Explain the following words
Deposit currency: refers to bank deposits that can play a monetary role, mainly refers to demand deposits that can be transferred and settled by issuing checks.
Quasi-currency: credit instruments or financial assets that can be converted into money at any time, generally consisting of bank time deposits, savings deposits, foreign currency deposits and various short-term credit instruments, such as bank acceptance bills and short-term treasury bills.
Monetary system: it is a system formed by the state's provisions on the relevant elements of currency, the organization and management of currency circulation, etc. , referred to as monetary system.
Unlimited legal compensation: the legal payment ability of currency means that no matter how much money is paid, no matter what kind of payment it is used for, the other party shall not refuse to accept it.
Gresham's law: the phenomenon that bad money drives out good money under the condition of double standard of gold and silver. It means that when two currencies with different market prices and the same legal price circulate at the same time, the currency with higher market price (good currency) will be rejected by the currency with lower market price (bad currency). Under the law of value, good money will exit circulation and enter storage, while bad money will flood the market.
Bretton Woods system: a capitalist monetary system centered on the US dollar, based on1the Bretton Woods Agreement adopted by the International Monetary and Financial Conference of the countries of the United Nations League in July 1944. The central content is to regard the US dollar as the most important international reserve currency and implement a "double peg" and a fixed exchange rate system.
Jamaica System: The international monetary system formed in 1976 is still in use today. Its main contents are diversification of international reserve currencies, diversification of exchange rate arrangements, and adjustment of international payments through various channels.
Foreign exchange refers to the means of payment expressed in foreign currency that can be used for international settlement. Foreign exchange in a broad sense refers to all creditor's rights that can be used when the balance of payments is in deficit. Foreign exchange in a narrow sense refers to the international means of payment expressed in foreign currency.
Exchange rate: The relative exchange rate of two countries' currencies is the price expressed by one country's currency in another country's currency, and it is the expression form of currency's external value.
Direct quotation method: it refers to how many units of domestic currency are calculated based on a unit of foreign currency, so it is also called price payable method.
Indirect valuation method: It refers to the calculation of foreign currency receivable based on the local currency of a unit, so it is also called receivable valuation method.
Fixed exchange rate: the exchange rate of the two currencies is basically fixed, and the fluctuation range of the exchange rate is limited to a very small range.
Floating interest rate: floating interest rate refers to the interest rate that is regularly adjusted with the change of market interest rate during the loan period.
Credit investigation refers to the systematic investigation and evaluation of financial and other information of legal persons or natural persons.
Commercial credit: refers to the credit provided in the form of goods when buying and selling goods between industrial and commercial enterprises.
Commercial paper: it is a commercial credit tool, and it is a written creditor's right certificate held by the creditor who provides commercial credit to guarantee his creditor's right to debt.
Bank credit: refers to the credit provided by banks or other financial institutions in the form of money.
National credit: refers to the lending activities of the state (government), that is, the credit of the state (government) as a creditor or debtor.
Consumer credit refers to the credit provided by enterprises, banks and other financial institutions to consumers for daily consumption.
International credit: refers to transnational lending activities, that is, debtors and creditors are not residents of the same country.
Interest: it is the reward paid by the borrower to the borrower in the loan relationship.
Interest rate: refers to the ratio of the interest amount formed by the maturity of the loan to the lent principal.
Capitalization of income: refers to how much capital is equivalent to something with income by comparing income with interest rate.
Interest rate marketization: refers to the interest rate operation mechanism determined by the relationship between supply and demand at a certain point through the mechanism of market and value law. It is the result of the law of value.
Second, judge right or wrong.
1. According to historical records and archaeological discoveries, the earliest form of currency was coins. (error)
2. As a unit of valuation, money not only means to calculate and measure the value of goods and services, but more importantly, to realize the value of goods, so that money becomes the only realistic standard for calculating the value of goods and services. (right)
3. Money can reduce the exchange cost of products and improve the exchange efficiency. (right)
4. In terms of currency classification, countries all over the world are basically the same and stable for a long time. (error)
5. Virtual gold standard refers to a transitional monetary system in which although domestic currency still contains gold, gold coins are not cast or used in China, but silver coins or bank notes are circulated. Silver coins or bank notes cannot be exchanged for gold in China, but can only be exchanged for foreign exchange of countries with gold in their own countries and maintaining a fixed exchange rate with their currencies, and then the foreign exchange can be exchanged for gold in their own countries.
(right)
6. The dual standard system is a monetary system in which gold and silver coins are also used as the bookkeeping base currency. (right)
7. Jamaica system is a new international monetary system. (right)
8. Under the gold coin standard system, the exchange rate is determined on the basis of coinage parity, and the actual exchange rate in the market fluctuates around coinage parity, but its fluctuation range does not exceed the gold delivery point. (right)
9. International lending theory studies the determination of long-term exchange rate level of currency from the perspective of commodity market. (error)
Look. Discount means that the forward exchange rate is higher than the spot exchange rate. (error)
1 1. In modern economy, the risks and benefits of credit activities are matched. (right)
12. The social credit system is essentially a credit system. (error)
13. The tool of commercial credit is bank acceptance bill. (error)
14. Bank credit can be provided in the form of money and goods. (error)
15. Credit sale is a unique form of consumer credit. (error)
16. Because bank credit overcomes the limitations of commercial credit, it will eventually replace commercial credit. (error)
17. In essence, a check is actually a sight draft. (error)
18. There are many kinds of interest rates. For example, according to the real level of interest rate, it can be divided into official interest rate, public interest rate and market interest rate. (error)
19. The term structure of interest rate refers to the relationship between the yields of securities with the same default risk but different terms, that is, different interest rate combinations due to different terms at a certain point in time. (right)
20. Marketization of interest rates does not mean that interest rates are determined by the relationship between market supply and demand, but that the government determines the interest rate level according to the law of value on the basis of full market research. (error)
Third, multiple choice questions
1. The monetary growth rate index published by the People's Bank of China reflects the situation in (c).
A. Money stock B. Money flow
C. Monetary increment D. Monetary aggregate
2. The product of money circulation speed and cash and deposit currency in a certain period is (b).
A. Money stock B. Money flow
C. Monetary increment D. Monetary aggregate
3. The most liquid financial asset is (D).
A.b. Residents' savings deposits
C. Time deposits in banks D. Cash
4. Marx's monetary theory shows that (D).
A. money is the product of national creation.
B. money was created by the sages to solve the exchange difficulties.
C. Money is created to preserve wealth.
D. money is a commodity that is fixed as a universal equivalent.
5. The final result of the development of value form is (a).
A. monetary form B. paper money C. expanded value form D. general value form
6. Money performs the function of circulation means in (a).
A. Buying and selling goods B. Paying taxes
C. Pay wages D. Show the value of goods
7. Beijing and Bo Gu are (c) in the history of our country.
A. Credit currency B. Paper money
C. Physical currency D. Metal currency
8. The dollar is linked to gold, and the currencies of other countries are linked to the dollar, which is the characteristic of (c).
A. International gold standard B. Jamaican system
C. Bretton Woods system D. International gold standard
9, Jamaica system is characterized by (c).
A. Maintain a fixed exchange rate B. The balance of payments can be adjusted automatically.
C. Diversification of international reserve currency D. Simplicity of international reserve currency
10, RMB shares in the market are returned by cash (c)
A. Issue library B. Treasury C. Business library D. Treasury
1 1, and the current RMB exchange rate is (b).
A. A single managed fixed exchange rate system based on market supply and demand
B a single and managed floating exchange rate system based on market supply and demand
C. Single pegged exchange rate system based on market supply and demand
D. a single flexible exchange rate system based on market supply and demand
12, in the reform of exchange rate system, China has achieved (d) at present.
A. Free convertibility of RMB under capital account B. Free convertibility of RMB under current account
C. RMB is fully convertible under capital account.
13, the basic feature of credit is (c).
A. Equal exchange of value B. Unconditional unilateral transfer of value
C. Unilateral value transfer to be repaid D. Free gift or assistance
14. In China, there is a common phenomenon of "triangular debt" among enterprises, which belongs to (a) in essence.
A. Commercial credit B. Bank credit C. National credit D. Consumer credit
15. In modern economy, bank credit is still the most important financing method. The following description about bank credit is incorrect (B).
A. Bank credit is generated on the basis of commercial credit. B. bank credit cannot be transformed from commercial credit.
C. bank credit is credit provided in the form of money. Banks act as credit intermediaries in bank credit activities.
Fourth, multiple choice questions
1. In China's monetary hierarchy, the narrow monetary quantity includes (AE).
A. Bank demand deposits B. Corporate time deposits
C. Residents' savings deposits D. Securities company customers' margin deposits E. Cash
2. Quasi-currency in China's monetary system refers to (BCDE).
A. Bank demand deposits B. Corporate time deposits
C. Residents' savings deposits D. Securities company customers' margin deposits E. Other deposits
3. The correct expression of narrow money is (AD).
A. Including cash and bank demand deposits B. Including cash and quasi-currency.
C. the less important it is to include bank demand deposits and quasi-currency.
D the slower the innovation speed of financial products, the less necessary it is to revise the currency grade.
E. The richer the financial products, the more monetary levels.
4, precious metals can't freely input and output exists in the state of (DE).
Answer? Silver standard B. Double standard of gold and silver
c？ Gold coin standard D. gold exchange standard E. gold bar standard
5. The main problem of the Bretton Woods system is (AB).
A. countries cannot adjust their balance of payments by changing exchange rates.
B. ensuring the credit of the us dollar will lead to the lack of international liquidity.
C. Lack of uniform and stable monetary standards
D. Floating exchange rate mainly increases foreign exchange risk.
E. unable to meet the needs of countries for international mobility
6. The RMB currency system is characterized by (ACE).
Renminbi is the legal unit of valuation and settlement in China.
B the principal currency of RMB is compensated by infinite method, and the secondary currency is compensated by finite method.
Renminbi is the currency of cash and deposit.
D Cash is issued by the People's Bank of China and state-owned commercial banks.
E. At present, the RMB exchange rate is subject to a single and managed floating exchange rate system.
7, if other conditions remain unchanged, a country's currency depreciation will cause the country (BC).
A. increase in imports B. increase in exports C. decrease in imports D. decrease in exports E. decrease in domestic price level
8. The exchange rate system under the Jamaican system has the following characteristics (ACE).
A. The exchange rate system is based on the standard of credit currency. B. it can realize the automatic adjustment of the balance of payments.
C. floating exchange rate system as the leading factor D. fixed exchange rate system as the leading factor
E. unable to achieve automatic adjustment of the balance of payments
9. The characteristics of usury credit are (ACE).
A. with high interest rates.
B. Promoting the development of socialized mass production
C. Ways of capital exploitation
D. Capitalized modes of production
E. there is no direct close connection with social production.
10, according to the legal relationship and legal status of the parties in financing activities, credit forms can be divided into (AB).
A. Debt credit B. Equity credit
C. Direct credit D. Indirect credit
E. Bank credit
1 1. The following description of modern credit activities is correct (ABD).
A. Modern credit activities are closely related to modern social and economic development.
B. Credit relationship has become the most common and basic economic relationship in the official loan economy.
C. In modern economic activities, risks and benefits do not always match.
D. In modern credit activities, credit instruments are diversified.
E. Modern credit activities are increasingly independent of credit intermediaries and their services.
12, the following belong to the social credit information system subsystem (ABCDE).
A. Credit file system B. Credit investigation system
C. credit evaluation system D. credit inquiry system E. dishonesty publicity system.
13. The following description of commercial paper is correct (BCE).
A. Commercial paper is a kind of ownership certificate. Commercial paper can be divided into promissory notes and bills of exchange.
C. the circulation and transfer of commercial paper have a certain scope. D. commercial paper can only be transferred once.
E. Commercial paper, also known as commercial currency, is included in the generalized credit currency.
14, the characteristics of bank credit are (Abe)
A. bank credit can reach a huge scale. Bank credit is credit provided in the form of money.
C. banks appear as creditors. Banks appear as debtors.
E bank credit is relatively flexible and can meet the needs of different lenders.
15. The relationship between bank credit and commercial credit is (ABCE).
A. commercial credit is the basis of bank credit.
B. Bank credit promotes the perfection of commercial credit
C. They complement each other.
D bank credit greatly exceeds commercial credit and can replace commercial credit.
E. under certain conditions, commercial credit can be converted into bank credit.
V. Analytical thinking
1, why do you say that money is the inevitable product of the development of value form and commodity production and exchange?
Logically, money comes from commodities, accompanied by the emergence and development of commodity production and commodity exchange. Without commodity production and exchange, there can be no money, because commodities are labor products for exchange, and money is mainly the exchange of media commodities, which is the external expression of commodity value. Therefore, money is the inevitable product of the development of commodity production and commodity exchange.
From a historical point of view, the process of exchange development can be condensed into the evolution process of value form: from simple value form to expanded value form, and then to general value form and currency form. The development and evolution of value forms led to the emergence of money. Therefore, money is the inevitable product of the development of value form.
Fundamentally speaking, money originated from commodity production and commodity exchange, and formed in the development of value form.
2. Why should we divide the level of money supply?
There are all kinds of currencies in the real economy, so it is necessary to divide them into different levels to make the measurement of money supply scientific.
Different levels of money have different monetary attributes.
Because different levels of money supply have different formation mechanisms, different characteristics and different control methods, dividing money supply levels is conducive to effective management and control of money supply.
The common basis for countries to classify currencies is the liquidity of financial assets. However, the division of specific currency levels is based on the specific situation of the country.
The division of three calibers of China s monetary system;
M0= cash in circulation
M 1=M0+ demand deposit
M2=M 1+ quasi-currency (time deposit+savings deposit+customer deposit of securities company+other deposits)
3. What are the characteristics of the current credit currency system?
The characteristics of the current credit currency system are: non-monetization of precious metals; The credit currency in circulation is mainly composed of cash and deposit currency; Money in the real economy is put into circulation through financial activities; The central bank's unified management and regulation of credit currency on behalf of the state has become a necessary condition for the normal development of finance and economy.
4. How is the exchange rate determined? How to treat RMB exchange rate?
The determination of exchange rate is an extremely complicated issue. Under different monetary systems, the determination and influencing factors of exchange rate are also different. Under the gold standard, the exchange rate of the two currencies is determined by their gold content, and the coinage parity is the basis for determining the exchange rate. Under the influence of market supply and demand changes, foreign exchange rate fluctuates around coinage parity and between gold delivery points.
In the early days of the credit currency circulation system, countries stipulated the legal gold content of paper money by referring to the gold content of gold coins in the past, and the exchange rate was mainly determined by comparing the legal gold content of paper money. 1944 after the Bretton Woods system was adopted in the international monetary system, the exchange rates of national currencies were determined according to the gold content ratio stipulated by the US dollar, and the central bank was responsible for stabilizing the exchange rates. After the collapse of the Bretton Woods system in the 1970s, countries generally adopted a floating exchange rate system, and the exchange rate was mainly determined by the supply and demand of the currencies of the two countries in the foreign exchange market. Therefore, at present, all the factors that affect the supply and demand of foreign exchange have become the deep-seated factors that affect the exchange rate changes, mainly including: balance of payments, inflation, interest rates, economic growth, the intervention of the central bank, market expectations and so on. And any change in these factors may cause changes in the exchange rate. With the development of finance, especially the promotion of economic globalization and financial globalization, the factors that determine and influence the exchange rate have become increasingly complex, so many economists have explained the exchange rate determination from other angles. For example, monetary analysis believes that various factors that lead to the imbalance of the money market ultimately determine the exchange rate level through their influence on the price level of various countries; The theory of financial assets holds that the supply and demand of financial assets have a decisive influence on the exchange rate; The exchange cost theory put forward by Chinese scholars mainly takes the price comparison of traded goods as a factor to determine the exchange rate and its changes, and China has always regarded the export exchange cost as an important basis to determine the RMB exchange rate level.
Correctly understand and treat the historical background and conditional constraints of RMB exchange rate determination. The textbook is divided into four stages to describe the changing process of RMB exchange rate. The main influencing factor of RMB exchange rate formation: export exchange cost. 1994 up to now, the basic institutional framework of RMB exchange rate formation mechanism: bank settlement and sale of foreign exchange system and bank turnover position management; Open market operation of China People's Bank; Inter-bank market matching trading system; Management of floating range of exchange rate in interbank market.
Considering the special national conditions determined by the RMB exchange rate and its changes. Remarkable achievements have been made in RMB exchange rate reform since 1994. The RMB exchange rate remained stable. Even under the impact of the 1997 Southeast Asian financial crisis, it persisted in not devaluing, which not only won universal praise in the world, but also benefited China's economic development. First of all, it has promoted the substantial growth of import and export volume and played the role of exchange rate in regulating foreign trade. Secondly, it is conducive to the rapid growth of China's foreign exchange reserves. Since 10, the RMB exchange rate has risen steadily, which not only improves the international status and prestige of the RMB, but also reduces the import and export transaction costs.
However, with the deepening of reform and opening up, there are still some problems in the institutional arrangement of RMB exchange rate, including: First, the current compulsory foreign exchange settlement and sale system has not really realized the convertibility of RMB under current account. Because in reality, it is unconditional sale of foreign exchange and conditional purchase of foreign exchange. At the same time, this asymmetry of rights and obligations has hit the enthusiasm of enterprises to earn foreign exchange and distorted the relationship between supply and demand in the market, showing that the false foreign exchange supply is greater than the foreign exchange demand. Second, in order to stabilize the RMB exchange rate, on the one hand, the quota of foreign exchange positions that designated foreign exchange banks should hold is stipulated, on the other hand, the central bank sets up a foreign exchange trading room in Shanghai Foreign Exchange Trading Center to directly enter the market to engage in foreign exchange transactions. Designated foreign exchange banks must make up for the position exceeding the limit in the foreign exchange market when handling the foreign exchange settlement and sale business. This makes the designated foreign exchange banks only become the counters of the central bank's foreign exchange business, rather than the real market trading entities. At the same time, the central bank passively obeys the market to deal with foreign exchange and RMB, which violates the original intention of the central bank's macro-control and loses the autonomy of monetary policy to some extent. Third, the current settlement and sale of foreign exchange divides the domestic foreign exchange market and the international foreign exchange market, forcing enterprises to pay attention only to the exchange rate of domestic settlement and sale of foreign exchange, but not to the changes in the exchange rate of the international market. Thereby weakening the right of enterprises to operate independently and enhancing the initiative of risk management. Therefore, the reform of RMB exchange rate system still has a long way to go, especially under the new situation of China's entry into WTO, this proposition is particularly important and attractive.
5. What is interest rate marketization? Combined with the process of interest rate reform in China, this paper discusses the necessity of interest rate marketization.
The so-called interest rate marketization refers to the interest rate operation mechanism determined by the relationship between supply and demand through the market and the law of value at a certain point, which is the result of the law of value. Interest rate marketization emphasizes the leading role of market factors in interest rate determination, can truly reflect the relationship between capital cost and supply and demand, and flexibly and effectively exert its economic leverage. It is an ideal interest rate determination mechanism that meets the requirements of socialist market economy.
Since the reform and opening up, with the transition of China's economic system from planned economy to market economy, the reform of interest rate system is imminent. In order to give full play to the role of interest rate in economy, it is necessary to promote the reform of interest rate marketization. The marketization of interest rate is the requirement and important content of the development of socialist market economy and financial economy in China. China has made clear the goal and general idea of interest rate marketization reform and determined the basic principles of reform. The interest rate marketization reform in China is progressing steadily. Therefore, the interest rate marketization reform is not only the direction of China's interest rate reform, but also a commitment to the world, and it is also the essential requirement of economic integration and financial globalization.