CFA level1 请教一个问题

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

问题是在curriculum volume2 economics 的reading 24 后面的practice problems:1. which of the following is least likely a component of the M2 money supply?
A. Savings deposits.
B. Traveler's checks.
C. Currency held by banks.
答案选C. 但是我觉得不对，问题是：很明显A,B是M1 money, M1 does not include currency held by banks, and it does not include currency and checking deposits owned by the U.S. government.M2的定义是：M2 consists of M1 plus time deposits, saving deposits, and money market mutual funds and other deposits.
意思是M2使更广泛的money.但是个人感觉C. currency held by banks属于M2, 就像ATM里的钱，可以从checking deposit 或saving deposits 或者money market deposit提现，但是money in checking account belongs to M1, 但是 money in saving deposits belongs to M2，所以currency held by banks 可以是M2.

以上只是我个人的理解，由于我不是金融专业而是工程专业，所以对概念不太清晰， 请高手指教！不胜感激。

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：CFA Level1 Level Leve CFA EVE CFA 请教

Strictly speaking, Bank reserves are not regarded as "moeny", (of course, it depends how you define moeny) you take bank reserve as money maybe due to misconception.  M1 = currency in circulation + traveler's checks + demand deposits, therefore, C. Currency held by banks, is the answer.
M2 is just a broader definition of money, and thus equal to M1 + saving deposit + time deposit + CDs
However, Bank reserves do not use to circulate in the economy and that's why it is not regarded as "money", but it is regarded as the Monetary Base.

和你的问题一起

2# terrytong
Thank you very much!

So, the currency held by banks is desired reserve in case of people deposit their money, but it's not a net asset owned by bank. Can I think in this way?

4# huangyifan08

You're welcome.
2 questions about your statement. 1) what does "desired reserve" mean?  2) do you mean "withdraw" instead of "deposit"?

Yes, bank reserves, and more precisely, not only reserves but all deposits taken by bank, do not regard as Assets in accounting concept, it should be regarded as Liabilities instead.  Because those deposits do not belong to the deposit-taking bank.  You may take bank's Balance Sheet for more information.  http://www.etnet.com.hk/www/tc/stocks/realtime/quote_ci_bs.php?code=1398 This link is ICBC balance sheet for your reference, just take it as an example.

5# terrytong Thank you  so much!

You just answered all my question. 1. Yeah. The desired reserves, which I found in the CFA book, is just a noun compared with required reserve. it exceeds the required reserve by certain amount to maintain bank's daily business. Honestly, from my understanding, the desired reserve is above the required ratio but the minimum amount to keep the business running. It is different based on each bank's situation.

2. For the second question, I just mean withdraw, sorry for misunderstanding.

Thanks again for answering my question.

I'm also interested to take CFA in next time
Hope you acheive a great success in coming CFA Level 1

7# terrytong
Thank you. By the way, if you don't mind, could you tell me something about your background and current job? Are u working in China now?  I am getting my M.S. in electrical engineering in U.S.A. but I am thinking about a Financial engineering degree in future. After that I plan to work in China. If you are working in China now, could u tell me something about that?

Yifan

I'm now studying my Economics undergraduate degree in Hong Kong and this is my final year (...hopefully...haha).  I'm also longing for either studying in US or working in China in the near future.  I do think Shanghai would become a leading Asian financial centre in the future once Foreign Exchange Control has been removed!  But what I think is that it's not easy for me to work in China if I don't know much about China's situation.
By the way, I think it's always nice to have some working experience from abroad.  Why don't you get some working experience in US first before going back to work in China?

9# terrytong
Actually, I got a job offer for electrical engineer, and going to work in U.S. for one or two years. But I am really interested in Financial engineering degree, maybe I will get that degree after 1 or 2 year and work in U.S. for some time and then go back China. Really nice talking with you.

Yifan