考试题型以及分数分布：

一、 选择题：1’*20=20’

二、 名词解释：4’*5=20’

三、 简答题：8’*5=40’

四、 论述题：20’*1=20’

重点制作思路：

1.考虑到时间关系，抓大放小

2.结合老师提及复习内容进行预测

3.以理顺书本架构为主，看到一个知识点猜一下可能会出什么题

The economics of money,banking and financial markets----by Kyle

Chapter1：Why Study Money, Banking, and Financial Markets？

（本章了解一下这个问题即可，最多考一下选择）

Answer：

l    To examine how financial markets such as bond and stock markets work

l    To examine how financial institutions such as banks work

l    To examine the role of money in the economy

Chapter2：An Overview of the Financial System

1. Function of Financial Markets

l    Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds

l    Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.

l    Promotes economic efficiency by producing an efficient allocation（分配） of capital（资金）, which increases production

l    Directly improve the well-being of consumers by allowing them to time purchases better

2.Structure of Financial Markets

l    Debt and Equity （普通股） Markets

l    Primary and Secondary Markets

l    Exchanges and Over-the-Counter (OTC不通过交易所而直接售给顾客的) Markets

l    Money and Capital Markets（货币和资本市场）

3. Financial Market Instruments(要能举出例子，很可能考选择)

Money markets deal in short-term debt instruments

Capital markets deal in longer-term debt and equity instruments.

4.Internationalization of Financial Markets（重点，选择、名词解释都有可能）

l    Foreign Bonds & Eurobond?

l    Eurocurrencies & Eurodollars?

l    World Stock Markets

5．Function of Financial Intermediaries: Indirect Finance

（记一下金融中介机构的功能，交易成本很可能考名词解释）

l    Lower transaction costs (time and money spent in carrying out financial transactions).

l    Reduce the exposure of investors to risk

l    Deal with asymmetric 不对称 information problems

l    Conclusion:

Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets.

6. Types of Financial Intermediaries（会分类即可）

Depository institutions

Contractual saving institutions

Investment intermediaries

7. Regulation of the Financial System

l    To increase the information available to investors:

l    To ensure the soundness 健康稳固of financial intermediaries

Chapter3：What Is Money?

1. Meaning of Money（即definition，必考名词解释！！）

l    Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts.

2. Functions of Money（重点）

l    Medium of Exchange:

l    A medium of exchange must

l    Unit of Account:

l    Store 储藏 of Value:

3. Evolution of the Payments System

l    Commodity 商品 Money

l    Fiat 法定 Money

l    Checks 支票Electronic Payment (e.g. online bill pay).

l    E-Money (electronic money):

4. Measuring Money （重中之重，M1/M2都很有可能考名词解释）

l    Construct monetary aggregates using the concept of liquidity:

（构建货币总量使用流动性的概念）

l    M1 (most liquid assets) = currency + traveler’s checks + demand deposits + other checkable deposits.

l    M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits +  savings deposits and money market deposit accounts + money market mutual fund shares.

Chapter 4：Understanding Interest Rates

1. measuring interest rates:Present Value(很可能考察名词解释)

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

Simple Present Value：PV=CF/(1+i)n次方

2. Four Types of Credit Market Instruments

l    Simple Loan

l    Fixed Payment Loan

l    Coupon Bond 附票债券

l    Discount Bond 贴现债券

3.Yield to Maturity（重点，很可能名词解释）

l    The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today

计算4种不同信用工具外加Consol or Perpetuity（金边债券或永久债券）的YM

4. Yield on a Discount Basis（了解即可）

Current Yield当期收益率

Yield on a Discount Basis 折价收益率

Rate of Return 收益率

5.Rate of Return and Interest Rates（收益率与利息率的distinction）

l    The return equals the yield to maturity only if the holding period equals the time to maturity

l    A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period

l    The more distant a bond’s maturity,  the greater the size of the percentage price change associated with an interest-rate change

l    The more distant a bond’s maturity, the lower the rate of return the occurs as a result of an increase in the interest rate

l    Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise

6. Interest-Rate Risk

l    Prices and returns for long-term bonds are more volatile than those for shorter-term bonds

l    There is no interest-rate risk for any bond whose time to maturity matches the holding period

7. Real and Nominal Interest Rates（重点，很可能考察简答题）

l    Nominal interest rate makes no allowance for inflation

l    Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing

l    Ex ante real interest rate is adjusted for expected changes in the price level

l    Ex post real interest rate is adjusted for actual changes in the price level

8. Fisher Equation（重点考察）

Chapter5：The Behavior of Interest Rates

1. Determining the Quantity Demanded of an Asset

l    Wealth: the total resources owned by the individual, including all assets

l    Expected Return: the return expected over the next period on one asset relative to alternative assets

l    Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets

l    Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets（流动性很有可能考名词解释）

2.Theory of Asset Demand（必考，死活都得背下来）

Holding all other factors constant:

1. The quantity demanded of an asset is positively related to wealth

2. The quantity demanded of an asset is positively related to its expected return relative to alternative assets

3. The quantity demanded of an asset is negatively related to the risk of its returns relative to alternative assets

4. The quantity demanded of an asset is positively related to its liquidity relative to alternative assets

3. Supply and Demand for Bonds（见到看一下图）

Market Equilibrium

4. Shifts in the Demand for Bonds

l    Wealth: in an expansion with growing wealth, the demand curve for bonds shifts to the right

l    Expected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the left

l    Expected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, causing the demand curve to shift to the left

l    Risk: an increase in the riskiness of bonds causes the demand curve to shift to the left

l    Liquidity: increased liquidity of bonds results in the demand curve shifting right

5．Shifts in the Supply of Bonds