BEEM2033 2 - BEEM2033 SULITICONFIDENTIAL PEPERIKSAAN AKHIR...

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Unformatted text preview: BEEM2033 SULITICONFIDENTIAL PEPERIKSAAN AKHIR SEMESTER PERTAMA SESI 2014/2015 FINAL EXAMINATION FIRST SEMESTER 2014/2015 SESSION KODINAMA KURSUS : BEEM2033 TEORI DAN INSTITUSI WANG COURSE CODE/NAME BEEM2033 MONETARY THEORY AND INSTITUTIONS TARIKHIDATE : 29 DISEMBERIDECEMBER 2014 (ISNINIMONDAY) MASA ITIME : 2.30 —— 5.00 PM (2 1/z JAMIHOURS) TEMPATIVENUE 1 DEWAN B.KACHI ARAHANIINSTRUC TIONS: 1. Kertas soalan ini mengandungi ENAM (6) soalan dalam ENAM (6) haiaman bercetak tidak termasuk kulit hadapan. This examination paper contains SIX (6) questions in SIX (6) printed pages excluding the cover page. . Calon dikehendaki menjawab SEMUA soalan di datam buku jawapan yang disediakan. Candidates are required to answer ALL questions in the answer booklet provided. Calon TIDAK DIBENARKAN membawa keiuar kertas soaian dan buku jawapan dari dewan peperiksaan. Candidates are NOT ALLOWED to take both the examination paper and the answer booklet out of the examination hail. _ Calon adalah tertakiuk di bawah TATACARA PERATURAN KECURANGAN AKADEMIK UUM. Candidates are bound by the UUM’S RULES AND PROCEDURES ON ACADEMIC FRAUD. MATRIC NO.: (dengan perkataan/in words) (dengan angka/in numbers) NO. KAD PENGENALAN: NAMA PENSYARAHILECTURER’S NAME: KUMPULANIGROUP: |:‘ NOMBOR MEJAITABLENO.: [313:] JANGAN BUKA KERTAS SOALAN INI SEHINGGA DIBERI ARAHAN DO NOT OPEN THIS EXAMINATION PAPER UNTIL INS TRUCTED SULITI CONFIDENTIAL BEEM2033 TEORI DAN INSTITUSI WANG / MONETARY THEORY AND INSTITUTIONS NO. MATRIK /MATR1C NO: ’ SOALAN SATU / QUESTION ONE (10 MARKAH / IMARKS) 3) b) Jelaskan apakah yang berlaku kepada keiuk penawaran bon jika: Explain what happens to the supply of bonds i) kerajaan mengurangkan defisit fiskal? the government reduces its fiscal deficit? ii) pertumbuhan ekonomi dijangka meningkat pada kadar 8% tahun 2015? economic growth is expected to increase at the rate of 8 % in 2015? (3 markah/marks) Apakah yang dimaksudkan dengan kesan Fisher? Berdasarkan analisis permintaan— penawaran bon, tunjuk dan jelaskan bagaimanakah kesan Fisher mempengamhi kadar faedah keseimbangan? _ What is the Fisher eflect? Based on the demand-supply of bonds analysis, show and explain how does the Fisher effect influence the equilibrium level of interest rates? (7gmarkah/marks) SOALAN DUA / QUESTION TWO (20 MARKAH/I‘MRKS) 8) Bon kerajaan 20 tahun mempunyai hasil hingga matang tahunan sebanyak 5.85% dan bon dengan tempoh matang yang sama yang diterbitkan oleh Bintang Bestari Holdings memberikan hasil sebanyak 8.25%. Mengapakah hasil bagi kedua—dua bon tersebut berbeza? Jelaskanjawapan anda. ' A 20 year government bond has an annualized yield to maturity of 5. 85 %, and a bond with the same maturity issued by Bintang Bestari Holdings has a yield of 8. 25%. Why the yield of these two bonds diflers? Explain your answer. (6 markah/marks) BEEM2033 TEORJ DAN INSTITUSI WANG / MONETARY THEORY AND INSTITUTIONS NO. MATRIX / MATRIC NO: b) Bon municipal yang baru diterbitkan dengan penarafan Aaa memberikan hasil 8%. Jika anda berada dalam lingkungan cukai pendapatan 30%, apakah peratusan hasil yang anda patut perolehi daripada bon korporat agar anda ‘indifferent’ di antara ke'dua bon? A newly issued municipal bond rated Aaa have a yield of 8%. If you are in the 30 percent income tax bracket, what yield would you need to earn on a corporate bond to be indifferent between the two bonds? (3 markah/marks) c) i) Apakah perbezaan antara teori jangkaan dan teori premium kecairan? Jelaskan. What is the diflerence between the expectations theory and the liquidity premium theory? Explain. _ (6 markah/marks) ii) Mengapakah keluk hasil lazimnya bercerun positif mengikut teori segmentasi pasaran? Jelaskan. Why the yield curve is usually slope upward according to the segmented market theory? Explain. (5 markah/marks) SOALAN TIGA / QUESTION THREE (15 MARKAH / MARKS) a) Terangkan DUA (2) cara yang digunakan oleh bank perdagangan dan juga kos yang terlibat untuk mengatasi masalah aliran keluar deposit. Explain TWO (2) methods used by commercial banks and also the cost incurred to resolve the outflow of deposits problems. (5 markah/marks) b) BEEM2033 TEORI DAN [NSTITUSI WANG / MONETARY THEORYAND INSTITUTIONS NO. MATRIX /MATR1C N0: Sebagai firrna yang memaksimumkan keuntungan, bank perlu mengekalkan kecairan yang mencukupi dan risiko yang rendah dan pada masa yang sama memaksimumkan keuntungan bank secara keseluruhan. Jelaskan bagaimanakah bank cuba untuk mencapai tujuan ini melalui prinsip pengurusan aset dan pengurusan liabiliti? As profit—maximizing firms, banks must simultaneously maintain suflicient liquidity and lower risk while maximizing overall bank profits. Explain how banks attempt to achieve these goals through the asset management and liability management principles? (10 markah/marks) SOALAN EMPAT / QUESTION FOUR (25 MARKAH / MRKS) 8) Andaikan Mayora Bank memegang tunai dibank sebanyak $3 juta, deposit rizab di bank pusat sebanyak $25 juta dan baki asetnya adalah pinjaman dan sekuriti. Bank ini memegang $300 juta deposit, dan tertakluk kepada keperluan rizab 3% bagi $50 juta pertama daripada deposit itu dan keperluan rizab sebanyak 10% kc atas semua deposit yang melebihi $50juta. Assume that Mayora Bank hold vault cash of $3 million, reserve deposits at the central bank of $25 million, and the rest of its assets in terms of loans and securities. This bank holds $300 million in deposits and is subject to a 3% reserve requirement on the first $50 million of those deposits and to a reserve requirement of I 0 % on all deposits over $50 million. i) Tunjukkan kedudukan kunci kira—kira Mayora Bank. Show the balance sheet of Moyara Bank. (2 markah/marks) ii) Berapakah keperluan rizab dan lebihan rizab bank? What is the bank’s required reserves and excess reserves? (3 marka h/marks) iii) J ika Mayora Bank meminjam sebanyak $5 juta daripada bank pusat, berapakah lebihan rizabnya sekarang? Tunjukkan kesan urusniaga ini ke atas kunci kira—kira Mayora Bank. If Moyara Bank borrowed $5 million from the central bank, what are its excess reserves now ? (4 markah/marks) b) BEEM2033 TEORI DAN INSTITUSI WANG / MONETARY THEORY AND INSTITUTIONS NO. MATRIK / IVIATRIC NO: Andaikan jumlah liabiliti Bank Agroniaga adalah deposit iaitu $2,000 juta. Ia mempunyai $1,250 juta dalam pinjaman dan $400 juta dalam Sekuriti, dan nisbah keperluan rizab ke atas deposit adalah 0.14. Suppose that the total liabilities of Bank Agroniaga are deposits, equal to $2,000 million. It has $1,250 million in loans and $400 million in securities, and the required reserve ratio on deposits of 0. I 4. i) Adakah bank ini memegang lebihan rizab? Jika ya, berapakah jumlah dan nisbah lebihan rizab? ' Does this bank hold any excess reserves? If so, how much, and what is the excess reserve ratio? (3 ma rkah/marks) ii) Bank Agroniaga menjual sekuriti berjumlah $75 juta kepada bank pusat. Berapakah jumlah 16bihan rizab bank ini sekarang? Hitung jumlah maksimum deposit yang boleh dicipta oleh Bank Agroniagajika semua lebihan rizab itu dipinjamkan? Bank Agroniaga sells $75 million worth of securities to the central bank. What is the bank’s excess reserve now? Find the maximum amount of deposit that can be created by Bank A groniaga if all the excess reserves are loaned up? (4 markah/marks) iii) Katakan semua bank dalam sistem perbankan memegang nisbah lebihan rizab yang sama seperti Bank Agroniaga, dan nisbah matawang ialah 0.16. Hitung apakah kesan penjualan sekuriti dalam soalan ii) di atas kepadajumlah penawaran wang? Let say all banks in the banking system holds excess reserves in the same ratio as Bank Agroniaga, and the currency ratio is 0.16. Compute what happens to the total money supply as a result of the sale of securities in question ii) above? (3 markah/marks) BEEM2033 TEORI DAN INSTITUSI WANG / MONETARY T HEORYAND INSTITUTIONS NOI MATRIK / MATRIC NO: Andaikan bank pusat Negara X menetapkan nisbah keperluan rizab bagi deposit semasa pada 12% dan nisbah keperluan rizab. bagi deposit tetap pada 4%. Nisbah pegangan matawang ialah 15% dan nisbah pegangan deposit tetap ialah 0-.8. Bank perdagangan memegang lebihan rizab pada kadar 3%. Jika jumlah matawang dalam edaran ialah RM650.5 juta, Suppose the central bank in Country X set the reserve requirements for demand deposits at 12% and the reserve requirement ratio for fixed deposits at 4%. The ratio of currency holdings is I 5 % and the ratio of fixed deposits is 0.8. The commercial banks hold excess . reserves of 3 %. If the amount of currency in circulation is RM65 0.5 million, i) hitungjumlah deposit semasa dan deposit tetap. compute the total amount of demand deposits and fixed deposits. (3 markah/marks) ii) berapakah asas kewangan dan jumlah penawaran wang? what are the monetary base and the total supply of money? (3 markah/marks) SOALAN LIMA / QUESTION FIVE (15 MARKAH /M4KKS) a) b) Jelaskan teori permintaan wang Keynes. Mengapakah Keynes berpendapat bahawa halaju tidak boleh dianggap sebagai konstan? Explain the Keynesian theory of money demand. Why does Keynes thought that velocity could not be treated as a constant? (8 markah/marks) Apakah faktor yang menentukan permintaan wang dalam teori pennintaan wang Friedman? Bagaimanakah setiap faktor itu mempengaruhi permintaan wang? What factors determine money demand in Friedman’s theory of money demand? How does each factor aflects money demand? (7 markah/marks) BEEM2033 TEORI DAN INSTITUSI WANG / MONETARY THEORY AND INSTITUTIONS NO. MATRIK / MATRIC N0: SOALAN ENAM / QUESTION SIX (15 MARKAH / AMRKS) a)' Mengapakah bank pusat menggunakan sasaran pertengahan dalam pelaksanaan dasar kewangan? Jelaskan. Why does central bank uses an intermediate target in the implementation of monetary policy? Explain. (5 markah/marks) b) Andaikan keadaan pasaran kewangan dan pegangan wang oleh isi rumah adalah agak tidak stabil berbanding dengan tahun—tahun lepas. Pada masa yang sama, perbelanjaan agregat dalam ekonomi adalah relatifnya stabil. Jika anda adalah penasihat ekonomi di bank pusat, apakah sasaran pertengahan yang akan anda pilih; sama ada sasaran kadar faedah atau agregat kewangan? Mengapa? Jelaskan jawapan anda dengan menggunakan rajah yang sesual. Suppose that financial market conditions and money holdings by households have been relatively unstable as compared with past years. At the same time, aggregate spending in the economy has been relatively stable. If you were the economic advisor at the central bank, which intermediate target would you choose; whether the interest rate or the monetary aggregate target? Why? Explain your answer using an appropriate diagram. (10 markah/marks) SOALAN TAMAT END OF QUESTIONS ...
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