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V. Translate into English using all the active possible1. Основополагающей целью кредитно-денежной политики является помощь экономике в достижении общего уровня производства, характеризующегося полной занятостью и отсутствием инфляции. 2. Кредитно-денежная политика состоит в изменении денежного предложения с целью стабилизации совокупного объема производства, занятости и уровня цен. 3. Kредитно-денежная политика вызывает увеличение денежного предложения во время спада для поощрения расходов, а во время инфляции, наоборот, ограничивает предложение денег для ограничения расходов. 4. Существуют три основных средства кредитно-денежного контроля: операции на открытом рынке, изменение резервной нормы и изменение учетной ставки. 5. Операции на открытом рынке - наиболее важное средство контроля денежного предложения. Этот термин относится к покупке и продаже государственных облигаций Центральным банком на открытом рынке, то есть к покупке и продаже облигаций коммерческим банкам и населению в целом. 6. При изменении резервной нормы меняется величина денежного мультипликатора и, следовательно, денежное предложение. 7. В основе денежного мультипликатора лежит тот факт, что резервы, потерянные одним банком, получает другой. 8. Подобно тому, как коммерческие банки взыскивают процентные платежи по своим ссудам, центральный банк взыскивает процентные платежи по ссудам, предоставленным коммерческим банкам. Такая ставка процента называется учетной ставкой. 9. Снижение учетной ставки поощряет коммерческие банки к приобретению дополнительных резервов путем заимствования у центрального банка. 10. Готовность банков давать ссуды на основе избыточных резервов периодически меняется, и в этом кроется причина государственного контроля за денежным предложением с целью обеспечить экономическую стабильность.
VI. Answer the questions: 1. What is the aim of monetary policy? 2. Why is it important to control the money supply? 3. What is the role and responsibility of the Central Bank? 4. How does the Central Bank manage money supply? 5. Dwell on open market operations. 6. What consequences does monetary policy have for businesses? 7. Explain the creation of money by commercial banks. What does a money multiplier show? 8. Why does the Bank impose a reserve requirement? What's the effect of the Bank imposing a reserve requirement? 9. Why does a reserve requirement act like a tax on banks? 10. What is a discount rate? How does it work?
Литература Основная: 1, 3, 5. Дополнительная: 2, 4, 6, 7.
TOPIC 13. IMPORT AND EXPORT International trade is the exchange of goods and services between different countries. Depending on what a country produces and needs, it can export (sell goods to another country) and import (buy goods from another country). Whenever a country imports or exports goods and services, there is a resulting flow of funds: money returns to the exporting nation, and money flows out of the importing nation. Trade and investment is a two-way street, and with a minimum of trade barriers, international trade and investment usually makes everyone better off. In an interlinked global economy, consumers are given the opportunity to buy the best products at the best prices. By opening up markets, a government allows its citizens to produce and export those things they are best at and to import the rest, choosing from whatever the world has to offer. Some trade barriers will always exist as long as any two countries have different sets of laws. However, when a country decides to protect its economy by erecting artificial trade barriers, the result is often damaging to everyone, including those people the barriers were meant to protect. Governments can control international trade. The most common measures are tariffs (or duties) and quotas. A tariff is a tax on imported goods, and a quota is the maximum quantity of a product allowed into a country during a certain period of time. These measures are protectionist as they raise the price of imported goods to «protect» domestically produced goods. International organizations such as the WTO (World Trade Organization) and EFTA (European Free Trade Association) regulate tariffs and reduce trade restrictions between member countries. Companies can choose from various methods to establish their products in a foreign market. One option is to start by working with local experts such as sole agents or multi-distributors, who have specialist knowledge of the market and sell on behalf of the company. This often leads to the company opening a local branch or sales office. Another option is to sell, or give permission to use, patents and licenses for their products. Companies may wish to start by manufacturing in the export market, in which case they can either set up a local subsidiary or a joint venture with a local partner. Many of these documents can be replaced with computerized procedures. Standard 'aligned' export documentation is also used: the required information is entered on a single master document and then photocopied to produce all the required documents. Many import or export deals are arranged through an exporter's agent or distributor abroad – in this case the importer buys from a company in his own country and this company imports the goods. Alternatively, the deal may be arranged through an importer's buying agent in a buying house acting for the importer, or through an export house based in the exporter's country. In this situation, the exporter sells directly to a company in his own country, who will then export the goods. Prices for exports may be quoted in the buyer's currency, the seller's currency or in a third 'hard' currency (e.g. US dollars, EURO or Swiss Francs). The price quoted always indicates the terms of delivery, which conform to the international standard Incoterms. The terms of delivery that are most common depend on the kinds of goods being traded and the countries between which the trade is taking place.
Vocabulary tariffs тарифы sole agents отдельные агенты quotas квоты multi-distributors дистрибуторы joint venture совместное предприятие, СП COMPREHENSION CHECK I. Give English equivalents to the following: в конечном результате; вызвать; ввести квоту; плохо сделанные; торговые ограничения; товары и услуги; принести в жертву; быть ответственным за; иметь сомнительную экономическую ценность. II. Read the words and guess their meanings: Customs, Duty free, Export declaration, Export license, Export trading company, Force majeure, Free port, Import restrictions, Quota, Trade sanctions, Subsidies, WTO. III. Are the following statements true or false? 1. Generally money flows out of the exporting nation and returns to the importing nation. 2. In a interlinked global economy, consumers are given the opportunity to buy the best products at the best price. 3. International trade involves various currencies. 4. Some trade barriers exist if two countries have similar sets of laws. 5. Each country produces goods and services that can be exported or consumed. 6. When a country decides to protect its economy by breaking some trade barriers, the result is damaged to everyone. 7. With a maximum of trade barriers, international trade and investment usually makes everyone better off. 8. Governments can’t control international trade. 9. A tariff is the maximum quantity of a product allowed into a country during a certain period of time. 10. Companies can choose from various methods to establish their products in a foreign market. 11. Export is the physical movement of merchandise out of a country. 12. Export license is a government document which permits the exporters to export certain goods to certain countries.
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