Обучение чтению экономической литературы на английском языке по специальности «Финансы и банковское дело»
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Новинка
Тематика:
Английский язык
Год издания: 2012
Кол-во страниц: 64
Дополнительно
Вид издания:
Учебно-методическая литература
Уровень образования:
Профессиональное образование
Артикул: 840538.01.99
Методические указания состоят из шести циклов — уроков. Каждый цикл объединен одной тематикой и содержит основной текст, назначением которого является обучение чтению литературы по специальности, и ряд упражнений на активизацию лексического материала. Для студентов старших курсов, обучающихся по специальности «Финансы и банковское дело».
Тематика:
ББК:
УДК:
- 336: Финансы. Налоги
- 808: Риторика. Литературное творчество. Редактирование. Культура речи
- 811111: Английский язык
ОКСО:
- ВО - Бакалавриат
- 38.03.01: Экономика
- ВО - Магистратура
- 38.04.01: Экономика
- 38.04.08: Финансы и кредит
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Московский государственный технический университет имени Н.Э. Баумана Н.О. Труфанова, К.М. Иноземцева ОБУЧЕНИЕ ЧТЕНИЮ ЭКОНОМИЧЕСКОЙ ЛИТЕРАТУРЫ НА АНГЛИЙСКОМ ЯЗЫКЕ ПО СПЕЦИАЛЬНОСТИ «ФИНАНСЫ И БАНКОВСКОЕ ДЕЛО» Методические указания М о с к в а Издательство МГТУ им. Н.Э. Баумана 2 0 1 2
УДК 802.0 ББК 81.2 Англ-923 Т80 Рецензент С.Ю. Бабанова, И.Ф. Беликова Труфанова Н.О., Иноземцева К.М. Обучение чтению экономической литературы на английском языке по специальности «Финансы и банковское дело» : метод. указания / Н.О. Труфанова, К.М. Иноземцева. — М.: Изд-во МГТУ им. Н.Э. Баумана, 2012. — 63, [1] с. : ил. Методические указания состоят из шести циклов — уроков. Каждый цикл объединен одной тематикой и содержит основной текст, назначением которого является обучение чтению литературы по специальности, и ряд упражнений на активизацию лексического материала. Для студентов старших курсов, обучающихся по специальности «Финансы и банковское дело». УДК 802.0 ББК 81.2 Англ-923 Учебное издание Труфанова Наталия Олеговна Иноземцева Кира Михайловна ОБУЧЕНИЕ ЧТЕНИЮ ЭКОНОМИЧЕСКОЙ ЛИТЕРАТУРЫ НА АНГЛИЙСКОМ ЯЗЫКЕ ПО СПЕЦИАЛЬНОСТИ «ФИНАНСЫ И БАНКОВСКОЕ ДЕЛО» Корректор Е.К. Кошелева Компьютерная верстка С.А. Серебряковой Подписано в печать 29.01.2012. Формат 60×84/16. Усл. печ. л. 3,72. Тираж 300 экз. Изд. № 22. Заказ . Издательство МГТУ им. Н.Э. Баумана. Типография МГТУ им. Н.Э. Баумана. 105005, Москва, 2-я Бауманская ул., 5. © МГТУ им. Н.Э. Баумана, 2012 Т80
ПРЕДИСЛОВИЕ Настоящие методические указания, составленные на основе новейших материалов, взятых из оригинальной американской и британской экономической литературы, состоят из шести разделов. В каждый раздел входят основной текст, глоссарий, упражнения на понимание прочитанного и ряд лексических упражнений, нацеленных на закрепление и активизацию полученной финансово-экономической терминологии. Целью предтекстовых упражнений служит выявление базовых знаний студентов по рассматриваемой теме. В ряду упражнений, предложенных после текста, имеются сопоставительные упражнения, задания на подбор синонимов и запоминание новой лексики. Также присутствуют упражнения на перевод с русского языка на английский. Содержание текстов помогает студентам не только усваивать необходимый лексический материал, но и получать новые знания по своей специальности. На основе изучения предложенных текстов студенты ознакомятся с устройством крупнейшего банка США, получат информацию о фондовых рынках, о работе корпоративного и индивидуального банковских секторов и т. д. Методические указания рассчитаны на два семестра аудиторной и самостоятельной работы под руководством преподавателя студентов третьего курса, обучающихся по специальности «Финансы и банковское дело».
Part 1 FEDERAL RESERVE SYSTEM Reading tasks А Read the text and decide if each statement is correct or incorrect. 1 The Federal Reserve System is the central banking system in Great Britain. 2 The Fed’s main duty is to design and issue banknotes. 3 The Federal Reserve has nothing in common with private banks. 4 It is the Fed that the problem of bank panics is addressed to. 5 The Federal Reserve System is externally funded. 6 The Federal Reserve System has a great impact on wholesale and retail operations of the USA. 7 The Fed’s wrong policy caused the housing bubble in late 2000. B Answer the following questions. 1 What is the primary goal of any central bank in the world? 2 Is the Fed the government’s bank or the banker’s bank? 3 Which financial institution is superior — the Federal Reserve or the Treasury? 4 Which of them sets monetary policy of the country? 5 What tools of monetary policy do you know? 6 Who is guilty of housing bubble in late 2000s? 7 Do you know any means of preventing asset bubble?
Text The Federal Reserve System (also known as the Federal Reserve, and informally as The Fed) is the central banking system of the United States. Its duties today, according to official Federal Reserve documentation, are to conduct the nation’s monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system, provide financial services to depository institutions, the U.S. government, and foreign official institutions, provide maximum employment and address the problem of bank panics. The Federal Reserve System’s structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC) that is responsible for setting monetary policy, twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous other private U.S. member banks and various advisory councils. The system was designed out of a compromise between the competing philosophies of privatization and government regulation. In the current system, private banks are for-profit businesses but government regulation places restrictions on what they can do. Central bank In its role as the central bank of the United States, the Fed serves as a banker’s bank and as the government’s bank. As the banker’s bank, it helps to assure the safety and efficiency of the payments system. As the government’s bank, or fiscal agent, the Fed processes a variety of financial transactions involving trillions of dollars. Just as an individual might keep an account at a bank, the U.S. Treasury keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. As part of this service relationship, the Fed sells and redeems U.S. government
securities such as savings bonds and Treasury bills. It also issues the nation’s coin and paper currency. The U.S. Treasury, through its Bureau of the Mint and Bureau of Engraving and Printing, actually produces the nation’s cash supply and, in effect, sells the paper currency to the Federal Reserve Banks at manufacturing cost, and the coins at face value. The Federal Reserve Banks then distribute it to other financial institutions in various ways. National payments system The Federal Reserve plays an important role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming U.S. government securities. The Federal Reserve plays a vital role in both the nation’s retail and wholesale payments systems. Federal Reserve Banks All twelve Federal Reserve Banks have an intermediate legal status, with some features of private corporations and some features of public federal agencies. The United States has an interest in the Federal Reserve Banks as tax-exempt federallycreated instrumentalities whose profits belong to the federal government, but this interest is not proprietary. Monetary policy of the United States The term monetary policy refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the
availability and cost of money and credit to help promote national economic goals. The Federal Reserve sets monetary policy by influencing the Federal funds rate, which is the rate of interbank lending of excess reserves. The rate that banks charge each other for these loans is determined in the interbank market but the Federal Reserve influences this rate and amount of reserves in private banks through the three tools of monetary policy: • open market operations (purchases and sales of U.S. Treasury federal agency and mortgage-backed securities); • discount rate (the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank’s lending facility — the discount window); • reserve requirements (the amount of funds that a depository institution must hold in reserve against specified deposit liabilities). Budget The Federal Reserve is self-funded. The vast majority (over 90 %) of Fed revenues come from open market operations, specifically the interest on the portfolio of Treasury securities as well as capital gains / losses that may arise from the buying/selling of the securities and their derivatives as part of open market operations. The balance of revenues come from sales of financial services (check and electronic payment processing) and discount window loans. The Board of Governors (Federal Reserve Board) creates a budget report once per year for Congress. There are two reports with budget information. The one that lists the complete balance statements with income and expenses as well as the net profit or loss is the large report simply titled, Annual Report. It also includes data about employment throughout the system. The other report, which explains in more detail the expenses of the
different aspects of the whole system, is called Annual Report: Budget Review. These are comprehensive reports with many details and can be found at the Board of Governors’ website under the section Reports to Congress. Balance sheet One of the keys to understanding the Federal Reserve is the Federal Reserve balance sheet (or balance statement). In accordance with Section 11 of the Federal Reserve Act, the Board of Governors of the Federal Reserve System publishes once each week the ‘Consolidated Statement of Condition of All Federal Reserve Banks’ showing the condition of each Federal Reserve bank and a consolidated statement for all Federal Reserve banks. The Board of Governors requires that excess earnings of the Reserve Banks be transferred to the Treasury as interest on Federal Reserve notes. Preventing asset bubbles The board of directors of each Federal Reserve Bank District also has regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code. Role of the Fed in business cycles and inflation There are two types of inflation that are closely tied to each other. Monetary inflation is an increase in the money supply. Price inflation is a sustained increase in the general level of prices, which is equivalent to a decline in the value or purchasing power of money. If supply of money and credit increases too
rapidly over many months (monetary inflation), the result will usually be price inflation. Price inflation does not always increase in direct proportion to monetary inflation; it is also affected by the velocity of money and other factors. With price inflation, a dollar buys less and less over time. In his 1995 book ‘The Case against the Fed’, economist Murray N. Rothbard argues that price inflation is caused only by an increase in the money supply, and only banks increase the money supply. It means that banks, including the Federal Reserve, are the only source of inflation. Adherents of the Austrian School of economic theory blame the economic crisis in the late 2000 on the Federal Reserve’s policy, particularly under the leadership of Alan Greenspan, of credit expansion through historically low interest rates starting in 2001, which they claim enabled the United States housing bubble. Vocabulary notes* depositary institutions — депозитное учреждение Board of Governors — совет управляющих (высший орган управления крупных объединений, международных банков, бирж и т. п.) Federal Open Market committee — Комитет по операциям на открытом рынке Федеральной резервной системы advisory council — консультативный совет for-profit business — коммерческая фирма, созданная с целью получения прибыли * Здесь и далее в разделе “Vocabulary notes” слова и словосочетания даны в той последовательности, в какой они встречаются в тексте.
fiscal agent — зд. учреждение, осуществляющее управление денежными фондами государства Treasury — казначейство, Министерство финансов (the US Department of Treasury) checking account — текущий (чековый) счет (предполагается определенный минимум вклада, оплата услуг банка по определенному тарифу; оформляется чековая книжка) redeem — выкупать, погашать federal tax deposits — правительственные депозиты (счета, на которых находятся средства от сбора федеральных налогов) collect checks — инкассировать чеки Savings bond — сберегательная облигация (государственная облигация, позволяющая физическим лицам инвестировать мелкие суммы) Treasury bill — казначейский вексель (краткосрочный вексель, выпускаемый государством для покрытия своих расходов; в США это бескупонная ценная бумага сроком обращения до одного года) Bureau of the Mint — Бюро Монетного двора