課程名稱︰貨幣銀行學 課程性質︰系定必修 課程教師︰陳南光 開課學院：社會科學院 開課系所︰經濟系 考試日期（年月日）︰971114 考試時限（分鐘）：120分鐘 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : (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) 依央行金融統計月報，在1997年12月底的貨幣總計數各項目為(單位為百萬): a.外匯存款 569,905 b.活期存款 892,481 c.附買回交易餘額 224,146 d.通貨發行額 684,311 e.全體貨幣機構與郵匯局庫存現金 173,947 f.活期儲蓄存款 2,004,376 g.定期與定期儲蓄存款 8,311,358 h.郵政儲金 2,235,777 i.支票存款 308,031 j.外國人新台幣存款 37,921 計算下列貨幣總計數 (使用代碼，比如通貨淨額=a+b+c) (a) 通貨淨額。 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) 根據中央銀行對於直接金融與間接金融的定義，當央行降低銀行的資產所能 投資於股票的比例時，這對於我國的直接金融比例有何影響？請解釋。 (08)(7pta) What was the main motivation to debase coins? What problem will debasement cause? (09)(7pts) 19世紀美國銀行業所發行banknotes的特性與目前的fiat money有何差異？ (10)(7pts) 你認為Menger的"演化論"貨幣起源說能夠解釋人們為何突然不接受法定貨幣 嗎？為什麼？ (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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