復(fù)試金融專業(yè)英語(傳世版)

復(fù)試金融專業(yè)英語(傳世版)復(fù)試金融專業(yè)英語(傳世版)54-/NUMPAGES5454-復(fù)試金融專業(yè)英語(傳世版)復(fù)試金融專業(yè)英語(傳世版)專業(yè)英語匯總1.Howtodefinetheaggregatepricelevel?如何衡量?jī)r(jià)格指數(shù)？Threemeasuresoftheaggregatepricelevelarecommonlyencounteredineconomicdata.(1)ThefirstistheGDPdeflator(GDP平減指數(shù)),whichisdefinedasnominalGDPdividedbyrealGDP.(2)AnotherpopularmeasureoftheaggregatepricelevelistheProducerPriceIndex(生產(chǎn)者價(jià)格指數(shù))whichisameasureofthecostofabasketofgoodsandservicesboughtbyfirms.(3)ThemeasureoftheaggregatepricelevelthatismostfrequentlyreportedinthepressistheConsumerPriceIndex(消費(fèi)者價(jià)格指數(shù)),whichismeasuredbypricingabasketofgoodsandservicesboughtbyatypicalurbanhousehold.2.What’sthedisadvantageandadvantageofholdingequityratherthandebt?持有股權(quán)的優(yōu)劣？(1)Themaindisadvantageofowningacorporation’sequitiesratherthanitsdebtisthatanequityholderisaresidualclaimant(剩余求償權(quán)),thatis,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequityholders.(2)Themainadvantageofholdingequitiesisthatequityholdersbenefitdirectlyfromanyincreasesinthecorporation’sprofitabilityorassetvaluebecauseequitiesconferownershiprightsontheequityholders.Debtholdersdonotshareinthisbenefit,becausetheirpaymentsarefixed.3.What’sthedifferencebetweenprimaryandsecondarymarket?一級(jí)市場(chǎng)與二級(jí)市場(chǎng)的區(qū)別？(1)Aprimarymarketisafinancialmarketinwhichnewissuesofasecurity,suchasabondorastock,aresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.(2)Asecondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedcanberesold.4.What’sthedifferencebetweenforeignbondandEurobond?外國(guó)債券和歐洲債券的區(qū)別？(1)Foreignbondsaresoldinaforeigncountryandaredenominatedinthatcountry’scurrency.Forexample,abondissuedbyaChinesecompanydenominatedinU.S.dollarssoldinNewYork.(2)Eurobondisabonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.Forexample,abonddenominatedinU.S.dollarssoldinChina.5.What’sassettransformationanddiversification？資產(chǎn)轉(zhuǎn)換和分散化(1)Financialintermediariescreateandsellassetswithriskcharacteristicsthatpeoplearecomfortablewith,andtheintermediariesthenusethefundstheyacquirebysellingtheseassetstopurchaseotherassetsthatmayhavefarmorerisk.Thisprocessofrisksharingisreferredasassettransformation,becauseinasense,riskyassetsareturnedintosaferassetsforinvestors.(2)Diversificationentailsinvestinginaportfolioofassetswhosereturnsdonotalwaysmovetogetherwiththeresultthatoverallriskislowerthanforindividualassets.Italsorefersto“Youshouldn'tputallyoureggsinonebasket”.Diversificationcaneliminatefirm-specificrisk—theuncertaintyassociatedwiththespecificcompanies.Butdiversificationcannoteliminatemarketrisk—theuncertaintyassociatedwiththeentireeconomy,whichaffectsallcompaniestradedonthestockmarket.Forexample,whentheeconomygoesintoarecession,mostcompaniesexperiencefallingsales,profitandlowstockreturns.Diversificationreducestheriskofholdingstocks,butitdoesnoteliminateit.6.Explainthefollowingconcepts:asymmetricinformation,adverseselectionandmoralhazard.(1)Asymmetricinformation(信息不對(duì)稱)referstothatonepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions.Forexample,aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskassociatedwiththeinvestmentprojectsforwhichthefundsareinvestedthanthelenderdoes.(2)Adverseselection(逆向選擇)istheproblemcreatedbyasymmetricinformationbeforethetransactionoccurs.Adverseselectioninfinancialmarketsoccurswhenthepotentialborrowerswhoarethemostlikelytodefaultaretheoneswhomostactivelyseekoutaloanandarethusmostlikelytobeselected.(3)Moralhazard(道德風(fēng)險(xiǎn))istheproblemcreatedbyasymmetricinformationafterthetransactionoccurs.Moralhazardinfinancialmarketsistheriskthattheborrowermightengageinactivitiesthatareundesirablefromthelenderspointofview,becausetheymakeitlesslikelythattheloanwillbepaidback.7.What’sthefunctionofmoney?貨幣的職能？Moneyhasthreeprimaryfunctionsinanyeconomy:asamediumofexchange,asaunitofaccount,andasastoreofvalue.(1)Whenmoneyisusedtopayforgoodsandservices,itplaystheroleofamediumofexchange(流通手段).Theuseofmoneyasamediumofexchangepromoteseconomicefficiencybyminimizingthetimespentinexchanginggoodsandservices.(2)Thesecondroleofmoneyistoprovideaunitofaccount(價(jià)值尺度),thatis,itisusedtomeasurevalueofgoodsandservicesintheeconomy.(3)Moneyalsofunctionsasastoreofvalue(儲(chǔ)藏手段).Astoreofvalueisusedtosavepurchasingpowerfromthetimeincomeisreceiveduntilthetimeitisspent.Thisfunctionofmoneyisuseful,becausemostofusdonotwanttospendourincomeimmediatelyuponreceivingit,butratherprefertowaituntilwehavethetimeorthedesiretoshop.8.What’stheFisherequationandFishereffect?費(fèi)雪等式與費(fèi)雪效應(yīng)？(1)TheFisherequationstatesthatthenominalinterestrateequalstherealinterestrateplustheexpectedrateofinflation.Theequationtellsusthatallelseequal,ariseinacountry’sexpectedinflationratewilleventuallycauseanequalriseinthenominalinterestrate.Similarly,afallintheexpectedinflationratewilleventuallycauseafallinthenominalinterestrate.(2)Thislong-runrelationshipbetweeninflationandinterestratesiscalledtheFishereffect.TheFishereffectimplies,forexample,thatifU.S.inflationweretorisepermanentlyfromaconstantlevelof5percentperyeartoaconstantlevelof10percentperyear,dollarinterestrateswouldeventuallycatchupwiththehigherinflation,risingby5percentagepointsperyearfromtheirinitiallevel.Thesechangeswouldleavetherealrateofreturnondollarassetsunchanged.TheFishereffectisthereforeanotherexampleofthegeneralideathatinthelongrun,purelymonetarydevelopmentsshouldhavenoeffectonaneconomy’srealvariables.9.Howtoexplainthenegativerelationbetweenthequantityofmoneydemandedandtheinterestrate?Wecanexplainthatthequantityofmoneydemandedandtheinterestrateshouldbenegativelyrelatedbyusingtheconceptofopportunitycost(機(jī)會(huì)成本),theamountofrevenuesacrificedbytakingonecourseofactionratherthananother.Astheinterestrateonbondsrises,theopportunitycostofholdingmoneyrises,thusmoneyislessdesirableandthequantityofmoneydemandedmustfall.10.RiskPremium風(fēng)險(xiǎn)溢價(jià)Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebonds,bothofthesamematurity,calledtheriskpremium,indicateshowmuchadditionalinterestpeoplemustearntobewillingtoholdthatriskybond.11.Brieflyintroduceexpectationstheory,segmentedmarketstheoryandliquiditypremiumtheory.(1)Theexpectationstheory(預(yù)期假說)ofthetermstructurestatesthefollowingproposition:theinterestrateonalong-termbondwillequalanaverageoftheshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbond.(2)Thesegmentedmarketstheory(市場(chǎng)分割假說)ofthetermstructureseesmarketsfordifferent-maturitybondsascompletelyseparateandsegmented.Theinterestrateforeachbondwithadifferentmaturityisthendeterminedbythesupplyofanddemandforthatbond,withnoeffectsfromexpectedreturnsonotherbondswithothermaturities.(3)Theliquiditypremiumtheory(流動(dòng)性溢價(jià)假說)ofthetermstructurestatesthattheinterestrateonalong-termbondwillequalanaverageofshort-terminterestratesexpectedtooccuroverthelifeofthelong-termbondplusaliquiditypremium.Itisalsocalledpreferredhabitattheory(偏好停留假說).12.What’sthedifferencebetweenadaptiveexpectationandrationalexpectation?(1)Adaptiveexpectation(適應(yīng)性預(yù)期)statesthatexpectationsformfrompastexperienceonlyandchangesinexpectationswilloccurslowlyovertimeaspastdatachange.Forexample,expectationsofinflationistypicallyviewedasbeinganaverageofpastinflationrates.Soifinflationhadformerlybeensteadyata5%rate,expectationsoffutureinflationwouldbe5%also.(2)Rationalexpectation(理性預(yù)期)canbestatedasfollows:expectationswillbeidenticaltooptimalforecasts(thebestguessofthefuture)usingallavailableinformation.13.EfficientMarketHypothesis有效市場(chǎng)假說Theefficientmarkethypothesisstatesthatcurrentpricesinafinancialmarketwillbesetsothattheoptimalforecastofasecurity’sreturnusingallavailableinformationequalsthesecurity’sequilibriumreturn,becauseinanefficientmarketallunexploitedprofitopportunitieswillbeeliminatedbyarbitrager(套利者).14.“LemonsProblem”次品問題Aparticularaspectofthewaytheadverseselectionprobleminterfereswiththeefficientfunctioningofamarketiscalled“l(fā)emonsproblem”.Wecanusetheused-carmarkettoillustratethisconcept.Potentialbuyersofusedcarsarefrequentlyunabletoassessthequalityofthecar,thatis,theycan’ttellwhetheraparticularusedcarisagoodcaroralemon(次品).Thepricethatabuyerpaysmustthereforereflecttheaveragequalityofthecarsinthemarket,somewherebetweenthelowvalueofalemonandthehighvalueofagoodcar.Theownerofausedcar,bycontrast,ismorelikelytoknowwhetherthecarisagoodcaroralemon.Ifthecarisalemon,theownerismorethanhappytosellitatthepricethebuyeriswillingtopay,which,beingsomewherebetweenthevalueofalemonandagoodcar,isgreaterthanthelemonsvalue.However,ifthecarisagoodcar,theownerknowsthatthecarisundervaluedatthepricethebuyeriswillingtopay,andsotheownermaynotwanttosellit.Asaresultofthisadverseselection,fewgoodusedcarswillcometothemarket.Becausetheaveragequalityofausedcaravailableinthemarketwillbelowandbecausefewpeoplewanttobuyalemon,therewillbefewsales.Theused-carmarketwillfunctionpoorlyorevendisappear.15.Principal-agentProblem委托-代理問題Principal-agentproblemreferstothatthemanagersincontrol(theagents)mayactintheirowninterestratherthanintheinterestofthestockholder(theprincipals)becausethemanagershavelessincentivetomaximizeprofitsthanthestockholderdo.Theprincipal-agentproblem,whichisanexampleofmoralhazard,arisesonlybecauseamanagerhasmoreinformationabouthisactivitiesthanthestockholderdoes.So,thereisasymmetricinformation.16.What’s“irrationalexuberance”proposedbyAlanGreenspan?非理性繁榮Irrationalexuberancereferstoaphenomenonthatassetprices,inthestockmarketandrealestate,aredrivenwellabovetheirfundamentaleconomicvaluesbyinvestorpsychology.Theresultisanasset-pricebubble(資產(chǎn)價(jià)格泡沫),suchasthetechstockmarketbubbleofthelate1990sortherecenthousingpricebubbleinsubprimecrisis.17.Howtosolveasymmetricinformationproblems?如何解決信息不對(duì)稱的問題？18.SecuritizationandSubprimemortgage資產(chǎn)證券化與次級(jí)抵押貸款(1)Subprimemortgagesaremortgagesforborrowerswithless-than-stellarcreditrecords.(2)Securitizationistheprocessoftransformingotherwiseilliquidfinancialassets(suchasresidentialmortgages,autoloans,andcreditcardreceivables),whichhavetypicallybeenthemainbusinessofbankinginstitutions,intomarketablecapitalmarketsecurities.19.What’stime-inconsistencyproblem?時(shí)間不一致問題Thetime-inconsistencyproblemissomethingwedealwithcontinuallyineverydaylife.Weoftenhaveaplanthatweknowwillproduceagoodoutcomeinthelongrun,butwhentomorrowcomes,wejustcan'thelpourselvesandwedenyourplanbecausedoingsohasshort-rungains.Inotherwords,wefindourselvesunabletoconsistentlyfollowagoodplanovertime,andthegoodplanissaidtobetime-inconsistentandwillsoonbeabandoned.20.PoliticalBusinessCycle政治經(jīng)濟(jì)周期Politicalbusinesscycleisaprocessthatcanbeillustratedinthefollowingexample.Justbeforeanelection,expansionarypoliciesarepursuedtolowerunemploymentandinterestrates.Aftertheelection,thebadeffectsofthesepolicies,thatishighinflationandhighinterestrates,comehometoroost,requiringcontractionarypoliciesthatpoliticianshopethepublicwillforgetbeforethenextelection.21.What’smoneymultiplierandwhatarethefactorsthataffectit?貨幣乘數(shù)及其影響因素？(1)Themoneymultiplier,denotedbym,tellsushowmuchthemoneysupplychangesforagivenchangeinthemonetarybase.Therelationshipbetweenthemoneysupply,themoneymultiplierandthemonetarybaseisdescribedbythefollowingequation:M=m×MB(2)Themoneymultiplierisafunctionofthecurrencyratiosetbydepositorc,theexcessreservesratiosetbybankse,andtherequiredreserveratiosetbytheFedr.Themoneymultipliermisthus22.Whatarethetoolsofmonetarypolicy?貨幣政策工具Therearethreetoolsofmonetarypolicythatcanbeconductedbythecentralbank,suchasopenmarketoperations,discountlendingandreserverequirements.(1)Openmarketoperations(公開市場(chǎng)操作)arethemostimportantmonetarypolicytool,becausetheyaretheprimarydeterminantsofchangesininterestratesandthemonetarybase,themainsourceoffluctuationsinthemoneysupply.Openmarketpurchasesexpandreservesandthemonetarybase,therebyincreasingthemoneysupplyandloweringshort-terminterestrates.Openmarketsalesshrinkreservesandthemonetarybase,decreasingthemoneysupplyandraisingshort-terminterestrates.Openmarketoperationshavefouradvantagesovertheothertoolsofmonetarypolicy:①OpenmarketoperationsoccurattheinitiativeoftheFed,whichhascompletecontrolovertheirvolume.②Openmarketoperationsareflexibleandprecise,andtheycanbeusedtoanyextent.③Openmarketoperationsareeasilyreversed.④Openmarketoperationscanbeimplementedquickly,sincetheyinvolvenoadministrativedelays.(2)ThefacilityatwhichbankscanborrowreservesfromtheFediscalledthediscountwindow(貼現(xiàn)窗口).Thefacilityisintendedtobeabackupsourceofliquidityforbanksduringfinancialcrisis.ThemostimportantadvantageofdiscountpolicyisthattheFedcanuseittoperformitsroleoflenderoflastresort(最后貸款人).ThedisadvantageofdiscountpolicyisthatthedecisionstotakeoutdiscountloansaremadebybanksandarethereforenotcompletelycontrolledbytheFed.(3)Changesinreserverequirements(法定存款準(zhǔn)備金)affectthemoneysupplybycausingthemoneysupplymultipliertochange.Ariseinreserverequirementsreducestheamountofdepositsthatcanbesupportedbyagivenlevelofthemonetarybaseandwillleadtoacontractionofthemoneysupply.Ariseinreserverequirementsalsoincreasesthedemandforreservesandraisesthefederalfundsrate.Conversely,adeclineinreserverequirementsleadstoanexpansionofthemoneysupplyandafallinthefederalfundsrate.Reserverequirementshaveatleastthreedisadvantages:①Owingtofinancialinnovation,reserverequirementsarenolongerbindingformostbanks,sothistoolismuchlesseffectivethanitoncewas.②Raisingtherequirementscancauseimmediateliquidityproblemsforbankswherereserverequirementsarebinding.③Continuallyfluctuatingreserverequirementswouldalsocreatemoreuncertaintyforbanksandmaketheirliquiditymanagementmoredifficult.23.LawofOnePriceandTheoryofPurchasingPowerParity一價(jià)定理與購買力評(píng)價(jià)理論(1)Thelawofonepricestatesthatiftwocountriesproduceanidenticalgood,andtransportationcostsandtradebarriersareverylow,thepriceofthegoodshouldbethesamethroughouttheworldnomatterwhichcountryproducesit.(2)Thetheoryofpurchasingpowerparity(PPP)statesthatexchangeratesbetweenanytwocurrencieswilladjusttoreflectchangesinthepricelevelsofthetwocountries.ThetheoryofPPPissimplyanapplicationofthelawofonepricetonationalpricelevelsratherthantoindividualprices.ThestatementthatexchangeratesequalrelativepricelevelsissometimesreferredtoasabsolutePPP(絕對(duì)購買力平價(jià)).RelativePPP(相對(duì)購買力平價(jià))statesthatthepercentagechangeintheexchangeratebetweentwocurrenciesoveranyperiodequalsthedifferencebetweenthepercentagechangesinnationalpricelevels.24.RealExchangeRate實(shí)際匯率Therealexchangeratereferstotherateatwhichdomesticgoodscanbeexchangedforforeigngoods.Ineffect,itisthepriceofdomesticgoodsrelativetothepriceofforeigngoodsdenominatedinthedomesticcurrency.Forexample,ifabasketofgoodsinNewYorkcosts$50,whilethecostofthesamebasketofgoodsinTokyocosts$75becauseitcosts7500yenwhiletheexchangerateisat100yenperdollar,thentherealexchangerateis0.66(=$50/$75).Therealexchangerateisbelowl,indicatingthatitischeapertobuythebasketofgoodsintheUnitedStatesthaninJapan.25.Whythetheoryofpurchasingpowerparitycannotfullyexplainexchangerates?購買力平價(jià)的缺陷(1)Contrarytotheassumptionofthelawofoneprice,transportcostsandrestrictionsontradecertainlydoexist.Thesetradebarriersmaybehighenoughtopreventsomegoodsfrombeingtradedbetweencountries.(2)Monopolisticpracticesingoodsmarketsmayinteractwithtransportcostsandothertradebarrierstoweakenfurtherthelinkbetweenthepricesofsimilargoodssoldindifferentcountries.(3)Becausetheinflationdatareportedindifferentcountriesarebasedondifferentcommoditybaskets,thereisnoreasonforexchangeratechangestooffsetofficialmeasuresofinflationdifferences,evenwhentherearenobarrierstotradeandallproductsaretradable.26.MonetaryNeutrality貨幣中性Monetaryneutralitystatesthatinthelongrun,aone-timepercentageriseinthemoneysupplyismatchedbythesameone-timepercentageriseinthepricelevel,leavingunchangedtherealmoneysupplyandallotherrealvariablessuchasrealinterestrates.27.ExchangeRateOvershooting匯率超調(diào)Thephenomenonthattheexchangeratefallsbymoreintheshortrunthanitdoesinthelongrunwhenthemoneysupplyincreasesiscalledexchangerateovershooting.Itcanhelpexplainwhyexchangeratesexhibitsomuchvolatility.Exchangerateovershootingisadirectconsequenceoftheshort-runrigidityofthepricelevel.Inahypotheticalworldwherethepricelevelcouldadjustimmediatelytoitsnew,long-runlevelafteramoneysupplyincrease,theinterestratewouldnotfallbecausepriceswouldadjustimmediatelyandpreventtherealmoneysupplyfromrising.Thus,theexchangeratewouldmaintainequilibriumsimplybyjumpingtoitsnew,long-runlevelrightaway.28.InterestParityCondition利率平價(jià)條件(1)Theuncoveredinterestparitycondition(非拋補(bǔ)利率平價(jià))statesthatthedomesticinterestrateequalstheforeigninterestrateminustheexpectedappreciationofthedomesticcurrency,orequivalently,thedomesticinterestrateequalstheforeigninterestrateplustheexpectedappreciationoftheforeigncurrency.Ifthedomesticinterestrateishigherthantheforeigninterestrate,thereisapositiveexpectedappreciationoftheforeigncurrency,whichcompensatesforthelowerforeigninterestrate.Thisconditioncanberewrittenas(2)Thecoveredinterestparitycondition(拋補(bǔ)利率平價(jià))statesthattheratesofreturnondollardepositsand“covered”foreigndepositsmustbethesame.Supposeyouwanttobuyaeurodepositwithdollarsbutwouldliketobecertainaboutthenumberofdollarsitwillbeworthattheendofayear.Youcanavoidexchangerateriskbybuyingaeurodepositand,atthesametime,sellingtheproceedsofyourinvestmentforward.Wesayyouhave“covered”yourself,thatis,avoidedthepossibilityofanunexpecteddepreciationoftheeuro.29.UnsterilizedForeignExchangeInterventionandSterilizedForeignExchangeIntervention(1)Aforeignexchangeinterventioninwhichacentralbankallowsthepurchaseorsaleofdomesticcurrencytohaveaneffectonthemonetarybase,iscalledanunsterilizedforeignexchangeintervention(非沖銷式干預(yù)).Anunsterilizedinterventioninwhichdomesticcurrencyissoldtopurchaseforeignassetsleadstoagainininternationalreserves,anincreaseinthemoneysupply,andadepreciationofthedomesticcurrency.Anunsterilizedinterventioninwhichdomesticcurrencyispurchasedbysellingforeignassetsleadstoadropininternationalreserves,adecreaseinthemoneysupply,andanappreciationofthedomesticcurrency.(2)Aforeignexchangeinterventionwithanoffsettingopenmarketoperationthatleavesthemonetarybaseunchangediscalledasterilizedforeignexchangeintervention(沖銷式干預(yù)).Asterilizedinterventionleavesthemoneysupplyunchangedandsohasnodirectwayofaffectinginterestratesortheexpectedfutureexchangerate.30.FixedExchangeRateRegime,FloatingExchangeRateRegimeandManagedFloatRegime(1)Inafixedexchangerateregime(固定匯率制),thevalueofacurrencyispeggedrelativetothevalueofoneothercurrency,whichiscalledtheanchorcurrency(錨貨幣),sothattheexchangerateisfixedintermsoftheanchorcurrency.(2)Inafloatingexchangerateregime(浮動(dòng)匯率制),thevalueofacurrencyisallowedtofluctuateagainstallothercurrencies.(3)Whencountriesinterveneinforeignexchangemarketsinanattempttoinfluencetheirexchangeratesbybuyingandsellingforeignassets,theregimeisreferredtoasamanagedfloatingregime(管理浮動(dòng)匯率制)oradirtyfloating(骯臟浮動(dòng)).31.WhataretheadvantagesanddisadvantagesofGoldStandard?金本位的利與弊？(1)BeforeWorldWarI,theworldeconomyoperatedunderthegoldstandard,afixedexchangerateregimeinwhichthecurrencyofmostcountrieswasconvertibledirectlyintogoldatfixedrates,soexchangeratesbetweencurrencieswerealsofixed.(2)Thefixedexchangeratesunderthegoldstandardhadtheimportantadvantageofencouragingworldtradebyeliminatingtheuncertaintythatoccurswhenexchangeratesfluctuate.(3)Therearedisadvantagesofgoldstandardasfollows:①Adherencetothegoldstandardmeantthatacountryhadnocontroloveritsmonetarypolicy,becauseitsmoneysupplywasdeterminedbygoldflowsbetweencountries.②Monetarypolicythroughouttheworldwasgreatlyinfluencedbytheproductionofgoldandgolddiscoveries.32.CurrencyBoardandDollarization貨幣局制度與美元化(1)Currencyboard(貨幣局制度)meansthatthedomesticcurrencyisbacked100%byaforeigncurrencyandinwhichthenote-issuingauthority,whetherthecentralbankorthegovernment,establishesafixedexchangeratetothisforeigncurrencyandstandsreadytoexchangedomesticcurrencyfortheforeigncurrencyatthisratewheneverthepublicrequestsit.Acurrencyboardisjustavariantofafixedexchange-ratetargetinwhichthecommitmenttothefixedexchangerateisespeciallystrongbecausetheconductofmonetarypolicyisineffectputonautopilot,andtakencompletelyoutofthehandsofthecentralbankandthegovernment.(2)Dollarization(美元化)meanstheadoptionofasoundcurrency,liketheU.S.dollar,asacountry’smoney.Indeed,dollarizationisjustanothervariantofafixedexchange-ratetargetwithanevenstrongercommitmentmechanismthanacurrencyboardprovides.Thecommondisadvantageofbothregimesisthatacountrythattiesitsexchangeratetoananchorcurrencyofalargercountrylosescontrolofitsmonetarypolicy.33.QuantityTheoryofMoney貨幣數(shù)量論Thequantitytheoryofmoneystatesthatnominalincomeisdeterminedsolelybymovementsinthequantityofmoney.Wecanderivetheconclusionfromtheequationofexchange(交易方程式):MV=PY.Sincetheinstitutionalandtechnologicalfeaturesoftheeconomywouldaffectvelocityofmoney(貨幣流通速度)onlyslowlyovertime,sovelocityVwouldnormallybereasonablyconstantintheshortrun.Becausetheclassicaleconomiststhoughtthatwagesandpriceswerecompletelyflexible,theybelievedthatthelevelofaggregateoutputYproducedintheeconomyduringnormaltimeswouldremainatthefull-employmentlevel,soYintheequationofexchangecouldalsobetreatedasreasonablyconstantintheshortrun.So,fortheclassicaleconomists,thequantitytheoryofmoneyprovidedanexplanationofmovementsinthepricelevel:movementsinthepricelevelresultsolelyfromchangesinthequantityofmoney.34.LiquidityPreferenceTheory流動(dòng)性偏好理論TheliquiditypreferencetheoryofJohnMaynardKeynespointedoutthattherearethreemotivesbehindthedemandformoney:thetransactionsmotive,theprecautionarymotive,andthespeculativemotive.Thedemandofmoneyfortransactionandprecautionarymotivesisproportionaltoincome,whilethedemandofmoneyforspeculativemotiveisnegativelyrelatedtothelevelofinterestrate.Sothedemandforrealmoneybalancesisafunctionofinterestrateandincomeasfollow35.Friedman’sModernQuantityTheoryofMoney弗里德曼的現(xiàn)代貨幣數(shù)量論Friedmanstatedthatthedemandformoneyshouldbeafunctionoftheresourcesavailabletoindividuals(theirwealth)andtheexpectedreturnsonotherassetsrelativetotheexpectedreturnonmoney.Fromthisreasoning,Friedmanexpressedhisformulationofthedemandformoneyasfollows:UnlikeKeynes’stheory,whichindicatesthatinterestratesareanimportantdeterminantofthedemandformoney,Friedman'stheorysuggeststhatchangesininterestratesshouldhavelittleeffectonthedemandformoney.36.CrowdingOutEffectofFiscalPolicy財(cái)政政策的擠出效應(yīng)Expansionaryfiscalpolicywillcrowdoutinvestmentandnetexports,whichdecreasebecauseoftheriseintheinterestrate.Thissituationiscalledcrowdingout(擠出效應(yīng)).Whenthedemandformoneyisunaffectedbytheinterestrate,theLMcurveisvertical.Anexpansionaryfiscalpolicydoesnotleadtoariseinoutputbutasharpininterestrate,whichmeanstheincreasedgovernmentspendinghavecompletelycrowedoutinvestmentandnetexports.Thissituationiscalledcompletecrowdingout(完全擠出).37.TransmissionMechanismsofMonetaryPolicy貨幣政策傳導(dǎo)機(jī)制(1)TraditionalInterest-RateChannel利率機(jī)制Anexpansionarymonetarypolicyleadstoafallinrealinterestrates,whichinturnlowersthecostofcapital,causingariseininvestmentspending,therebyleadingtoanincreaseinaggregatedemandandariseinoutput.(2)ExchangeRateChannel匯率機(jī)制Anexpansionarymonetarypolicyleadstoafallinrealinterestrates,whichinturnthecurrencydeprecia