Английский язык для будущих экономистов - Учебное пособие (Галанов В.Н.)

Part 1

 

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6. Monetary policy

 

Monetary policy rests on the relationship between the rates of interest in an economy, that is, the price at which money can be borrowed, and the total supply of money. Monetary policy uses a variety of tools to control one or both of these, to influence outcomes like economic growth, inflation, exchange rates with other currencies and unemployment. Where currency is under a monopoly of issuance, or where there is a regulated system of issuing currency through banks which are tied to a central bank, the monetary authority has the ability to alter the money supply and thus influence the interest rate (to achieve policy goals). The beginning of monetary policy as such comes from the late 19th century, where it was used to maintain the gold standard.

A policy is referred to as contractionary if it reduces the size of the money supply or increases it only slowly, or if it raises the interest rate. An expansionary policy increases the size of the money supply more rapidly, or decreases the interest rate. Furthermore, monetary policies are described as follows: accommodative, if the interest rate set by the central monetary authority is intended to create economic growth; neutral, if it is intended neither to create growth nor combat inflation; or tight if intended to reduce inflation.

There are several monetary policy tools available to achieve these ends: increasing interest rates by fiat; reducing the monetary base; and increasing reserve requirements. All have the effect of contracting the money supply; and, if reversed, expand the money supply. Since the 1970s, monetary policy has generally been formed separately from fiscal policy. Even prior to the 1970s, the Bretton Woods system still ensured that most nations would form the two policies separately.

Within almost all modern nations, special institutions (such as the Federal Reserve System in the United States, the Bank of England, the European Central Bank, the People's Bank of China, and the Bank of Japan) exist which have the task of executing the monetary policy and often independently of the executive. In general, these institutions are called central banks and often have other responsibilities such as supervising the smooth operation of the financial system.

The primary tool of monetary policy is open market operations. This entails managing the quantity of money in circulation through the buying and selling of various financial instruments, such as treasury bills, company bonds, or foreign currencies. All of these purchases or sales result in more or less base currency entering or leaving market circulation.

Usually, the short term goal of open market operations is to achieve a specific short term interest rate target. In other instances, monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency or else relative to gold. For example, in the case of the USA the Federal Reserve targets the federal funds rate, the rate at which member banks lend to one another overnight; however, the monetary policy of China is to target the exchange rate between the Chinese renminbi and a basket of foreign currencies.

 

1. Соотнесите слова и их определения.

 

1. interest rate

a. the number of people in a particular country or area who cannot get a job

2. unemployment

b. the percentage charged by a bank etc. when you borrow money or paid to you by a bank when you keep money in an account there

3. currency

c. a continuing increase in prices

4. inflation

d. the value of the money of one country compared to the money of another country

5. exchange rate

e. the system or type of money that a country uses

 

 

2. Переведите следующие слова и выражения на английский язык.

 

1. денежная политика

6. экономический рост

2. казначейский вексель

7. Федеральная резервная система

3. облигация

8. обменный курс

4. деньги в обращении

9. Бреттонвудская валютная система

5. валютная корзина

10. налогово-бюджетная политика

 

 

3. Переведите следующие слова и выражения на русский язык.

 

1. federal funds rate

6. borrow

2. open market operations

7. lend

3. central banks

8. to combat inflation

4. money supply

9. decreases the interest rate

5. gold standard

10. to issue currency

 

 

4. Выберите правильный вариант ответа.

 

1. ……… rests on the relationship between the rates of interest in an economy.

a) Bretton Woods system      b) fiscal policy      c) monetary policy

 

2. At the beginning monetary policy was used to maintain ………...

a) foreign policy         b) national currency    c) gold standard

 

3. Monetary policy has generally been formed separately from …………..

a) fiscal policy b) federal funds c) Federal Reserve System

 

4. The primary tool of monetary policy is …………….

a) central bank            b) open market operations      c) interest rate

 

5. Open market operations entail managing the quantity of …………. through the buying and selling of various financial instruments.

a) banks                      b) federal funds                     c) money in circulation

 

5. Ответьте на вопросы.

 

1. What is monetary policy?

2. What tools does monetary policy use?

3. What is contractionary policy?

4. What is central bank?

5. What is the primary tool of monetary policy?

 

6. Выполните КОПР №4 «Перфектная группа времен (Perfect Tenses)», подтемы «Прошедшее совершенное время (Present Perfect Tense)», «Будущее совершенное время (Future Perfect Tense)».