貨幣銀行學每單元重點詞匯.ppt

貨幣銀行學課后關鍵詞,制作人：華北電力大學科技學院 經(jīng)管系財務14K2 王裙,1.asset: any financial claim or piece of property that is subject to ownership. 2.bond: a debt security that promises to make payments periodically for a specified period of time. 3.interest rate: It is the cost of borrowing or the price paid for the rental of funds . 4.monetary policy: the management of money and interest rates. 5. financial intermediaries: institutions that borrow funds from people who have saved and in turn make loans to others. 6.Financial markets:functions and structure of financial markets,different kind of financial markets.,Chapter 1,1.equities: which are claims to share in the net income (income after expenses and taxes) and the assets of a business. 2.secondary market: It is a financial market in which securities that have been previously issued can be resold. 3.Brokers: The men who are agents of investors who match buyers with sellers of securities. 4.money market: It is a financial market in which only short-term debt instruments (generally those with original maturity of less than one year) are traded. 5.federal funds rate：It is a closely watched barometer of the tightness of credit market conditions in the banking system and the stance of monetary policy. 6.transaction costs: the time and money spent in carrying out financial transactions, are a major problem for people who have excess funds to lend.,Chapter 2,1.commodity money: It is money whose value comes from a commodity of which it is made. 2.medium of exchange: It is used to pay for goods and services. 3.store of value: It is a repository of purchasing power over time. 4.payments system: It is any system used to settle financial transactions through the transfer of monetary value, and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible. 5.Income: It is a flow of earnings per unit of time. 6.fiat money: It is a currency established as money by government regulation or law.,Chapter 3,1.Simple loan: (principal+simple interest) paid to lender at given maturity date. 2.Fixed-payment loan: fixed payment(incorporating part of the principal and interest payment) paid over a period of time. 3.Coupon bond: pays owner of a fixed(coupon)payment,until maturity when it pays off face (par) value. 4.Discount(zero coupon)bond: bought at price below face value(i.eat a discounted),and face value repaid at maturity.Ex:US treasury bill(money market instrument) 5.Indexed bond: the principal amount and the interest payments are indexed to inflation. 6.Yield to maturity: which is a more useful measure of the return of the bond,taking into account the current market price,and the amount and timing of all remaining coupon payments and of the repayment due on maturity.,Chapter 4,1.Liquidity: fast money for investment and spending. 2.Market equilibrium: a situation in which the supply of an item is exactly equal to its demand. 3.Opportunity cost: A benefit, profit, or value of something that must be given up to acquire or achieve something else. 4.Demand curve: In each price the demand quantity. 5.Fisher effect: when the rising rate of inflation expectations, interest rates will rise. 6.Excess demand: excess demand is when the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply.,Chapter 5,1.Risk premium: the spread between the interest rates on bonds with default risk and default-free bonds. 2. Yield curve: a plot of the yield on bonds with differing terms to maturity but the same risk, liquidity and tax considerations. 3. Expectations theory: explains the first two facts but not the third. 4 . Inverted yield curve: when the yields on bonds with a shorter duration are higher than the yields on bonds that have a longer duration. 5. Liquidity premium theory：combines the two theories to explain all three facts. 6. Credit rating agency: (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtors ability to pay back debt by making timely interest payments and the likelihood of default.,Chapter 6,1.Adaptive expectations: this is a hypothesized process by which people form their expectations about what will happen in the future based on what has happened in the past. 2.Behavioral finance: which is a relatively new field that seeks to combine behavioral and cognitive psychological theory with conventional economics and finance to provide explanations for why people make irrational financial decisions. 3. Arbitrage: which is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices. 4.Rational expectations: which can be stated as follows :Expectations will be identical to optimal forecasts (the best guess of the future) using all available information.,Chapter 7,5. A short sale: this is a market transaction in which an investor sells borrowed securities in anticipation of a price decline and is required to return an equal number of shares at some point in the future. 6. The residual claimant: refers to the economic agent who has the sole remaining claim on an organizations net cash flows, i.e. after the deduction of precedent agents claims, and therefore also bears the residual risk.,1.Collateral：a security pledged for the repayment of a loan. 2.Secured debt: Loan amount for which the borrower pledges one or more assets of equal or greater liquidation-value as a security which may be forfeited in case of a default. Also called secured loan. 3.Restrictive covenants: A restrictive covenant is any type of agreement that requires the buyer to either take or abstain from a specific action. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller. These covenants can be either simple or complex and can levy penalties against buyers who fail to obey them.,Chapter 8,4.Agency theory: A way of studying the way that a broker and a client work together. This theory will help in determining the best incentives for both individuals in enacting a successful transaction, as well as seeking to reduce the expenses that are related to any potential disagreements between the broker and the client. 5.Unsecured debt: unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment. 6.Free-rider problem: A situation where public goods are under-provided or not provided at all because individuals are able to consume the good by paying little or nothing towards the cost.,1.bank panic: Bank Panic is an arcade game developed by Sanritsu and manufactured by Sega in 1984. 2.financial crisis: It is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value. credit boom: With restrictions lifted or new financial products introduced, financial institutions frequently go on a lending spree. 3.deleveraging: At the micro-economic level, deleveraging refers to the reduction of the leverage ratio, or the percentage of debt in the balance sheet of a single economic entity, such as a household or a firm. It is the opposite of leveraging, which is the practice of borrowing money to acquire assets and multiply gains and losses.,Chapter 9,4.asset-price bubble: An economic bubble (sometimes referred to as a speculative bubble, a market bubble, a price bubble, a financial bubble, a speculative mania or a balloon) is trade in an asset at a price or price range that strongly deviates from the corresponding assets intrinsic value. 5.Subprime mortgages: Subprime mortgages are mortgages for borrowers with less-than-stellar credit records. 6.mortgage-backed securities: A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages.,1.discount loans: Banks also obtain funds by borrowing from the Federal Reserve System , the Federal Home Loan banks , other banks, and corporations. Borrowings from the Fed are called discount loans (also known as advances). 2.balance sheet: It is a summary of the financial balances