大学金融英语chapter 3 Monetary Policy
货币政策：Monetary Policy
货币政策：Monetary Policy本文由高顿ACCA整理发布，转载请注明出处Monetary PolicyMonetary policy actions may either:directly control the amount of money in circulation (the money supply); orattempt to reduce the demand for money through its price (interest rates).By exercising control in these ways, governments can regulate the level of demand in the economy. Those who see the use of monetary policies as crucial in the control of macroeconomic activity are known as monetarists.1. Direct and Indirect Control of the Money SupplyGovernments or central banks can directly control the money supply in the following ways:1.1 Open market operationsIf the central bank sells government securities, the money supply is contracted, as some of the funds available in the market are "soaked up" by the purchase of the government securities.The sale of government securities will lead to a reduction in bank deposits due to the level of funds that have been soaked up.This in turn can lead to a further reduction in the money supply, as the banks' ability to lend is reduced. This is known as the multiplier effect.Equally, if the central bank were to buy back securities, then funds would be released into the market.1.2 Reserve asset requirements (cash reserve ratio): the central bank can set a minimum level of liquid assets which banks must maintain. This limits their ability to lend and thereby reduces the money supply.1.3 Special deposits: the central bank can have the power to call for special deposits. These deposits do not count as part of the bank's reserve base against which it can lend. Hence, they have the effect of reducing the bank's ability to lend and thereby reducing the money supply.1.4 Direct control: the central bank may set specific limits on the amount which banks may lend. Credit controls are difficult to impose as, with fairly free international movement of funds, they can easily be circumvented.Indirectly, governments can reduce the demand for money, and therefore indirectly reduce the money supply, by encouraging an increase in short-term interest rates.2. Problems of Monetary PolicyVarious problems arise with monetary policy.There is often a significant time lag between the implementation of a policy and its effects.Credit control is ineffective in the modern global economy.The relationship between interest rates, level of investment and consumer expenditure is not actually stable and predictable.Increasing interest rates produces undesirable side effects, including:Less investment, leading to reduced industrial capacity, leading to increased unemployment (as higher interest rates increase the cost of capital for a company using debt finance).An overvalued currency, which reduces demand for exports.3 Measuring the Money SupplyIf governments want to control the money supply, it is necessary to be able to measure the supply of money in the economy.In the UK a number of alternative indicators have emerged, including the following:M0 Notes and coins in circulation and in banks' tills.M3 M0 plus deposits at banks.M4 M3 plus deposits at building societies.M5 plus private sector holdings of certain types of government debt.Although M5 may be the most suitable measure to use, it is the hardest to control.Equally, although M0 is the easiest measure to control, it is probably the least representative of overall economic activity.更多ACCA资讯请关注高顿ACCA官网：。
金融英语3corporatefinancenew精品文档
In Britain, stock is also used to refer to all kinds of securities（有价证券）, including government bonds.
Investors at this stage have a lower risk of loss than venture capitalist, but less chance of making a big profit.
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3.2 Stocks and shares(1)
Stocks and shares are certificates representing part ownership of a company.
If the company goes into liquidation（进入清 算）, holders of preference shares are repaid（偿还） before other shareholders, but after owners of bonds and other debts.
Latest Economic news
China central bank pledges more co-operation to stem global financial crisis 中国央行投入更多合作来遏制全球金 融危机
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BEIJING, Oct. 10 (Xinhua) -- China's central bank on Friday said it will continue international cooperation to tackle the global financial crisis and maintain market stability.
金融英语课后答案汇总
Part One1. What are the main roles of banks?答： Although banks share many common features with other profit-seeking business,they play a unique role in the economy through mobilizing savings,allocating capital funds to fiance productive investment,transmitting monetary policy,providing a payment system and transforming risks.3. According to the revised edition of the Law of the People's Republic of China on the People's Bank of China ,what functions does the PBC perform?答： The PBC 's key functions are to conduct monetary policy, prevent and dissolve financial risks, and maintain financial stability under the leadership of the State Council.4. Can you give some examples of indirect instruments for implementing monetary policy?答： Indirect instruments as required reserve ratio, interest rate adjustment and open market operations.9. What is your definition of share and bond?答：Shares are certificates or book entries representingownership in a corporation or similar entity.Bonds are written evidences of debts.13. What is your definition of “securities”?答：Securities are paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stock) or debt obligations (bonds).Part Two2. What are the objectives of banking supervision?First, the key objective of supervision is to maintain stability and public confidence in financial system.The second goal of bank supervisions to ensure that bank operate in a safe and sound manner and that they hold capital and reserve sufficient to cover the risks that may arise in their business.Third, a related goal is to protect depositors’funds and , if any bank should fail, to minimize the losses to be absorbed by the deposit insurance fund.The fourth goal of bank supervision is to foster an efficient and competition banking system that is responsive to the public need for high quality financial services at reasonable cost.The fifth and final goal of bank supervision is to ensure compliance with banking laws and regulations.3. What risks might the commercial banks have to face?(1)credit risk (2)market risk (3)liquidity risk (4)operational risk (5)legal risk (6)reputation risk4. What are the implication of credit risk, market risk, liquidity risk and operational risk?Credit risk: A major type of risk that banks face is credit risk or the failure of a counterpart to perform according to a contractual arrangement.Market risk: Two specific elements of market risk are foreign exchange risk and interest risk. Banks face a risk of losses in on- and off-balance sheet positions arising from movement in exchange rates. Interest rate risk prefers to the exposure of a bank’s financial condition to adverse movements in interest rates.Liquidity risk: Liquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets.Operational risk: The most important types of operational risk involve breakdowns in internal controls and corporategovernance..5.At what levels does the Basel Accord set the minimum capital ratio requirements for internationally active banks?The Accord sets minimum capital ratio requirements for internationally active banks of 4% tier one capita and 8% total capital (tier one plus tier two) in relation to risk-weighted assets.Part Three1. What does foreign exchange include ?答：Foreign exchange includes the following means of payments and assets denominated in a foreign currency that can be used for international settlement:●Foreign currencies, including banknotes and coins;●Payment vouchers denominated in foreign currency,including negotiable instruments, bank certificates of deposit and certificates of postal savings;●Securities denominated in foreign currency, includinggovernment bonds, corporate bonds and stocks;●Super-national currencies such as Special Drawing Rightsand the Euro; and●Other assets denominated in foreign currency.3. What are the requirements for domestic institutions for opening foreign exchange accounts abroad?答：Domestic entities which meet one of the following requirements may apply for opening a foreign exchange account abroad:●Expecting small amount income during a certain period of time abroad;●Expecting small amount ex penditure during a certain period of time abroad;●Undertaking overseas construction projects;and issuing securities denominated in foreign currency abroad.6. Give the definition of foreign exchange?答：Foreign exchange , or forex , is foreign money. All foreign currency, consisting of founds held with banks abroad, or bills or cheques, again in foreign currency and payable abroad , are termed foreign exchange.9. Give the definition of spot and forward transaction?答：Spot transactions involve today’s p rices of currency and delivery of the currency within two business days, except forCanadian dollar (CAD), which must be delivered in one day.10. Tell the difference between forward and futures transactions?答：(1) Forward transactions involve today’s pr ices of currency and delivery on a stipulated future date.(2) Futures transactions are always traded on exchanges. In order to be marketable on exchanges, futures contracts are standardized in terms of quantity, settlement dates and quotation.Part Four14. How could a bank earn interest income?答：The principal source of income for the majority of banks is still the interest received on the funds that the institution has at its disposal and is able to lend out in some form.Whenever a bank lends out money it will generally charge interest to the customer.21. Why should a bank keep sufficient liquid assets?答：It is important for a bank to hold sufficient liquid assets to meet the demands of depositors who may seek to withdraw theirfunds. However,maintenance of too high a level of liquid assets could be expensive. Cash balances in particular yield no income,yet will cost the same as any other asset to fund. 25. What are the three major activities included in a bank's Statement of Cash Flows?答：The statement of cash flows reports cash flows relating to operating,investing and financing activities of a bank.Part five4. What are negotiable instruments? list some examples.答：From a functional perspective, negotiable instruments are documents used in commerce to secure the payment of money. Paying large sums of money in cash is both inconvenient and, unfortunately, risky. In all cases, negotiable instruments represent a right to payment. A right is, by definition, a promise and not a tangible piece of property. So, negotiable instruments are classified as choses in action. The three main types of them are the following: Bills of Exchange, Cheques, Promissory Notes.7. What’s the difference between capital lease and operating lease?答：1: Whether the ownership of property is to be transferred by the end of lease term.2: Whether the lease has an operation to purchase the leased property at a bargain price.3: The lease term is long to or short in according to the estimated economic life of the leased property.4: Whether the lease is a cancelable lease.5: Whether the lease is full-payout lease.9. What’s the meaning of Account Receivable Financing?答： Accounts Receivable represents a promise from customers to pay for a goods sold or services rendered. Account Receivable Financing is a form of collateralized lending in which accounts receivables are the collateral.12. What are basic characteristics of money mark securities?答： Money-mark securities, which are discussed in details later in this chapter, have three basic characteristics in common:They are usually sold in large denominations.They have low default risk.They mature in one year or less from their original issue date.Most money marker instruments mature in less than 120 days.Why teasury bills are attractive to investors?答：Teasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk .Even if the government ran out of money, it could simply print more to pay them off when they mature.The risk of unexpected changes in inflation is also low because of their short-termmaturity.15. What are the features of inter-bank markets?答：Inter-bank markets are money markets in which short-term funds transferred (lent or borrowed) between financial institutions, usually for one day, that is , they are usually overnight investment . The interest rate for borrowing these funds is close to ,but always slightly higher than ,the rate that is available from the central bank.17．How have NCDs become the second most popular money market instruments?答：Negotiable CDs are in large denominations .Although NCDs denominations are too large for individual investors , they are sometimes purchased by money market funds that have pooledindividua l investor’s funds. Thus , the existence of money market funds allows individuals to be indirect investors in NCDs ,marking a more active NCD market.19.What products does the on-line banking provide?答：basic products and services, intermediate products and services ,advanced products and services.Part Six1,What categories can the loan be divided according to their risk?答：The five-category system classifies bank loans according to their inherent risks as pass(normal),special-mention,substandard,doubtful and loss. What are the commonly used methods of credit analysis?答：Tranditionally,key risk factors have been classified according to the five CS of credit:character,capital,capacity,conditions,and collateral. Golden and Walker identify the five CS of bad credit,representing things to guard against to help prevent problems.These include complacency,carelessness,communicationbreakdown,contingencies,and competition.A useful framework for sorting out the facts and opinions in credit analysis is the 5Ps approach:people,purpose,payment,protection,and perspective. How can a bank take security for an advance?答：A bank has different kinds of security as cover for advance to his customers.There are several ways in which a bank may take security for an advance by lien,pledge,mortgage and hypothecation.1 / 1文档可自由编辑。
金融英语第三单元 金融稳定
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3. Special Term
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Stress test: 压力测试 A stress test, in financial terminology, is an analysis or simulation designed to the ability of a given financial instrument or financial institution to deal with an economic crisis.
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2. Vocabulary & Phrase
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In view of: 鉴于 Financial panic: 金融恐慌 FSAP 金融部门评估规划 Financial Sector Assessment Program Early warning system: 预警系统 Market segmentation: 市场细分 CAMEL 骆驼评级
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3. Special Term
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Too Big to Fail: 大而不倒 The "too big to fail" theory asserts that certain financial institutions are so large and so interconnected that their failure would be disastrous to the economy, and they therefore must be supported by government when they face difficulty.
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主要内容
3. 金融安全网 (1)金融监管 � (2)中央银行最后贷款人职能 � (3)投资者保护制度： � 存款保险制度 证券投资者保护基金 保险保障基金
《剑桥金融财务英语》重点篇章简答题
5When people found or start companies, they draw up or prepare Articles of Association and a Memorandum of Association.The Articles of Association state:（公司规章制度；对内）1.the right and duties of the shareholders and directors2.the relationships among different classes of shareholder3.the relationships between shareholders and the company and its directors.The Memorandum of Association state:（公司注册证，组织大纲；对外）1.the company’s name2.the location of the company’s registered office - where to send official documents3.the company’s purpose - its aims or objectives4.the authorized share capital - the maximum share capital it can have.32Share prices depend on a number of factors:（股票价格取决于）1.the financial situation of the company2.the situation of the company3.the state of the economy in general4.the beliefs of investors - whether they believe the share price will rise or fall, and whether they believe other investors will think this.Prices can go up or down and the question for investors - and speculators - is:can these price changes be predicted, or seen in advance? When price-sensitive information - news that affects a company’s value - arrives, a share price will change. But no one knows when or what that information will be. So information about past prices will not tell you what tomorrow’s price will be.There are different theories about whether share price changes can be predicted:（股价变动是否可以预测）1.The random walk hypothesis. Prices move along a ‘random walk’- this means day-to-day changes are completely random or unpredictable.2.The efficient market hypothesis. Share prices always accurately or exactly reflect all relevant information. It is therefore a waste of time to attempt to discover patterns or trends - general changes in behavior - in price movements.3.Technical analysis. Technical analysts are people who believe that studying past share prices does allow them to forecast future price changes. They believe that market prices result from the psychology of investors rather than from real economic values, so they look for trends in buying and selling behavior, such as the ‘head and shoulders’ pattern.4.Fundamental analysis. This is the opposite of technical analysis: it ignores the behavior of investors and assumes that a share has a true or correct value, which might be different from its stock market value. This means that markets are not efficient. The true value reflects the present value of the future income from dividends.21Financial institution（金融机构）类型：Retail banks or commercial banks (individuals and small companies):received deposits; made loans.Investment banks(big company):gave financial advice; raised capital;organized mergers and takeover bids.Insurance companies:provided life insurance and pensions.Building societies:specialized in mortgages. Many have now become normal commercial banks.26Conventional banks（传统银行）1.Pay interest to depositors2.Charge interest to borrowers3.Lend money to finance personal consumption goodsIslamic banks（伊斯兰银行）1.Give no return on current accounts; share profits with holders of savings accounts and investment accounts2.Share borrowers’ profits (or losses)3.Buy items for personal customers with a leasing or hire-purchase arrangement18Companies’ price are influenced by production and distribution costs, both direct and indirect. （加成法）Mark-up or cost-plus pricing: some firms just calculate the unit cost and add a percentage.（市场渗透法）Market penetration pricing: some companies launch products at a price that only gives them a very small profit, because they want a big market share. This allows them to make profits later because of economies of scale.（市场撇脂定价）Market skimming: some customers will pay almost any price, so the company can charge a really high price, then lower it to reach other market segments.（声望定价）Prestige pricing or image pricing: products positioned at the luxury end of a market need to have a high price:the target customers probably won’t buy them if they think the price is too low.（随行就市定价）Going-rate pricing: if a product is almost identical to competitors’ products, companies might charge the same price.（亏本销售定价）Loss-leader pricing: retailers often offer some items at a very low price that isn’t profitable, to attract customers who then buy more products which are profitable.（尾数定价）Odd pricing or odd-even pricing: many producers and retailers believe a customer sees a price of 29.95 as in the 20 price range rather than the 30 one.（价格变动）Elasticity: demand is elastic if sales respond directly to price variations. If sales remain the same after a change in price, demand is inelastic.30Categories of stocks and shares:（股票的类型）Blue chips: Stocks in large companies with a reputation for quality, reliability and profitability.More than two-third of all blue chips in industrialized countries are owned by institutional investors such as insurance companies and pension funds.Growth stocks: Stocks that are expected to regularly rise in value. Most technology companies are growth stocks, and don’t pay dividends, so the shareholders’equity or owners’equity increases. This causes the stock price to rise.Income stocks: Stocks that have a history of paying consistently high dividends.Defensive stocks: Stocks that provide a regular dividends and stable earnings, but whose value is not expected to rise of fall very much.Value stock: Stocks that investors believe are currently trading for less than they are worth - when compared with the companies’ assets.41Discounted cash flows（贴现现金流）We usually calculate the discounted cash flow value of an investment. This means discounting or reducing future cash flows to get their present values. This is because the value of money decreases over time. Firstly, there’s nearly always inflation, so cash will have lower purchasing power in the future. Secondly, if you had the money now, you could get income by using or investing it. The return we could get by investing the money in other ways id the opportunity cost of capital. So waiting for money is also a cost. This is the time value of money: how much more it is worth to receive money now rather than in the future.43Balance of payments（国际收支平衡）Imports are the goods or services bought from a foreign country. Exports are the goods or services sold to a foreign country.A country that exports more goods than it imports has a positive balance of trade or a trade surplus. The opposite is a negative balance of trade or a trade deficit. Trade in goods is sometimes called visible trade. Services such as banking, insurance and tourism are sometimes called invisible imports and exports. Adding invisibles to the balance of trade gives a country’s balance of payments.45Documentary credits （跟单信用证）have a standard form. They generally contain:1.a short description of the goods2.a list of shipping documents required to obtain payment3.a final shipping date4.a final date for presenting the documents to the bank.Export ers have to prepare a number of documents to go with the shipment or transportation of goods.（出口单据）1.The commercial invoice contains details of the goods2.The bill of lading is a document signed by the carrier or transporter confirming that the goods have been received for shipment; it contains a brief description of the goods and details of where they are going.3.The insurance certificate also describes the goods and contains details of how to claim if they are lost or damaged in transit - while being transported.4.The certificate of origin states where the goods come from.5.Quality and weight certificate, issued by private inspection and testing companies, may be necessary, confirming that these are the correct goods in the right quantity.6.An export license giving the right to sell particular goods abroad is necessary in some cases.48The business cycle（商业周期）All market economies have periods when consumption - spending on goods and services - rises. Consumers buy more, companies invest more, and production, income, profits and employment increase. These periods are always followed by periods when spending and investing fall, and unemployment rises. This is the business cycle.A period during which economic activity increases and the economy is expanding is an upturn. If it lasts a long time it is called a boom. The highest point of the business cycle is a peak, which is followed by a downturn, during which the amount of economic activity decreases. If the economy keeps contracting for more than 6 months, the downturn is called a recession. A serious, long-lasting recession is called a depression. The lowest point of the business cycle is a trough, which is followed by a recovery, when economic activity increases again, and a new cycle begins. Fiscal policy（财政政策）Governments and central banks use fiscal policy, which involves changing the level of government expenditure and taxation to try to limit the extent of the business cycle.If an economy is moving into a recession, the government might have a reflationary fiscal policy. This means trying to stimulate the economy by increasing government spending, or by cutting level of direct or indirect tax so that individuals and companies have more money to spend.If an economy is overheating - expanding too quickly - it means that industry is working at full capacity and producing as much as it possible can. Because demand is greater than supply, leading to rising prices and inflation, the government might have a deflationary fiscal policy. This means trying to cool down the economy: reducing the amount of economic activity by raising tax rates or cutting government expenditure. This reduces the level of demand in the economy and helps to reduce inflation.Monetary policy（货币政策）Governments or central banks can also use monetary policy - changing interest rates and the level of the money supply - to influence the level of economy activity.They can boost or increase economic activity if the economy is a downturn by reducing interest rates and allowing the rate of growth of the money supply to increase.If the economy is growing too fast and causing inflation, they can slow it down by increasing interest rates and reducing the rate of growth of the money supply.50Business plans（商业计划）begin with a summary, often called an Executive Summary, which explains in one or two pages:Type: what sort of company it isFeatures: what the product or service is, and what is special about itManagers: who the managers areCapital: how much money you need, and what you will use it for.The company, the product and the market（介绍公司；准备出售的产品；介绍管理团队）If the company already exists, the first chapter of the business plan explains how it was started and how it has grown, and gives a history of sales and profits. It describes the company today, and the plans for the future.The second chapter describes what you already sell or want to sell. It explains what differentiates the product or service from other existing ones - what makes it unique. It focuses on the benefits or advantages for customers - how it will improve people’s live!The chapter on the market describes the industry you operate in, the market segments, the other firms in the market, changes in the industry, and projected trends and technological opportunities. It gives details of your marketing strategy(策略), including sales tactics- the ways you plan to achieve sales, advertising publicity and sales promotions - incentives to encourage customers to buy.The chapter on the management team gives details about the most important staff. The chapter on strategy outlines your strategies for marketing, pricing, distribution, sales, etc, and how you are going to implement.22Investment banking（投行）Main business: acting as intermediaries；consulting services；venture capital；mergers and acquisitions；corporate financing；asset management；Securities underwriting and broking23Central banking（央行）Main business: Keep reserves；Print and issue currency；rediscount；foreign exchange；Collect and publish financial data；Supervise banking system；Clearing cheques；Keep reserves24Interest rates and monetary policy（利率和货币政策）An interest rate is the cost of borrowing money: the percentage of the amount of a loan paid by the borrower to the lender for the use of the lender’s money. A country’s minimum interest rate is usually set by the central bank, as part of monetary policy, designed to keep inflation low. This can be achieved if demand is nearly the same as supply.If interest rates set too low, the demand for goods and services grows faster than the market’s ability to supply them. This causes prices to rise so that inflation occurs.If interest rates set too high, this lowers borrowing and spending. This brings down inflation, but also reduces output and the employment.7.Accounting policies and standards（会计政策和标准）Valuation（估值）a. Publish the value of companyb. Calculate profits or losses: so do subject=so it is the same with subjectMeasurement（计量）Choose the accounting policiesConsistency principle: Statement of Accounting Policiesa true and fair viewHistorical cost（历史成本）Record original purchase price of assets based on going concern postulateInflation accounting（通货膨胀会计）Current replacement cost based on inflation accounting8Assumption（四大假设）Separate entity；Time-period；Going concern；Unit-of-measurePrinciples （六个原则）Full-disclosure；Materiality；Conservatism；Objectivity；Revenue recognition；Matching17Although cost accounting allows companies to calculate production costs, pricing decisions also depend on:1.the level of demand2.the price of competitors’ products3.the company’s financial situation4.the company’s objectives - the aims it wants to accomplish5.the company’s marketing policies - whether it is interested in maximizing sales or maximizing profit.44An exchange rate is the price at which one currency can be exchanged for another. In theory, exchange rates should be at the level that gives purchasing power parity. This means that the cost of a given selection of goods and services would be the same in different countries. So if the price level in the country increases because of inflation, its currency should depreciate（贬值）.In fact, PPP doesn’t work, as exchange rates can change due to currencyspeculation. Financial institutions, companies and rich individuals all buy currencies, looking for high interest rates or short-term capital gains if a currency appreciates（升值）. This means exchange rates change due to speculation rather than PPP. Over 95% of the world’s currency transactions are purely speculative, and not related to trade. Banks and currency traders make consider able profits from the spread between a currency’s buying and selling prices.34Financial futures（金融期货）Currency futures and forwards are contracts that specify the price at which a certain currency will be bought or sold on a specified date.Interest rate futures are agreements between banks and investors and companies to issue fixed income securities at a future date.Stock futures fix a price for a stock and stock index futures fix a value for an index on a certaindate. They are alternatives to buying the stocks or shares themselves.。
新编金融英语教程 Chapter3 Monetary Policy
• the U.S. Treasury • unit of account
3.3 Language Notes
III. Sentences
1. Monetary policy is the process during which the monetary authority of a country, like the central bank or currency board, controls the supply of money. 2. The changes in fiscal and monetary policies that lead to changes in aggregate demand interact, in turn, with aggregate supply to produce changes in prices, real output, and employment. 3. The basic approach is to use various statistical methods and models, judgment based on historical experience, and incoming data on the full range of factors comprising and determining aggregate demand and aggregate supply to develop a forecast for the variables of major concern such as real gross domestic product (GDP), inflation, the unemployment rate, and exchange rates. 4. The data that are used include information about retail sales, industrial production, consumer confidence, business capital spending plans, wages, personal income, profits, and the external balance of payments. 5. The Fed conducts most of its open market operations in Treasury securities because the market for these securities is the most liquid and has the largest trading volume.
全新版大学英语第二版综合教程3词汇与翻译答案
第一单元Vocabulary1.My job varies between the extremely tedious and the annoyingly busy. On balance I think I’m happier during the really busy times; no time to think about how bored I am.2.It is the nature of the wise to resist pleasures, but the foolish to be a slave to them.3.I figure out a good team of dogs, hitched to a light sled, can haul1,000 pounds of goods.4.In the story ,the little girl has a wicked stepmother, who makes her life a misery.5.Nothing ever becomes real till it is experience-even a proverb is no proverb to you till your life has illustrated it.6.Nowadays almost all libraries are finding it increasingly difficult to remain within their budget.7.You can increase a tyre’s grip in winter by slightly lowering its pressure.ke Superior, Huron, Erie, and Ontario are shared by the United States and Canada, and from part of the boundary between the two countries.9. The police are investigating the three men allegedly involved in organizing and carrying out the bank robbery.10.I do not doubt in the least that inflation leads to economi c decline.11.A blizzard was blasting great drifts of snow across the lake.12.Tim says just about everybody will be affected by the tax increase, but I’m sure he’s exaggerating.Translation1.我们的计算机系统出了毛病，但我觉得问题比较小。
monetary policy restrictive -回复
monetary policy restrictive -回复Monetary Policy: An Introduction to Restrictive MeasuresIntroduction:Monetary policy refers to the actions taken by a central bank or monetary authority to manage and control the money supply and interest rates in an economy. It plays a crucial role in stabilizing the economy and promoting sustainable economic growth. One of the key strategies used in monetary policy is that of restrictive measures. In this article, we will delve deep into the concept of restrictive monetary policy, its objectives, tools used, and the potential impacts on the economy.Section 1: Understanding Restrictive Monetary Policy1.1 Definition of Restrictive Monetary Policy:Restrictive monetary policy, also known as contractionary monetary policy, is a strategic approach taken by central banks to reduce the money supply and constrain lending in the economy. Its main objective is to slow down economic growth and curb inflationary pressures.1.2 Objectives of Restrictive Monetary Policy:The primary objectives of a restrictive monetary policy are as follows:a) Controlling inflation: By reducing the money supply and increasing interest rates, central banks aim to curb excessive spending and demand in the economy, thereby addressing inflationary pressures.b) Maintaining price stability: Restrictive measures are implemented to ensure stable prices and prevent hyperinflation, which can have devastating impacts on the economy.c) Managing economic growth: By limiting lending and controlling the money supply, central banks aim to prevent the economy from overheating, which can lead to unsustainable growth and asset bubbles.d) Balancing external accounts: A restrictive monetary policy can help in reducing imports and increasing exports, thus improving the balance of trade and current account position.Section 2: Tools used in Restrictive Monetary Policy2.1 Interest Rate Hikes:The most commonly used tool in implementing restrictive monetary policy is increasing interest rates. By raising the cost of borrowing, central banks discourage spending and investment, thereby reducing the money supply circulating in the economy.2.2 Open Market Operations:Another tool employed in restrictive monetary policy is open market operations. Central banks sell government securities, such as bonds, to commercial banks, reducing their excess reserves and curbing the amount of money available for lending.2.3 Reserve Requirements:In some cases, central banks may increase the reserve requirements for commercial banks. By mandating that banks hold a higher percentage of their deposits as reserves, less money is available for lending.Section 3: Impact of Restrictive Monetary Policy3.1 Controlling Inflation:One of the key impacts of a restrictive monetary policy is its ability to rein in inflation. By reducing the money supply and curbingexcessive spending, central banks can limit price increases and maintain price stability.3.2 Slowing Economic Growth:Restrictive measures can also lead to a decline in economic growth. By constraining borrowing and reducing spending, businesses and consumers have less access to credit, leading to reduced investment and consumption.3.3 Implications for Employment:As economic growth slows down due to restrictive measures, the implications for employment can be significant. Businesses may cut back on hiring, leading to higher unemployment rates.3.4 Impact on Exchange Rates:Restrictive monetary policy can have an impact on exchange rates. Higher interest rates tend to attract foreign investors, leading to an increase in the demand for the domestic currency. This can strengthen the currency and potentially impact exports negatively.Section 4: Criticisms and Limitations4.1 Timing Challenges:One criticism of restrictive monetary policy is the timing challenge. The effects of policy changes take time to materialize and may not always align with the desired outcome. It requires careful consideration and evaluation to ensure the policy is implemented at the appropriate time.4.2 Distributional Effects:Restrictive measures can also have distributional effects within the economy. They can disproportionately impact certain sectors or groups, resulting in increased inequality.4.3 Overreliance on Monetary Policy:There is a debate around the overreliance on monetary policy to address economic issues. Critics argue that fiscal policy and structural reforms should also play a more significant role in promoting sustainable growth and addressing structural imbalances.Conclusion:In conclusion, restrictive monetary policy is a crucial tool used bycentral banks to manage and control the economy. By reducing the money supply and increasing interest rates, central banks aim to curb inflation, maintain price stability, and manage economic growth. However, implementing restrictive measures requires careful consideration of the potential impacts on employment, exchange rates, and distributional effects within the economy. It is a delicate balancing act that central banks must undertake to promote sustainable economic growth.。
金融英语课后答案汇总
Part One1. What are the main roles of banks答： Although banks share many common features with other profit-seeking business,they play a unique role in the economy through mobilizing savings,allocating capital funds to fiance productive investment,transmitting monetary policy,providing a payment system and transforming risks.3. According to the revised edition of the Law of the People's Republic of China on the People's Bank of China ,what functions does the PBC perform答： The PBC 's key functions are to conduct monetary policy, prevent and dissolve financial risks, and maintain financial stability under the leadership of the State Council.4. Can you give some examples of indirect instruments for implementing monetary policy答： Indirect instruments as required reserve ratio, interest rate adjustment and open market operations.9. What is your definition of share and bond答：Shares are certificates or book entries representing ownership in a corporation or similar are written evidences of debts.13. What is your definition of “securities”答：Securities are paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stock) or debt obligations (bonds).Part Two2. What are the objectives of banking supervisionFirst, the key objective of supervision is to maintain stability and public confidence in financial system.The second goal of bank supervisions to ensure that bank operate in a safe and sound manner and that they hold capital and reserve sufficient to cover the risks that may arise in their business.Third, a related goal is to protect depositors’funds and , if any bank should fail, to minimize the losses to be absorbed by the deposit insurance fund.The fourth goal of bank supervision is to foster an efficient and competition banking system that is responsive to the public need for high quality financial services at reasonable cost.The fifth and final goal of bank supervision is to ensure compliance with banking laws and regulations.3. What risks might the commercial banks have to face(1)credit risk (2)market risk (3)liquidity risk (4)operational risk (5)legal risk (6)reputation risk4. What are the implication of credit risk, market risk, liquidity risk and operational riskCredit risk: A major type of risk that banks face is credit risk or the failure of a counterpart to perform according to a contractual arrangement.Market risk: Two specific elements of market risk are foreign exchange risk and interest risk. Banks face a risk of losses in on- and off-balance sheet positions arising from movement in exchange rates. Interest rate risk prefers to the exposure of a bank’s financial condition to adverse movements in interest rates.Liquidity risk: Liquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets. Operational risk: The most important types of operational risk involve breakdowns in internal controls and corporate governance..what levels does the Basel Accord set the minimum capital ratio requirements for internationally active banksThe Accord sets minimum capital ratio requirements for internationally active banks of 4% tier one capita and 8% total capital (tier one plus tier two) in relation to risk-weighted assets.Part Three1. What does foreign exchange include答：Foreign exchange includes the following means of payments and assets denominated in a foreign currency that can be used for international settlement:●Foreign currencies, including banknotes and coins;●Payment vouchers denominated in foreign currency, includingnegotiable instruments, bank certificates of deposit andcertificates of postal savings;●Securities denominated in foreign currency, including govern mentbonds, corporate bonds and stocks;●Super-national currencies such as Special Drawing Rights and theEuro; and●Other assets denominated in foreign currency.3. What are the requirements for domestic institutions for opening foreign exchange accounts abroad答：Domestic entities which meet one of the following requirements may apply for opening a foreign exchange account abroad:●Expecting small amount income during a certain period of time abroad;●Expecting small amount expenditure during a certain period of time abroad;●Undertaking overseas construction projects;and issuing securities denominated in foreign currency abroad.6. Give the definition of foreign exchange答：Foreign exchange , or forex , is foreign money. All foreign currency, consisting of founds held with banks abroad, or bills or cheques, again in foreign currency and payable abroad , are termed foreign exchange.9. Give the definition of spot and forward transaction答：Spot transactions involve today’s prices of currency and deliver y of the currency within two business days, except for Canadian dollar (CAD),which must be delivered in one day.10. Tell the difference between forward and futures transactions答：(1) Forward transactions involve today’s prices of currency and delivery on a stipulated future date.(2) Futures transactions are always traded on exchanges. In order to be marketable on exchanges, futures contracts are standardized in terms of quantity, settlement dates and quotation.Part Four14. How could a bank earn interest income答：The principal source of income for the majority of banks is still the interest received on the funds that the institution has at its disposal and is able to lend out in some a bank lends out money it will generally charge interest to the customer.21. Why should a bank keep sufficient liquid assets答：It is important for a bank to hold sufficient liquid assets to meet the demands of depositors who may seek to withdraw their funds. However,maintenance of too high a level of liquid assets could be expensive. Cash balances in particular yield no income,yet will cost the same as any other asset to fund.25. What are the three major activities included in a bank'sStatement of Cash Flows答：The statement of cash flows reports cash flows relating to operating,investing and financing activities of a bank.Part five4. What are negotiable instruments list some examples.答：From a functional perspective, negotiable instruments are documents used in commerce to secure the payment of money. Paying large sums of money in cash is both inconvenient and, unfortunately, risky. In all cases, negotiable instruments represent a right to payment. A right is, by definition, a promise and not a tangible piece of property. So, negotiable instruments are classified as choses in action. The three main types of them are the following: Bills of Exchange, Cheques, Promissory Notes.7. What’s the difference between capital lease and operating lease答：1: Whether the ownership of property is to be transferred by the end of lease term.2: Whether the lease has an operation to purchase the leased property at a bargain price.3: The lease term is long to or short in according to the estimated economic life of the leased property.4: Whether the lease is a cancelable lease.5: Whether the lease is full-payout lease.9. What’s the meaning of Account Receivable Financing答： Accounts Receivable represents a promise from customers to pay for a goods sold or services rendered. Account Receivable Financing is a form of collateralized lending in which accounts receivables are the collateral.12. What are basic characteristics of money mark securities 答： Money-mark securities, which are discussed in details later in this chapter, have three basic characteristics in common:They are usually sold in large denominations.They have low default risk.They mature in one year or less from their original issue date. Most money marker instruments mature in less than 120 days.Why teasury bills are attractive to investors答：Teasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk .Even if the government ran out of money, it could simply print more to pay them off when they risk of unexpected changes in inflation is also low because of their short-termmaturity.15. What are the features of inter-bank markets答：Inter-bank markets are money markets in which short-term funds transferred (lent or borrowed) between financial institutions, usually for one day, that is , they are usually overnight investment . The interest rate for borrowing these funds is close to ,but always slightly higherthan ,the rate that is available from the central bank.17．How have NCDs become the second most popular money market instruments答：Negotiable CDs are in large denominations .Although NCDs denominations are too large for individual investors , they are sometimes purchased by money market funds that have pooled individual investor’s funds. Thus , the existence of money market funds allows individuals to be indirect investors in NCDs ,marking a more active NCD market.products does the on-line banking provide答：basic products and services, intermediate products and services ,advanced products and services.Part Six1,What categories can the loan be divided according to their risk答：The five-category system classifies bank loans according to their inherent risks as pass(normal),special-mention,substandard,doubtful and loss.What are the commonly used methods of credit analysis答：Tranditionally,key risk factors have been classified according to the five CS of credit:character,capital,capacity,conditions,and collateral. Golden and Walker identify the five CS of bad credit,representing things to guard against to help prevent includecomplacency,carelessness,communication breakdown,contingencies,and competition.A useful framework for sorting out the facts and opinions in credit analysis is the 5Ps approach:people,purpose,payment,protection,and perspective.How can a bank take security for an advance答：A bank has different kinds of security as cover for advance to his are several ways in which a bank may take security for an advance by lien,pledge,mortgage and hypothecation.。
金融专业英语词汇大全
金融专业英语词汇大全一、基本金融术语1. 金融（Finance）：指货币的筹集、分配和管理活动。
2. 银行（Bank）：提供存款、贷款、支付结算等金融服务的机构。
3. 证券（Securities）：代表财产所有权或债权的凭证，如股票、债券等。
4. 投资（Investment）：将资金投入到某个项目或资产，以获取收益的行为。
5. 债务（Debt）：借款人向债权人承诺在一定期限内偿还本息的义务。
6. 股票（Stock）：股份有限公司发行的，代表股东对公司所有权和收益分配权的凭证。
7. 债券（Bond）：债务人向债权人发行的，承诺按一定利率支付利息并在到期日偿还本金的债务凭证。
8. 利率（Interest Rate）：资金的价格，反映资金借贷的成本。
9. 汇率（Exchange Rate）：一种货币兑换另一种货币的比率。
10. 通货膨胀（Inflation）：货币购买力下降，物价普遍持续上涨的现象。
二、金融衍生品词汇1. 金融衍生品（Financial Derivatives）：基于现货金融工具派生出来的新型金融工具。
2. 期货（Futures）：双方约定在未来某一时间、按约定的价格买卖某种标的物的合约。
3. 期权（Options）：买卖双方在未来一定期限内，按约定价格买入或卖出某种标的物的权利。
4. 掉期（Swap）：双方约定在未来某一时间，相互交换一系列现金流的合约。
5. 远期合约（Forward Contract）：双方约定在未来某一时间、按约定的价格买卖某种标的物的合约。
三、金融机构及监管部门词汇1. 中央银行（Central Bank）：国家金融政策制定和执行的机构，如中国人民银行。
2. 商业银行（Commercial Bank）：以盈利为目的，提供存款、贷款、支付结算等金融服务的银行。
3. 证券公司（Securities Company）：从事证券经纪、投资咨询、资产管理等业务的金融机构。
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It refers to a reduction in the nation’s money supply and a rise in interest rates. Tight monetary policy discourages investment and tends to lower income and imports. In addition, tight monetary policy can lead to a short-term capital inflow.
Notes
II. Useful and Idiomatic Expressions 1. to lead to... 导致= to result in 2. the first and foremost首要的（当副词用时，不加the） 3. to receive sth. from... 从……获得…… 4. to conflict with... 与……发生冲突 5. be consistent with... 与……相一致 6. to take on greater importance变得更加重要
Main Text
Targets or Objectives of Monetary Policy
1. Economic Growth 2. Price Stability 3. Full Employment or High Employment 4. Balance of Payments Equilibrium 5. Interest Rate Stability 6. Stability of Financial Markets 7. Stability in Foreign Exchange Markets
monetary policy
Notes
I. New Words 1. outflow n. 流出（指资金流向国外，与其相对的是inflow） 2. to boost vt. 增加 = to increase 3. instrument n. 本文中当“工具”讲=tool 4. quarter n. 一个季度= of a year 5. sustained a. 持久的，持续的= continuous 6. contraction n. 收缩
Chapter Three
Monetary Policy
objectives
After learning this chapter you should be able to: 1. Give your definition of monetary policy 2. Tell the chief types or classes of monetary policies 3. Explain the targets of monetary policy 4. Describe the usual tools or instruments used to implement U.S.
Main Text
Classes of Monetary Policies
Easy or expansionary monetary policy.
A country’s monetary policy will be an easy or expansionary if the money supply is increased by lowering interest rates. This type of monetary policy can boost the level of investment and income in the nation, but it can also lead to inflation and short-term capital outflow.
Main Text
Definition
According to Oxford Dictionary of Finance and Banking, monetary policy is defined as a means by which governments try to affect macroeconomic conditions by increasing or decreasing the supply of money. And some other economists also define it as the attempt to control the economy by changing the quantity of money in circulation and adjusting interest rates.
Notes
III. Key Terms 1. GDP (gross domestic product) 国内生产总值 2. GNP (gross national product) 国民生产总值 3. easy or expansionary monetary policy宽松的或扩张性货币政策 4. tight monetary policy紧缩的货币政策 5. full employment充分就业 6. open market operations公开市场业务（操作） 7. discount policy贴现政策 8. reserve requirements法定存款准备金规定
Main Text
U.S. Monetary Policy Tools
Open market operations Discount policy Reserve requirements
Questions for Chapter 3