金融英语课后题
金融英语_刘文国第二版课后练习Exercises 12
Exercises twelveI. Answer following questions1.What does stock mean?A type of security that signifies ownership in a corporation representsa claim on part of the corporation's assets and earnings.2. What does dividend mean?The dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. The dividend is most often quoted in terms of the dollar amount each share receives (dividends per share). It can also be quoted in terms of a percent of the current market price, referred to as dividend yield.3. What Does Equity Mean?A stock or any other security represents an ownership interest. On a company's balance sheet, the amount of the funds contributed by the owners (the stockholders) plus the retained earnings (or losses), also referred to as "shareholders' equity". In the context of margin trading, the value of securities in a margin account minus what has been borrowed from the brokerage. In the context of real estate, the difference between the current market value of the property and the amount the owner still owes on the mortgage. It is the amount that the owner would receive after selling a property and paying off the mortgage. In terms of investment strategies, equity (stocks) is one of the principal asset classes. The other two are fixed-income (bonds) and cash/cash-equivalents. These are used in asset allocation planning to structure a desired risk and return profile for an investor's portfolio.4. Why does a company issue stock?The reason is that at some point every company needs to raise money. To do this, companies can either borrow it from somebody or raise it by selling part of the company, which is known as issuing stock.5.How to make money for investors if the firm no divident pay? Without dividends, investors just can make money on a stock only through its appreciation in the open market.6.Where can stocks be traded?Most stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.7. What kinds of risk do stock-investors want to face?There is no obligation for firms to pay out dividends and any stock may go bankrupt, in which case your investment is worth nothing.8. What is the purpose of a stock market?The purpose of a stock market is to facilitate the exchange of securities between buyers and sellers, reducing the risks of investing.Ⅱ Fill in the each blank with an appropriate word or expression:1. Stock is a share in the ownership of a company. Stock represents a claimon the company's assets and earnings.2. The management of the company is supposed to increase the value of the firm for shareholders. If this doesn't happen, the shareholders can vote to have the management removed, at least in theory.3. Common stock yields higher returns than almost every other investment. This higher return comes at a cost since common stocks entail the most risk.4. Why do stock prices change? The best answer is that nobody really knows for sure. Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.5. A bull market is when everything in the economy is great, people are finding jobs, gross domestic product (GDP) is growing, and stocks are rising.6. Understanding supply and demand is easy. What is difficult to comprehend is what makes people like a particular stock and dislike another stock.Ⅲ Translate the following sentences and passage into English:1.新股的发行价总是超过面值的，记录在公司帐上的这个差叫附加实缴资本，也叫资本公积。
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》习题答案unit1-10
“高职高专商务英语专业规划教材”Unit 1 Financial Market Research练习参考答案I.Read through the text and answer the following questions.1.A financial market is a mechanism that allows people to easily buy andsell (trade) financial securities (such as stocks and bonds), commodities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect the efficient-market hypothesis.2.The raising of capital ;the transfer of risk and international trade3.Capital markets,commodity markets,money markets, derivative markets,insurance markets and foreign exchange markets .4.Financial markets fit in the relationship between lenders andborrowers.5.Individuals, companies, governments, municipalities and publiccorporations.II. Paraphrase the following expressions or abbreviations and translate them into ChineseCheck the answers from the Special Term Lists.III. Fill in the blanks with the proper wordsThe global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.IV.Translation.1.金融市场包括很多方面，包括资本市场，华尔街，甚至是市场本身。
金融英语阅读教程课后练习题含答案
金融英语阅读教程课后练习题含答案学习金融英语是一个不断提高自己的过程，需要我们不断阅读、理解并练习。
本文将为大家提供几道关于金融英语阅读的课后练习题，希望大家可以通过这些题目进一步掌握金融英语的核心概念。
练习题1.Which of the following describes a bear market in finance?• A. High stock prices• B. Low stock prices• C. Consistently steady stock prices2.What is the definition of a bond?• A. A type of stock• B. An investment that represents a loan made by an investor to a borrower• C. A type of currency3.What is the role of a stockbroker?• A. They lend money to individuals or businesses• B. They help investors buy and sell stocks and other securities• C. They are responsible for printing and distributing financial statements to investors4.What is the difference between a stock and a mutual fund?• A. A stock represents ownership in a single company; a mutual fund is a collection of stocks and other investments• B. A stock is a type of bond; a mutual fund is a type of stock• C. A stock is a type of currency; a mutual fund is a type of commodity5.What is the purpose of the Department of the Treasury?• A. To regulate the stock market• B. To collect taxes and manage government finances• C. To oversee the Federal Reserve答案1.B. A bear market is characterized by a drop in stock pricesover a sustned period of time.2.B. A bond is a debt security that represents a loan made byan investor to a borrower, typically a corporate or government entity.3.B. Stockbrokers help investors buy and sell stocks, bonds,and other securities. They also provide advice and research to help clients make informed investment decisions.4.A. Stocks represent ownership of a single company, whilemutual funds are a collection of investments, including stocks.5.B. The Department of the Treasury is responsible forcollecting taxes and managing the finances of the federalgovernment. They also oversee the production of currency andmanage the national debt.总结以上是几道关于金融英语阅读的练习题及其答案。
金融英语杨静宽课后答案
金融英语杨静宽课后答案一个国家在灵活的汇率制度下出现外贸逆差的时候，A.进口自动增加货币自动贬值C.出口自动下降货币自动升值以下哪个陈述不是会计核算?______会计是商业语言B.会计用户包括企业，政府，非营利组织和个人。
会计对决策有用D.会计是一个目的，而不是一个结束的手段3.外汇一词最好由以下声明定义：它是______。
A.两种货币之间的汇率B.货币兑换代名词C.外汇交换的地方D.用于在国家之间付款的纸币，票据和支票等工具什么是资产分配?______A.购买不同类型的资产，风险和潜在回报B.购买具有多个经纪账户的资产C.共同基金的购买能力D.长期购买股票信息的外部用户包括以下所有内容。
A.供应商B.线路经理C.普通公众D.债权人CAPM是缩写。
资本资产定价模型B.现金增加价格矩阵C.资本资产定价矩阵D.成本和价格模型流动性衡量______。
A.资产价值B.可以轻松交换资产C.资产的有用性D.资产与其他资产相比的经济和货币可靠性8.在信用证交易中，银行向______支付卖方，同意______。
A.文件...信用B.商品...合同C.文件...合同买家订购商品易货经济是没有_______的经济体。
任何财富B.印刷货币C.交换媒介黄金10.以下哪项不适用于航空公司票据?______A.货物运送到航空公司时，由航空公司或其代理商签收航空运输单据作为货物的收据B.航空票据是货物所有权的文件C.航空票据还可以提供货物发运证明，标明有关航班的细节D.上述都没有10.以下哪项不适用于航空公司票据?______A.货物运送到航空公司时，由航空公司或其代理商签收航空运输单据作为货物的收据B.航空票据是货物所有权的文件C.航空票据还可以提供货物发运证明，标明有关航班的细节D.上述都没有钱的价值变化_____。
A.直接与失业率B.直接与价格水平C.与失业相反D.与价格水平相反12.电视台的经济新闻报道，美元相对于日元走强。
金融英语课后练习答案APPENDIXKEYTOTHEEXERCISES
金融英语课后练习答案APPENDIXKEYTOTHEEXERCISESCHAPTER 1 The Gold Standard Era, 1870 — 19144. automatic mechanism of adjustment 自动调节机制5. achievement of balance of payments equilibrium 达到国际收支平衡6. the response of central banks to gold flows across their borders各国央行对跨国境黄金流动量的反应7. meet their obligation to redeem currency notes 履行（他们的）职责兑换流通券8. ensure full employment 确保全民就业9. subordination of economic policy to external objectives 对外部目标经济政策的依赖性10. tried to reconcile the goals of internal and external balance 试图调整对内对外收支的目标Ⅱ. Give the Chinese meaning of these plurals.1. international reserves 国际储备（额/量）2. gold flows 黄金流通量3. net imports 净进口（量）4. capital outflows 资金外流量5. domestic assets 国内资产Ⅲ. Put these paragraphs into Chinese.1. However, research has shown that countries often reversed the steps mentionedabove and sterilized gold flows, that is, sold domestic assets when foreign reserves were rising and bought domestic assets as foreign reserves fell.Government interference with private gold exports alsoundermined the system.The picture of smooth and automatic balance of payments adjustment before World War I therefore did not always match reality. 然而，研究表明各国经常反道而行之，他们制止黄金的流动，也就是说，当外国储备升高时他们售出国内资产，而当外国储备下降时，他们购买国内资产。
金融专业英语第二版课后答案
金融专业英语第二版课后答案1、During the Spring Festival, people in Northern China usually eat _______ as a traditional Chinese food. [单选题] *A. pizzaB. dumplings(正确答案)C. hamburgersD. noodles2、The plane arrived at London airport _______ Wednesday morning. [单选题] *A. on(正确答案)B. atC. inD. for3、The little girl held _____ in her hand. [单选题] *A. five breadsB. five piece of breadsC. five piece of breadD. five pieces of bread(正确答案)4、Many people prefer the bowls made of steel to the _____ made of plastic. [单选题] *A. itB. ones(正确答案)C. oneD. them5、You have been sitting on my hat and now it is badly out of（）. [单选题] *A. dateB. shape(正确答案)C. orderD. balance6、You cannot see the doctor _____ you have made an appointment with him. [单选题] *A. exceptB.evenC. howeverD.unless(正确答案)7、There are trees on both sides of the broad street. [单选题] *A. 干净的B. 狭窄的C. 宽阔的(正确答案)D. 宁静的8、One effective（）of learning a foreign language is to study the language in its cultural context. [单选题] *A. approach(正确答案)B. wayC. mannerD. road9、62．--There is? ? ? ? ? sale on in the shop today. Let’s go together.--Please wait? ? ? ? ? ?minute. I’ll finish my homework first. [单选题] *A．a; theB．a; a(正确答案)C．the; aD．the; the10、We sent our children to school to prepare them for the time _____ they will have to work for themselves. [单选题] *A. thatB. when(正确答案)C. whileD. as11、We have ______ homework today. （）[单选题] *A. too manyB. too much(正确答案)C. much tooD. very much12、My English teacher has given us some _______ on how to study English well. [单选题] *A. storiesB. suggestions(正确答案)C. messagesD. practice13、31．That's ______ interesting football game. We are all excited. [单选题] *A．aB．an(正确答案)C．theD．/14、( )Keep quiet, please. It’s ________ noisy here. [单选题] *A. many tooB. too manyC. too muchD. much too(正确答案)15、—Look at those purple gloves! Are they ______, Mary?—No, they aren’t. ______ are pink. （）[单选题] *A. you; IB. your; MyC. yours; Mine(正确答案)D. you; Me16、The twins _______ us something about their country. [单选题] *A. told(正确答案)B. saidC. talkedD. spoke17、Neither she nor her friends ______ been to Haikou. [单选题] *A. have(正确答案)B. hasC. hadD. having18、I often _______ music from the Internet. [单选题] *A. download(正确答案)B. spendC. saveD. read19、It is reported（）three people were badly injured in the traffic accident. [单选题] *A. whichB. that(正确答案)C.whileD.what20、Everyone here is _______ to me. [单选题] *A. happyB. wellC. kind(正确答案)D. glad21、His mother’s _______ was a great blow to him. [单选题] *A. diedB. deadC. death(正确答案)D. die22、Grandpa pointed to the hospital and said, “That’s _______ I was born?”[单选题] *A. whenB. howC. whyD. where(正确答案)23、45．—Let's make a cake ________ our mother ________ Mother's Day.—Good idea. [单选题] *A．with; forB．for; on(正确答案)C．to; onD．for; in24、69．Online shopping is easy, but ________ in the supermarket usually ________ a lot of time. [单选题] *A．shop; takesB．shopping; takeC．shop; takeD．shopping; takes(正确答案)25、80．Thousands of ________ from other countries visit the village every year. [单选题] *A．robotsB．postcardsC．tourists(正确答案)D．bridges26、Chinese people spend _____ money on travelling today as they did ten years ago. [单选题] *A. more than twiceB. as twice muchC. twice as much(正确答案)D. twice more than27、How beautiful the flowers are! Let’s take some _______. [单选题] *A. photos(正确答案)B. potatoesC. paintingsD. tomatoes28、Don’t ______. He is OK. [单选题] *A. worriedB. worry(正确答案)C. worried aboutD. worry about29、His father always _______ by subway. [单选题] *A. go to workB. go to schoolC. goes to bedD. goes to work(正确答案)30、____ is standing at the corner of the street. [单选题] *A. A policeB. The policeC. PoliceD. A policeman(正确答案)。
《金融专业英语》习题答案
《金融专业英语》习题答案第一篇：《金融专业英语》习题答案《金融专业英语》习题答案Chapter OneFunctions of Financial Markets 一． Translate the following sentences into Chinese.1.China’s banking industry is now supervised by the PBC and CBRC.In addition, the MOF is in charge of financial accounting and taxation part of banking regulation and management.目前中国银行业主要由中国人民银行和银监会进行监管。
此外，财政部负责银行业监管的财务会计及税收方面。
2.Currently Chinese fund management companies are engaged in the following business: securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中国的基金管理公司主要从事以下业务：证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。
3.China's economy had 10% growth rate in the years before the world financial crisis of 2008.That economic expansion resulted from big trade surpluses and full investment.Now China is seeking to move away from that growth model.The country is working to balance exports with demand at home.在2008年世界经济危机之前的那些年，中国经济增长速度曾达到10%。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Unit 1 EMU Has Exchange Rate Policy Implications for Transition Countries Seeking EU Membership[Key Words]European Economic and Monetary Union (EMU) 欧洲经济货币联盟EMU reference values 欧洲经济货币联盟参考标准The new exchange rate mechanism (ERM 2) 新汇率机制IMF’s Fiscal Affairs Department 国际货币基金组织财政部The currency risk premium 货币风险溢酬Asymmetric real shocks 非对称性实际冲击An independent monetary and exchange rate policy 独立的货币汇率政策Macroeconomic stability 宏观经济稳定性Budget balance 预算平衡Synchronized cycles 同步的循环Biased toward agriculture and industry 偏重于工农业Non-core EU members 欧盟非核心成员国A managed float (exchange rate arrangement) 有管理的浮动汇率制An undeclared margin against the deutsche mark 钉紧德国马克，保持一个不公开的差额A pre-announced crawling peg 预先公布的缓慢钉紧汇率制度A currency board arrangement 货币局制度、联系汇率制度External current account 对外经常性项目账户The capital account 资本账户Legal reserve requirement systems 法定存款准备金制度Sterilized intervention 对冲操作The nominal exchange rate 名义利率Exchange rate regimes 汇率制度Appropriate flanking policies 适当的配套政策Containment of fiscal imbalances 遏制财政失衡A prudent monetary stance 审慎的货币政策Fixed parity 固定平价Purchasing power parity (PPP) 购买力平价Interest rate parity (IRP) 利率平价Gold parity 金平价Widen the official margins 放宽官方波动幅度Shadow the Euro unilaterally 单方面暗中钉紧欧元Full capital account liberalization 资本项目的完全放开[Notes]1. Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) created for nonparticipating EU members.2. That is, those that have opted out, or been left out, of EMU.3. Albeit4. Entering the EMU currency area entails both cost and benefits for candidate countries.5. Also, the currency risk premium, reflected in the interest rate, would fall and eventually vanish.6. An important potential cost of joining a currency area is that it impairs a country’s ability to absorb asymmetric real shocks in the absence of an independent monetary and exchange rate policy.7. And, conversely, participation in a currency area leads to trade expansion and thus to more synchronized cycles.8. Their economic structure is only moderately more biased toward agriculture and industry relative to services than that of non-core EU members, except Greece.9. At one end of the spectrum, the Czech Republic follows a managed float subordinate to the inflation target set by the central bank.10. The current macroeconomic situation in these countries is broadly characterized by sustainable growth, underpinned by rapidly increasing labor productivity, and by a deceleration in inflation to low double-digit or high single-digit rates.11. The effect is compounded by a surge in foreign direct investment.12. Insufficient financial and enterprise restructuring has rendered the Czech economy vulnerable.13. All five countries-to varying degrees-will need to make steady progress toward increased wage flexibility, containment of fiscal imbalances supported by a prudent monetary stance, and financial sector restructuring.14. However, accession countries should exercise caution in widening the band during a period of turbulence in the foreign exchange market.15. To preserve credibility, the authorities should declare the country’s commitment to reinstate the former parity following a temporary deviation due to a speculative attack.16. *The other dilemma enters on the requirement of full capital account liberalization while the candidate countries remain vulnerable to destabilizing capital flows prompted by rapid shifts in investor sentiment.[Exercise 2]1．美国是个移民国家，他号称接纳了那些不愿或不能回到自己祖国去的许多人。
The USA is an immigrant country, which claimed to have accepted many people who have opted out, or been left out, to their countries.2．科研工作需要具备吃苦耐劳的精神。
The work of scientific research entails the spirit of tough.3．在全球经济金融化的趋势下，实体经济与虚拟经济越来越不能同步发展。
With the trend of financialization of global economy, the real economy and virtual economy cannot develop synchronize more and more.4．有人主张农、轻、重并举，不可偏重于其中任何一项。
Someone maintains the agriculture and the light industry and the heavy industry should be paid the same attention, and can’t be biased toward any one.5．仅仅只用了50多年的时间，金融从属于贸易的局面便被彻底扭转了。
Only in more than 50 years, the situation that finance subordinate to trade is turned totally.6．该国的经济以低膨胀、高增长为特征。
The economy of this country is characterized by low inflation and high growth.7．有人担心，广东国投（GITI）的破产会有损于国家的信誉。
Some is worried that the bankrupt of GITI will impaired the credit of the country.8．我本人对金融衍生产品在我国的应用持谨慎的态度。