《金融英语》PPT课件.ppt

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1、金融英语THEVALUEOFMONEYWordsandExpressionsclaimagainstsb.对对.的的债债权权honor如期支付如期支付fiat法令法令命令命令creditor债权人债权人debt债务债务withdrawal提款提款interest利利息息rateofexchange汇率汇率purchasingpower购买力receipt收据check支票legaltender法定货币fractionalreservesystem银行部分准备金制度fiduciarymoney信用货币priceindex价格指数TEXT1 When specialization first em

2、erged,perhapsashuntingandfarming,huntersandfarmersnodoubthadlittledifficultyfindingmutuallybeneficialtrades.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 ofwant be hard to find,but after the two tradersconnecttheywouldalsoneedtoagreeuponarateof exchange-thatis,ho

3、w manypotsshouldbeexchangeforapairofshoes?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 mayhavefoundthattherewerecertaingoodsfoewhichtherewasalwaysareadymarket.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。4Amediumofexchangeisanythingthatisgenerally

4、acceptedinreturnforgoodsandservicessold.Cornisnolongeranendbutameanstoanend.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 ofexchangeforeachgoodintermsofeveryother good,as was the case in the bartereconomy,thepriceofeverythingcouldbemeasuredintermsofcorn.与以物易物的经济不同

5、，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。6 Whatever serves as a medium ofexchangeiscalledmoney,nomatterhowitfirst came to serve as a medium ofexchange,andnomatterwhyitcontinuestoservethisfunction.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。7Thegoldsmithfoundthatwhenmoneywasheldformanycustomers

6、,depositsandwithdrawalstendedtobalanceout,soapoolofdepositsremainedinthesafeatafairlyconstantlevel.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。8Thesystemofkeepingonesmoneyondepositwiththegoldsmithwassaferthanleavingmoneywhereitcouldbeeasilystolen,butitwasabitnuisancetohavetovisitthegoldsmitheachtim

7、emoneyneeded.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 thegoldsmith,but the borrowers promise torepaytheloanbecamethegoldsmithsasset.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。10 Because these claims against the bankexceededthebanksgoldandreserves,thiswasthefir

8、stfractionreservebankingsystem,asysteminwhichonlyaportion,orfraction,ofdepositwerebackedupbyreserve.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。11Banknoteswerepiecesofpaperthatpromisetopaythebeareraspecificamountingoldwhenpresentedtotheissuingbankforredemption.银行券当持有者向发行行提交以请求偿还

9、的时候，承诺支付持有者一定数量黄金的纸。12 Fiat money is not redeemable foranythingotherthanmorefiatmoney;itisnotbackedbypromisetopaysomethingofintrinsicvalue.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。LESSONTWOINTERESTRATESANDINTERESTPOLICIESWordsandExpressionsfinancialasset金融资产equilibriuminterestrate均衡利率rateofin

10、flation通货膨胀率scarceresources稀缺资源social cost of funds 资金的社会成本 creditinstitution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preferentialrediscountpolicies优惠的再贴现政策financialintermediaries金融中介TEXT1.Inanyeconomyinwhichdecisionbyindividualeconomicunitsplayamajorrole,interestratesper

11、formseveralimportantfunctionthroughwhichtheyexerciseapervasiveinfluenceovereconomicdecisionandperformance,similarinscopetotheinfluenceofothereconomy-widepricessuchastheexchangerateandthebasicwagerate.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

12、return on domestic financial assets,domesticinterestrates,togetherwiththerateofreturn on foreign financial assets,expectedchanges in the exchange rate,and the expectedrate of inflation,determine the allocationof thepublics wealth(accumulated savings)amongdomesticfinancialassets,foreignfinancialasset

13、s,andgoodsthatareheldasinflationhedges.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,theallocationofwealthbetweenfinancialassetsandgoodsinvolvesacomparisonofthenominalrateofreturnonfinancialassetsthatis,therateofinterest-withtheratesatwhichpr

14、icesofgoodsareexpectedtoincrease.Consequently,for the allocation of wealth betweenfinancial assets and goods,the relevant magnitude toconsiderisalsoarealrateofinterest.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。4Inmarket-orientedeconomies,wheremostsavingandi

15、nvestment decisions are taken separately,changes ininterest rates and the general price level in response todisequilibria between saving and investment or betweendemands for and supplies of financial assets areinstrumentalinrestoringequilibrium，providedthattheinstitutionalenvironmentpermitssuchchang

16、es.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。5Theequilibriuminterestrate,correctfortheexpected rate of inflation,is equal both to themarginal rate at which lenders are willing toexchange future for present consumption and tothe real marginal rate of r

17、eturn expected oninvestmentopportunitiesavailabletoborrowers.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。6Theseratesarealsoindirectlyaffectedbysuchmeasures as legal reserve requirements thatspecifyminimumholdingsofcertainlow-interestassets,which have the effect of increasin

18、g thespreadbetweendepositandloanratesofferedtothepublic.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。7Inmanycountries,officialcontroloverinterestratesisexercisedsimplybyvirtueofthefactthatallbanks,orthelargestbanks,arenationalized,and,evenwhensuchbanksareformallyregardedasau

19、tonomousentities,theinfluenceofthegovernmentovertheactivitiesoftheseinstitutionsisoftenpowerful,whethercontinuallyoronlyintermittentlyexercised.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。8Whilethistypeof“second-best”argumentinfavor of reg

20、ulated interest rates may appear tojustify the authorities response to specificproblems as they arise,it may be questionedwhether,asageneralproposition,theundesirableeffectsofexistingdistortionsshouldbedealtwithbythecreationoffurtherdistortions.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

21、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。9 Insomecountriesinterestratesareadministeredinaflexiblemannerinanattempttomaintain“market-related”interestratesthatfollowmore or less closely the movements of interestrates that would be produced by the forces ofsupplyanddemand.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

22、多或少地与由市场供求力量所决定的利率的运动相一致。10Inmanystances,apolicyofretaininglowinterestratesthroughadministrativecontrolsarisesfromadesiretoavoid the consequences of other policies being pursued,such as maintaining a large fiscal deficit and limitingprivatecreditexpansion,oninterestrates,investmentandgrowth.在许多情况下，通

23、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。LESSONTHREEPOWERS OF THE FEDERAL RESERVESYSTEMBackgroundThe Fed is one of the institutions that influenceAmericans economic condition.It seeks to keep theAmericansmoneyhealthwithinagrowingeconomy.By influencing the money supply,the

24、 Feds moneypolicy aims to avoid the extremes of inflation andrecession,to encourage high employment and tosafeguardthepurchasingpowerofdollars.WordsandExpressionsclear清算清算Depression大萧条大萧条runon挤兑挤兑sound健康健康crumble瓦解瓦解solvency偿债能力偿债能力inaugural就职演说就职演说savingsandloanassociation储蓄贷款委员会储蓄贷款委员会BoardofGover

25、nor联储系统理事会联储系统理事会TEXT1.Other powers given the Federal Reserve were theabilitytobuyandsellgovernmentsecurities,toextendloanstomemberbanks,toclearchecks,andtorequirethat member banks hold reserves equal to somefractionoftheirdeposits.赋赋予予联联储储的的其其它它权权利利有有买买卖卖政政府府债债权权的的能能力力,向向会会员员银银行行发发放放贷贷款款,清清算算支支票票,要

26、要求求会会员员银银行行持持有有相相当当于于他他们部分存款的储备金们部分存款的储备金.2.Infact,theFederalReserveBanksgettheirnamebecause they hold member bank reserves on depositboth to promote banking safety and to facilitateinterbanktransfersoffund.事事实实上上,联联储储名名字字的的由由来来是是因因为为它它持持有有会会员员银银行行的的存存款款基基础础上上的的储储备备,以以提提高高银银行行业业的的安安全全性性和和便便利利同同业业银银行

27、行之间的资金转移之间的资金转移.3.ThesereservesallowReserveBankstoclearcheckswrittenbyadepositorinonecommercialbankthataredepositedinanothercommercialbank.这这些些储储备备使使得得联联储储可可以以对对存存款款者者向向一一家家商商业业银银行行签签发的针对在另一家商业银行存款的支票进行清算发的针对在另一家商业银行存款的支票进行清算.4.TheFeddidnotactasalenderoflastresortthatwas,itdidnotlendbanksthemoneythe

28、yneededtosatisfydepositwithdrawalsincaseofrunsonotherwisesoundbanks.联联储储没没有有扮扮演演最最后后的的贷贷款款人人也也就就是是它它没没有有向向银银行行贷贷放放他他们们需需要要用用于于满满足足其其存存款款提提取取所所需需的的货货币币，即即使是对健康的银行。使是对健康的银行。5 Bank failures were viewed by the Fed as aregrettable but inevitable consequence of poor bankmanagement,priorspeculativeexcesses

29、,orsimplytheeffectofacollapsingeconomy.银银行行倒倒闭闭被被联联储储认认为为是是遗遗憾憾的的然然而而也也是是不不可可避避免免的的，它它是是差差的的银银行行管管理理，事事前前的的过过渡渡投投机机或或者者仅仅仅仅是是经经济济衰退的影响。衰退的影响。6 The banking Act established the Federal OpenMarketCommitteetoconsolidatedecisionsaboutthemostimportanttoolofmonetarypolicy,openmarketoperations,which is the

30、purchase and sale ofgovernmentsecurities.银行法案建立的联邦公开市场委员会，以强化关于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重要的货币政策工具和公开市场业务的决策，即买卖策工具和公开市场业务的决策，即买卖政府债券。政府债券。7The interest rate at which member banks couldborrow from the Federal Reserve Bank,called thediscountrate,wasalsosetbytheBoardofGovernorsratherthatlefttothedis

31、cretionofeachReserveBank.会员银行从联储借款的利率被称为贴现率，也是由联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。储理事会设置而不是由每一家联储银行做决定。8PartoftheproblemoftheGreatDepressionwasthoughttobebecauseofcommercialbanksandothertypes of depository institutions were competing forcustomerdepositbyofferinghigherratesofinterest.大大萧萧条条

32、的的部部分分原原因因被被认认为为是是商商业业银银行行和和其其它它类类型型的的存存款款机机构构对对客客户户存存款款以以提提供供较较高高利利率率的的方方式式进进行行竞竞争争的结果。的结果。LESSONFOURTHRSOURCEOFBANKFUNDSBackgroundThebanksarecommercialenterprisesandlikemanyotherbusinessesareorganizedascompanieswhichareownedbyshareholders.Buttheshareholdersmoneyisonlyasmallpartofthetotalamountofmo

33、neywhichthebankshaveattheircommand.Whoprovidedtherest of the banks enormous sum?The bankscustomers.Banksinfactborrowfromtheircustomersaswellaslendtothem.WordsandExpressionsdemanddeposit活期存款活期存款timedeposit定期存款定期存款savingsdeposit储蓄存款储蓄存款ownership所有权所有权explicitinterest直接支付利息直接支付利息TreasuryDepartment财政部财政

34、部correspondent代理行代理行trustadvisoryservices信托咨询服务信托咨询服务automatictransferservices自动转帐服务自动转帐服务sharedraft股金提款帐户股金提款帐户handlingcost手续费手续费GarnSt.GreemainAct高恩圣杰曼法案高恩圣杰曼法案LIBOR：LondonInterbankOfferRate伦敦同业银行拆借利率伦敦同业银行拆借利率TEXT1、Furthermore,the holders of such accounts areinsuredagainstanylossuptoamaximumof100

35、,000per account by the Federal Deposit InsuranceCorporation.此此外外，对对于于帐帐户户的的资资金金持持有有者者，其其每每一一个个帐帐户户在在100，000以上的损失，都由联邦保险公司负责保险。以上的损失，都由联邦保险公司负责保险。2、Ademanddepositisacheckingaccountinwhichthe owner is entitled to receive his or her funds ondemand and to write checks on the account,whichtransferslegalo

36、wnershipoffundstoothers.活期存款帐户是一个支票帐户，活期存款帐户是一个支票帐户，这个帐户允许所有者这个帐户允许所有者即时收入他的即时收入他的或者她的资金，或者对这个帐户签发支或者她的资金，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。票，这样可以使资金的法定所有者发生转移。3、Becausetheyarecloselyassociatedwithconsumertransactions,demand deposits are relatively moreimportant as a source of funds for small,consumer-o

37、rientedbanksthanforlargebanks.由由于于与与客客户户的的交交易易密密切切相相关关，活活期期存存款款帐帐户户对对于于客客户户导向性的小银行比对大银行是更重要的资金来源。导向性的小银行比对大银行是更重要的资金来源。4、TheU.S.TreasuryDepartmentalsoholdsdepositsin commercial banks.The Treasury accounts aremaintained to help banks avoid large fluctuations inreserves that would occur if the Treasur

38、y depositedconsumers and businesses tax and loan paymentsdirectlyattheFed.美国财政部同样在商业银行有存款。财政部保持存款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。美联储或者直接还贷款给美联储时。5、Becausethesedepositsprovidedbankswithfundsto lend and

39、invest,banks compete for these costlessfunds by providing individual customers with freeservicesorservicessoldforlessthantheircost.由由于于这这些些存存款款提提供供给给银银行行用用于于贷贷款款或或者者投投资资的的资资金金来来源源，所所以以银银行行通通过过向向个个人人客客户户提提供供免免费费的的服服务务或或者者低低于成本的服务对这些没有成本的资金展开竞争。于成本的服务对这些没有成本的资金展开竞争。6、In1972Congressexperimentbyallowing

40、financialinstitutions in Massachusetts and New Hampshire topayinterestonaspecialclassoftransactionsaccountcalledaNOWaccount.1972年年，美美国国国国会会尝尝试试着着允允许许马马萨萨诸诸塞塞州州和和新新罕罕布布什什尔尔州州的的银银行行向向被被称称作作NOW帐帐户户的的特特定定类类型型的的客客户户帐帐户户支付利息。支付利息。7、Sincethebeginningofderegulationofthefinancialsystem in 1980,these accounts

41、 are becoming a lessimportantsourceoffundsforallbanksasconsumersswitchtohigher-yieldingandmoreconvenientcheckableaccounts.从从1980年年金金融融体体系系开开始始管管制制以以来来，这这些些帐帐户户对对所所有有的的银银行行来来说说开开始始成成为为一一种种不不太太重重要要的的资资金金来来源源，这这是是由由于客户将资金转向高收益的、更便利的支票帐户。于客户将资金转向高收益的、更便利的支票帐户。8、Thisrequirementwas institutedduringtheearl

42、y1930s,intheeraofmassivebankfailure,tohelpcurbrunsonbanks.这这种种要要求求形形成成于于1930年年代代早早期期，在在银银行行大大量量破破产产的的时时期，用于缓解对银行的挤兑。期，用于缓解对银行的挤兑。9、Although theyaccountforonly10percentofallbankfunds,borrowedfundshavegrowninimportanceas high levels of loan demand having increasinglyprovided banks with the incentive t

43、o develop exoticsourcesoffunds.虽然他们只占到所有银行资金的虽然他们只占到所有银行资金的10，但是借入资金，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。获取外部资金来源的激励。10、Timedepositsareunlikedemanddepositsinthattheyareusuallylegallydueasofamaturitydateandfunds cannot be transferred to another party by awrittencheck.定期存款不

44、像活期存款，原因是定期存款通常有法定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。式转移给其他人。11、Repurchase agreements are a form of loan inwhich the banks sells securities to the lender butsimultaneously contracts to repurchase the samesecuritieseitheroncalloronaspecifieddateatapricethatwi

45、llproduceanagreedyield.回回购购协协议议是是一一种种贷贷款款，贷贷款款时时银银行行卖卖出出证证券券给给贷贷款款方方，但但是是同同时时签签订订合合同同在在即即时时或或者者约约定定时时间间购购回回同同一一证证券券，并以一个可以产生协商收益的价格成交。并以一个可以产生协商收益的价格成交。LESSONFIVEINTERNATIONALBANKLOANSBackgroundCommercialbanksareattheheartoftheinternationalfinancialsystem.Theyconvenientforworldtradeandsupport the in

46、ternational expansion of multinationalcorporationsbyfinancingkindsofinternationaltrades.WordsandExpressionsinternationaltradecredit国际贸易信贷国际贸易信贷intermediate媒介作用媒介作用open-account未未结结清清帐帐户户，仍仍在在往往来来的的帐帐户户，公公开开帐帐户户，无无保保证证帐户帐户bankdraft银行汇票银行汇票lettersofcredit信用证信用证sightdraft即期汇票即期汇票bankersacceptance银行承兑汇票银

47、行承兑汇票atpar平价平价debit借记借记forwarddiscount远期贴水远期贴水forwardmarket远期（期货）市场远期（期货）市场hedging套期保值套期保值repudiate拒付拒付TEXT1、Their major role in short-term finance is toguarantee customers international trade obligations,discount international paper,and make internationalpayments.他们在短期融资证的作用主要是确保客户国际贸易债他们在短期融资证的作用主

48、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。务契约的完成，贴现国际票据以及进行国际支付。2、Thisisbecauseinternationaltradecutsacrosstwobodiesoflawandregulationsandbecausethebuyersand sellers are less accessible to one another than ifbuyersandsellerswereofthesamecountry.这这是是因因为为国国际际贸贸易易切切断断了了两两种种法法律律和和规规则则主主体体，也也因为卖方和买方比在一个国家更少彼此接触。因

49、为卖方和买方比在一个国家更少彼此接触。3、Asightdraftisusuallypreparedbytheexporterandaddressedtotheimporterorderingtheimportertopayonreceiptofthegoodsandthedraft.即期汇票通常是由出口商准备（开出），交给进口商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并命令其在受到商品和汇票以后立即付款。商品和汇票以后立即付款。4、When signed and accepted by the importer andformally acknowledged by the

50、 importers bank,theexportercanusethedraftascollateraltoborrowfundsfrom his or her own bank,creating,in effect,aninternationalformofaccountsreceivablefinancing.当（即期汇票）被进口商签字盖章和承兑，并且由进当（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，口商银行正式承兑以后，出口商就可以使用汇票作为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