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CH1 Why Study Money, Banking, and Financial Markets?
1. 为什么金融市场对于经济的健康运行至关重要？
They channel funds from people who do not have a productive use for them to people who do, thereby resulting in higher economic efficiency.
2. 外汇汇率的变化会对金融机构的盈利产生怎样的影响？
Changes in foreign exchange rates change the value of assets held by financial institutions and thus lead to gains and losses on these assets. Also changes in foreign exchange rates affect the profits made by traders in foreign exchange who work for financial institutions.
3. 当美元相对于其他国家的货币的价值上升时，你更愿意买美国产的还是外国产的裤
子？美国生产裤子的企业更愿意看到美元走强还是走弱？美国进口裤子的贸易公司会受到美元汇率怎样的影响？
foreign goods become less expensive relative to American goods; you are more likely to buy French-made jeans. The resulting drop in demand for American-made jeans because of the strong dollar hurts American jeans manufacturers. On the other hand, the American company that imports jeans into US now finds that the demand for its product has risen, so it is better off when the dollar is strong.
4. 国外投资者持有的美国债务主要是政府债券和国库券，美元汇率的变动会如何影响
外国投资者所持有的美元债务的价值？
As the dollar becomes stronger relative to a foreign currency, one dollar is equivalent to more foreign currency. A stronger dollar will yield more home
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currency to foreigners, so the asset will be worth more to foreign investors. Likewise, a weak dollar will lead to foreign bond holdings worth less to foreigners. 5. 当利率上升时，每个人的情况都会变坏吗？
No. It is true that people who borrow to purchase a house or a car are worse off because it costs them more to finance their purchase; however, savers benefit because they can earn higher interest rates on their savings.
CH2 What is money？
1. 为什么通货不是恰当的货币计量指标？
If currency can be used as money, a lot of other assets have liquidity properties that are similar to currency, not counting them would understate an economy’s access to liquidity for transactions purposes. For this reason, counting assets such as checking deposits or savings accounts more accurately reflects the stock of assets that can be considered money.
2. 如果你使用诸如Paypal之类的在线支付体系在网上购买产品和服务，会影响到M1
货币供给量还是M2货币供给量，抑或两类货币供给量都会或者都不会被影响？ Neither. PayPal and many other e-money systems do not count in the M1 or M2. Because PayPal and similar payment systems are generally credit-based, this requires payment at a future date for funds used today; those future payments must be made using existing money that is already in the system, such as currency or funds in a bank deposit account. In other words, the M1 and M2 money supplies would theoretically remain the same, but money would move from your checking account to a third party, once the credit transaction is settled.
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CH9 banking and the management of financial institution
1. If the president of a bank told you that the bank was so well run that it has never
had to call in loans, sell securities, or borrow as a result of a deposit outflow, would you be willing to buy stock in that bank? Why or why not? 如果银行行长告诉你：他的银行经营状况非常好，及时出现存款外流，也无需收获贷款出售证券或者借款，你是否买这家银行股票，为什么？
No, because the bank president is not managing the bank well. The fact means that the bank is holding a lot of reserves that do not earn any interest. So the bank’s profits are low, and stock in the bank is not a good investment.
2. “Because diversification is a desirable strategy for avoiding risk, it never makes
sense for a bank to specialize in making specific types of loans.” Is this statement true, false, or uncertain? Explain your answer.因为多元化是避免风险的重要策略，因此银行永远不应当专门从事某种特定类型的贷款。对还是错，为什么
False. Although diversification is a desirable strategy for a bank, it may still make sense for a bank to specialize in certain types of lending. For example, a bank may have developed expertise in screening and monitoring borrowers for a particular kind of loan, thus improving its ability to handle problems of adverse selection and moral hazard
3. If you are a banker and expect interest rates to rise in the future, would you prefer
to make short-term loans or long-term loans? 预计未来利率会上升，这时你愿意发放长期还是短期贷款？
You should want to make short-term loans. Then, when these loans mature, you
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