金融英语-浙江工商大学.ppt

金融英语,THE VALUE OF MONEY Words and Expressionsclaim against sb.对.的债权 honor 如期支付fiat 法令 命令 creditor 债权人debt 债务 withdrawal 提款interest 利息 rate of exchange 汇率,purchasing power 购买力 receipt 收据check 支票 legal tender 法定货币fractional reserve system 银行部分准备金制度fiduciary money 信用货币 price index 价格指数,TEXT1When specialization first emerged,perhaps as hunting and farming,hunters and farmers no doubt had little difficulty finding mutually beneficial trades.当专业化开始出现时，可能是狩猎和耕作，猎户和农户毫无疑问在寻找互惠交易中遇到一些麻烦。,2Not only might this double coincidence of want be hard to find,but after the two traders connect they would also need to agree upon a rate of exchange-that is,how many pots should be exchange for a pair of shoes?不仅这种双方一致的交易欲望难以寻求（和满足），而且即使是双方联系（找到对方）以后，他们也需要就汇率达成一直也就是，多少罐子可以交换一双鞋子？,Through repeated exchanges,traders may have found that there were certain goods foe which there was always a ready market.通过反复的交易，交易者可能已经发现存在一些总是有备用（可用）市场的特定商品。,4A medium of exchange is anything that is generally accepted in return for goods and services sold.Corn is no longer an end but a means to an end.交易中介是交换所出售商品和服务时被普遍接受的任何东西。玉米不是最终的交换物而是最终交换物的中介。,5Rather than having to quote rate of exchange for each good in terms of every other good,as was the case in the barter economy,the price of everything could be measured in terms of corn.与以物易物的经济不同，那时每种货物都必须用其他货物标出它的交换率，而现在任何东西都可以用玉米计价。,6Whatever serves as a medium of exchange is called money,no matter how it first came to serve as a medium of exchange,and no matter why it continues to serve this function.任何充当交易中介的东西都可以被称为货币，无论它首次是如何充当货币交易中介的，也无论为什么它发挥这项功能。,7The goldsmith found that when money was held for many customers,deposits and withdrawals tended to balance out,so a pool of deposits remained in the safe at a fairly constant level.金匠发现在为客户保护货币时，存款和取款往往相互冲销，这样保留在保险箱的存款余额还算是稳定。,8The system of keeping ones money on deposit with the goldsmith was safer than leaving money where it could be easily stolen,but it was a bit nuisance to have to visit the goldsmith each time money needed.以存款的形式将货币存放在金匠那里比将货币放在容易被盗窃的地方要安全，但是也存在一点麻烦就是每次需要货币的时候都要去拜访金匠。,9The check was a claim against the goldsmith,but the borrowers promise to repay the loan became the goldsmiths asset.支票是对金匠的索偿权，但是借款者贷款归还的承诺形成金匠的资产。,10Because these claims against the bank exceeded the banks gold and reserves,this was the first fraction reserve banking system,a system in which only a portion,or fraction,of deposit were backed up by reserve.因为这些对银行的索偿权超过了银行的黄金和储备，这形成了初期的银行部分准备金制度，这个制度中只有一部分或者部分存款是由储备金支持的。,11Bank notes were pieces of paper that promise to pay the bearer a specific amount in gold when presented to the issuing bank for redemption.银行券当持有者向发行行提交以请求偿还的时候，承诺支付持有者一定数量黄金的纸。,12Fiat money is not redeemable for anything other than more fiat money;it is not backed by promise to pay something of intrinsic value.不兑换货币不能兑换任何东西，只能换取较多的不兑换货币，它没有用承诺支付具有内在价值的东西去担保。,LESSON TWO,INTEREST RATES AND INTEREST POLICIES Words and Expressionsfinancial asset 金融资产 equilibrium interest rate均衡利率rate of inflation 通货膨胀率 scarce resources 稀缺资源social cost of funds 资金的社会成本 credit institution 信贷机构principal 资金 本金 基本财产 denomination 面值margin获利点 利润 保证金 portfolios有价证券组合 投资搭配preferential rediscount policies 优惠的再贴现政策financial intermediaries 金融中介 TEXT,1.In any economy in which decision by individual economic units play a major role,interest rates perform several important function through which they exercise a pervasive influence over economic decision and performance,similar in scope to the influence of other economy-wide prices such as the exchange rate and the basic wage rate.凡是在私人经济单位的决策起主导作用的经济当中，利率发挥数种重要的作用，通过这些作用，利率对经济决策与经济运行发生深远的影响，其程度如同其它具有广泛影响的价格，例如汇率和基本工资率的作用一样。,2 As return on domestic financial assets,domestic interest rates,together with the rate of return on foreign financial assets,expected changes in the exchange rate,and the expected rate of inflation,determine the allocation of the publics wealth(accumulated savings)among domestic financial assets,foreign financial assets,and goods that are held as inflation hedges.作为国内金融资产的回报，国内利率和作为对国外金融资产汇报的汇率、预期利率的变化以及预期通货膨胀率一起决定了公共财富在国内金融资产、国外金融资产以及持有以进行通货膨胀保值的商品之间的分配。,3Similarly,the allocation of wealth between financial assets and goods involves a comparison of the nominal rate of return on financial assets that is,the rate of interest-with the rates at which prices of goods are expected to increase.Consequently,for the allocation of wealth between financial assets and goods,the relevant magnitude to consider is also a real rate of interest.同样的，财富在金融资产和商品之间的分配包括对金融资产名义收益率，也就是利率，和商品预期价格上涨的比较。结果，对于财富在金融资产和商品之间的分配要考虑的变量同样是实际利率。,4In market-oriented economies,where most saving and investment decisions are taken separately,changes in interest rates and the general price level in response to disequilibria between saving and investment or between demands for and supplies of financial assets are instrumental in restoring equilibrium，provided that the institutional environment permits such changes.在市场导向经济中储蓄和投资的决策多数是分开进行的这样，反映储蓄与投资之间或金融资产的供需之间失衡的利率变化和一般物价水平变化，都对恢复均衡产生作用，只要体制环境允许这些变化存在的话。,5The equilibrium interest rate,correct for the expected rate of inflation,is equal both to the marginal rate at which lenders are willing to exchange future for present consumption and to the real marginal rate of return expected on investment opportunities available to borrowers.经过预期通货膨胀率校对的均衡利率，不仅等于贷款者愿意以未来的消费交换现时消费时的边际利率，而且等于借款者可以取得的投资机会的预期边际收益率。,6These rates are also indirectly affected by such measures as legal reserve requirements that specify minimum holdings of certain low-interest assets,which have the effect of increasing the spread between deposit and loan rates offered to the public.这些利率也间接地受到一些措施的影响，比如限定特定低利率资产最小持有量的法定准备金政策，这会产生增加向公众提供的存款和投资利率之间差额的效果。,7In many countries,official control over interest rates is exercised simply by virtue of the fact that all banks,or the largest banks,are nationalized,and,even when such banks are formally regarded as autonomous entities,the influence of the government over the activities of these institutions is often powerful,whether continually or only intermittently exercised.在许多国家官方对利率控制的实施仅仅是基于这样的事实，即所有的银行或者大型的银行都是国有的，即使是当这些银行通常被认为是自主的主体，然而政府对这些机构行为的影响仍然是强有力的，无论这些影响是持续的还是间断实施的。,8While this type of“second-best”argument in favor of regulated interest rates may appear to justify the authorities response to specific problems as they arise,it may be questioned whether,as a general proposition,the undesirable effects of existing distortions should be dealt with by the creation of further distortions.虽然赞成管理利率是仅次于最好的观点看来自足以说明，政府可以对付随时发生的特殊问题，然而人们不禁要问，作为一个通用的政策措施，用制造进一步扭曲的方法能否解决已经存在的扭曲的不良影响。,9In some countries interest rates are administered in a flexible manner in an attempt to maintain“market-related”interest rates that follow more or less closely the movements of interest rates that would be produced by the forces of supply and demand.在一些国家利率是以一种易变的方式管理的，目的在于保持市场相关的利率能够或多或少地与由市场供求力量所决定的利率的运动相一致。,10In many stances,a policy of retaining low interest rates through administrative controls arises from a desire to avoid the consequences of other policies being pursued,such as maintaining a large fiscal deficit and limiting private credit expansion,on interest rates,investment and growth.在许多情况下，通过行政管理去维持利率，是为了避免推行其它政策所产生的影响，例如，维持高财政赤字，限制私人信用扩张等政策对利率、投资和经济增长所产生的影响。,LESSON THREE,POWERS OF THE FEDERAL RESERVE SYSTEM BackgroundThe Fed is one of the institutions that influence Americans economic condition.It seeks to keep the Americans money health within a growing economy.By influencing the money supply,the Feds money policy aims to avoid the extremes of inflation and recession,to encourage high employment and to safeguard the purchasing power of dollars.,Words and Expressions clear 清算 Depression 大萧条 run on 挤兑 sound 健康 crumble 瓦解 solvency 偿债能力inaugural 就职演说 savings and loan association 储蓄贷款委员会Board of Governor 联储系统理事会,TEXT1.Other powers given the Federal Reserve were the ability to buy and sell government securities,to extend loans to member banks,to clear checks,and to require that member banks hold reserves equal to some fraction of their deposits.赋予联储的其它权利有买卖政府债权的能力,向会员银行发放贷款,清算支票,要求会员银行持有相当于他们部分存款的储备金.,2.In fact,the Federal Reserve Banks get their name because they hold member bank reserves on deposit both to promote banking safety and to facilitate interbank transfers of fund.事实上,联储名字的由来是因为它持有会员银行的存款基础上的储备,以提高银行业的安全性和便利同业银行之间的资金转移.,3.These reserves allow Reserve Banks to clear checks written by a depositor in one commercial bank that are deposited in another commercial bank.这些储备使得联储可以对存款者向一家商业银行签发的针对在另一家商业银行存款的支票进行清算.,4.The Fed did not act as a lender of last resortthat was,it did not lend banks the money they needed to satisfy deposit withdrawals in case of runs on otherwise sound banks.联储没有扮演最后的贷款人也就是它没有向银行贷放他们需要用于满足其存款提取所需的货币，即使是对健康的银行。,5Bank failures were viewed by the Fed as a regrettable but inevitable consequence of poor bank management,prior speculative excesses,or simply the effect of a collapsing economy.银行倒闭被联储认为是遗憾的然而也是不可避免的，它是差的银行管理，事前的过渡投机或者仅仅是经济衰退的影响。,6 The banking Act established the Federal Open Market Committee to consolidate decisions about the most important tool of monetary policy,open market operations,which is the purchase and sale of government securities.银行法案建立的联邦公开市场委员会，以强化关于重要的货币政策工具和公开市场业务的决策，即买卖政府债券。,7The interest rate at which member banks could borrow from the Federal Reserve Bank,called the discount rate,was also set by the Board of Governors rather that left to the discretion of each Reserve Bank.会员银行从联储借款的利率被称为贴现率，也是由联储理事会设置而不是由每一家联储银行做决定。,8 Part of the problem of the Great Depression was thought to be because of commercial banks and other types of depository institutions were competing for customer deposit by offering higher rates of interest.大萧条的部分原因被认为是商业银行和其它类型的存款机构对客户存款以提供较高利率的方式进行竞争的结果。,LESSON FOUR,THR SOURCE OF BANK FUNDS BackgroundThe banks are commercial enterprises and like many other businesses are organized as companies which are owned by shareholders.But the shareholders money is only a small part of the total amount of money which the banks have at their command.Who provided the rest of the banks enormous sum?The banks customers.Banks in fact borrow from their customers as well as lend to them.,Words and Expressionsdemand deposit 活期存款 time deposit 定期存款savings deposit 储蓄存款 ownership 所有权explicit interest 直接支付利息 Treasury Department 财政部correspondent 代理行 trust advisory services 信托咨询服务automatic transfer services 自动转帐服务 share draft 股金提款帐户 handling cost 手续费GarnSt.Greemain Act 高恩圣杰曼法案LIBOR：London Interbank Offer Rate 伦敦同业银行拆借利率,TEXT1、Furthermore,the holders of such accounts are insured against any loss up to a maximum of100,000 per account by the Federal Deposit Insurance Corporation.此外，对于帐户的资金持有者，其每一个帐户在100，000以上的损失，都由联邦保险公司负责保险。,2、A demand deposit is a checking account in which the owner is entitled to receive his or her funds on demand and to write checks on the account,which transfers legal ownership of funds to others.活期存款帐户是一个支票帐户，这个帐户允许所有者即时收入他的或者她的资金，或者对这个帐户签发支票，这样可以使资金的法定所有者发生转移。,3、Because they are closely associated with consumer transactions,demand deposits are relatively more important as a source of funds for small,consumer-oriented banks than for large banks.由于与客户的交易密切相关，活期存款帐户对于客户导向性的小银行比对大银行是更重要的资金来源。,4、The U.S.Treasury Department also holds deposits in commercial banks.The Treasury accounts are maintained to help banks avoid large fluctuations in reserves that would occur if the Treasury deposited consumers and businesses tax and loan payments directly at the Fed.美国财政部同样在商业银行有存款。财政部保持存款帐户是为了帮助银行避免储备金的剧烈浮动，这种浮动发生在财政部将客户或者商业客户的存款直接存入美联储或者直接还贷款给美联储时。,5、Because these deposits provided banks with funds to lend and invest,banks compete for these costless funds by providing individual customers with free services or services sold for less than their cost.由于这些存款提供给银行用于贷款或者投资的资金来源，所以银行通过向个人客户提供免费的服务或者低于成本的服务对这些没有成本的资金展开竞争。,6、In 1972 Congress experiment by allowing financial institutions in Massachusetts and New Hampshire to pay interest on a special class of transactions account called a NOW account.1972年，美国国会尝试着允许马萨诸塞州和新罕布什尔州的银行向被称作NOW帐户的特定类型的客户帐户支付利息。,7、Since the beginning of deregulation of the financial system in 1980,these accounts are becoming a less important source of funds for all banks as consumers switch to higher-yielding and more convenient checkable accounts.从1980年金融体系开始管制以来，这些帐户对所有的银行来说开始成为一种不太重要的资金来源，这是由于客户将资金转向高收益的、更便利的支票帐户。,8、This requirement was instituted during the early 1930s,in the era of massive bank failure,to help curb runs on banks.这种要求形成于1930年代早期，在银行大量破产的时期，用于缓解对银行的挤兑。,9、Although they account for only 10 percent of all bank funds,borrowed funds have grown in importance as high levels of loan demand having increasingly provided banks with the incentive to develop exotic sources of funds.虽然他们只占到所有银行资金的10，但是借入资金的重要性已经增加，这是由于贷款需求不断增加银行获取外部资金来源的激励。,10、Time deposits are unlike demand deposits in that they are usually legally due as of a maturity date and funds cannot be transferred to another party by a written check.定期存款不像活期存款，原因是定期存款通常有法定的到期日，资金不能在到期日之前通过签发支票的形式转移给其他人。,11、Repurchase agreements are a form of loan in which the banks sells securities to the lender but simultaneously contracts to repurchase the same securities either on call or on a specified date at a price that will produce an agreed yield.回购协议是一种贷款，贷款时银行卖出证券给贷款方，但是同时签订合同在即时或者约定时间购回同一证券，并以一个可以产生协商收益的价格成交。,LESSON FIVE,INTERNATIONAL BANK LOANS BackgroundCommercial banks are at the heart of the international financial system.They convenient for world trade and support the international expansion of multinational corporations by financing kinds of international trades.,Words and Expressionsinternational trade credit 国际贸易信贷 intermediate 媒介作用 open-account未结清帐户，仍在往来的帐户，公开帐户，无保证帐户bank draft 银行汇票 letters of credit 信用证sight draft 即期汇票 bankers acceptance 银行承兑汇票at par 平价 debit 借记 forward discount 远期贴水forward market 远期（期货）市场 hedging 套期保值 repudiate 拒付,TEXT1、Their major role in short-term finance is to guarantee customers international trade obligations,discount international paper,and make international payments.他们在短期融资证的作用主要是确保客户国际贸易债务契约的完成，贴现国际票据以及进行国际支付。,2、This is because international trade cuts across two bodies of law and regulations and because the buyers and sellers are less accessible to one another than if buyers and sellers were of the same country.这是因为国际贸易切断了两种法律和规则主体，也因为卖方和买方比在一个国家更少彼此接触。,3、A sight draft is usually prepared by the exporter and addressed to the importer ordering the importer to pay on receipt of the goods and the draft.即期汇票通常是由出口商准备（开出），交给进口商并命令其在受到商品和汇票以后立即付款。,4、When signed and accepted by the importer and formally acknowledged by the importers bank,the exporter can use the draft as collateral to borrow funds from his or her own bank,creating,in effect,an international form of accounts receivable financing.当（即期汇票）被进口商签字盖章和承兑，并且由进口商银行正式承兑以后，出口商就可以使用汇票作为抵押以从他的开户银行借入资金，这事实上创造了帐户基础上的国际融资形式。,5、When the bank accepts the draft,the bank guarantees that it will pay the draft