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Английский язык
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Российский университет транспорта
Год издания: 2021
Кол-во страниц: 49
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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.
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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 Funds are withdrawn directly from your account when you make the purchase, which makes the deposits as good as cash in your pocket.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
Australia, gets name from a silver coin minted during the Middle Ages in a small valley, or «Thal», in Bohemia called Joachimsthal. Just as a sausage from Frankfurt came to be called frankfurter, the coins from Joachimsthal were called «Joachimstaler» or simply «Thaler», and came to be called «dollar» in English. The pound, used in Britain, Egypt, and Lebanon among others, refers to the weight used in determining the value of coins, based on precious metals such as gold or sterling. The penny has the same origin as the word pawn, found in terms such as pawn shop, and originally meant «to pledge». A penny, like any currency, is a «pledge» of value. The riyal, in Saudi Arabia and Qatar, and the rial in Iran, are based on the Spanish word real – which, in turn, was derived from the Latin regal(is) – referring to earlier «royal» coins. The dinar, used in Iraq and Kuwait among others, derives its name from «denarius», a Roman coin that was worth «ten bronze asses», an item of considerable value in days of old. In India, Pakistan, and other countries of the subcontinent, the currency is called rupee (in Indonesia, rupiah), based on the Sanskrit word rupya, meaning «coined silver». The ancient Chinese word yiam meant «round», or «small round thing». The name of the Japanese currency, the yen, and the name of the Chinese
currency, the yuan, both derived from the old Chinese word, refer to the round shape of the original coins. Text 3. Naming the Currency and Creating the € Symbol At the meeting of the European Council in Madrid in December 1995, Europe’s leaders decided on the currency’s new name: the euro. Other suggestions were rejected because of their national connotations. These included the «ducat», «ecu», «florin», «franken», or using the euro as a prefix to existing currency names – «euromark», for example. They agreed that the name should be the same in all official languages of the European Union (EU), taking account of different alphabets, and easy to pronounce. Above all, it had to be simple and representative of Europe. The currency also needed to have a symbol. Like the name, the symbol had to be clearly associated with Europe, easy to write and attractive. A list of thirty possibilities drawn up by European Commission staff was reduced to ten and these became the subject of a public survey. From this shortlist, two possible symbols emerged and the final choice was made by the then President of the Commission, Jacques Santer, and Yves-Thibault de Silguy, the Commissioner in charge of Economic and Financial Affairs at that time.
The euro symbol was inspired by the Greek letter epsilon, reflecting the cradle of European civilization. «E» is of course the first letter of the word Europe. The two strong parallel horizontal lines are intended to symbolize the stability of the currency. The official abbreviation of the euro, EUR, has been registered with the International Organization for Standardization (ISO). Text 4. Central Banking System The central banking system is a major sector of any modern monetary system. It is of great importance to the fiscal policy of the national government and the functioning of the private sector. Central banks such as the Bank of England, the Federal Reserve Board of the US, the Bundesbank of Germany, the Central Bank of Russia function for the government and other banks, not for private customers. They are responsible for the implementation of monetary policy and supervision over the banking system. In particular, they control the money supply, fix the minimum interest rate, act as lenders of last resort to commercial banks with liquidity problems, issue coins and bank notes, influence exchange rates by intervening in foreign exchange markets. To ensure the safety of the banking system, central banks impose reserve requirements, obliging
commercial banks to deposit a certain amount of money with the central bank at zero interest. Central banks in different countries also impose different "prudential ratios" on commercial banks such as capital ratio and liquid ratio. In the course of market reforms in Russia the Central Bank has been pursuing moderately tight monetary policy aimed at further reduction of inflation and putting an end to direct budget deficit crediting.1 The CBR has been using the following main instruments of monetary policy: • fixed targets for the money supply growth, • refinancing of commercial banks, • interest rates, • open market operations, • commercial banks reserve requirements, • foreign currency control, • direct quantity restrictions. * * * The Federal Reserve System or "Fed", as it is known in financial circles, is an independent agency of Congress founded in 1913. The system consists of twelve Federal Reserve banks and a board of governors. The board of governors has its headquarters in Washington, D.C. Members of the Fed's board of governors are appointed by the president of the United States and
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