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1、1 专业英语部分专业英语部分1、What is opportunity cost？Opportunity cost is the next-best choice available tosomeone who has picked between several mutuallyexclusive choices.1It is a key concept in economics.Itis a calculating factor used in mixed markets whichfavour social change in favour of purely individualist
2、iceconomics.It has been described as expressing thebasic relationship between scarcity and choice.2Thenotion of opportunity cost plays a crucial part inensuring that scarce resources are used efficiently.3Thus,opportunity costs are not restricted to monetary orfinancial costs:the real cost of output
3、 forgone,lost time,swag,pleasure or any other benefit that provides utilityshould also be considered opportunity costs.2、Give some comments on the federal reserve systemspurchase of treasurys bond。The Federal Reserve System(also known as theFederal Reserve,and informally as the Fed)is thecentral ban
4、king system of the United States.It wasconceived by several of the worlds leading bankers in19101234and enacted in 1913,with the passing ofthe Federal Reserve Act.The passing of the FederalReserve Act was largely a response to prior financialpanics and bank runs,the most severe of which beingthe Pan
5、ic of 1907.567Over time,the roles andresponsibilities of the Federal Reserve System haveexpanded and its structure has evolved.68Events suchas the Great Depression were some of the major factorsleading to changes in the system3、diversification。Diversificationinfinanceisariskmanagementtechnique,relat
6、ed to hedging,that mixes a wide varietyof investments within a portfolio.It is the spreading outofinvestmentstoreducerisks.1Becausethefluctuations of a single security have less impact on adiverse portfolio,diversification minimizes the riskfrom any one investment.4、adverse selection and moral hazar
7、d。Adverseselection,anti-selection,ornegativeselection is a term used in economics,insurance,statistics,and risk management.It refers to a marketprocess in which bad results occur when buyers andsellers have asymmetric information(i.e.access todifferent information):the bad products or customersare m
8、ore likely to be selected.A bank that sets one pricefor all its checking account customers runs the risk ofbeing adversely selected against by its low-balance,high-activity(and hence least profitable)customers.Two ways to model adverse selection are with signalinggames and screening games.Moral haza
9、rd occurs when a party insulated from riskmay behave differently than it would behave if it werefully exposed to the risk.In insurance,moral hazard thatoccurs without conscious or malicious action is calledmorale hazard.5、Compare open market operations with othermonetary policy instrument。Openmarket
10、operationsarethemeansofimplementing monetary policy by which a central bankcontrols its national money supply by buying andsellinggovernmentsecurities,orotherfinancialinstruments.Monetary targets,such as interest rates orexchange rates,are used to guide this implementation.Monetary policy is the pro
11、cess a government,centralbank,or monetary authority of a country uses to control(i)the supply of money,(ii)availability of money,and(iii)cost of money or rate of interest to attain a set ofobjectives oriented towards the growth and stability ofthe economy.1Monetary theory provides insight intohow to
12、 craft optimal monetary policy.6、Describe the relation between financial market andeconomy。In economics,a financial market is a mechanism thatallows people to buy and sell(trade)financial securities(such as stocks and bonds),commodities(such asprecious metalsoragriculturalgoods),and otherfungible it
13、ems of value at low transaction costs and atprices that reflect the efficient-market hypothesis.An economy consists of the realized economic systemof a country or other area,the labor,capital and landresources,andtheeconomicagentsthatsociallyparticipate in the production,exchange,distribution,and co
14、nsumption of goods and services of that area.Agiven economy is the end result of a process thatinvolves its technological evolution,history and socialorganization,as well as its geography,natural resourceendowment,and ecology,as main factors.These factorsgive context,content,and set the conditions a
15、ndparameters in which an economy functions.7、Why is fiscal policy more effective under a fixedexchange rate than under a floating exchange rate。In economics,fiscal policy is the use of governmentexpenditure and revenue collection to influence theeconomy.1Fiscal policy can be contrasted with the othe
16、r main typeof economic policy,monetary policy,which attempts tostabilize the economy by controlling interest rates andthe supply of money.The two main instruments of fiscalpolicy are government expenditure and taxation.8、ExplainthePPPtheoryspoorempiricalperformance。This purchasing power SEMwhatrate
17、equalizes thepurchasing power of different currencies in their homecountries for a given basket of goods.Using a PPP basisis arguably more useful when comparing differences inliving standards on the whole between nations becausePPP takes into account the relative cost of living and theinflation rate
18、s of different countries,rather than just anominal gross domestic product(GDP)comparison.The best-known and most-used purchasing power parityexchangerateistheGeary-Khamisdollar(theinternational dollar).9、asymmetric information。Ineconomicsandcontracttheory,informationasymmetry deals with the study of
19、 decisions intransactions where one party has more or betterinformation than the other.This creates an imbalance ofpower in transactions which can sometimes cause thetransactions to go awry.Examples of this problem areadverse selection and moral hazard.Most commonly,information asymmetries are studi
20、ed in the context ofprincipal-agent problems.10、factors determining the exchange rate。In finance,the exchange rates(also known as theforeign-exchange rate,forex rate or FX rate)betweentwo currencies specifies how much one currency isworth in terms of the other.It is the value of a foreignnations cur
21、rency intermsof thehomenationscurrency.1For example an exchange rate of 91Japanese yen(JPY,)to the United States dollar(USD,$)means that JPY 91 is worth the same as USD 1.Theforeign exchange market is one of the largest markets inthe world.By some estimates,about 3.2 trillion USDworth of currency ch
22、anges hands every day.11、Describe the gold standard and Bretton Woodsystem and their collapse。The gold standard is a monetary system in which thestandard economic unit of account is a fixed weight ofgold.Three distinct kinds of gold standard can beidentified.The gold specie standard is a system inwh
23、ich the monetary unit is associated with circulatinggold coins,or with the unit of value defined in terms ofone particular circulating gold coin in conjunction withsubsidiary coinage made from a lesser valuable metal.The gold exchange standard may involve only thecirculation of silver coins,or coins
24、 made of other metals,buttheauthoritieswillhaveguaranteedafixedexchange rate with another country that is on the goldstandard,hence creating a de facto gold standard,in thatthe value of the silver coins has a fixed external value interms of gold that is independent of the inherent silvervalue.The go
25、ld bullion standard is a system in whichgold coins do not actually circulate as such,but inwhich the authorities have agreed to sell gold bullion ondemand at a fixed price.The Bretton Woods system of monetary managementestablished the rules for commercial and financialrelations among the worlds majo
26、r industrial states inthe mid 20th century.The Bretton Woods system wasthe first example of a fully negotiated monetary orderintendedtogovernmonetaryrelationsamongindependent nation-states.12、costs and profits of monetary union。A currency union is where two or more states share thesame currency,thou
27、gh without there necessarily havingany further integration as would be characterised by anEconomicandMonetaryUnion,whichinvolveseconomic integration to the point of a single market.13、Describe tools of monetary policy。Monetary baseMonetary policy can be implemented by changing thesize of the monetar
28、y base.This directly changes thetotal amount of money circulating in the economy.Acentral bank can use open market operations to changethe monetary base.The central bank would buy/sellbonds in exchange for hard currency.When the centralbank disburses/collects this hard currency payment,italters the
29、amount of currency in the economy,thusaltering the monetary base.edit Reserve requirementsThe monetary authority exerts regulatory control overbanks.Monetarypolicycanbeimplementedbychanging the proportion of total assets that banks musthold in reserve with the central bank.Banks onlymaintain a small
30、 portion of their assets as cash availablefor immediate withdrawal;the rest is invested in illiquidassets like mortgages and loans.By changing theproportion of total assets to be held as liquid cash,theFederal Reserve changes the availability of loanablefunds.This acts as a change in the money suppl
31、y.Central banks typically do not change the reserverequirements often because it creates very volatilechanges in the money supply due to the lendingmultiplier.edit Discount window lendingMany central banks or finance ministries have theauthority to lend funds to financial institutions withintheir co
32、untry.By calling in existing loans or extendingnew loans,the monetary authority can directly changethe size of the money supply.edit Interest ratesMain article:Interest ratesThe contraction of the monetary supply can be achievedindirectly by increasing the nominal interest rates.Monetary authorities
33、 in different nations have differinglevels of control of economy-wide interest rates.In theUnited States,the Federal Reserve can set the discountrate,as well as achieve the desired Federal funds rate byopen market operations.This rate has significant effecton other market interest rates,but there is
34、 no perfectrelationship.IntheUnitedStatesopenmarketoperations are a relatively small part of the total volumein the bond market.One cannot set independent targetsfor both the monetary base and the interest rate becausethey are both modified by a single tool open marketoperations;one must choose whic
35、h one to control.In other nations,the monetary authority may be able tomandatespecificinterestratesonloans,savingsaccounts or other financial assets.By raising the interestrate(s)under its control,a monetary authority cancontract the money supply,because higher interest ratesencourage savings and di
36、scourage borrowing.Both ofthese effects reduce the size of the money supply.edit Currency boardMain article:currency boardA currency board is a monetary arrangement that pegsthe monetary base of one country to another,the anchornation.As such,it essentially operates as a hard fixedexchange rate,wher
37、eby local currency in circulation isbacked by foreign currency from the anchor nation at afixed rate.Thus,to grow the local monetary base anequivalent amount of foreign currency must be held inreserves with the currency board.This limits thepossibility for the local monetary authority to inflate orp
38、ursue other objectives.The principal rationales behinda currency board are three-fold:1.To import monetary credibility of the anchornation;2.To maintain a fixed exchange rate with theanchor nation;3.To establish credibility with the exchange rate(the currency board arrangement is the hardestformoffi
39、xedexchangeratesoutsideofdollarization).In theory,it is possible that a country may peg the localcurrency to more than one foreign currency;although,in practice this has never happened(and it would be amore complicated to run than a simple single-currencycurrency board).A gold standard is a special
40、case of acurrency board where the value of the national currencyis linked to the value of gold instead of a foreigncurrency.The currency board in question will no longer issue fiatmoney but instead will only issue a set number of unitsof local currency for each unit of foreign currency it hasin its
41、vault.The surplus on the balance of payments ofthat country is reflected by higher deposits local bankshold at the central bank as well as(initially)higherdeposits of the(net)exporting firms at their local banks.The growth of the domestic money supply can now becoupled to the additional deposits of
42、the banks at thecentralbankthatequalsadditionalhardforeignexchange reserves in the hands of the central bank.Thevirtue of this system is that questions of currencystability no longer apply.The drawbacks are that thecountry no longer has the ability to set monetary policyaccording to other domestic c
43、onsiderations,and that thefixed exchange rate will,to a large extent,also fix acountrys terms of trade,irrespective of economicdifferences between it and its trading partners.Hong Kong operates a currency board,as does Bulgaria.Estonia established a currency board pegged to theDeutschmark in 1992 af
44、ter gaining independence,andthis policy is seen as a mainstay of that countryssubsequent economic success(see Economy of Estoniafor a detailed description of the Estonian currencyboard).Argentina abandoned its currency board inJanuary 2002 after a severe recession.This emphasizedthe fact that curren
45、cy boards are not irrevocable,andhence may be abandoned in the face of speculation byforeign exchange traders.Following the signing of theDaytonPeaceAgreementin1995,BosniaandHerzegovina established a currency board pegged to theDeutschmark(since 2002 replaced by the Euro).Currency boards have advant
46、ages for small,openeconomies that would find independent monetary policydifficult to sustain.They can also form a crediblecommitment to low inflation.edit Unconventional monetary policyThis section requires expansion.Other forms of monetary policy,particularly used wheninterest rates are at or near
47、0%and there are concernsabout deflation or deflation is occurring,are referred toas unconventionalmonetarypolicy,and includenegative interest rates and quantitative easing(printingmoney).上面的题中抽一道回答，此外还有一道常识题，比如你靠什么养活自己。2 微观金融部分微观金融部分1、为什么证券市场上有高风险低收益的股票？其风险补偿体现在哪里？2、CAPM 与 ATP 模型的异同比较。资本资产定价模型（CAPM）
48、和套利定价理论（APT）是关于资本市场均衡的两个比较著名的模型。二种模型虽然在解释的角度、基本很设、方法、以及适用范围上均有重大区别，但是殊途同归，它们得出的结论是一致的：期望收益与风险之间存在着正相关的关系。简单来说,APT与CAPM的本质区别在于CAPM是一种均衡资产定价模型，而 APT 不是均衡定价模型。另外，（1）APT 模型不需要效应函数的假设；（2）APT 不需要资产收益分布的假设；（3）APT 允许均衡状态下的资产收益受多个因素影响；（4）APT 不需要定义有效市场组合；（5）APT 可以是多时段模型(Ross,1976)。Wei(1988)提出了一种能将 CAPM 和 APT
49、统一起来的观点。如果非系统风险服从 Ross 的 APT 假设，则只要加入市场组合作为一个新的因素，就可以得到精确定价模型。并且略去因素越多，市场组合显得越重要。他还证明在有限经济条件下，残差相关的因素模型中 APT 模型的定价误差是市场组合残差的绝对值的增函数。Chen(1983)利用 1963-1978 年的数据，比较了 APT 和CAPM 的表现效果。检验 APT 是否能够解释 CAPM所不能解释的“异象”。系统性因素采用标准普尔 500指数，市值加权的证券组合或等权重的组合替代，在这三种情况下 APT 的表现都比 CAPM 好。因此，可以认为 APT 在解释资产收益的横截面方面是一个比
50、CAPM 更理想的模型。Roll 和 Ross(1984)用一个图表很好的说明了 APT 和CAPM 的联系，更加直观的给出了两者间的辩证关系。他们将一个两因素（产出与通货膨胀）的 APT模型与以标准普尔 500 为市场组合的 CAMP 进行比较。3、对 CAPM 的评价。4、期望效用理论体系与 CAPM 的关系。5、股票投资分析的方法大致有哪些？目前，股票投资分析的方法主要有两类：第一，基本分析，二是技术分析。第一，基本分析在由股票的内在价值和宏观经济形势的影响股票价格的决定，行业状况，公司的经营状况分析等，评估和合理价值的股票投资价值，股票的市场价格的基本分析与相应的交易建议。基本分析包括