货币银行学名词解析.docx

货币银行学2012级期末考试题型（彭方平） 名词解释20分5对 选择题40分20题小计算 简答题2个20分 案例分析1大题2问20分 名词解释重点： Adverse selection VS Moral hazard Adverse 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 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 asymmetric information before the transaction occurs. In financial market it’s the hazard that the borrower might engage in immoral activities that make the loan less likely to be paid back. Because of the moral hazard, lenders may rather not make a loan. Capital market VS Money market Capital market: the market where long-term debt and equity instruments are traded. Money market: the market where short-term debt instruments are traded. Eurobond VS Foreign bonds Eurobond: 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 that country’s currency. Eurocurrencies VS Eurodollars Eurocurrencies:存放在货币发行国境外的各国货币 Eurodollars: U.S. dollars deposited in banks outside the United States. Primary market Secondary market OTC market Primary market: 筹集资金的公司或政府机构将新发行的股票和债券等证券销售给最初购买者的金融市场。 Secondary market: 对已发行的证券进行买卖、转让、流通的市场。 OTC market: 场外交易市场。在交易所外由证券买卖双方当面议价成交的市场，它 没有固定场所。 YTM Current yield Yield on a discount basis 到期收益率。使债务工具所有未来回报的现值与今天的价值相等的利率。 当期收益率：an approximation of the yield to maturity. Defined as the yearly coupon payment divided by the price of the security. 贴现基础上的收益率： Expectations theory Segmented theory Liquidity premium theory 期望理论：长期债券利率等于该长期债券期限中各个预期短期债券利率的平均。 市场分割理论：长期债券和短期债券是在不同的相互分割的市场上交易的，不同期限的债券之间完全不能替代。 流动性溢价理论：长期债券利率等于该长期债券期限中各个预期短期债券利率的平均与流动性溢价之和。 Sterilized for