[經(jīng)濟(jì)學(xué)]貨幣金融學(xué)課件lecture(已修改)
2025-02-02 20:55 本頁面
【正文】 Chapter 6 The Risk and Term Structure of Interest Rates 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 Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 63 ?Interest rates on difference categories of bonds differ from one another in any given year ?The spread between the interest rates varies over time Risk Structure of Interest Rates Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 64 Risk Structure of Interest Rates ? Default risk— occurs when the issuer of the bond is unable or unwilling to make interest payments or pay off the face value ? . Tbonds are considered default free ? Risk premium— the spread between the interest rates on bonds with default risk and the interest rates on Tbonds ? Liquidity— the ease with which an asset can be converted into cash ? Ine tax considerations Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 65 Default Risk A bond with default risk will always have a positive risk premium, and an increase in its default risk will raise the risk premium 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 creditrating agencies, investment advisory firms that rate the quality of corporate and municipal bonds in terms of the probability of default. Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 67 Bonds with ratings below Baa (or BBB) are consider as junk bonds 美評級機(jī)構(gòu)下調(diào)美國抵押貸款債券信用等級 發(fā)布時(shí)間： 20220711 全球知名評級機(jī)構(gòu) —— 標(biāo)準(zhǔn)普爾公司和穆迪投資服務(wù)公司１０日下調(diào)美國抵押貸款債券的信用等級，市場擔(dān)心這表明美國房地產(chǎn)和信貸市場狀況將進(jìn)一步惡化。 當(dāng)天，標(biāo)準(zhǔn)普爾下調(diào)了美國６１２種抵押貸款債券的信用等級，穆迪則下調(diào)了３９９種抵押貸款債券的信用等級。 兩家信用評級機(jī)構(gòu)的舉動表明美國房地產(chǎn)市場陷入泥潭，短期內(nèi)無法走出困境。債券信用級別降低，意味著持有抵押貸款債券的投資者將不可避免地遭受損失，并有可能引發(fā)抵押貸款利息上調(diào)。 分析人士認(rèn)為，目前困擾美國次級抵押貸款市場的信用問題無法改善，房地產(chǎn)市場將持續(xù)萎靡，并有可能影響美國的經(jīng)濟(jì)增長。 （新華網(wǎng)） 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 Ine Tax Consideration The Municipal Bonds have the lowest interest rate despite they have higher default risks and less liquid than those of US treasury bonds ? The interest payments on municipal bonds are exempt from federal ine tax? raise the afterta
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