人民大學(xué) 同等學(xué)力 金融 專業(yè)英語 考試答案

3-monthTreasuryBill(T-bill)三個月期國庫券

asetinterestrate一系列的利率

asset-backedcollateralizeddebtobligations資產(chǎn)支持抵押債務(wù)證券

asset-backedsecurities資產(chǎn)支持證券

breakingthebuck基金價格跌破凈資產(chǎn)

BritishBankers’Association(BBA)英國銀行家協(xié)會

ChicagoMercantileExchange(CME)芝加哥商品交易所

collateralizeddebtobligation(CDO)債務(wù)抵押債券

commercialpaper商業(yè)票據(jù)

corporatenotes中長期公司證券

Defaultingrisk違約風(fēng)險

DiscountRate貼現(xiàn)率

Eurodollarfuturescontract歐洲美元期貨合約

FDIC聯(lián)邦存款保險公司

federalbudget聯(lián)邦證券

federalfundsrate聯(lián)邦基金利率

LIBOR倫敦銀行間同業(yè)拆借利率

LiquidityRiskPremium(LIBOR-OIS)流動性風(fēng)險溢價

moneymarketaccounts貨幣市場賬戶

moneymarketfunds貨幣市場基金

moneymarketfunds貨幣市場基金

mortgage-backedsecurities按揭支持證券

mutualfunds共同基金

negotiablecertificatesofdeposit(CDs)可轉(zhuǎn)讓定期存單

OvernightIndexSwaps(OIS)隔夜指數(shù)掉期

Post-bubbleJapan日本后泡沫時期

quantitativeeasing量化寬松

repomarket回購市場

ReservePrimaryFund一級儲備基金

savingsaccount儲蓄賬戶

secondarymarket二級市場

short-termmunicipalsecurities短期市政證券

Short-termunsecuredloans短期無擔(dān)保貸款

T-bill短期國庫券

TEDspread泰德利差

tranches=prioritizedcapitalstructureofclaims債權(quán)資本結(jié)構(gòu)的優(yōu)先層級劃分

1、whatisthequantitativeeasingintheformof?量化寬松政策形式是什么

ToincreasereservesandexpandtheFedbalancesheetisaformquantitativeeasing.

增加儲備并擴大聯(lián)邦資產(chǎn)負(fù)債表是量化寬松政策的形式。

2、whatisLIBOR?

LIBORisanacronymfor“LondonInterBankOfferedRate”.Thisistheaverageinterestratethatbankschargewhentheymake

short-termunsecuredloanstootherbanks.

3、whichinstitution/agencycalculateandpublishLIBORrate?LIBOR的發(fā)布機構(gòu)和計算方式？

TheBritishBankers’Associationsurvey16majorbanksinLondonandfindtheaverageofthereportedratesfromthis16banks.Then

theydiscardthetopfourratesandthebottomfourratesandaveragestheratesformtheremainingbankstocomeupwithaLIBOR.

4、whatdoesarisingLIBORtellus?

arisingLIBORtellustwothings.(1)TheinterestratesingeneralarerisingandsoLIBORisalsorising.(2)Thedefaultingriskinthe

marketishighandthereforeLIBORisrising.

5、whatdoesafallingLIBORtellus?

(1)TheinterestratesingeneralarefallingandsoLIBORisalsofalling.(2)ThedefaultingriskinthemarketislowandthereforeLIBORis

falling.

6、WhyareEconomistsWorryingAboutaRisingLIBOR?

InthemidstofthelargestfinancialcrisissinceTheGreatDepression,youareprobablyhearingalotaboutLIBORrising—whichisa

signthattheglobalcreditmarketsareseizingupbecausebanksareafraidtoloantoeachotherbecausetheydon'tknowiftheotherbanks

theyareloaningtoaregoingtoexistnextweek,letalongbeabletopaybackthoseloans.

6、WhatistheTEDspread?/Howdoesitgetitsname?

TheTEDSpreadgotitsnamefromthetwofinancialinstruments.“T”isfrom3-monthTreasuryBill,and“ED”isthetickersymbolfor

theEurodollarfuturescontractonCME.泰德利差由兩個金融工具得名，一個是三個月期國庫券，另一個是歐洲美元期貨合約。

7、HowtocalculatetheTEDspread?

TheTEDSpreadisequaltothedifferencebetweenthevalueoftheEurodollarfuturescontractandtheyieldonthe3-monthT-bill.

8、WhatistheEurodollar?（歐洲美元是什么）

EurodollarreferstoUSdollardenominatedassetsthatareoutsidetheUSA.

9、WhatdoestheTEDspreadtelluswhenitisincreasing?（泰德利差增加意味著什么）

WhenTEDspreadisincreasing,ittellsuseitherthedefaultingriskishigherorthestockmarketisfaltering.Italsoimpliesthe

potentialeconomiccontraction.

10.WhatdoestheTEDspreadtelluswhenitisdecreasing?（泰德利差減少意味著什么）

WhenTEDspreadisdecreasing,ittellsuseitherthedefaultingriskislowerorthestockmarketisgood.Italsomeansitisasignof

potentialeconomicexpansion.

11.WhatisthefullnameofOIS?

OISisanacronymforovernightinterestswaps.

12.WhatisthemechanismofOISinthefinancialmarket?OIS的運行機制是什么?whatisthemachineryofOIS?

OISinvolvestwotypesofinterestrate.Oneisovernightinterestrate,andtheotheroneisfixedshort-terminterestrate.Whoeverends

uppayinglessinterestwillmakeupthedifferencetotheotherinstitution.

13.WhatdoesanincreasingLIBOR-OIStellus?

IttellsustheLiquidityRiskPremiumwillbehigh.

15.WhatdoesLIBOR-OISreflect?反映什么？

ItreflectsLiquidityRiskPremium.

16.HowtocalculateOIS?

Overnightindexswaprateiscalculatedeachday.Thisrateisbasedontheaverageinterestrateinstitutionswithloansbasedonthe

overnightratehavepaidforthatday.

17.WhatdoestheOvernightindexswapratetellus?（OIS能體現(xiàn)什么）

TheOISrateitselfdoesnottellusmuchvaluableinformation,butifcombinewithLIBOR,andcreatetheLIBOROISspread,itcan

indicatethehealthoftheglobalcreditmarket.

18.Whatisafuturecontract?（期貨合約）

Afuturecontractisanagreement,tradedonafuturesexchange,todeliveracommodityorfinancialinstrumentforanagreedupon

priceatastandardizedfuturedate.

19.Whatisa30-dayfedfundsfuturescontract?

Afedfundsfuturescontractisaninterestratefutures;i.e.afuturescontractwhosevalueisbasedonafixed-incomesecurityor

interestrate.Theunderlyinginterestrateforthefedfundsfuturescontractistheaveragedailyeffectivefederalfundsrateforthedelivery

month.Thefinalsettlementpriceforacontractis100minusthisaveragerate.

Unlikesomeotherfutures,afedfundsfuturescontractdoesnotinvolvetheactualdeliveryofthecommodityorassetunderlyingthe

futures.Instead,fedfundsfuturesarecashsettled.Incaseswherethepurchaserofafuturescontractdoesnotsellitatalaterdate,thenet

cashsettlementbetweenthebuyerandsellerfromthepointofpurchasetoexpirationisthedifferencebetweenthefinalsettlementprice

andthepricethefuturescontractwaspurchasedfor.

20.Whatistheessenceofstructuredfinanceactivities?

Theessenceofstructuredfinanceactivitiesispoolingandissuing.

21.WhatisthefullnameofCDO?

CDOisanacronymforcollateralizeddebtobligation.

22.Whatmeanstranches?

Itmeansprioritizedcapitalstructureofclaims.

23.Twofeaturesofstructuredfinanceproducts（2個特征）

Structuredfinanceproductshavetwofeatures:first,theextremefragilityoftheirratingstomodestimprecisionevaluatingunderlying

risks;second,theirexposuretosystematicrisks.

24.Whatisthedefinitionofmoneymarket?貨幣市場定義

Themoneymarketisacollectionoffinancialmarketsinwhichinvestorstradefinancialinstrumentsthatareconsideredtobe“justas

good”asmoney.

25.Whatarefinancialinstrumentstradedinthemarket?/Financialinstrumentsincludesthefollowing?貨幣市場交易有哪幾種？

T-bills,CDs,Commercialpaper,etc.

26.Whatisthenatureoffinancialproductstradinginthemoneymarket?在貨幣市場中，金融產(chǎn)品交易的屬性？

First,theyaregenerallyliquid,thatis,abletobeboughtandsoldeasily.Second,theyareconsideredsafebecausetheyareissuedby

strong,credit-worthyinstitutions.Third,theycarryverylittlepriceriskbecauseoftheirshort-termexpirations.

27.Whatisthemoneymarketaccount?Whataretherestrictionsforamoneymarketaccount?貨幣市場賬戶限制是什么

Themoneymarketaccountislikeanyothersavingandcheckingaccountyoumightopenatyourbank.Somethemoneymarketaccount

havehigherminimumbalancelimits最低余額限制,somehaverestrictionsonthenumberoftransactionsyoucancompleteincertain

timeframe交易次數(shù)限制andsomehaveboth.

28.What'sT-billandwhyT-billcanbeafinancialinstrumentinmoneymarket（?T-bill成為金融工具的原因）

T-billsareshort-termdebtobligationsissuedbytheU.S.Treasurytocovercurrentdeficitsinthefederalbudgetandrefinancematuring

long-termgovernmentdebt.T-billsmeetthethree"goodasmoney"requirementbecausetheyareextremelyliquidbecausethereisahuge

secondarymarketforthem,andtherearebillionsofdollarsworthofT-billsinthemarketatanygiventime,theyareconsideredtobe

virtuallyriskfreebecausetheyarebackedbythefullfaithandcreditoftheU.S.governmentandtheycarryverylittlepriceriskbecause

theTreasuryissuesT-billswithexpirationdatesascloseas13weeksand26weeksbutneverlongerthat52weeks.

29.ExplainthestructureofChina’sfinancialsystem或問Howmanyparts(orcomponentorsegment)ofChina’sfinancial

system?

Therearefourco