货币银行学双语复习提纲(2)

All the paper shuffling required to process checks is costly. ? Electronic payment电子支付 ? E-Money电子货币

Measures of the monetary aggregates M1=currency

+traveler’s checks

+demand deposits活期存款

+other checkable deposits可开具支票的存款 M2=M1

+small-denomination time deposits小额定期存款 +savings deposits and money market deposit accounts +money market mutual fund shares货币市场共同基金

Chapter 4

Simple interest单利-只在本金的基础上计算利息 I=P*r*n/ S=P+I

Compounded interest复利-包括利息一起计算利息 S=P(I+r)n I=S-P

[n=duration; r=interest rate; P=principle]

Present value

A dollar paid to you one year from now is less valuable to you than a dollar paid to you today.

Future value

Four types of credit market instruments ? A simple loan普通贷款

The lender provides the borrower with an amount of funds that must be repaid to the lender at the maturity date, along with an additional payment for the interest. ? A fixed-payment loan固定回报贷款

The lender provides the borrower with an amount of funds, which must be repaid by making the same payment every period, consisting of part of the principle and interest for a set number of years.

? A coupon bond债券息票

Pays the owner of the bond a fixed interest payment every year until the maturity date, when a specified final amount is repaid. ? A discount bond贴现债券

Is bought at a price below its face value, and the face value is repaid at the maturity date. Comparison

1&4 make payments only at their maturity. 2&3 have payments periodically until maturity.

Yield to maturity

The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today.从债务工具中获得的现金流的回报的现值与其今天的价值相等的利率

? A simple loan

PV?CF n(1?i)[PV=present value; CF=future cash flow; i=interest rate; n=number of years] ? A fixed-payment loan LV?FPFPFP ??????1?i(1?i)2(1?i)n[LV=loan value; FP=fixed yearly payment; n=number of years until maturity]

? A coupon bond

P?CCCF ???????1?i(1?i)2(1?i)n(1?i)n[P=price of coupon bond; C=yearly coupon payment; F=face value of the bond; n=years to maturity date] ? A discount bond

i?F?P P[F=face value of the discount bond; P=current price of the discount bond]

现金流终值

(1?r)n?1S?A

r现金流现值 年初：P?A?AAA??????2n

(1?r)(1?r)(1?r)1?(1?r)?nAAA???????年尾：P?A

r1?r(1?r)2(1?r)n

Chapter 9

Balance sheet

A list of the bank’s assets and liabilities.

Total assets = total liabilities + capital

A bank balance sheet is also a list of its sources of bank funds (liabilities) and uses to which the

funds are put (assets).

Liabilities

? Checkable deposits支票存款

Are bank accounts that allow the owner of the account to write checks to third parties.

? Non-interest-bearing checking accounts (demand deposit)不计息的支票存款（活期存款） ? Interest-bearing NOW (negotiable order of withdrawal) accounts计息可转让的提款通知账

户

? Money market deposit accounts (MMDAs)货币市场存款账户

MMADs are not subject to reserve requirements and are not included in the M1 definition of money.

Checkable deposits and money market deposit accounts are payable on demand. ? Nontransaction deposits非交易性存款

Are the primary source of bank funds.

Owners cannot write checks on nontransaction deposits, but the interest rates paid on these deposits are usually higher than those on checkable deposits. ? Savings accounts储蓄存款

Funds can be added or from which funds can be withdrawn at any time, transactions and interest payments are recorded in a monthly statement or in a passbook held by the owner of the account. ? Time deposits定期存款

Have a fixed maturity length

Small-denomination time deposits (less than $100,000) are less liquid for the depositor than passbook savings (saving accounts), earn higher interest rates, and are a more costly source of funds for the banks.

Large-denomination CDs are negotiable; like bonds, they can be resold in a secondary market before they mature.

? Borrowings借款

Banks also obtain funds by borrowing from the Federal Reserve System the Federal Home Loan banks, other banks, and corporations. ? Discount loans贴现贷款

Borrowings from the Fed.

? Reserves overnight隔夜准备金

Banks borrow funds overnight to have enough deposits at the Federal Reserve to meet the amount required by the Fed. ? Repurchase agreements回购协议

Other sources of borrowed funds are loans made to banks by their parent companies (bank holding companies), loan arrangements with corporations (such as repurchase agreements), and borrowings of Eurodollars.

? Bank capital银行资本

Equals the difference between total assets and liabilities. Is a cushion against a drop in the value of its assets.

Assets

? Reserves准备金

Are these deposits plus currency that is physically held by banks. ? Required reserves法定准备金

Some reserves are held because of reserve requirements, the regulation that for every dollar of checkable deposits at a bank, a certain fraction must be kept as reserves. This fraction is called the required reserve ratio. ? Excess reserves超额准备金

They are the most liquid of all bank assets and can be used by a bank to meet its obligations when funds are withdrawn.

? Cash items in process of collection应收现金项目（站在开户人的角度）

Suppose that a check written on an account at another bank is deposited in your bank and the funds for this check have not yet been received from the other bank ? Deposits at other banks银行同业存款

Many small banks hold deposits in larger banks in exchange for a variety of services. ? Securities证券

A bank’s holdings of securities are an important income-earning asset. ? U.S. government and agency securities联邦政府证券 ? State and local government securities州和地方证券 ? Other securities其他证券

The U.S. government and agency securities are the most liquid because they can be easily traded and converted into cash with low transaction costs. Because of their high liquidity, short-term U.S. government securities are called secondary reserves.

State and local government and other securities both less marketable (less liquid) and riskier than U.S. government securities, primarily because of default risk. ? Loans贷款

Loans are typically less liquid than other assets.流动性较低 Have a probability of default than other assets.违约性高

Because of the lack of liquidity and higher default risk, the bank earns its highest return on loans.贷款回报率高 ? Other assets其他资产

The physical capital (bank buildings, computers, and other equipment) owned by the banks is included in this category.

General principles of bank management银行管理

? Liquidity management and the role of reserves流动性管理

The acquisition of sufficiently liquid assets to meet the bank’s obligations to depositors.

? To acquire reserves to meet a deposit outflow by borrowing them from other banks in the

federal funds market or by borrowing from corporations.

? To sell some of its securities to help cover the deposit outflow.

? Meet a deposit out flow is to acquire reserves by borrowing from the Fed.

? Reducing its loans by the amount of the deposit outflow and then deposit it to the Fed. ? Asset management资产管理

The bank manager must pursue an acceptably low level of risk by acquiring assets that have a low rate of default and by diversifying asset holdings.

Banks try to find borrowers who will pay high interest rates and are unlikely to default on their loans.

Banks try to purchase securities with high returns and low risk.

In managing their assets, banks must attempt to lower risk by diversifying.

The bank must manage the liquidity of its assets so that it can satisfy its reserve requirements without bearing huge costs. (That means that it will hold liquid securities even if they earn a somewhat lower return than other assets. ? Liability management负债管理 To acquire funds at low cost.

? Capital adequacy management (To prevent bank failure 资本充足率管理

The manager must decide the amount of capital the bank should maintain and then acquire the needed capital.

High capital bank vs. Low capital bank (ROA; ROE; EM; ER; ROE=ROA*EM

(Given the return on assets, the lower the bank capital, the higher the return for the owners of the bank.

Managing credit risk

? Screening and monitoring ? Specialization in lending

? Monitoring and enforcement of restrictive covenants. ? Long-term customer relationships ? Loan commitments

? Collateral and compensating balances ? Credit rationing

Chapter 13

The Fed’s balance sheet央行资产负债表 Federal Reserve System

Assets Liabilities

Government securities Currency in circulation Discount loans Reserves

Monetary base

Treasury’s monetary liabilities(treasury currency in circulation, primary coins.

Control of the monetary base

The monetary base(also called high-powered money

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