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CFA一级
包含CFA一级传统在线课程、通关课程及试题相关提问答疑;
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bank reserve越大,为啥MS越大?按照图中示例,商行有100,reserve requirement是10,贷出去70,bank reserve是20。如果bank reserve增大,比如由20增大到30,那么贷出去的钱就减少10,由70减少到60,那MS相应地应该减少才对啊!不明白
13.单选题 已收藏 标记 纠错 The yield on a U.S. Treasury STRIPS security is also known as the Treasury: A spot rate. B yield spread. C forward rate. 查看解析 上一题 提交试卷 正确答案A 您的答案B本题平均正确率:49% Securities issued by sovereign governments难度:一般 推荐: 答案解析 A is correct because a STRIPS security is a zero-coupon bond with no default risk and therefore represents the appropriate discount rate for a cash flow certain to be received at the maturity date for the STRIPS. 问:strips到底是投行将之剥离成n个零息债券,还是财政部自己剥离的?谁做的这个操作?
查看试题 已回答01.单选题 收藏 标记 纠错 When taking commercial bank into consideration, holding reserves with central bank is: A a mandatory requirement. B an opportunity cost. C a good instrument to receive interest on excess funds. 查看解析 下一题 正确答案B 您的答案C本题平均正确率:20% Short-term funding alternatives难度:一般 推荐: 答案解析 B is correct. Funds held in reserve with the national central bank are an opportunity cost because they cannot be invested with higher interest or loaned out to consumers or commercial enterprises. A is incorrect because although many countries require deposit-taking banks to place a reserve balance with the national central bank, this is not always the case. C is incorrect because some central banks pay no interest on reserve funds, and sometimes even charge for keeping reserve funds. 问:如果按着机会成本-即 次优收益 来理解B?
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- 对于老师讲的这部分,1. 我理解FRA的Payoff始终等于利率期货的Payoff部分进行折现(除以1个大于1的数),也就是说,FRA的Payoff的变动幅度 应该 始终小于利率期货的变动幅度。2. 至于是涨多跌少,还是涨少跌多,其实MRR在分母上,可以根据1/x的曲线特点来理解,无非就是MRR上升时1/(1+MRR)的变动幅度 小于 MRR下降时1/(1+MRR)的变动幅度,所以如果MRR上升时,Payoff是上升的,那么就是涨少跌多,如果MRR上升时,Payoff是下降的,那就是涨多跌少。以上2点,我理解的对吗?







