课程名称︰货币银行学 课程性质︰系定必修 课程教师︰陈南光 开课学院：社会科学院 开课系所︰经济系 考试日期（年月日）︰971114 考试时限（分钟）：120分钟 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : (01)(15pts) Refinancing mortgages (You do not haveto go throughthe calculations. Simply write down the formulas and explain.) Suppose you are a mortgage borrower, taking a 20-year mortgage to purchase a house with a price NT$ 1.2 million with downpayment NT$ 0.2 million. The specified annual interest rate is 4.8%. (a) How much is your monthly payment required to amortize the mortgage? (b) At the end of the second year, suppose the price of the house now rises to NT$ 1.5 million. What is your home equity? (home equity = value of the house - outstanding debts) (c) At the end of the second year, suppose the interest rate drop to 4% and the cost of refinancing is $50,000, will you decide to refinance? (Refinancing means that you ask your bank to recalculate your monthly payments using the new lower interest rate. The costs of refinancing involve expenses for paper work processing.) (02)(20pts) There are two defult-free zero-coupon bonds available to investors, each with a face value of $1,000 at maturity. Suppose the spot rates of the one-year bpnd and two year bond are r01=2%,r02=2.6%, respectively. Answer the following questions. (a) What are the current prices of these bonds? (b) What is the foeward rate f12? (c) Under Liquidity Premium Theory, will an investor happy to purchase a long term bond? How would the investors react? (d) What is the difference for the Liuidity Premium and Preferred Habitat Hypothsis in explaining a flat yield curve, respectively. (03)(10pts) Explain the differences between the two financial instruments: debt and equity. (a) date of maturity (b) payment schedule (c) priority of being repaid (seniority) in case of business liquidation (04)(10pts) 依央行金融统计月报，在1997年12月底的货币总计数各项目为(单位为百万): a.外汇存款 569,905 b.活期存款 892,481 c.附买回交易余额 224,146 d.通货发行额 684,311 e.全体货币机构与邮汇局库存现金 173,947 f.活期储蓄存款 2,004,376 g.定期与定期储蓄存款 8,311,358 h.邮政储金 2,235,777 i.支票存款 308,031 j.外国人新台币存款 37,921 计算下列货币总计数 (使用代码，比如通货净额=a+b+c) (a) 通货净额。 Explain why do we need to deduct the cash in vault. (b) M1B and M2. Should government deposits be included in the monetary aggregates? (05)(10pts) The essential properties of a medium of exchange(MOE) include widely accepted, easily standardized, divisible, easily portable, and durable. (a) Which is not an intrinsic property? (b) Is a legal tender must be a MOE at any time? Is a MOE must be legal tender? Is a means of payment(MOP) must be a MOE? Explain. (06)(7pts) During the recent sub-prime crsis, the TED spread surged. Explain why the TED spread significantly rose and how does it affect the banking system. (07)(7pts) 根据中央银行对於直接金融与间接金融的定义，当央行降低银行的资产所能 投资於股票的比例时，这对於我国的直接金融比例有何影响？请解释。 (08)(7pta) What was the main motivation to debase coins? What problem will debasement cause? (09)(7pts) 19世纪美国银行业所发行banknotes的特性与目前的fiat money有何差异？ (10)(7pts) 你认为Menger的"演化论"货币起源说能够解释人们为何突然不接受法定货币 吗？为什麽？ (11)(7pts) According to pur discussion regarding the recent sub-prime crsis, briefly compare the two views that were proposed to explain the crsis: (a) loss of information [Gorton (2008)] (b) originate-to-distribute (12)(7pts) What are the differences between Repurchase agreements(Repos or RPs) and Commercial papers. Expplain why Repos is an important financial instrument for financial institutions. --

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