variable life insurance policies allow the policy owner to, within limits, allocate their premium payments to and among separate investment accounts maintained by the insurance company. Variable life insurance, which typically has common stock investment options, has grown quickly with the stock market rally of the 1990’s.

Flexible premium policies—universal life insurance: The key element of universal life is the flexibility of the premium. The policy cash value is set up as the cash value fund to which the investment income is credited and from which the cost of term insurance for the insured is debited. This separation of the cash value from the pure insurance is called the unbundling of the traditional life insurance policy.

Variable universal life insurance: Variable universal life insurance combines the features of variable life and universal life policies, i.e., the choice of separate account investment products and flexible premiums.

Survivorship (Second to Die) Insurance

An added dimension of the whole life policies is that two people are jointly insured and the policy pays the death benefit not when the first person dies, but when the second person dies. This is called survivorship insurance or second-to-die insurance.

GENERAL ACCOUNT AND SEPARATE ACCOUNT PRODUCTS

The general account of an insurance company refers to the investment portfolio of the overall company. Insurance companies must support the guaranteed performance of their general account products to the extent of their solvency. These are called general account products.

Other types of insurance products receive no guarantee from the insurance company’s general account, and their performance is not based on the performance of the insurer’s general account but solely on the performance of an account separate from the general account of the insurer. These products are called separate account products.

PARTICIPATING POLICIES

The performance of some general account products is not affected by the performance of the general account portfolio. The policy performance may not participate in the investment performance of the insurer’s general account investment portfolio. Such a policy is nonparticipating policy. Other general insurance products participate in the performance of the company’s general account performance. Such a policy is called a participating policy. Both stock and mutual insurance companies write both general and separate account products, but most participating general account products are written in mutual companies.

INSURANCE COMPANIES INVESTMENT STRATEGIES

In general the characteristics of insurance company investment portfolio should reflect their liabilities - the insurance products they underwrite. There are many differences among the various types of insurance policies. Among them are:

?The expected time at which the average payment will be made by the insurance company (Technically, the “duration” of the payments)

?The statistical or actuarial accuracy of estimates

?Other factors

The key distinction between life insurance, property and casualty insurance companies lies in the difficulty of projecting whether or not a policyholder will be paid off and how much the payment will be. There are also differences in investment strategy between public (or stock) and mutual insurance companies of the same type. The major difference is that stock companies tend to have less common stock than mutual companies.

Most insurance company assets consist of debt, both public and private. In fact, life insurers as a group are the largest holders of bonds. Since life insurers are effectively taxed at very low rates, there are no advantages to holding municipals. The reason for bond holdings are (1) to match maturities, since liabilities are often long-term and at a fixed rate, and (2) regulations require that bonds be booked at cost, while stocks must be written at market value.

CHANGES IN THE INSURANCE INDUSTRY

There have been three major types of changes in the insurance industry in the last two decades: (1) deregulation of the financial system; (2) internationalization of the insurance industry; (3) demutulization.

Deregulation of the Financial System

In 1933, Congress passed the Glass-Steagall Act, which separated commercial banking, investment banking, and insurance. This act resulted in the breakup of the House of Morgan into separate investment banking and commercial banking entities. . On November 12, 1999 the Gramm-Leach-Bliley Act (GLB), called the Financial Modernization Act of 1999, was signed into law. This act removed the 50 year old “anti-affiliation restrictions” among commercial banks, investments banks and insurance companies. The passage of this act has eliminated the barriers between insurance companies, commercial banks, and investment banks and various combinations of these types of companies will continue to evolve. Since then, however, Citigroup sold its insurance business (Travelers) to MetLife, and no other major combinations between banking and insurance have taken place.

Internationalization of the Insurance Industry

Globalization has occurred in many industries, including insurance industry. With respect to the U.S. globalization operates in two directions. First, U.S. insurance companies have both acquired and entered into agreements with international insurance companies and begun operations in other countries. Second, international insurance companies, mainly European, have become even more active in acquiring U.S. insurance and investment companies. The reasons are: (1) more rapid growth of the US financial business, (2) attractive demographics and income potential of the US market, and (3) less regulations.

Demutualization

Since the mid-1990s, several insurance companies have changed from mutual to stock companies. Many industry observers believe that the recent demutualized insurance companies will either acquire other financial companies or will be acquired by other financial companies.

EVOLUTION OF INSURANCE INVESTMENT AND RETIREMENT PRODUCTS

Even prior to the Financial Modernization Act of 1999, there was an increasing overlap of insurance, investment and pension products and the distribution of those products. The passage of this Act has accelerated this convergence.

Three decades ago there were three distinct types of products for individuals: insurance, savings/investment, and retirement. Retirement products include individual retirement accounts. During the last two decades, many products have been developed that fit into two or even three of these categories. Products that are hybrid of retirement and investment products are 401k and Roth 401k.

401(k) Plans and Roth 401(k) Plans

401(k) plans are plans provided by an employer whereby an employee may elect to contribute pretax dollars to a qualified tax-deferred retirement plan.

IRAs and Roth IRAs

While a 401(k) is an employer-sponsored retirement program, the most common types of IRAs are personal tax-deferred retirement plans. Individually sponsored IRAs include traditional IRA, Roth IRA, and rollover IRA. Employer-sponsored IRA included Simplified Employee Pension (SEP) plans, and Savings Incentives Matching Plan for Employees (SIMPLE).

ANSWERS TO QUESTIONS FOR CHAPTER 6

(Questions are in bold print followed by answers.)

a.What are the major sources of revenue for an insurance company?

b.How are its profits determined?

a.An insurance company's revenue is generated from two sources: (1) premium income for

policies written during the year; (2) investment income resulting from the investment of both the reserves established to pay off future claims and the P&C's surplus (asset less liabilities).

b.Profit is determined by subtracting from the revenue for the year (as defined above in

question 1a) each of the following items: (1) claim expenses: funds that must be added to reserves for new claims for policies written during the year; (2) claim adjustment expenses: funds that must be added to reserves because of underestimates of actuarially projected claims from previous years; (3) taxes; (4) administrative and marketing expenses associated with issuing policies. If annual premiums exceed the sum of (1), (2) and (4), the difference is said to be the underwriting profit. An underwriting loss results otherwise.

2. Name the major types of insurance and investment oriented products sold by insurance companies.

The major types of insurance products sold are: Life insurance, Health insurance, Property and casualty insurance, Liability insurance, Disability insurance, long-term care insurance, GIC and annuities.

a.What is a GIC?

b.Does a GIC carry a “guarantee” like a government obligation?

a. A guaranteed investment contract (GIC) guarantees a fixed interest income compounded over

the life of the contract. It is like a zero-coupon bond issued by an insurance company, usually to pension funds. A GIC shifts the interest rate risk from a pension fund to the issuer.

b.The guarantee is given only by the insurance company. There is no government bailout in

case of insolvency of the issuer.

4. What are some key differences between a mutual fund and an annuity?

In a mutual fund, all income is taxable, and no guarantees are given in its performance. An annuity is an investment product often called a “mutual fund is in an insurance wrapper”. The wrapper is the guarantee by the insurance company. The company will pay the annuity holder.

5. Why should a purchaser of life insurance be concerned about the credit rating of his or her insurance company?

The credit rating of an insurance company is extremely important to the purchaser of the LIC product. The credit risk of insurance company has been prominent by the default of several major issues of GIC e.g. mutual Benefits and Executive Life in 1991.

a.Does the SEC regulate all insurance companies?

b.If not, who regulates them?

a.No. The insurance industry is regulated by individual states and only the SEC regulates those

insurance companies whose stock is publicly traded.

b.State laws and NAIC, a voluntary association of state insurance commissioners.

7. Does the insurance industry have a self-regulatory group and, if so, what is its role?

Model laws and regulations are developed by the National Association of Insurance Commissioners (NAIC), a voluntary association of the state insurance commissioners, for application on insurance companies in all states. An adoption of a model law or regulation by the NAIC is not, however, binding on any state. States typically use these as a model when writing their own laws and regulations.

8. What is the statutory surplus and why is it an important measure for an insurance company?

For an insurance company, surplus is simply total assets minus liabilities, or net worth. Due to state regulations the size of the surplus dictates the amount of common stock that an insurance company can hold and ultimately the amount of business it can write.

9. What is bank assurance?

“Banc assurance” means combining the activities of banking and insurance companies. Several factors could explain the growing interest in banc assurance in certain regions: (1) deregulation and increased competition are forcing banking and insurance firms to seek new markets and products, (2) a growth in savings, and (3) an increased demand for insurance with investment features.

10.

a.What is meant by “demutualization”?

b.What are the perceived advantages of demutualization?

a.Demutualization refers to changing structure of insurance companies from being mutual

companies stocks to ownership companies. This recent trend of demutualization in 1990’s is changing the landscape of insurance industry.

b.The advantages of demutualization is more competition, transparency and pressure for better

performance for the shareholders.

11. Comment on the following quotation from Frank J. Jones, “An Overview of Institutional Fixed In come Strategies,” in Volume 1 of Professional Perspectives on Fixed Income Portfolio Management (Hoboken, NJ: John Wiley & Sons, 2000):

An important impediment to the use of the total rate of return objective by stock life insurance companies is the role of equity analysts on Wall Street. . . . These equity analysts emphasize the stability of earnings and thereby prefer stable income to capital gains. Therefore, they consider only income and not capital gains, either realized or unrealized, in operating income—an important measure in their overall rating. While this practice of not considering capital gains may be appropriate for bonds, it certainly is inappropriate for common stock and provides a significant disincentive to life insurance companies for owning common stock in their portfolios. . . . this equity analyst practice does a disservice to policyholders of stock life insurance companies since their insurance companies end up having inferior asset allocations.

The statement by Jones has elements of subjective judgment and has several dimensions. It begs the merit of stocks vs. mutual structure of ownership and the respective rates of returns for the shareholders. It may be true that equity analysts emphasize the stability of earnings at the cost of capital gains. But those capital gains are reflected in the current price of the stock. It is up to the shareholders to realize those gains. Thus, the total rate of return objective by stock life insurance companies is not a real impediment.

12. What are term insurance, whole life insurance, variable life insurance, universal life insurance, and survivorship insurance?

Term insurance is pure life. If the insured person dies while the policy is intact, the beneficiary receives the death benefit.

Whole life insurance pays off a stated amount upon the death of the insured and accumulates a cash value that can be redeemed by the policyholder.

Universal life pays a dividend that is tied to market interest rates. Essentially, the cash value of a universal life policy builds and is used to buy term insurance.

Variable life insurance provides a death benefit that depends on the market value of the investment at the time of the insured’s death. The premiums are typically invested in common stock; hence such policies are referred to as equity-linked policies. While the death benefits are variable, there is a guaranteed minimum death benefit that the insurer agrees to pay regardless of the market value of the portfolio.

Universal Life Insurance: the main element of the universal life insurance is the flexibility of premium for the policyholder. It separates term insurance from cash value element of the policy.

13. Why are all participating policies written in an insurance company’s general account?

All participating policies by the insurance company are written in the general account. The general account of an insurance company refers to the investment portfolio of the overall company. Such products “Written by the company itself” are said to have a “general acco unt guarantee” i.e. they are a liability of the insurance company. The rating agencies provide a credit rating based on products written by or guaranteed by the general account.

14. Whose liabilities are harder to predict, life insurers or property and casualty insurers? Explain why.

Property and casualty insurers P&Cs. Life insurance actuaries can predict death rates among various age groups based upon historical data. With P&Cs, the timing and amount of payoffs are almost random by nature. Past experience provides little predictive assistance. Homeowner claims are just as likely to arise in the first year of a policy or ten years later. Even then, the dollar amount of damage claims can be small or for the entire value of the policy.

15. How does the Financial Modernization Act of 1999 affect the insurance industry?

The Financial Modernization Act of 1999 will affect significantly the insurance industry in several ways. Even before this act, there was an increase overlap of insurance, investment, pension products and the distribution of products. The passage of this act has accelerated this convergence. This act has eliminated the barriers between insurance companies, commercial banks, and investment banks and various combinations will continue to evolve.

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A．分配功能B．财富功能C．调节功能D．反映功能 3．金融市场的配置功能不表现在( C )方面。 A．资源的配置B．财富的再分配 C．信息的再分配D．风险的再分配 4．金融工具的收益有两种形式，其中下列哪项收益形式与其他几项不同( D )。A．利息B．股息C．红利D．资本利得 5．一般来说，( B )不影响金融工具的安全性。 A．发行人的信用状况B．金融工具的收益大小 C．发行人的经营状况D．金融工具本身的设计 6．金融市场按( D )划分为货币市场、资本市场、外汇市场、保险市场、衍生金融市场。 A．交易范围B．交易方式C．定价方式D．交易对象 7．( B )是货币市场区别于其他市场的重要特征之一。 A．市场交易频繁B．市场交易量大C．市场交易灵活D．市场交易对象固定 8．( A )一般没有正式的组织，其交易活动不是在特定的场所中集中开展，而是通过电信网络形式完成。 A．货币市场B．资本市场C．外汇市场D．保险市场多项选择题 1．金融资产通常是指具有现实价格和未来估价，且具有特定权利归属关系的金融工具的总称，简言之，是指以价值形态而存在的资产，具体分为( BCD )。 A．现金资产B．货币资产C．债券资产D．股权资产E．基金资产2．在经济体系中运作的市场基本类型有( ACD )。

fabozzi_金融市场与金融机构基础课后答案.doc

CHAPTER 4 THE U.S. FEDERAL RESERVE AND THE CREATION OF MONEY CENTRAL BANKS AND THEIR PURPOSE The primary role of a central bank is to maintain the stability of the currency and money supply for a country or a group of countries. The role of central banks can be categorized as: (1) risk assessment, (2) risk reduction, (3) oversight of payment systems, (4) crisis management. One of the major ways a central bank accomplishes its goals is through monetary policy. For this reason, central banks are sometimes called monetary authority. In implementing monetary policy, central banks, acting as a reserve bank, require private banks to maintain and deposit the required reserves with the central bank. In times of financial crisis, central banks perform the role of lender of last resort for the banking system. Countries throughout the world may have central banks. Additionally, the European Central Bank is responsible for implementing monetary policy for the member countries of the European Union. There is widespread agreement that central banks should be independent of the government so that decisions of the central bank will not be influenced for short-term political purposes such as pursuing a monetary policy to expand the economy but at the expense of inflation. In implementing monetary and economic policies, the United States is a member of an informal network of nations. This group started in 1976 as the Group of 6, or G6: US, France, Germany, UK, Italy, and Japan. Thereafter, Canada joined to for the G7. In 1998, Russia joined to form the G8. THE CENTRAL BANK OF THE UNITED STATES: THE FEDERAL RESERVE SYSTEM The Federal Reserve System consists of 12 banking districts covering the entire country. Created in 1913, the Federal Reserve is the government agency responsible for the management of the US monetary and banking systems. It is independent of the political branches of government. The Fed is managed by a seven-member Board of Governors, who are appointed by the President and approved by Congress. The Fed's tools for monetary management have been made more difficult by financial innovations. The public's increasing acceptance of money market mutual funds has funneled a large amount of money into what are essentially interest-bearing checking accounts. Securitization permits commercial banks to change what once were illiquid consumer loans of several varieties into securities. Selling these securities gives the banks a source of funding that is outside the Fed's influence.

金融市场学第四版课后参考答案

高教版第四版《金融市场学》课后参考答案习题三答案 2.（1）该委托将按最有利的限价卖出委托价格，即40.25美元成交。（2）下一个市价买进委托将按41.50美元成交。（3）我将增加该股票的存货。因为该股票在40美元以下有较多的买盘，意味着下跌风险较小。相反，卖压较轻。 7.令3个月和6个月国库券的年收益率分别为r3和r6，则 1+r3=（100/97.64）4=1.1002 1+r6=（100/95.39）2=1.09 求得r3=10.02%，r6=9.90%。所以3个月国库券的年收益率较高。习题四答案 1.判断题（1）（错误）该支付手段必须用于国际结算。（2）（错误）买入价是指报价行愿意以此价买入标的货币的汇价，卖出价是报价行愿意以此价卖出标的货币的汇价。客户向银行买入外汇时，是以银行报出的外汇卖出价成交，反之，则是以银行报出的买入价成交。（3）（错误）无论是在直接标价法还是间接标价法下，升、贴水的含义都是相同的，即：升水表示远期汇率高于即期汇率，贴水表示远期汇率低于即期汇率。（4）（正确）因为远期外汇的风险大于即期外汇。（5）（错误）举例说明，A币与B币的市场价值均为10元，后B币下跌为8元，则A币较B币升值（10-8）/8=25%，B币较A币贬值（10-8）/10=20%。（6）（错误）外汇银行将根据自身的风险承受能力及保值成本决定是否轧平。（7）（错误）还必须考虑高利率货币未来贴水的风险。只有当套利成本或高利率货币未来的贴水率低于两国货币的利率差时才有利可图。（8）（错误）根据利率平价说，利率相对较高国家的货币未来贴水的可能性较大。（9）（错误）购买力平价理论认为，汇率的变动是由于两国物价变动所引起的。（10）（错误）两者的结论恰恰相反。如当本国国民收入相对外国增加时，国际收支说认为将导致本币汇率下跌，外汇汇率上升；而弹性货币分析法则认为将使本币汇率上升，外汇汇率下跌。（5）B 3.（1）银行D，汇率1.6856 （2）银行C，汇率7.7960 （3）1.6856×7.7960=13.1404GBP/HKD 5.（1）现在美国出口商拥有英镑债权，若不采取避免汇率变动风险的保值措施，则2个月后收到的英镑折算为美元时相对10月中旬兑换美元将损失（1.6770-1.6600）

南财大《金融市场学》线上考试卷及答案1-3套要点

金融市场学第一套试卷总分：100 考试时间：100分钟 1、按照交易程序不同，金融市场可分为(答题答案：C) A、货币市场和资本市场 B、现货市场和期货市场 C、发行市场和流通市场 D、有形市场和无形市场 2、直接融资的主要形式是(答题答案：C) A、银行信贷 B、商业票据 C、股票与债券 D、基金 3、金融机构之间发生的短期临时性资金借贷活动，叫做(答题答案：D) A、再贷款 B、转贷款 C、转贴现 D、同业拆借 4、正回购方所质押证券的所有权真正让渡给逆回购方的回购协议属于(答题答案：C) A、正回购 B、逆回购 C、封闭式回购 D、开放式回购 5、下列资产中通胀风险最大的是(答题答案：A) A、股票 B、固定收益证券 C、房地产 D、汽车 6、以低于面值的价格发行，到期按面值偿还的是(答题答案：C) A、息票债券 B、利随本清债券 C、贴现债券 D、可赎回债券 7、客户向经纪人支付一定的现款或股票作为保证金，差额部分由经纪人垫付的交易方式称为(答题答案：B)

A、现货交易 B、信用交易 C、期货交易 D、期权交易 8、属于长期政府债券的是(答题答案：B) A、国库券 B、公债 C、央行票据 D、回购协议 9、公开对社会广大投资者发行证券的发行方式称为(答题答案：D) A、直接发行 B、间接发行 C、私募发行 D、公募发行 10、我国发行股票时不允许(答题答案：D) A、平价发行 B、溢价发行 C、折价发行 D、以上都不对 11、证券交易所的交易采取(答题答案：C) A、公司制 B、会员制 C、经纪制 D、承销制 12、开放式基金特有的风险是(答题答案：A) A、巨额赎回风险 B、市场风险 C、管理风险 D、技术风险 13、下列不属于证券投资基金收益来源的是(答题答案：D) A、股票红利 B、债券利息 C、资本利得 D、承销证券收入 14、根据募集方式不同，证券投资基金分为(答题答案：C) A、公司型基金与契约型基金 B、封闭式基金与开放式基金 C、公募基金与私募基金 D、股票型基金与债券型基金 15、目前世界最大黄金市场是(答题答案：A) A、伦敦黄金市场 B、苏黎世黄金市场 C、香港黄金市场 D、美国黄金市场

第一章为何学习金融市场与机构(英文习题及答案)

Chapter 1 Why Study Financial Markets and Institutions? 1.1 Single Choice 1)Financial markets and institutions A)involve the movement of huge quantities of money. B)affect the profits of businesses. C)affect the types of goods and services produced in an economy. D)do all of the above. E)do only A and B of the above. 2)Financial market activities affect A) personal wealth. B) spending decisions by individuals and business firms. C) the economy's location in the business cycle. D) all of the above. 3) Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called A) commodity markets. B) funds markets. C) derivative exchange markets. D) financial markets. 4) The price paid for the rental of borrowed funds (usually expressed as a percentage of the rental of $100 per year) is commonly referred to as the A) inflation rate. B) exchange rate. C) interest rate. D) aggregate price level. 5) The bond markets are important because A) they are easily the most widely followed financial markets in the United States. B) they are the markets where interest rates are determined. C) they are the markets where foreign exchange rates are determined. D) all of the above. 6) Interest rates are important to financial institutions since an interest rate increase _________ the cost of acquiring funds and _________ the income from assets. A) decreases; decreases B) increases; increases C) decreases; increases D) increases; decreases 7) Typically, increasing interest rates

货币银行学课程教案(内招生)

货币银行学教案暨大金融系萧松华教材与主要参考文献 ?教材：萧松华、朱芳：《货币银行学》（第三版），西南财经大学出版社，2009年。 ?主要参考文献： ?黄达：《货币银行学》，《金融学》，中国人民大学出版社。 ?米什金：《货币金融学》（第四版），中国人民大学出版社。 ?李扬、王国刚、何德旭：《中国金融理论前沿Ⅲ》，社会科学文献出版社。 ?霍文文：《金融市场学教程》，复旦大学出版社，2005年。 ?易纲，吴有昌：《货币银行学》，上海人民出版社，1999年。 ?兹维·博迪、罗伯特·C·莫顿：《金融学》，中国人民大学出版社，2005年。学习方法 ?课前预习、认真听课、做好笔记 ?课后复习、精读教材、归纳总结、广泛阅读有关文献 ?做好练习并自我检测 ?观察金融领域的实际运行情况并积极参与讨论 ?尝试运用所学理论分析问题、解决问题第一章货币本章重点掌握及思考的问题： 1、货币购买力与价格 2、金属货币的自发调节功能 3、货币制度及其内容、格雷欣法则 4、不兑现信用货币制度的特征 5、货币的定义及层次划分标准第一节货币的职能货币具有价值尺度、交换媒介、贮藏价值和支付手段四种职能。其中价值尺度和交换媒介是货币的基本职能，而贮藏价值和支付手段是货币的派生职能。一、价值尺度（Standard of Value） 1、概念：货币可以用来表现商品的价值并衡量商品价值的大小。 2、特点：货币在执行价值尺度职能时只要是观念的或想象的货币就可以，而不需要现实的货币。价格与货币购买力用货币表现出来的商品价值就是价格；价格与商品价值成正比，与货币价值成反比。价格反映价值是相对准确，只是从趋势上反映商品价值量的变化。其中起最大作用的因素是供求对比。价格一般包含两类因素：价值和供求。 ·思考：当货币是否足值时，价格的决定与变化？货币购买力（Purchasing-power of Money），又称货币价值（Value of Money），是指单位货币在一定价格水平下的购买商品或劳务的能力（或数量）。货币购买力（L）是价格(P)的倒数。二者的关系可表示为： 1

Fabozzi金融市场与金融机构基础课后答案

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第一章为何学习金融市场与机构(英文习题及答案)