[经济学]货币金融学课件Lecture 5-2.pptVIP

Outline Examining the relationship of the various interest rates to one another Risk structure of interest rates Why Bond with same term to maturity have difference interest rates Term structure of interest rates The relationship among interest rates on bonds with different terms to maturity Because default risk is so important to the size of the risk premium , purchases of bonds need to know whether a corporation is likely to default on its bonds. This information is provided by credit-rating agencies, investment advisory firms that rate the quality of corporate and municipal bonds in terms of the probability of default. 美评级机构下调美国抵押贷款债券信用等级 发布时间： 2007-07-11 ??????全球知名评级机构——标准普尔公司和穆迪投资服务公司１０日下调美国抵押贷款债券的信用等级，市场担心这表明美国房地产和信贷市场状况将进一步恶化。?????当天，标准普尔下调了美国６１２种抵押贷款债券的信用等级，穆迪则下调了３９９种抵押贷款债券的信用等级。?????两家信用评级机构的举动表明美国房地产市场陷入泥潭，短期内无法走出困境。债券信用级别降低，意味着持有抵押贷款债券的投资者将不可避免地遭受损失，并有可能引发抵押贷款利息上调。 ????分析人士认为，目前困扰美国次级抵押贷款市场的信用问题无法改善，房地产市场将持续萎靡，并有可能影响美国的经济增长。?（新华网） Liquidity A liquidity assets is one that can be quickly and cheaply converted into cash if the need arises. The more liquidity an assets is , the more desirable it is ( holding everything else constant ) US Treasury Bonds are most liquid of all long term bonds Corporate Bonds are less liquid Income Tax Consideration The interest payments on municipal bonds are exempt from federal income tax? raise the after-tax expected return on these bonds ?demand rises? demand curve of municipal bonds increases Yield Curve: A plot of the yields on bonds with differing time remaining to maturity but the same risk , liquidity and tax consideration Some Empirical Facts Interest rates on bonds of different maturities move together over time When short-term interest rates are low, yield curves are more likely to have a upward slope; When short-term rates are high, yield curves are more likely to slope downward and be inverted Yield curves almost always slope upward How to explain these facts ? Expectations Theory