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MONEY AND FINANCIAL INSTITUTIONS

Для правильного выполнения Задания №4 необходимо усвоить следующие разделы курса английского языка по любым  учебникам:

1. Особенности перевода страдательного залога английских глаголов, имеющих предложное дополнение или дополнение без предлога.

2. Место Participle II, выступающего в функции определения, и способы его перевода на русский язык.

3. Бессоюзные дополнительные  и  определительные  придаточные предложения.

4. Бессоюзные условные предложения (Инверсия).

5. Многозначность should / would.

После изучения указанного материала можно приступать к выполнению задания.

READING MATERIAL

Text 4 (A) Functions of Money

All values in the economic system are measured in terms of money. Our goods and services are sold for money, and that money is in turn exchanged for other goods and services. Coins are adequate for small transactions, while paper notes are used for general business. There is additionally a wider sense of the word money, covering anything, which is used as a means of exchange, whatever forms it may take. Originally, a valuable metal (gold, silver or copper) served as a constant store of value, and today the American dollar is technically "backed" by the store of gold, which the US government maintains. Because gold has been universally regarded as a very valuable metal, national currencies were for many years judged in terms of the so-called gold standard.

Paper notes have generally replaced valuable metals. These notes are used by governments and authorized banks, and are known as legal tender. Other arrangements such as checks and money orders are not legal tender. They perform the function of substitute money and are known as instruments of credit. Credit is offered only when creditors believe that they get a good chance of obtaining legal tender when they present such instruments at a bank or other authorized institution. If a man's assets are known to be considerable, then the credit will be good. If his assets are in doubt, it may be difficult for him to obtain large sums of credit or even to pay for goods with a check.

The value of money is basically its value as a medium of exchange, or, as economists put it, its purchasing power. This purchasing power is dependent on supply and demand. The demand for money is the quantity needed to effect business transactions. An increase in business requires an increase in the amount of money coming into general circulation. But the demand for money is related not only to the quantity of business but also to the rapidity with which the business is done. The supply of money, on the other hand, is the actual amount in notes and coins available for business purposes. If too much money is available, its value decreases, and it does not buy as much as it did, say, five years earlier. This condition is known as inflation.

Text 4 (В) Banks and Banking

Banks are closely concerned with the flow of money into and out of the economy. They often co-operate with governments in efforts to stabilize economies and to prevent inflation. They are specialists in the business of providing capital, and in allocating funds on credit. Banks originated as places to which people took their valuables for safekeeping, but today the great banks of the world have many functions in addition to acting as guardians of valuable private possessions.

Banks normally receive money from their customers in two distinct forms: on current account, and on deposit account. With a current account, a customer can issue personal checks. The bank on this type of account pays no interest. With a deposit account, however, the customer undertakes to leave his money in the bank for a minimum specified period of time. Interest is paid on this money.

The bank in turn lends the deposited money to customers who need capital. This activity earns interest for the bank, and this interest is almost always at a higher rate than any interest, which the bank pays to its depositors. In this way the bank makes its main profits.

The primary function of a bank today is to act as an intermediary between depositors who wish to make interest on their savings, and borrowers who wish to obtain capital. The bank is a reservoir of loanable money, with streams of money flowing in and out. For this reason, economists and financiers often talk of money being liquid, or of the liquidity of money. Many small sums which might otherwise be used as capital are rendered useful simply because the bank acts as a reservoir.

The system of banks rests upon a basis of trust. Innumerable acts of trust built up the system of which bankers, depositors and borrowers are part. They all agree to behave in certain predictable ways in relation to each other, and in relation to the rapid fluctuations of credit and debit. Consequently, business can be done and checks can be written without any legal tender visibly changing hands.

Text 4 (С) International Banking

Large banks today are truly transnational enterprises. International banks, like domestic banks, act as financial intermediaries. But they operate in different legal environment.

The laws regulating domestic banking in each nation are typically very restrictive, yet many nations allow international banking to operate largely unregulated. Because they are not hampered by regulations, international banks typically can offer depositors and borrowers better terms than could be negotiated at a domestic bank.

The International Bank for Reconstruction and Development (IBRD), referred to as the World Bank, provides development aid to the world's poorest and underdeveloped countries. The International Monetary Fund (IMF) concentrates on providing advice and temporary funds for countries with economic difficulties.

The major role of the World Bank, the world's greatest development bank, is to provide a helping hand to countries in need. Its first activity, after being set up in Washington, D.C., in 1945, was to channel funds from the United States and other nations to rebuilding Europe after World War II.

The World Bank often relies on the IMF to encourage countries to make difficult economic reforms. The economic medicine prescribed by the IMF is painful. For example, it often insists on strict anti-inflationary measures, such as increasing the prices on basic goods and services.

Besides supervising the international monetary system and providing financial support to member countries, since the early 1990s the IMF has been concentrating its efforts in two areas. First, it has mounted a massive campaign to assist the countries of Eastern Europe in difficult transition from centrally planned to market economies. It is providing not only money but, what is more important, expertise in establishing those financial and economic Structures (central banks, tax systems, currency convertibility, tariff regimes, etc.) indispensable for functioning of a free-enterprise system. Second, it is continuing to assist its poorer members in creating environment for economic growth.

 

Text 4 (D) Common Market

The European Economic Community (EEC; Common Market) was established by the six member states of the European Atomic Energy Community – France, Spain, Germany, the Netherlands, Belgium and Italy. The controlling bodies of these three communities merged in 1967 to form the Commission of European Communities and the Council of European Communities. The European Parliament and the European Court of Justice were formed in accordance with he Treaty of Rome in 1957.

At present the European Common Market has almost 50 years of history behind it. It has grown to 12 member states, and some other countries would like to join it.

It is a fact of modern life that trade, economic, social and technological projects would be impossible without international cooperation. In the EC countries there are no trade barriers. The capitals and goods flow freely. Besides their national currencies the member states had the common currency called ECU (European Common Unit).

In January 1999, the Common Market began official operations with the new currency – EURO. Since 1999 it has been more expensive than the US dollar  but used only in the banks. In 2003 it was internationally accepted and became the major European currency.

 

ВАРИАНТ II

1. Перепишите следующие предложения и письменно переведите их на русский язык. При переводе обратите внимание на место предлога в русском языке.

1.The new discovery is being much spoken about. 2. At present tests are usually relied on to supply the data. 3. Many materials now commonly used were not even thought of thirty years ago. 4. This simple rule is followed by the majority of scientists. 5. The use of metals is affected by a number of factors. 6. The proposal will be dealt with later.

2. Перепишите и письменно переведите следующие предложения, выбирая русские глаголы с дополнением без предлога.

1. The working method of science may be dealt in several ways. 2. The exceptions are not easily accounted for. 3. Some urgent problems have been touched upon here.

3. Перепишите и письменно переведите следующий текст. Обратите внимание на место Participle II в качестве определения и способы его перевода.

Overtime hours are the hours worked in excess of the standard number

of hours of week laid down in the conditions of employment. Hourly-paid employees are normally paid at a higher rate per hour for overtime than for standard hours, and it is therefore in their interests to get the number of standard hours reduced. The amount of overtime worked fluctuates in response to movements in aggregate demand. From 1968 to 1975 the standard number of hours worked per week in the UK fell by about 1 per cent to just under forty hours, whereas the number of hours actually worked per week has fallen by 5 per cent to a little over forty-two.

 

  1. Перепишите следующие предложения. Выделите в них придаточные

предложения, подчеркните их и определите тип. Предложения переведите.

  1. Modern man lives in a crowded world with the benefits and

inconveniences large crowds imply. 2. People find it profitable to trade the things they possess in overabundance for the things they want more urgently. 3. A student takes into consideration the market potential for the training he chooses to acquire. 4.Lowell died in 1817, but by this time the industry he had founded was firmly established. 5. You are deeply involved in economics whether you have taken a course in it or not. Every time you buy a can of beans or collect a paycheck or put $20 in your savings account, you affect not only your own economic life, but also the lives of others. 6. Some people say American great cities are monuments of progress; others say they are symptoms of social disease. 7. The value of the dollar is determined by how much it will buy. Money is as "good" as the amount of food, electricity, clothing, etc', you can get in exchange for it.

  1. Перепишите и переведите следующие предложения, обратив

внимание на порядок слов в придаточных предложениях.

1. The movement would have remained ineffective, had it not found an army in the recently developed class of industrial workmen. 2. Had the antifascist, antiwar forces been able at that time to unite, World War II could have been prevented; fifty million would not have had to die. 3. Only if we bear the future in mind, will we be able to guide and correctly invest our energies at the present time". (P. Kapitsa)

6. Перепишите следующие предложения. Укажите, в каком значении употребляются в них глаголы should / would. Предложения переведите.

  1. In principle, the price increases should eliminate the excess demand.

The idea that we should consume less, in order to save and invest more was much criticized. 3. The bulk of company's reserves would be invested in the business. 4. An industry with low concentration would be one, which contained a hundred firms each of approximately the same size. 5. The firm's demand for labour would be determined by a complex of factors. 6. To judge by these factors would be risky. 7. It would be wrong to think that the intellectual capacities of an individual man are inexhaustible.

 

7. Перепишите и письменно переведите на русский язык

приводимый ниже текст.

Who Suffers Or Benefits From Inflation?

Inflation affects people differently: some suffer, while others benefit.

Those most likely to suffer from inflation are people living on relatively fixed incomes, savers, lenders and business.

During periods of inflation the cost of living increases. Therefore it is necessary to earn more just to maintain your present living standard. How much of an increase is necessary? At least as much as the rate of inflation.

Some people put their money into savings accounts or bonds that guarantee a fixed rate of returns (usually called "interest"). Unless the rate of return is at least as high as the inflation rate, the money returned to a saver will purchase less than the sum he or she set aside. Those who lend money are in the same position as those who save.

Business is hurt by inflation because it causes uncertainty and makes it hard for managers to predict future costs. Besides, it raises production cost.

Those who can easily increase their incomes, borrowers and government, can benefit from inflation.

Certain professions, industries and labour groups find it easier to increase prices and wages during periods of inflation than at other times. A case in point is the retail jewelry trade. During periods of inflation the price of jewelry has generally increased faster than the cost of living. The result has been higher profit margins for jewelers.