国际金融02_德州大学教授Crowder课件.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Response to an Increase in Money Supply Growth Money Growth (M2, Annual Rate) and Interest Rates, 1950–2011 Risk Structure of Interest Rates Bonds with the same maturity have different interest rates due to: Default risk Liquidity Tax considerations Long-Term Bond Yields, 1919–2011 Risk Structure of Interest Rates Default risk: probability that the issuer of the bond is unable or unwilling to make interest payments or pay off t