[經(jīng)濟(jì)學(xué)]貨幣金融學(xué)課件lecture-展示頁
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【正文】 69。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. 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。 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。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)。 （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 aftertax expected return on these bonds ?demand rises? demand curve of municipal bonds increases Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 613 Term Structure of Interest Rates ? Bonds with identical risk, liquidity, and tax characteristics may have different interest rates because the time remaining to maturity is different ? Yield curve— a plot of the yield on bonds with differing terms to maturity but the same risk, liquidity and tax considerations ? Upwardsloping ? longterm rates are above shortterm rates ? Flat ? short and longterm rates are the same ? Inverted ? longterm rates are below shortterm rates 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
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