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货币金融学米什金版本课后习题答案 (1).doc

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PARTTHREEAnswerstoEndofChapterProblemsChapter1WhyStudyMoney,Banking,andFinancialMarkets?2.ThedatainFigures1,2,3,and4suggestthatrealoutput,theinflationrate,andinterestrateswouldallfail.4.Youmightbemorelikelytobuyahouseoracarbecausethecostoffinancingthemwouldfall。

oryoumightbelesslikelytosavebecauseyouearnlessonyoursavings.6.No.Itistruethatpeoplewhoborrowtopurchaseahouseoracarareworseoffbecauseitcoststhemmoretofinancetheirpurchase;however,saversbenefitbecausetheycanearnhigherinterestratesontheirsavings.7.Thebasicactivityofbanksistoacceptdepositsandmakeloans。

8.Theychannelfundsfrompeoplewhodonothaveaproductiveuseforthemtopeoplewhodo,therebyresultinginhighereconomicefficiency.9.TheinterestrateonthreemonthTreasurybillsfluctuatesmorethantheotherinterestratesandisloweronaverage.TheinterestrateonBaacorporatebondsishigheronaveragethantheotherinterestrates。

10.Thelowerpriceforafirm’ssharesmeansthatitcanraiseasmalleramountoffunds,soinvestmentinfacilitiesandequipmentwillfall.11.Higherstockpricesmeansthatconsumers’wealthishigher,andtheywillbemorelikelytoincreasetheirspending.12.Itmakesforeigngoodsmoreexpensive,soBritishconsumerswillbuyfewerforeigngoodsandmoredomesticgoods。

13.ItmakesBritishgoodsmoreexpensiverelativetoAmericangoods.ThusAmericanbusinesseswillfinditeasiertoselltheirgoodsintheUnitedStatesandabroad,andthedemandfortheirproductswillrise.14.Inthemidtolate1970sandinthelate1980sandearly1990s,thevalueofthedollarwaslow,makingtravelabroadrelativelymoreexpensive。

thusitwasagoodtimetovacationintheUnitedStatesandseetheGrandCanyon.Withtheriseinthedollar’svalueintheearly1980s,travelabroadbecamerelativelycheaper,makingitagoodtimetovisittheTowerofLondon.15.Whenthedollarincreasesinvalue,foreigngoodsbecomelessexpensiverelativetoAmericangoods;thusyouaremorelikelytobuyFrenchmadejeansthanAmericanmadejeans。

TheresultingdropindemandforAmericanmadejeansbecauseofthestrongdollarhurtsAmericanjeansmanufacturers.Ontheotherhand,theAmericancompanythatimportsjeansintotheUnitedStatesnowfindsthatthedemandforitsproducthasrisen,soitisbetteroffwhenthedollarisstrong.5556Mishkin?TheEconomicsofMoney,Banking。

andFinancialMarkets,NinthEditionChapter2AnOverviewoftheFinancialSystem1.TheshareofMicrosoftstockisanassetforitsowner,becauseitentitlestheownertoashareoftheearningsandassetsofMicrosoft.TheshareisaliabilityforMicrosoft,becauseitisaclaimonitsearningsandassetsbytheowneroftheshare.2.

Yes,Ishouldtakeouttheloan,becauseIwillbebetteroffasaresultofdoingso.Myinterestpaymentwillbe$4,500(90%of$5,000),butasaresult,Iwillearnanadditional$10,000,soIwillbeaheadofthegameby$5,500.SinceLarry’sloansharkingbusinesscanmakesomepeoplebetteroff,asinthisexample,loansharkingmayhavesocialbenefits.(Oneargumentagainstlegalizingloansharking。

however,isthatitisfrequentlyaviolentactivity.)3.Yes,becausetheabsenceoffinancialmarketsmeansthatfundscannotbechanneledtopeoplewhohavethemostproductiveuseforthem.Entrepreneursthencannotacquirefundstosetupbusinessesthatwouldhelptheeconomygrowrapidly.4.TheprincipaldebtinstrumentsusedwereforeignbondswhichweresoldinBritainanddenominatedinpounds。

TheBritishgainedbecausetheywereabletoearnhigherinterestratesasaresultoflendingtoAmericans,whiletheAmericansgainedbecausetheynowhadaccesstocapitaltostartupprofitablebusinessessuchasrailroads.5.Thisstatementisfalse.Pricesinsecondarymarketsdeterminethepricesthatfirmsissuingsecuritiesreceiveinprimarymarkets。

Inaddition,secondarymarketsmakesecuritiesmoreliquidandthuseasiertosellintheprimarymarkets.Therefore,secondarymarketsare,ifanything,moreimportantthanprimarymarkets.6.Youwouldratherholdbonds,becausebondholdersarepaidoffbeforeequityholders,whoaretheresidualclaimants.7.Becauseyouknowyourfamilymemberbetterthanastranger。

youknowmoreabouttheborrower’shonesty,propensityforrisktaking,andothertraits.Thereislessasymmetricinformationthanwithastrangerandlesslikelihoodofanadverseselectionproblem,withtheresultthatyouaremorelikelytolendtothefamilymember.9.Loansharkscanthreatentheirborrowerswithbodilyharmifborrowerstakeactionsthatmightjeopardizetheirpayingofftheloan。

Henceborrowersfromaloansharkarelesslikelytoincreasemoralhazard.10.Theymightnotworkhardenoughwhileyouarenotlookingormaystealorcommitfraud.11.Yes,becauseevenifyouknowthataborroweristakingactionsthatmightjeopardizepayingofftheloan,youmuststillstoptheborrowerfromdoingso.Becausethatmaybecostly,youmaynotspendthetimeandefforttoreducemoralhazard,andsotheproblemofmoralhazardstillexists。

PartThree:AnswerstoEndofChapterProblems5712.True.Iftherearenoinformationortransactionscosts,peoplecouldmakeloanstoeachotheratnocostandwouldthushavenoneedforfinancialintermediaries.13.Becausethecostsofmakingtheloantoyourneighborarehigh(legalfees,feesforacreditcheck,andsoon),youwillprobablynotbeableearn5%ontheloanafteryourexpenseseventhoughithasa10%interestrate。

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