最终贷款者（LLR)（lender of last resort，LLR)

A. 客户经理在受理贷款申请时告知

B. 客户经理在对贷款申请进行调查时告知

C. 审查人员在对贷款申请进行审查时出具意见

D. 借款合同约定

A. 贷款本金到期足额收回。

B. 贷款利息到期足额收回。

C. 贷款本息到期足额收回。

D. 贷款本息到期部分收回。

A. 全额包销

B. 部分包销

C. 尽最大能力推销

D. 分阶段承销

A、项目发起人(最终所有者)

B、项目的投资者和经营者

C、项目的贷款银行

D、项目的服务对象

Why would the failure to create a unified EU labor market be particularly harmful to the prospects for a smoothly functioning EMU？

Imagine that the EMS became a monetary union with a single currency but that it created no European Central Bank to manage this currency．Instead，imagine that the task was left to the various national central banks．each of which was allowed to issue as much of the European currency as it liked and to conduct open-market operations．What problems can you foresee arising from such a scheme？

Do your answers to the last two questions require an assumption that interest rates and expected exchange rate changes are linked by interest parity？ Why or why not？

英国政府的批评者希望降低利率，并且认为如果英国使英镑贬值，甚至在必要时退出：ERM，那么这个目的便可达到。但是，这是错误的，离开ERM只能导致利率立即上升，而不是下降，这是因为英国经济将失去由于它加入ERM获得的信誉。两年前，英国政府债券的利率比德国的高3个百分点，但今天这个差距已缩小到0.5个百分点；这说明投资者相信英国的通货膨胀率会逐渐降低，并且是永久性地降低。

a．为什么英国政府的批评者认为，英镑脱离ERM会使其国内利率降低(该文章发表时，英国正处在严重的经济衰退中)？

b．为什么《经济学家》周刊认为，英国脱离ERM后，会出现与a中意见相反的情况？

c．ERM是怎样为英国的政策制定者带来信誉的？(英国于1990年10月加入ERM。)

d．为什么当英国的名义利率相对于德国的较高时，就预示着英国未来的通货膨胀较高？你能否想出其他解释？

e．(假定在写作本书时，英国利率略高于德国利率)除了“相信英国的通货膨胀率会逐渐降低，并且是永久性地降低”的原因以外，请再给出两个原因。

During the speculative pressure on the EMS exchange rate mechanism (ERM) shortly before Britain allowed the pound to float in September 1992，the Economist，a London weekly news magazine，opined as follows：

The(British)government's critics want lower interest rates，and think this would be possible if Britain devalued sterling，leaving the ERM if necessary．They are wrong．Quitting the ERM would soon lead to higher，not lower，interest rates，as British economic management lost the degree of credibility already won through ERM membership．Two years ago British government bonds yielded three percentage points more than German ones．Today the gap is half a point，reflecting investors' belief that British inflation is on its way down-permanently．(See“Crisis？ What Crisis？”Economist，August29,1992,P.51． )

a．Why might the British government's critics have thought it possible to lower interest rates after taking sterling out of the ERM？ (Britain was in a deep recession at the time the article appeared．)

b．Why did the Economist think the opposite would occur soon after Britain exited the ERM？

c．In what way might ERM membership have gained credibility for British policy--makers？ (Britain entered the ERM in October 1990．)

d．Why would a high level of British nominal interest rates relative to German rates have suggested an expectation of high future British inflation？ Can you think of other explanations？

e．Suggest two reasons why British interest rates might have been somewhat higher than German rates at the time of writing，despite the alleged“belief that British inflation is on its way down--permanently．”

Norway pegs to the euro，but soon after，EMU benefits from a favorable shift in the world demand for non-Norwegian EMU exports．What happens to the exchange rate of the Norwegian krone against non-euro currencies？ How is Norway affected？ How does the size of this effect depend on the volume of trade between Norway and the euro zone economies？