金融专业英语考题总结.docx
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金融专业英语考题总结.docx
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金融专业英语考题总结
一、China’sFinancialSystem
1.DescribethefinancialsystemofChina.(Writedownthreeinstitutions’nameofeachsectoroptionally.)
简单描述中国的金融体系。
China’sfinancialsystemconsistsofbanking,non-bankingfinancialsectors,financialmarketsandregulatorycommissions.
BankingincludesPBC(ThePeople’sBankofChina),policybanks,state-ownedbanksandothercommercialbanks.Andamongthem,policybankscontainCDB(ChinaDevelopmentBank),EXIMBC(TheImport-ExportBankofChina),ADBC(AgriculturalDevelopmentBankofChina);State-ownedbankscontainBC(BankofChina),ICBC(IndustrialandCommercialBankofChina),ABC(AgriculturalBankofChina),CCB(ChinaConstructionBank);OthercommercialbankscontainsBComm,CiticBank,Everbright,Huaxia,Minsheng,GuangdongD(GuangdongDevelopmentBank),ShenzhengD,Merchants,Xingye,PudongD,Hengfeng,Zheshang,UrbanCommmercial,RuralCommercial,andsoon.
Non-bankingfinancialsectorsincludesFinancialAssetManagementCO.whichmanagenon-performingassetsofthebig4banks:
ICBC’sHuarong,ABC’sChangcheng,BC’sDongfang,CBC’sXinda;InsuranceCo.;TrustInvest.;SecuritiesCo.;FinancialLeasing;UrbanCC;RuralCC;Investmentfund;Postalsavingsandotherinstitutions.
Financialmarketsincludemoneymarket,stockmarket,bandmarket,futuresmarket,VC/PEandrealestate.
RegulatorycommissionincludesCBRC(ChinaBankingRegulatoryCommission),CSRC(ChinaSecuritiesRegulatoryCommission),CIRC(ChinaInsuranceRegulatoryCommission),SAFE(StateAdministrationofForeignExchange),andsonon.
二、ShortHistoryofModernFinance
1.Whenisthewatershedyearofmodernfinance?
Nineteenfifty-twoisthewatershedyearformodernfinance.
现代金融的分水岭是1952年。
2.Whoisthefounder/MilestoneCharacterofmodernfinance?
HarryMarkowitz(哈里﹒马克维茨).
现代金融的鼻祖是哈里﹒马克维茨。
3.Before1945,themacrofinanceisconcernedwiththemonetarysystem,andafter1945,itpaysmoreattentiontofinancemarket.
1945年以前宏观金融关注的是货币制度,1945年以后更多关注的是金融市场。
4.Whatisthecommoncharacteristicofmacrofinanceandmicrofinance?
宏观金融和微观金融的共同特点是什么?
Spiralofsilenceandepidemiology.
5.Keywords:
Monetarist货币主义学派
NewKeynesianschool新凯恩斯主义学派
Spiralofsilence沉默的螺旋
Assetmispricing资产误定价
Mediasentiment媒体情感
Animalspirit非理性的动物精神
Epidemiology流行病学
Inflationexpectation通胀预期
Media媒体
三、MoneyMarket
1.Whatismoneymarket?
什么是货币市场?
Themoneymarketisactuallyacollectionoffinancialmarketsinwhichinvestorstradefinancialinstrumentsthatareconsideredtobe“justasgood”asmoney.
2.Howmanytypesofinstrumentsinmoneymarket?
Pleaselistthreeitemsatleast.
在货币市场中有几种操作工具?
至少写出三种。
-UnitedStatesTreasurybills(T-bills)(国债)
-Federalagencysecurities(fromagenciesliketheFederalNationalMortgageAssociation—FannieMae)(联邦机构证券)
-Commercialpaper(商业汇票)
-Repurchaseagreements(Repos)(回购)
-Negotiablecertificatesofdeposit(CDs,可转让定期存单)
-Federalfunds(银行间拆借资金)
-Short-termmunicipalsecurities(短期市政证券)
3.Whyarethosefinancialinstrumentsasgoodasmoney?
为什么金融工具可以发挥与货币一样的效能?
Becausetheymeetthefollowingthreerequirements:
(1)Theyaregenerallyextremelyliquid——youcaneasilybuyandsellthem;(Whyaretheyliquid)
(2)Theyareconsideredtobequitesafebecausetheyareissuedbystrong,credit-worthyinstitutions(LiketheU.S.Government);(Whyaretheysafe?
)
(3)Theycarryverylittlepriceriskbecauseoftheirshort-termexpirations;(Whyaretheylowpricerisk?
)
4.Howmanyfundinginstitutionsthatinvolvedinthemoneymarket?
卷入货币市场的融资机构有哪些?
Forexample,governmentagency,U.S.Treasury,banks,GSE(Government-sponsoredentities),largecorporations,andsoon.
5.Whatismoneymarketfunds?
什么是货币市场基金?
Moneymarketfundsarelikemutualfunds.Whenyouinvestinamoneymarketfund,youareactuallybuyingsharesinthatfund.Typically,moneymarketfundmanagerstrytokeepthepriceofeachshareinthefundequalto$1.Soifyouarelookingtoinvest$1,000inamoneymarketfund,youaremostlikelygoingtoown1,000sharesinthatfund.
6.Whatarethemoneymarketaccounts?
什么是货币市场账户?
Moneymarketaccountsarejustlikeanyothersavingsorcheckingaccountyoumightopenatyourbank.Whenyouputmoneyintoamoneymarketaccount,youaredepositingitwithyourbank,orotherfinancialinstitution.Youarenotbuyingsharesinafundorinvestingdirectlyinanymoney-marketassets.
四、LIROR
1.WhatdoesLIBORstandfor?
LIBOR的全拼是什么?
LIBORstandsforLondonInterbankOfferedRate.
2.What’sthedefinitionofLIBOR?
LIBOR的定义?
LIRORistheaverageinterestratethatbankschargewhentheymakeshort-termunsecuredloanstootherbanks.
3.WhoisresponsibleforandundertakethecalculationofLIBOR?
Andwhatistheworkingprocessofcalculation?
谁负责计算LIBOR利率?
怎么计算?
TheLIBORiscalculatedbytheBritishBankers’Association(BBA,英国银行家协会)whosurveys16differentmajorbanksandasksthemwhatratetheyarechargingotherbankstoborrowmoney.Oncetheyhavecompiledtheresults,theytakeanapproachsimilartothejudgeswhoscoreOlympicdivingtake---theythrowthefourhighscores(orrates)andthrowoutthefourlowscoresandthenfindtheaverageoftheremainingeightscores.(Conciseexpression:
TheBritishBankers’AssociationisresponsibleforcalculatingLIBOR.Andtheycalculatetheaverageofthemiddleeightscores.)
4.WhatdoesariseLIBORtellus?
LIBOR利率上升意味着什么?
WhenLIBORisrising,ittellsusoneoftwothings:
1)ittellsusthatinterestratesingeneralarerisingandthusLIBORisalsorising,and/or2)ittellsusthatlendingbanksbelievethebankstheyarelendingtohaveahigherriskofdefaultingontheloansothelendingbankhastochargeahigherinterestratetooffsetthisrisk.
(Conciseexpression:
1)ingenerally,theinterestratesarerising;2)higherdefaultingrisk.)
五、TEDSpread泰德利差
1.WhereisthenameofTEDcomefrom?
TED的名字是怎么得来的?
TheTEDspreadconsistsoftwofinancialinstruments:
the3-monthTreasuryBillandtheEurodollarfuturescontract.Investorssimplytookthe“T”fromT-billandcombineditwith“ED”,whichisthetickersymbolfortheEurodollarfuturescontractontheChicagoMercantileExchange(CME,芝加哥商品交易所),andtheycameupwith“TED”.
2.WhatdoesTEDmeasure?
AndhowTEDSpreadiscalculated?
TED度量了什么?
它是怎么计算出来的?
s
TheTEDspreadmeasuresthedifferencebetweentheyieldonthe3-monthTreasuryBill(T-bill)andthevalueoftheEurodollarfuturescontract----whichisbasedonthe3-monthLIBORrate.
TocalculatetheTEDspread,yousimplysubtracttheyieldonthe3-monthT-bill(whichisunsecure)loansfromthevalueoftheEurodollarcontract(whichisriskfree).
3.WhenTEDspreadincreasing,whatdoesittellus?
当TED利差增大时,说明了什么?
WhentheTEDspreadisincreasing,ittellsuseitherthatbanksbelievetheotherbankstheyarelendingtohaveahigherriskofdefaultingontheloanssotheyarechargingahigherinterestratetooffsetthisriskorthatinvestorsareflockingtobuyT-billsbecausetheybelievethestockmarketisfaltering.Italsotellsusthatthecreditmarketsarenotfunctioningassmoothlyastheycouldbe—whichissignofpotentialeconomiccontraction.
(Conciseexpression:
ahigherdefaultingrisk;signofpotentialeconomiccontraction.)
六、OvernightIndexSwaps(OIS)
1.PleasewriteoutthefullnameofOIS.
请全拼OIS.
OvernightIndexSwap.
2.What’stheworkingprocessoftheOIS?
OIS的运作机制是什么?
TocreateanOIS,weneedtohavetwofinancialinstitutions.Oneinstitutionhasanovernightinterestrateandtheotherinstitutionhasafixedshort-terminterestrate.Thetwoinstitutionsagreetoswapeachother’sobligations.Soattheendofaspecifiedperiod,whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.
(Conciseexpression:
whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.)
3.WhatdoesLIBOR-OIStellus?
LIBOR-OIS告诉我们什么信息?
Liquidityriskpremium.(流动性风险溢价)
4.Whatdoestheovernightindexswaptellus?
隔夜指数掉期说明什么?
Byitself,theovernightindexswapratedoesn’ttellusmuch---otherthanwhattheovernightrateis.However,whenyoucombinetheovernightindexswapratewithanotherindicator,likeLIBOR,andcreateaspreadliketheLIBOROISspread,youcangetaglimpseintothehealthoftheglobalmarkets.
七、TheFedinPostSubprimeCrisis(无考题)
八、TheEconomicofStructuredFinance
1.Whatistheessenceofstructuredfinanceactivities?
结构性融资活动的本质是什么?
Theessenceofstructuredfinanceactivitiesisthepoolingofeconomicassetslikeloans,bonds,andmortgages,andthesubsequentissuanceofaprioritizedcapitalstructureofclaims,knownastranches,againstthesecollateralpools.
2.Whatistranche?
什么是分层?
Aprioritizedcapitalstructureofclaims.
3.Whatarethefeaturesofstructuredfinanceproducts?
结构性金融产品的特点是什么?
Wearguethatbothofthesefeaturesofstructuredfinanceproducts—theextremefragilityoftheirratingstomodestimprecisioninevaluatingunderlyingrisksandtheirexposuretosystematicrisks—goalongwayinexplainingthespectacularriseandfallofstructuredfinance.
(注:
红色题目为第一次上课时老师说的考题,但是最后讲考题时没讲到,可以大概复习一下。
)
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