金融市场与机构课后习题答案

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1、Chapter1/RoleofFinancialMarketsandInstitutionsE69Chapter1RoleofFinancialMarketsandInstitutionsQuestions1.Explainthemeaningofsurplusunitsanddeficitunits.Provideanexampleofeach.ANSWER:Surplusunitsprovidefundstothefinancialmarketswhiledeficitunitsobtainfundsfromthefinancialmarkets.Sur

2、plusunitsincludehouseholdswithsavings,whiledeficitunitsincludefirmsorgovernmentagenciesthatborrowfunds.2.Distinguishbetweenprimaryandsecondarymarkets.ANSWER:Primarymarketsareusedfortheissuanceofnewsecuritieswhilesecondarymarketsareusedforthetradingofexistingsecurities.3.Distinguish

3、betweenmoneyandcapitalmarkets.ANSWER:Moneymarketsfacilitatethetradingofshort-term(moneymarket)instrumentswhilecapitalmarketsfacilitatethetradingoflong-term(capitalmarket)instruments.4.Distinguishbetweenperfectandimperfectsecuritymarkets.ANSWER:Withperfectfinancialmarkets,allinforma

4、tionaboutanysecuritiesforsalewouldbefreelyavailabletoinvestors,informationaboutsurplusanddeficitunitswouldbefreelyavailable,andallsecuritiescouldbeunbundledintoanysizedesired.Inreality,marketsareimperfect,sothatsurplusanddeficitunitsdonothavefreeaccesstoinformation,andsecuritiescan

5、notbeunbundledasdesired.5.Explainwhytheexistenceofimperfectmarketscreatesaneedforfinancialinstitutions.ANSWER:Financialintermediariesareneededtofacilitatetheexchangeoffundsbetweensurplusanddeficitunits.Theyhavetheinformationtoprovidethisserviceandcanevenrepackagedepositstoprovideth

6、eamountoffundsborrowersdesire.6.Explainthemeaningofefficientmarkets.Whymightweexpectmarketstobeefficientmostofthetime?ANSWER:Ifmarketsareefficientthenpricesofsecuritiesavailableinthesemarketsproperlyreflectallinformation.Weshouldexpectmarketstobeefficientbecauseiftheyweren't,invest

7、orswouldcapitalizeonthediscrepancybetweenwhatpricesareandwhattheyshouldbe.Thisactionwouldforcemarketpricestorepresenttheappropriatepricesasperceivedbythemarket.7.Inrecentyears,severalsecuritiesfirmshavebeenguiltyofusinginsideinformationwhenpurchasingsecurities,therebyachievingretur

8、nswellabovethenorm(evenwhe