Финансовая экономика. Английский язык для магистров

Е.Ю. Першина 

ФИНАНСОВАЯ ЭКОНОМИКА. 
АНГЛИЙСКИЙ ЯЗЫК 
ДЛЯ МАГИСТРОВ

Учебное пособие 

3-е издание, стереотипное

Рекомендовано УМО РАЕ по классическому университету 
и техническому образованию в качестве учебного пособия
для студентов высших учебных заведений, обучающихся
по специальности: 080100(04) – «Финансовая экономика» 

Москва 
Издательство «ФЛИНТА» 
2023

УДК 802.0(07) 
ББК  81.2Англ-9 
   П26

Р е ц е н з е н т ы: 
канд. филол. наук, доцент К.В. Боровикова; 
канд. филол. наук, доцент И. Б. Косицына; 
канд. филол. наук, доцент Г.А. Шушарина 

Першина Е.Ю.  
 Финансовая экономика. Английский язык для магистров : 
учебное пособие / Е.Ю. Першина. – 4-е изд., стер. – Москва : 
ФЛИНТА, 2023. – 88 с. – ISBN 978-5-9765-1382-2. – Текст : 
электронный.

В пособии рассматриваются основные аспекты финансовой экономики 
на основе аутентичного материала Международного Валютного 
Фонда, Мирового банка, а также зарубежной прессы. Цель пособия – 
закрепление 
терминологического 
минимума, 
необходимого 
для 
понимания экономической литературы, обучение работе с научными 
источниками профессионально-ориентированного характера, развитие 
навыков коммуникативной направленности и преодоление языковых 
трудностей, характерных для языка научно-экономической литературы. 
Рассчитано на 100 часов аудиторных занятий. 
    Предназначено для магистров 5–6  курсов специальности 080100(04) 
«Финансовая экономика» и аспирантов экономических специальностей. 

УДК 802.0(07) 
ББК  81.2Англ-9 

ISBN 978-5-9765-1382-2  
© Першина Е.Ю., 2017
© Издательство «ФЛИНТА», 2017

П26

CONTENTS 

ВВЕДЕНИЕ…………………………………………………………………........4 
UNIT 1. ANALYTICAL READING, WRITING AND 

 DISCUSSION…………………………………………………................5 

Task 1. Skimming for main ideas…………………………………………........5 
Text “Liberalization, Stabilization and Growth”…………………………..........5
Task 2. Scanning through the text…………………………………………........7 
Task 3. Discussing the content……………………………………………........11 
Task 4. Analyzing Text Structure…………………………………………........11 
Text “China’s Dual-Track Price Reforms”………………………………..........12
Task 5. Summarizing……………………………………………………….......13

UNIT 2. THE ART OF WRITING PRÉCIS AND ABSTRACT………...........14 
Task 1. Précis / Abstract Writing………………………………………….............14 
Patterns 1, 2, 3, 4…………………………………………………………..............15 
Text “Taming Inflation in the Transition Economies”…………………….............19 
Patterns 5, 6, 7, 8…………………………………………………………..............26 
Text “Notes from Underground: the Growth and Costs of Unofficial 
Economies”………………………………………………………………..............30 
UNIT 3. ROUND-TABLE AND PANEL DISCUSSION…………………........32 
Text “Audiences Get Lost – Give Them a Map”………………………….............32 
Abstract “Panel Power” by Bill Hennefrund………………………………...........32 
Quotes for a round-table discussion………………………………………............35 
UNIT 4. PRACTICING WRITING SKILLS……………………………..........37 
Article “Mastering the Written Word” by Lisa Pasquale…………………............37 
Text “Developing Capital Markets”………………………………………. ..........39
UNIT 5. WRITING A SPEECH…………………………………………...........47 
Article “So, You Need to Write a Speech” by Millie Gruber…………….............47 
Text “Banking Reform in Transition Economies”………………………...............49 
UNIT 6. QUATATION AND FOOTNOTING……………………………........54 
Article “Select Your Quote with Care” by Richard Allen Stull…………..............54 
Text “Guidelines to Footnoting”………………………………………….............55 
Text “Money Laundering: Muddying the Macroeconomy”………………...........56 
UNIT 7. REPORT-WRITING…………………………………………….........61 
Text “International Accounting Standards for Russian Banks”………….............62 
THESAURUS………………………………………………………………........65 
БИБЛИОГРАФИЧЕКИЙ СПИСОК…………………………………….......73 
APPENDICES……………………………………………………………….......74 
APPENDIX 1. ADDITIONAL TEXTS…………………………………...........74 
APPENDIX 2. SCIENTIFIC SPEECH PATTERNS ……………………........85 
APPENDIX 3. ACRONYMS AND INITIALS……………………………........87

3

ВВЕДЕНИЕ 

Данное учебное пособие предназначено для магистров 5-6 курсов 

специальности 
080100(04) 
«Финансовая 
экономика» 
и 
аспирантов 

экономических специальностей. В пособии рассматриваются основные 
аспекты финансовой экономики на основе аутентичного материала 
Международного Валютного Фонда, Мирового банка, а также зарубежной 
прессы. 

Цель 
пособия 
– 
закрепление 
терминологического 
минимума, 

необходимого для понимания экономической литературы, обучение работе с 
научными 
источниками 
профессионально-ориентированного 
характера, 

развитие 
навыков 
коммуникативной 
направленности 
и 
преодоление 

языковых трудностей, характерных для языка научно-экономической 
литературы. 

Пособие состоит из 7 разделов (Units), посвященных отдельным видам 

работы с научным материалом. В каждый раздел входят тексты для 
лингвистического анализа, аналитического структурирования и научной 
обработки, а также ряд предтекстовых и послетекстовых заданий. В конце 
пособия 
представлен 
краткий 
англо-русский 
тематический 
словарь 

(Thesaurus) и приложения (Appendices). 

Основной акцент разделов делается на совершенствование навыков 

анализа научного текста по специальности с последующим написанием 
аннотации и реферата на английском языке и развитие навыков 
продуктивного академического письма, а именно: написание научных статей 
и докладов с их последующей презентацией. 

Предтекстовые и послетекстовые задания направлены на подготовку 

лексической базы, глубокую проработку терминологической лексики, 
активное 
овладение 
научно-экономической 
терминологией 
в 
рамках 

заданной темы. 

Пособие снабжено словарем, где ключевые слова представлены в 

составе наиболее частотных сочетаний в рамках рассматриваемых тем и 
термины приводятся в том значении, в котором они употребляются в текстах 
пособия. 

В приложении 1 предлагаются тексты для контроля навыков 

письменного перевода со словарем или просмотрового / ознакомительного 
чтения (на усмотрение преподавателя). В приложении 2 приводится список 
оборотов 
научной 
речи. 
Приложение 
3 
включает 
аббревиатуры, 

используемые в экономических текстах по данной тематике. 

Пособие рассчитано на 100 часов аудиторной работы. 
Пособие может представлять интерес для лиц, ставящих своей целью 

приобрести профессиональные навыки владения английским языком в 
области экономики, и предполагает наличие базовых специальных знаний в 

4

этой сфере. 
 

UNIT 1 

ANALYTICAL READING, WRITING AND DISCUSSION 

 

Task 1. Skimming for main ideas 

Skimming means reading a text without paying attention to details in order to get 
an overview of the organization of the text and its main ideas. This will include 
attention to title, headings, introduction and conclusion, as well as the beginnings 
and ends of paragraphs. Skimming the text is an excellent pre-reading habit. When 
you do a close reading of the text after skimming it, you will find that you read 
more fluently and accurately. 
 

Ex. 1 Skim through the text “LIBERALIZATION, STABILIZATION 

AND GROWTH” and write in the number of the paragraph that deals with each 
of the following topics: 

 

a) Importance of stabilization for transition; 
b) Differences between countries in initial condition; 
с) Necessary steps for improving economic performance; 
d) Important parallels between transition countries; 
e) Importance of liberalization. 
 

LIBERALIZATION, STABILIZATION AND GROWTH 

 
 
1. Across the transition economics, extensive liberalization and determined 

stabilization have both been vital for improving economic performance. 
Liberalization involves freeing prices, trade, and entry from state controls; 
stabilization means reducing inflation and containing domestic and external 
imbalances. The two are intricately linked and can and should be initiated early. In 
the longer term, institutional reforms – establishing clear property rights, sound 
legal and financial infrastructure, and effective government – will be needed to 
make markets work efficiently and support growth. But liberalization and 
stabilization are essential first steps, and they can achieve a great deal even when 
other key features of an effective market are lacking. 
 
2. Why is liberalization so important? It decentralizes production and trading 

decisions to enterprises and households and directly addresses the two fundamental 
weaknesses of central planning: poor incentives and poor information. 
Liberalization exposes firms to customer demand, the profit motive, and 
competition and it lets relative prices adjust in line with true scarcities. Liberalized 
markets process information better than central planners, and when goods and 
services are traded freely, the price mechanism – Adam Smith’s invisible hand – 

5

matches demand and supply. In most cases the outcome is efficient. Combined 
with supporting institutions, competitive markets unleash powerful processes to 
force technological and organizational change. Whereas planned economies 
experienced low or negative overall productivity growth despite high capital 
accumulation, least half of output growth in advanced market economies since 
World War II has resulted from productivity gains. Creating markets is an 
investment in a more dynamic system of economic coordination that fosters long-
run productivity and output growth. Finally, liberalization, by politicizing resource 
allocation, helps governments cut subsidies to firms and thus facilitates economic 
stabilization. 
 
3. Stabilization policy is vital for transition because macroeconomic 

imbalance denies countries the gains of market reforms. Evidence from a wide 
range of market economies shows that once annual inflation rises above a 
threshold level around 40 percent, growth deteriorates dramatically. High inflation 
obscures relative price incentives and creates uncertainty, inhibiting saving and 
investment. Therefore, price stabilization always complements liberalization as a 
basis for growth; as shown below, some transition countries have liberalized faster 
than others, but none has registered sustained growth without containing inflation 
at moderate levels. 

4. There are some important parallels between Asian and European 

transition economies in the relationships between liberalization, stabilization, and 
growth. In all regions growth has largely resulted from the lifting of restrictions on 
new entry and a surge of previously repressed activities, especially services and 
export industries (and agriculture in Asia). Freeing prices and trade, reducing 
subsidies, and containing credit can also revitalize growth in previously dominant 
sectors, by increasing the competitive and financial pressure on firms to 
restructure. 

5. However, there are also major differences between countries – in initial 

conditions, in approaches to macroeconomic reforms, and in outcomes. In China 
the initial economic structure combined with strong, macroeconomic control has so 
far allowed large growth gains from partial liberalization to translate into high 
saving and a rapid buildup of financial assets by households. This has helped 
cushion a state sector that remains a drag on the economy – even though its 
efficiency may be improving and its relative size is shrinking – and has 
underwritten the reform process itself. Gradual, partial reforms were not an option 
for most CEE countries and NIS. There only broad-based liberalization has 
allowed governments to cut their links with firms enough to bring inflation down 
to levels that would permit economic recovery. These countries all suffered a large 
decline at first. But those that liberalized early and comprehensively were able to 
stabilize the economy sooner and enjoy an earlier, stronger resumption of growth. 

© World Development Report 

 

6

Task 2. Scanning through the text 

Scanning involves looking quickly through a text to find a specific word or piece 
of information. There are often times when it is necessary to do this, such as when 
studying for a test or writing a paper, so it is a useful skill to practice. 
 

Ex. 2 Scan the text to find information on the following aspects: 
 

a) certain economic measures indispensable for liberalization and stabilization; 

b) a threshold level of annual inflation above which growth deteriorates dramatically; 

c) important parallels between Asian and European transition economies; 
d) major differences between transition economies. 
 

Ex. 3 Before you read the text, study key words and word-combinations 

and give Russian equivalents for them. 

 

Key words and words-combinations: 
extensive / broad-based liberalization − ________________________________ 
determined stabilization − ___________________________________________ 
to reduce inflation / to curb inflation / to contain inflation / to bring inflation down 
− __________________________________________________________ 
to contain domestic and external imbalances − ___________________________ 
institutional reforms − ______________________________________________ 
to establish clear property rights − ____________________________________ 
to establish sound legal and financial infrastructure − _____________________ 
to establish effective government − ____________________________________ 
to decentralize production and trading decisions to enterprises and households − 
________________________________________________________________ 
to address the two fundamental weaknesses of central planning − ____________ 
to let relative prices adjust in line with true scarcities − ____________________ 
to foster long-run productivity and output growth − _______________________ 
to facilitate economic stabilization − ___________________________________ 
to deteriorate growth dramatically − ___________________________________ 
threshold level − __________________________________________________ 
to obscure relative price incentives − __________________________________ 
to inhibit saving and investment − _____________________________________ 
to lift restrictions − ________________________________________________ 
to complement liberalization by price stabilization − ______________________ 
to register sustained growth − ________________________________________ 
to revitalize growth − _______________________________________________ 
to increase the competitive and financial pressure on firms − _______________ 
initial conditions − _________________________________________________ 
to translate into high saving and a rapid buildup of financial assets − _________ 

7

to underwrite the reform process − ____________________________________ 
to cushion a state sector − ___________________________________________ 
 

Ex. 4 The vocabulary exercises below will help you to master the key 

vocabulary. It will provide you with the required vocabulary to speak on the 
problems under consideration. Find in the text English equivalents for the 
following word-combinations. 

 

последовательная стабилизация − ___________________________________ 
институциональные преобразования − _______________________________ 
способствовать стабилизации экономики − ___________________________ 
широкомасштабная либерализация − ________________________________ 
реорганизовывать государственный аппарат − ________________________ 
устанавливать четкие права собственности − _________________________ 
искажать относительные ценовые стимулы − _________________________ 
сопровождать либерализацию стабилизацией цен − ____________________ 
резко замедлять развитие экономики − _______________________________ 
поддерживать (отвечать за) процесс реформ − ________________________ 
устанавливать оптимальную правовую и финансовую инфраструктуру 
−
 

________________________________________________________________ 
сокращать инфляцию − ____________________________________________ 
пороговый уровень − ______________________________________________ 
обуздать инфляцию − _____________________________________________ 
преодолевать 
диспропорции 
в 
народном 
хозяйстве 
и 
во 

внешнеэкономической 
сфере −
 

_____________________________________________________ 
предоставлять предприятиям и населению право самостоятельно принимать 
экономические решения − _____________________________________ 
обратиться 
к 
двум 
фундаментальным 
проблемам 
централизованной 

экономики 
− 

__________________________________________________________ 
способствовать устойчивому росту производительности труда и объёма 
производства − ___________________________________________________ 
мешать накоплению сбережений и инвестированию − __________________ 
достигать устойчивого роста − ______________________________________ 
способствовать возобновлению экономического роста − ________________ 
привести к увеличению сбережений и быстрому наращиванию финансовых 
средств − ____________________________________________________ 
ставить предприятия в условия конкуренции и жестких бюджетных 
ограничений 
− 

_______________________________________________________ 
 

8

 

Ex. 5 Find the following word-combinations in the text 

“LIBERALIZATION, STABILIZATION AND GROWTH” and think of 
corresponding Russian equivalents. 

 

across the transition economy − ______________________________________ 
to improve economic performance − ___________________________________ 
to free prices and trade − ____________________________________________ 
to free entry from state controls − _____________________________________ 
to be intricately linked − ____________________________________________ 
to make markets work efficiently − ____________________________________ 
poor incentives − __________________________________________________ 
liberalized markets process information better − _________________________ 
the price mechanism matches demand and supply − _______________________ 
to experience low or negative overall productivity growth − ________________ 
advanced market economies − ________________________________________ 
creating markets is an investment in a more dynamic system of economic 
coordination − 
________________________________________________________ 
to cut subsidies to firms − ___________________________________________ 
to depoliticize resource allocation − ___________________________________ 
macroeconomic imbalances denies countries the gains of market reforms 
− 

________________________________________________________________ 
lifting restriction on new entry − ______________________________________ 
a surge of previously repressed activities, especially services and export industries 
− ___________________________________________________________ 
to reduce subsidies − _______________________________________________ 
to contain credit − _________________________________________________ 
to let relative prices adjust in line with true scarcities − ____________________ 
combined with supporting institutions, competitive markets unleash powerful 
processes − _______________________________________________________ 
 

Ex. 6 Word Study. 
 

Analysing Economic Situation / Describing Trends 

Analysing economic situations and describing trends economists use modifying 
words and strong verbs to specify considered processes. Various movements are 
usually classified as: Upward, Downward, Static. 

 

Upward Trend

to  increase / to raise smth; 
to go up;

Downward Trend

to decrease; 
to decline / to go down;

9

to rise – rose – risen;
to step up / to drive up; 
to speed up; 
to accelerate; 
to soar; 
to skyrocket.

to fall – fell – fallen;
to slow down; 
to come down; 
to drop; 
to sink – sank – sunk; 
to plummet / to plunge.

Static Trend  
to maintain; 
to keep up; 
to ensure; 
to secure. 

Degree of Change 

considerable – considerably; 
substantial – substantially; 
significant – significantly; 
steep – steeply; 
steady – steadily; 
moderate – moderately; 
slight – slightly; 
negligible – negligibly.

 

Ex. 7 In the text “LIBERALIZATION, STABILIZATION AND 

GROWTH” the author uses the following verbs and modifiers. Sort out the given 
words under the suggested titles. 

 

to sustain                
to adjust                   
extensive 

to accumulate          
to cushion                
dramatic 

to force                   
to reduce smth         
rapid 

to foster                  
to restrain                
vast 

to facilitate             
to remain                 
huge 

to inhibit                
to revitalize              
gradual 

to curb                   
to stabilize               
partial 

to deteriorate          
to shrink                  
broad 

to cut                                                   
 
comprehensive 

strong 
 
Ex. 8 Give Passive Participles of the above given verbs and translate them 

into Russian. 

 
Ex. 9 Give adverbs where possible corresponding to the above given 

adjectives and provide collocations with them. 
 

Ex. 10 Describe the trends in transition economies characterizing the 

following economic parameters: production, productivity growth, subsidies to 
firms, technological changes, stabilization, annual inflation, credit, pressure on 
firms to restructure, household saving, financial assets. 

10

 

Task 3. Discussing the content 
 

1.  Why should liberalization and stabilization be initiated early? 
2.  What do institutional reforms involve? 
3.  Why is it necessary to decentralize production and trading decisions to enterprises 

and households? 

4.  What is the mechanism of adjusting relative prices with true scarcities? 
5.  How do competitive markets force technological and organizational change? 
6.  Why does macroeconomic imbalance deny countries the gains of market reforms? 
7.  Why does high inflation create uncertainty, inhibiting saving and investment? 
8.  What was the main prerequisite for growth in all transition economies? 
9.  What is meant by previously dominant sectors? 

10. Explain the major differences between transition countries. 

11. Why does the state sector remain a drag on the economy? 

12. What was the option for most CEE and NIS countries? To what effect? 
 

Task 4. Analyzing Text Structure 

Coherence in the Text 
Coherence in a paragraph depends basically on an orderly arrangement of the 
ideas. It depends on: repetition of key terms, parallelism, pronoun reference, the 
use of explicit connecting links between sentences. 
 

• Repetition of Key Terms and Phrases provides an effective way to connect 

sentences within a paragraph. The deliberate repetition of words that carry the 
basic meaning emphasizes them in the reader’s mind. Beware of repeating 
unimportant words which makes writing mechanical and monotonous. 

• Parallelism. A second way to ensure continuity within a paragraph is to 

phrase important ideas in the same grammatical structures which make writing 
concise, emphatic, and easy to follow. 

• Pronoun Reference. Another way to establish continuity between 

sentences is through the use of pronouns. Using a pronoun in one sentence to 
repeat a noun in a previous sentence provides an effective link between these 
paragraphs. 

• Connecting Words and Phrases act as bridges between the sentences. 

Although overuse of such expressions can make writing awkward and mechanical, 
used moderately and with variety they can improve paragraph coherence. 

Some words and phrases commonly used to provide connection between 

sentences, or within the sentence, are listed below: 
 
Relationship:
Expression:

Addition, sequence
In addition, moreover, furthermore, first, second, also;

11