Vocabulary notes. Stock-in-trade –товарная наличность; товар

stock-in-trade – товарная наличность; товар

the Stock Exchange – Лондонская фондовая биржа

to be reluctant to do smth – неохотно делать что-либо

Assignments

I. Suggest the Russian equivalents

sell securities to raise cash; might be reluctant to put up cash for the government; to issue further securities for cash

II. Replace the parts in italics by synonyms

might be reluctant to put up cash for the government; directly affect the finances; are helping to provide the finance; is considered vital

III. Fill in the gaps with the words and expressions from the text

1. By buying __ and __ investors are helping to __ that government or industry needs.

2. The stockmarket is two markets in one: a __ market and __ market.

3. A primary market is a market in which the government, companies or other bodies can sell __ to investors to __.

4. A secondary market is a market in which __ can buy and sell these securities __.

5. If investors did not know they could trade securities in __ they might __ to put up cash for the government or companies by buying securities __ when they were __.

6. The prices established by investors in the secondary market help to __ the price that government and companies will have to pay next time they need to __ further securities __ in __.

7. A __ secondary market is normally considered __ for a __.

IV. Find in the text English equivalents for the following рынок ценных бумаг; фондовая биржа; первичный рынок; вторичный рынок

V. Answer the questions

1. What is a primary market?

2. What is a secondary market?

3. How are they interconnected?

VI. Translate into English using all the active possible

Все рынки взаимосвязаны: процентные ставки влияют на цены об­лигаций и акций на фондовом рынке; цены акций и облигаций влияют на состояние финансов компаний и правительства, что меняет ситуацию на денежном рынке. Это, в свою очередь, имеет огромное значение для состояния экономики в целом и поднимает или понижает стоимость на­циональной валюты на внешнем валютном рынке (the foreign exchange market).

MONETARY POLICY (КРЕДИТНО-ДЕНЕЖНАЯ ПОЛИТИКА)

Monetary policy is one of the main instruments of macroeconomics. It is based on the ability of the Central bank to control the money supply, which leads to changes in interest rates and the exchange rate, and therefore in the amount of investment, which influences directly the national output. This method of controlling the economy centres on adjusting the amount of money in circulation in the economy and so the level of spending and economic activity. Monetary policy was first employed as a means of control in the 1950s, but has been more widely used since the 1970s. The Central Bank plays a major role in the implementation of a nation's monetary policy. In some countries (for example, Germany) the Central Bank operates monetary policy independent of government policy. However, the UK's Central Bank, the Bank of England, implements monetary policy on behalf of the government. Monetary policy has three main aspects:

· Controlling the money supply

· Controlling interest rates

· Managing the exchange rate

In this section we study the ways in which a central bank can control the supply of money in the economy. The aim of the authorities when controlling the money supply is to limit the amount borrowed, and hence spent, by businesses and individuals during a inflationary period. It is hoped in this way to limit the level of overall demand in the economy and thus to remove or reduce inflationary pressure. During a recession monetary policy is aimed at increasing the money supply to encourage spendings. We now describe the three most important instruments available to affect the money supply: open market operations, reserve requirements and the discount rate.

Дата добавления: 2015-10-31