3.4 The Risk Structure of Interest Rates 利息的风险结构

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课堂练习：

In this part, we will disucss and examine the relationship among interest rates on securities that have the same term to maturity but have different interest rates. The relationship among theseinterest rates is called the risk structure of interest rates.

在本部分，主要讨论期限相同但利率不同的证券利率之间的关系。这些利率之间的关系称为利率的风险结构。

1. Credit risk  信用风险

The term credit risk refers to the probability of a debtor not paying the principal and /or the interest due on an outstanding debt.

信用风险是指债务人不偿还未偿债务的本金和/或到期利息的可能性。

In effect, credit risk is a measure of the creditworthiness of the issuer of asecurities.

2.Liquidity risk 流动性风险

A liquid asset is one that can be quickly and cheaply converted into cash if the need arises.

如果有需要，流动资产是一种可以迅速且廉价地转换成现金的资产。

The more liquid an asset is, the more desirable it is (holding everything elseconstant).

3.Taxibility 税收

The last major factor influencing the structure of interest rates is the taxabilityof securities. Interest income earned from securities by state and localgovernments is exempt from federal income tax, while interest earned fromcorporate securities is taxed at the same rates as other ordinary incomes.

最后一个影响利率结构的主要因素是证券的可征税性。州和地方政府从证券中获得的利息收入免缴联邦所得税，而从公司证券中获得的利息收入按与其他普通收入相同的税率征税。