課程名稱： 貨幣銀行學 課程性質： 必修 課程範圍： Mishkin, 9th Edition, chapter 7, 8, 10, 11, 17 開課教師： 林馨怡 開課學院： 社會科學院 開課系級： 經濟系 考試日期(年月日)： 2011/01/06 考試時限(Mins)： 3小時 試題本文： National Chengchi University 　　 Final Exam Money and Banking I 　　2011/01/06 ＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿ I. Multiple Choice (單一選擇題) (45%) 1.The ＿＿＿＿＿ problem helps to explain why the private production and sale of information cannot eliminate ＿＿＿＿＿. A) free-rider; adverse selection B) free-rider; moral hazard C) principal-agent; adverse selection D) principal-agent; moral hazard 2.Using the Gordon growth formula, if D1 is $2.00, ke is 12% or 0.12, and g is 10% or 0.10, then the current stock price is A) $20. B) $50. C) $100. D) $150. 3.One reason China has been able to grow so rapidly even though its financial development is still in its early stages is A) the high savings rate of aroound 40%. B) the shift of labor to the agricultural sector. C) the stringent enforcement of financial contracts. D) the ease of obtaining high-quality information about creditors. 4.In general, banks make profits by selling ＿＿＿＿＿ liabilities and buying ＿＿＿＿＿ assets. A) long-term; shorter-term B) short-term; longer-term C) illiquid; liquid D) risky; risk-free 5.A system of deposit insurance A) attracts risk-taking entrepreneurs into the banking industry. B) encourages bank managers to decrease risk. C) increase the incentives of depositors to monitor the riskiness of their bank's asset portfolio. D) increases the likelihood of bank runs. 6.When the exchange rate for the Mexican peso changes from 10 pesos to the U.S. dollar to 9 pesos the U.S. dollar, then the Mexican peso has ＿＿＿＿＿ and the U.S. dollar has ＿＿＿＿＿. A) appreciated; appreciated B) depreciated; appreciated C) appreciated; depreciated D) depreciated; depreciated 7.Loss aversion can explain why very little ＿＿＿＿＿ actually takes place in the securities market. A) short selling B) bargaining C) bartering D) negotiating 8.The chartering process is especially designed to deal with the ＿＿＿＿＿ problem, and regular bank examinations help to reduce the ＿＿＿＿＿ problem. A) adverse selection; adverse selection B) adverse selection; moral hazard C) moral hazard; adverse selection D) moral hazard; moral hazard 9.If a bank has excess reserves greater than the amount of a deposit outflow, the outflow result in equal reduction in A) deposits and reserves. B) deposits and loans. C) capital and reserves. D) capital and loans. 10.Suppose that the latest Consumer Price Index (CPI) release shows a higher inflation rate in the U.S. than was expected. Everything else held constant, the release of the CPI report would immediately cause the demand for U.S. assets to ＿＿＿＿＿ and the U.S. dollar would ＿＿＿＿＿. A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate 11.Economists have focused more attention on the formation of expectations in recent years. This increse in interest can probably best be explained by the recognition that A) expectations influence the behavior of participants in the economy and thus have a major impact on economic activity. B) expectations influence only a few individuals, have little impact on the overall economy, but can have imprtant effects on a few markets. C) expectations influence many individuals, have little impact on the overall economy, but can have distributional effects. D) models that ignore expectations have little predictive power, even in the short run. 12.The principal-agent problem A) occurs when managers have more incentive to maximize profits than the stockholders-owners do. B) in financial markets helps to explain why equity is a relatively important source of financial for American business. C) would not arise if the owners of the firm had complete information about the activities of the managers. D) explains why direct finance is more important than indirect finance as a source of business finance. 13.Bank capital has both benefits and costs for the bank owners. Higher bank capital ＿＿＿＿＿ the likelihood of bankruptcy, but higher bank capital ＿＿＿＿＿ the return on equity for a given return on assets. A) reduces; reduces B) increases; increases C) reduces; increases D) increases; reduces 14.If the interest rate on euro-denominated assets is 13 percent and it is 15 percent on peso-denominated assets, and if the euro is expected to appreciate at a 4 percent rate, for Manuel the Mexican the expected rate of return on euro-denominated assets is A) 11 percent. B) 13 percent. C) 17 percent. D) 19 percent. 15.Long-term customer relationships ＿＿＿＿＿ the cost of information collection and make it easier to ＿＿＿＿＿ credit risks. A) reduce; screen B) increase; screen C) reduce; increase D) increase; increase II. Essay Questions (55%) 1.If a forecaster spends hours every day studying data to forecast interest rates but his expectations are not as accurate as predicting that tomorrow's interest rates will be identical to today's interest rate, are his expectations rational? 2. QQ bank ＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿ Assets Liabilities 　　＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿ 　　Rate-sensitive Assets $30 million $50 million Fixed-rate Assets $60 million $40 million ＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿ Conduct a gap analysis for QQ bank, and show what will happen to bank Profits if interest rates decrease by 5 percentage points, from 10% to 5%? 3.(a)Would moral hazard and adverse selection still arise in financial markets if information were not asymmetric? Explain. (b)The more collateral there is backing a loan, the less the lender has to worry about adverse selection. Is this statement true, false, or uncertain? Explain your answer. 4.What arethe costs and benefits of a too-big-to-fail policy? 5.If Mexicans go on a spending spree and buy twice as much French perfume, Japanese TVs, English sweaters, Swiss watches, and Italian wine, what will happen to the value of the Mexican peso? 6.Suppose that you are the manager of a bank whose $200 million of assets have an average duration of three years and whose $80 million of liabilities have an average duration of five years. Conduct a duration analysis for the bank if interest rates rise by 6 percentage points. Please calculatethe net worth of the bank. 7.If the demand for Taiwan's exports increase at the same time that tariffs on imports fall, will the Taiwan's currency tend to appreciate or depreciate in the long run? 8.The bank ou own has the following balance sheet: ＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿ Assets Liabilities Reserves $80 million Deposits $500 million Loans $520 million Bank capital $100 million If the bank suffers a deposit outflow of $60 million with a required reserve ratio on deposits of 10%, what will happen? How do you solve this problem? 9.If nominal interest rates in America fall but real interest rates rise, predict what will happen to the U.S. exchange rate. 10.Using the T-accounts of the First National Bank and the Second National Bank, describe what happens when QQ writes a $100 check on her account at the First National Bank to pay her friend Snoopy, who in turn deposits the check in his account at the Second National Bank. 11.Compute the price of a share of stock that pays a $3 per year dividend and that you expect to be able to sell in one year for $40, assume you require a 20% return. --

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