Лекции по английскому языку для изучающих банковское и финансовое дело. Лекции по английскому языку для изучающих банковское и финансов. Составитель Н. А. Самуэльян
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In a floating exchange system the quoted rates do not reflect economic values. (fixed, varied, unstable) (are not related to, do not influence, do not refer to) 3. A forward exchange contract may be with an option to deliver within an agreed period. (condition, choice, requirement) 4. A forward exchange con tract can only be entered into when there is a firm commercial contractual commitment expressed and payable in a foreign currency, (cancelled, endorsed, signed) (strong, fixed, rigid) (promise, desire, pressure) 5. The actual amount of sterling to be paid will be dependent upon the rate ruling for Deutsche-marks against sterling on that day. (present, real, true) (fixed, obligatory, confirmed) 6. The amount to be paid ottt is expressed in Deutsche- marks and the bank will provide him with the forward cover. \ \ (sum, debt, rate) x (added, stated, multiplied) (deal with, acquaint with, supply with) 7. In the forward market there must be some'documentary evidence that all foreign currency is to be paid or received. (letter, signature, proof) 8. There are heavy penalties for anyone who tries to specu late. (punishment, consequences, condemnation) (do business, make bets, play the market) II Choose the right miswer: 1. Sales of weak currencies through the exchange markets on a large scale:
2. Under the forward exchange contract the exchange rate:
3. The option period of a forward exchange contract:
4. In the forward exchange contract the amount of currency to be paid out:
118 119 5. As forward exchange cover must be in the currency of the commercial paper, the customer:
6. To obtain the forward cover from the bank the customer:
7. There are very heavy penalties for anyone:
Ill Say what is true and what is false. Correct the false sentences: 1.Accumulated pressure upon a currency at the exchange markets accelerates its devaluation.
6. Under the forward exchange contract an exporter may sell to his bank Ihe currency in question delivery within the agreed period of lime. IV \ Answer the following questions: 1. Whal does Ihe sale of weak currencies for a slrong cur- rency at the exchange market lead to?
5. Whal is the essence of a forward exchange agreement? H. In what does a slock exchange oplion differ from Ihe op- lion of a forward exchange contract?
10. Whal document must an importer present to its bank if he wants lo buy a currency forward?
120 121 Unit Thirteen Stock Exchange Active Vocabulary: actuary  aggregate average base year base-weighted index by word of mouth capitalization channel (v) commodity floor index jobber marketability market value pension price index ratio quote (v) volume актуарий, служащий страховой, компании, занимающийся расчетом страховых рисков совокупный средний базовый год базовый средний индекс - устно капитализация дохода, структурирование капитала направлять предмет потребления, товар, продукт
джоббер, спекулянт на фондовой бирже, профессиональный биржевик товарность, реализуемость, пригодность
назначать цену, котировать - объем 122 Stock exchange is a market in which securities are bought and sold. There are stock exchanges in most capital cities, as well as in the largest provincial cities in many countries, and over twenty in Britain. The principal stock exchange in Britain is known as the Stock Exchange, and is located in Throgmorton Street in the City of London; the New York Stock Exchange is located in and is known as Wall Street. Continental European exchanges are often referred to as Bourses. The economic importance of stock exchanges is that they facilitate saving and investment, first, through making it possible for investors to dispose of securities quickly if they wish to do so and, secondly, in channelling savings into productive investments. Ready marketability requires that new issues should be made or backed by reputable borrowers or institutions, that information should be available on existing securities, and that should be both a legal framework and market rules to prevent fraud and sharp practice. Stock exchanges have their own rules and conventions, but their functioning depends also on the existence of company and other law and financial intermediaries, such as the issuing houses. The British Stock Exchange, founded in 1773, developed from informal exchanges in coffee houses in the City of London. It is managed by a council of memters. There are some 3,500 members, who alone may deal or even enter the floor of the exchange. Stock-brokers act as agents for the public and buy from and sell to jobbers. Members are formed into a declining number of companies and there are now only 192 broking firms and ninety-one jobbing firms on the London Exchange. Business is conducted entirely by word of mouth and although jobbers and brokers keep their own registers and may record details of a "bargain" (as all transactions are called) on the official list, they are not obliged to do so. Even today there are no official statistics of the volume of 123 transactions, although prices at the exchange are widely available in the press. The market value of the securities quoted on the exchange is about J120 billion, of which rather more than half are foreign securities. Index numbers indicating changes in the average prices of shares on the Stock Exchange are called share indices. The indices are constructed by taking a selection of shares and "weighing" the percentage changes in prices together as an indication of aggregate movements in share prices. Roughly speaking, a share index shows percentage changes in the market value of a portfolio compared with its value in the base year of the index. Index numbers are published by several daily papers and weekly journals. Using the words in brackets as a guide, explain the meaning of the following terms:
pay)
II Choose the word or phrase in brackets that would best substitute for the word or phrase in bold print in toe following sentences: \. The economic importance of stock exchanges is that they facilitate saving and investment, (prominence, significance, necessity) (humpcr, make dificult, make easy) 2. Slock exchanges facilitate investment through channel ing savings into productive investments, (controlling, directing, handling) (profitable, industrious, industrial) 3. There should he both a legal framework and market rules to prevent fraud arid sharp practice. (set of laws, body oflaw, arm of the law) (danger, swindling, haste) (trickery, gesticulation, turmoil) 4. Business at stock exchanges is conducted entirely by word of mouth. (strictly, completely, originally) (orally, willingly, usually)/ 5. There are no official statistics of the volume of concluded transactions at the London Stock Exchange,, (printed, public, trustworthy) (quantity, quality, size)
and "weighing" the percentage changes in prices together. (choice, range, sample) (comparing, calculating, evaluating) N. The percentage changes in prices indicate aggregate movement in share prices. 124 125 (guide, predict, denote) (total, complete, expected) 9. The equities included in the series account for 60 per cent of the value of all quoted equities. (explain, amount to, include) (exemplified, listed, announced) 10. The 500 share index consists of equities broken down into capital goods, consumer goods etc. (measures, defines, includes) (determined as, subdivided, arranged) 11. There was considerable publicity, when the Financial Times Industrial Index passed 500. (sufficient, average, great) (coverage, understanding, ignorance) л (left, exceeded, possessed) П1 Choose the right answer: 1. The principal stock exchange in the United States of America is known as:
2. Ready marketability requires that new issues should be made or backed by:
3. Jobbers:
4. Jobbers and brokers:
5. Share indices indicate:
years. 6. Price indices and averages published in the Financial Times Actuaries Share Indices/fireЪased on:
7. Financial Times Actuaries Share Indices provide for fixed- interest securities:
8. The financial group of equities is broken down into:
IV Complete the following sentences on the. basis of the information given in the text:
126 127 Answer the following questions:
i) securities exchange j) official hours k) floor member 1) market intelligence in) market value 9. stock exchange list 10. smash on the exchange 1 1. stock exchange operations
VII Collocation. Combine Ihe words listed below into meaningful two or three, word expressions as possible: earning fund / index indices link manager market number percentage price pension portfolio share stock yield year actuaries average base chain change capitalization commodity dividend VI Vocabulary study. Synonyms. Match the expressions listed in column A willi Иге synonymous ones from column B. В
d) unquoted securities c) official quotation list f) trading days g) slump in exchange prices h) dealings in stocks and shares 128 129 5-1619 Unit Fourteen Commodity Exchange Active Vocabulary: auction cereals c.i.f., C.I.F. = cost, insurance, freight close (v) commodity exchange firm prices grade highest (top) rate (price, quotation) leeway lowest (bottom) price (rate, quotation) marked primary commodity rally right to ownership setback subsequent upswing
- дрейф
1) оживление спроса, 2) значительное повы шение курса ценной бумаги право собственности спад, регресс последующий внезапный подъем, скачок Commodity Exchange Commodity exchange is a market in which commodities are bought and sold. It is not necessary for the commodities to be physically exchanged; only rights to ownership need be. London has important commodity markets arising partly from its industrial and colonial history, and partly from the nature of its foreign trade. The commodity exchanges in London cover a wide variety, such as lea, coffee, wool, rubber, non-ferrous metals and furs. The old practice of auctioning commodities from warehouse in which samples could be inspected beforehand has become less important. An efficient system of grading and modern systems of communication have enabled the practice of c.i.f. trading to develop. A buyer can buy a commodity in the country of origin for delivery c.i.f. to a specified port at which he can off-load for direct delivery to his own premises. This melpod saves warehousing costs and auction charges. However, many auctions still take place in London, e.g. tea, wool and furs. The markel nol only enables commodities to be sold spot or for delivery al some specified time and place, but it also includes a market in futures. This latter enables merchants lo avoid the effect of price flucluations by buying for forward delivery at an agreed price, which will not be affected by intervening changes in the spot rate. I Find pairs ofopposites in the list: l.boom a) selback
130 131
II h) rise i) dull market j) fluctuations in prices k) base metals Unit Fifteen The Clouds Clear over Poor-Country Debt Find the nouns which can be qualified by these adjectives and write one noun to each adjective: basic marked downward overall direct phenomenal efficient postwar forward primary minor staple modern subsequent III Express each of the following in other words:
Active Vocabulary: aid bailiwick bunching of maturities charge entitlement facility(ies) fund net borrowing raise money (v) recycling resort to (v) quadruple (v) guota segregate (v) —помощь
i The Clouds Clear over Poor-Country Debt There seems a good chance that the managing director of the Internalional Monetary Fund will realize his hopes of raising $15 billion or so from surplus countries to lend to deficit ones. 132 133 The Witteveen proposals are:
The reasoning behind the new fund starts with the IMF's own need for cash. Its usable, convertible currencies, now* down to about $4 billion, are only enough to meet the expected demand on them in the next six months or so. A boost will come from the round of quota increases now awaiting ratification by the parliaments of member countries, but the failure of IMF resources to keep pace with world trade is one reason developing countries have resorted to commercial bank debt. The problem of third-world lending as a whole has been dramatised. The aggregate current account deficit of the non-oil developing countries last year was covered by aid, direct investment, short-term credit from the IMF and long-term borrowings from official bodies like the World Bank. All the net borrowing by developing countries from the Euromarkets went into their reserves. However, a) a severe bunching of maturities is building up over the next four years and b) there are some countries whose economic management is so bad that the Federal Re- serve Fund is right to be worried. That is why they would like the IMF to have a more powerful voice in international lending. Any country will be given a limit to its international loans and the American commercial banks, will be prevented from lending unwisely to any country by over-competing among themselves. The IMF will not be lending only, or even primarily, to developing countries. Most of them, expecially the Asian ones, have adjusted to the rise in oil prices much better than expected (and much better than, for example, Britain and Italy). But the less advanced industrial countries, like Portugal and Spain, will also^ need balance-of-payments aid while they get their economies organised. The IMF is sticking to the view that the new arrangement will not take it across the dividing line that segregates balance-of-payments adjustment finance from development finance. It is just that the adjustment process is going to take longer than was first supposed when the Opec countries quadrupled oil prices. Although Germany, Japan and Switzerland may be persuaded to reduce their surpluses, some of the Middle East oil states cannot do so for several years to come. It will continue to be safe for commercial banks to continue to lend to middle income-countries, provided these countries can export. The low-income developing countries are too poor to borrow from the banks and need aid, pure and simple. The new economic team in the American administration grasps the inter-connectedness of recycling, trade protectionism and aid. Its battle will be to spread this message at home, against strongly growing protectionist pressures, as well as abroad. Adapted from "The Economist". 134 135 I Choose the word or phrase in brackets that would best sub stitute/or the word or phrase in bold print in the following sentences: 1. There seems a good chance that the managing director of the IMF will realize his hopes of raising $15 billion or so. (probability, occasion, event) (fail, carry out, complete) (paying, receiving, accumulating) 2. Conditions will be attached, the key phrase being a country-by-country approach. (communicated, imposed, set) (individual, collective, unique) 3. The failure of IMF resources to keep pace with world trade is one reason developing countries have resorted to commercial bank debt. (promote, develop, meet the requirements of) (turned to, applied for, incurred) 4. The problem of third-world lending as a whole has been over-dramatised. (unnoticed, underestimated, exaggerated) 5. A sever bunching of maturities is building up over the next four years. (expiring, converging, recycling) 6. The less advanced industrial countries will also need bal- ance-of-payments aid. (funds to pay off credits, funds to cover the balance of payments deficit, funds for new investments) 7. The new arrangement will not take it across the dividing line thai segregates balance-of-paymenls adjustment fi nance from development finance. (level the difference, abolish the difference, different) ate) 8. The new economies team in the American administration grasps the inter-connectedness of recycling, trade protectionism and aid. (expresses, associates, understands) (interference, correlation, interdependence) II Choose the right answer: 1. The International Monetary Fund was established:
2. Commercial banks are:
3. If a sum of money is lent for a specified period of time, the amount which is repaid by the borrower to the lender will be:
4. We define the rale of interest to be:
5. The balance of payments deficit indicates that: a) the counlry's total paymenls obligalions exceed ils total receipts, -\^ b) the counlry's total paymenls obligations are balanced by Hie lolal receipts. 136 137 6. Trade protectionism policy is adopted by some countries in order to:
Ill Say what is true and what is false. Correct the false sentences: 1. There are no prospects for raising $15 billion from sur plus countries to lend to deficit ones.
IV Complete the following sentences on the basis of the information given in the text:
tries was covered by Answer the following questions:
10. What do the private bankers and the President of the Federal Reserve insist on and why?
VI Match the expressions listed in column A with the synonymous ones from column B. В
138 139
i) to be out of debts
IX Free wriung. Evaluate the. importance of international financial aid to less developed countries. VII For each of the following phrases, find the expression in the text which it explains.
with or without interest
10. a series of recurring economic phenomena VIII Demonstrate the meaning of each of the, following expressions in sentences of your own:
140 Unit Sixteen Investment Risk: the New Dimension of Policy recovery replacement cost skewed structural steel uncertainty подъем экономической активности стоимость замещения уклоняющийся структурированная сталь неопределенность Active Vocabulary: business cycle capital projects commitment — discount (v) — discount rate — dispersion of profits — elusive — engender (v) — failure of confidence — growth — illusive — lag (V) low of the cycle — mushroom (v) — output •— price earnings ratio — private investment — proxy — rate of advance — rate of inflation — rate of return — деловой цикл вложение капитала, финансовые ассигнования обязательство дисконтировать, учитывать учетная ставка рассредоточение прибылей неуловимый, уклончивый N порождать, вызывать кризис доверия рост обманчивый, иллюзорный отставать, запаздывать нижняя фаза цикла быстро расти, распространяться выпуск продукции, объем производства отношение рыночной цены акции компании к ее чистой прибыли частные инвестиции лицо, которому доверено голосовать от имени акционеров ставка по кредитам уровень инфляции норма прибыли 142 Investment Risk: the New Dimension of Policy After the sharpest upheaval of the post-war period, the world's industrial countries are struggling, so far with mixed success, to get back on the path of balanced, non-inflationary growth^ The United States has probably been the most successful. After a strong burst of growth in output and employment, many observers foresee a sharp slowing in the rale of advance. The shortfall in the recovery to dale is easy to identify — a lack of private investment; and its cause — a failure of confidence. The uncertainty that plagues the investment commitment process today is embodied in investment calculations in the form of higher risk premiums and prevents a normal package of capital projects from meeting acceptable financial criteria. The evidence of debilitalingly high-risk premiums is widespread and disturbing. Even in the United Stales, Iwo years removed from the low of Ihe cycle, planl and equipmenl inveslmenl is falling far shorl of what has typically prevailed at this stage of the business cycle. The shorl-falls appear to be concentrated in longlived investments, particularly those for which profit expeclalions are especially skewed towards the later years of the inveslment: 8, 10, 15 years in the future. Worst hit arc investments where high-risk premiums, acting heavily to discount expected future profit, make Ihe presenl value of Ihose prospective profits minimal. 143 Short-lived assets, those with rapid rates of cash re-| turn, seem closer to normal levels of commitment at this stage of the business recovery. But long-lived assets, particularly those related to major construction projects which typically do not repay their investment costs for many years are still lagging badly. The bias against long-lived assets is evidenced by new; orders for fabricated structural steel, a measure of the most durable of investment assets. After plummeting sharply] from the autumn into the spring, orders for fabricated struc- i tural steel have recovered only about one quarter of their decline during the pasl two years. The rise in investment risk over the pasl decade is also clearly reflected in the American stock markets, where price/earning ratios have fallen to the lowest levels in two decades, largely as a consequence of the increased discount rate imposed on expected earnings growth. One would expect that the market value for existing assets (that is stock prices) would parallel the expected market prices, or present value of contemplated new capital projects. Instead, real investment parallels with a lag the ratio of stock prices to an index of the replacement cost of plant and equipment. The latter is a good proxy of the relation between the prospective market value of new investment and the cost of producing that investment. Translated into rate of return equivalents, the larger the ratio, the greater the prospective rate of return implied. While the causes' of this high-degree of investment risk vary from country to country, at root is a profound uncertainty of the shape of the future economic environment in which new facilities might be functioning. Although many reasons could be cited, first, and by far the most important is inflation — the fear of an increasing rate in the years ahead, and the instability that would follow it. An inflation ary environment makes calculation of the rate of return on investment more uncertain. Even if overall profits advance in line with the rate of inflation, the dispersion of profits among business tends to increase as the rate of inflation climbs. The risk of loss rises or, at best, the attainment of profits becomes more elusive. Thus, a much higher rate of discount is applied to inflation generated profits than to those accruing from normal busi ness operations. -> A second, although somewhat smaller, contributor to higher risk premiums is escalating business regulation. Since the rise of concern over health and environment the regulatory process has mushroomed. Regulatory changes have directly increased the cost of new facilities in a major way. However, far worse for capital investment decision-making is the fact that regulations may, indeed will, change in future, but trrar way that is unknowable at present. This, rather than known costs, has engendered uncertainly and hesilalion among businessmen. Adapted from "The Economist". I Using the words in brackets, explain the. meaning of the following terms: 1. trade cycle (the level of business activity, regular oscillations in, over a period of years) 2. the low of the trade cycle (low level of business activity, slow growth in output and employment, a period of)
144 145  II Choose the word or phrase in brackets that would best sub -stitutefor the word or phrase in bold print in the following sentences: 1.After the sharpest upheaval of the post-war period the world's industrial countries are struggling to get back on the path of balanced, non-inflationary growth, (disruption, revolution, violent changes) (budgetary, deflationary, financial) 2. Many observers foresee a sharp slowing in the rate of ad vance. (acceleration, development, achievement) 3. The evidence of debilitatingly high-risk premiums is wide- spread and disturbing. (discouragingly, proportionally, extremely) (well-known, causing concern, important) 4. The shortfalls appear to be concentrated in long-lived investments. (commitments, surpluses, deficits) (non-productive, modernization, long-term) 5. Short-lived assets seem closer to normal levels of com mitment at this stage of business recovery. (cash,, liquid, unmarketable) (liability, performance, engagement) (reaction, revival, cycle) 6. Long-lived assets are still lagging badly. (are close to normal levels of commitment, haven't reached the expected levels of commitment, have exceeded the expected levels of commitment)
(alternate, synonym, substitution) 9. The larger the ratio, the greater the prospective rate of return. (secured profit, surplus profit, profitability) 10. Even if overall profits advance in line with the rate of inflation, the dispersion of profits among business tends to increase as the rate of inflation climbs. (lag, diminish, increase proportionally) J (accumulation, scattering, dimension) 11. Since the rise of concern over health and environment, the regulatory process has mushroomed. (anxiety, care, interest) (legislation, formality, lawfulness) III Choose the right answer: 1. The United States has probably been the most successful in:
2. The shortfall in the recovery to date is due to:
3. In the U.S. plant and equipment investments:
4. High-risk premiums included in investment calculations:
5. The bias against long-lived assets is evidenced by:
6. In the American stock market price/earnings ratios:
146 147 7. Real investment parallels: a) the expected market prices, h) the ratio of existing assets to an index of the replacement cost. 8. The larger the relation between the future market value of new investment and the cost of its production:
9. A profound uncertainty of the shape of the future eco nomic environment is caused by:
10. Inflation makes calculation of investment profitability:
11. Business regulation will change in the future:
IV Say what is true and what is false. Correct the false sentences:
6. The market value of slock prices parallels the present value of contemplated new capital projects. Complete the following sentences:
parallels I.The larger the relation between the fulure market value of new investment and the cost of ils construction, the greater
10. With the rate of inflation growing, the risk of loss II. Business regulations concerning health and environment increase directly 12. It is difficult to foresee VI Answer Ше following questions: 1. What was the economic situation of industrial countries in the mid sevenlies?
148 149 . I
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