Finance

МИНИСТЕРСТВО ТРАНСПОРТА  
РОССИЙСКОЙ ФЕДЕРАЦИИ 
 
ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ АВТОНОМНОЕ 
ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ  
ВЫСШЕГО ОБРАЗОВАНИЯ 
«РОССИЙСКИЙ УНИВЕРСИТЕТ ТРАНСПОРТА»  
 
 
Институт экономики и финансов 
 
Кафедра «Лингвистика» 
 
 
 
 
Н.И. Мерзликина 
 
 
Finance    
 
Хрестоматия 
 
 
 
 
 
 
 
 
 
 
 
МОСКВА - 2021 

МИНИСТЕРСТВО ТРАНСПОРТА  
РОССИЙСКОЙ ФЕДЕРАЦИИ 
 
ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ АВТОНОМНОЕ 
ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ  
ВЫСШЕГО ОБРАЗОВАНИЯ 
«РОССИЙСКИЙ УНИВЕРСИТЕТ ТРАНСПОРТА»  
 
 
Институт экономики и финансов 
 
Кафедра «Лингвистика» 
 
 
 
 
Н.И. Мерзликина 
  
 
Finance 
 
Хрестоматия  
для студентов-магистров  
специальности «Экономика»  
 
 
 
 
 
 
 
 
 
МОСКВА - 2021

УДК 42 
М 52 
 
         Мерзликина 
Н.И. 
Finance: 
Хрестоматия. 
Для 
студентов-магистров специальности «Экономика». – М.: 
РУТ (МИИТ), 2021. – 49 с.  
 
          Настоящая 
хрестоматия 
предназначена 
для 
студентов-магистров специальности «Экономика».  
           
          Цель хрестоматии - совершенствование умений 
владения профессиональным английским языком для 
специалистов в области финансов. Тексты хрестоматии 
аутентичны, 
профессионально 
ориентированы, 
информативны, нацелены на ознакомление обучающихся с 
различными сторонами деятельности экономистов. 
 
©РУТ (МИИТ), 2021 

 
 
 
Text 1. What is money and what is not money 
 
If you are trying to determine if something is 
money, simply consider whether it would be accepted 
in most stores as payment. You then realize that stocks, 
bonds, gold or foreign currency are not money. These 
must first be exchanged for the national currency 
before you can use them for consumption. Note that in 
some cases, foreign currency will be money. For 
example, in some border towns, the currency of the 
bordering 
country 
may 
be 
accepted 
virtually 
everywhere. 
You also realize that some bank deposits are 
money. If you have money in an account in a bank and 
a debit card, you can pay for goods and service using 
the card in most places. Funds are withdrawn directly 
from your account when you make the purchase, which 
makes the deposits as good as cash in your pocket. 
Counting deposits as money is also consistent with the 
idea that money measures how much is available for 
immediate consumption. 
Not all deposits can be counted as money. With 
most savings accounts, you cannot connect the account 
to a debit card and these deposits should not be counted 
as money. We also note that what is money has nothing 
to do with the commodity or token itself: USD is 
money in the United States but not in the U.K.; Gold is 
not money but gold was money in some countries in 
the 
middle 
ages. 
Historically, 
such 
diverse 

 
 
 
commodities as cigarettes and sharks’ teeth have been 
used as money in some places; a national currency may 
suddenly cease to be money in a country. This may 
happen if inflation is so high that people shift to 
another foreign currency. 
Money, wealth and income 
Money is not the same as wealth. An individual 
may be very wealthy but have no money (for example 
by owning stocks and real estate). Another individual 
may have a lot of money but no wealth. This would be 
the case if an individual with no wealth borrows money 
from a bank. She will have money (for example in the 
form of a deposit in the bank) but no wealth since this 
deposit exactly matches the outstanding debt. Be 
careful with this distinction: do not say: “Anna has a 
lot of money” if you mean that Anna is wealthy. 
Money is not the same as income and income is 
not the same as wealth. Income is a flow (for example 
is currency units per month) while money or wealth is 
a stock (measured at a particular point in time). Again, 
it is very possible to have a high income but no money 
and no wealth, or to be very wealthy and have a lot of 
money but no income. This is another distinction to be 
careful with. Do not say that “Sam makes a lot of 
money” if you mean that Sam has a high income. 
Money has a very precise definition in economics! 
Economic functions of money 
Money is generally considered to have three economic 
functions: 

 
 
 
A medium of exchange. This is its most important role. 
Without money we would live in a barter economy 
where we would have to trade goods and services for 
other goods and services. If I had fish but wanted 
bread, I would need to find someone who was in the 
precise opposite situation. In a monetary economy I 
can trade fish for money with one individual and 
money for bread with another. Money solves what is 
called the double coincidence of wants. 
A unit of account. In a monetary economy, all prices 
may be expressed in monetary units, which everyone 
may relate to. Without money, prices must be 
expressed in units of other goods and comparing prices 
are more difficult. You may find that a grilled chicken 
costs 2 kilos of cod in one place and 4 kilos of 
strawberries in another. Finding the cheapest grilled 
chicken is not easy. 
Store of value. If you are a fisherman and have a 
temporary surplus of fish that you want to store for the 
future, storing the fish might not be a great idea. 
Money, on the other hand, stores well. Other 
commodities, such as gold, have this feature as well. 
 
Text 2. What are the World’s Major Currencies? 
 
The currencies of the world’s major economies 
have names and backgrounds that are as diverse as the 
countries themselves. The dollar, used in many 
countries including the United States, Canada, and