22FiscalPolicy,Part1
西方经济学专业名词
西方经济学专业名词英语翻译（微观部分）参考书籍：尹伯成主编《西方经济学简明教程》第六版格致出版社上海人民出版社PART I Microeconomics微观经济部分Chapter One Introduction导言1、Study Objects of Economics经济学的研究对象·Scarcity稀缺性·Free goods自由物品·Economic goods经济物品·Choose选择·What\How\For whom\When生产什么\如何生产\为谁生产\现在or将来·What it is\What ought to be现象是什么（实证经济学）\应该怎么做（规范经济学）·Opportunity cost机会成本·Production possibility frontier生产可能性边界2、Study Methods of Economics经济学的研究方法·Normative economics规范经济学·Positive economics实证经济学·Aggregate analysis总体分析·Individual analysis个体分析·Marginal adding analysis边际增量分析·Endogenous variables内生变量·Exogenous variables外生变量·Flow流量·Equilibrium均衡·Partial equilibrium局部均衡·General equilibrium一般均衡·Static analysis静态分析·Comparative static analysis比较静态分析·Dynamic analysis动态分析·Cobweb theorem蛛网定理·Hog-corn cycle生猪-玉米循环·Economic model经济模型·Rational man理性人·Economic man经济人Chapter Two Demand,Supply And Equilibrium Price需求、供给与均衡价格1、Demand and Changes in Demand需求与需求的变动·Demand需求·Demand schedule需求表·Demand curve需求曲线·Law of demand需求规律·Giffen goods吉芬商品·Substitute effect替代效应·Substitute goods互替商品·Income effect收入效应·Taste偏好·Income收入·Complementary goods互补商品·Expectation预期·Demand function需求函数2、Supply and Changes in Supply供给与供给变动·Supply供给·Supply schedule供给表·Supply curve供给曲线·Law of supply供给规律·Supply function供给函数3、Theory of Elasticity of Demand and Supply需求和供给的弹性理论·Elasticity弹性·Elasticity of demand需求弹性·Elasticity of supply供给弹性4、Equilibrium Price均衡价格·Equilibrium quantity均衡交易量（均衡数量）5、Cobweb Model蛛网模型Chapter Three Theory Of Consumer Behavior消费者行为理论1、Theory of Cardinal Utilities基数效用论·Utility效用·Average utility(AU)平均效用·Marginal utility(MU)边际效用2、Theory of Ordinal Utilities序数效用论·Indifference curve无差异曲线·Marginal rate of substitution边际替代率·Budget line预算线3、Intertemporal Choice跨时期选择4、Consumer Behavior under Uncertainty不确定情况下消费者行为Chapter Four Theory Of Firm And Production企业和生产理论1、The Firm and Its Object企业及其目标·Firm厂商·Corporate social responsibility(CSR)企业社会责任2、Production Function生产函数·Factor of production生产函数·Technological coefficient技术系数3、Short-run Production Function短期生产函数·Total product总产量·Average product平均产量·Marginal product边际产量·Law of diminishing marginal return边际收益递减规律4、Long-run Production Function长期生产函数·Isoquant curve等产量曲线·Marginal rate of technical substitution(MRTS)生产要素的边际替代率·Isocost curve等成本曲线·Expansion path扩展线5、Return to Scale规模报酬·Increasing return to scale规模报酬递增·Constant return to scale规模报酬不变·Diminishing return to scale规模报酬递减·Economics of scale规模经济·Economics of scope范围经济Chapter Five Cost Theory成本理论1、Cost and Cost Function成本与成本函数·Opportunity cost机会成本·Explicit cost显性成本·Implicit cost隐性成本2、Short-run Cost短期成本·Fixed cost固定成本·Variable cost(VC)可变成本·Total cost(TC)总成本·Average fixed cost(AFC)平均固定成本·Average variable cost(AVC)平均可变成本·Marginal cost(MC)边际成本3、Long-run Cost长期成本·Long-run total coat长期总成本·Short-run total cost短期总成本·Envelop curve包络线·Long-run average cost长期平均成本Chapter Six Price and Quantity Determination in Perfect Competition and Monopoly 完全竞争和完全垄断市场中的价格和产量的决定1、Some Concepts Concerning Behavior of the Firms有关厂商行为的几个概念·Market市场·Industry产业·Total revenue(TR)总收益·Average revenue(AR)平均收益·Marginal revenue(MR)边际收益2、Price and Quantity Determination in Perfect Competition完全竞争市场中价格和产量的决定·Increasing-cost industry成本递增行业·Decreasing-cost industry成本递减行业·Constant-cost industry成本不变行业3、Price and Quantity Determination in Monopoly完全垄断市场中价格和产量的决定·Monopoly垄断·Price discrimination价格歧视·Monopoly power垄断势力·Market segmentation市场分割·Multi-part pricing多重价格·Perfect discrimination price完全差别定价·Third-degree price discrimination三级价格歧视·Second-degree price discrimination二级价格歧视Chapter Seven Price And Quantity Determination in Mono-Polistic Competition and Oligopoly垄断竞争市场与寡头垄断市场中价格和产量的决定1、Price and Quantity Determination in Monopolistic Competition垄断竞争市场中价格和产量的决定·Monopolistic competition垄断竞争·Product differentiation产品差别·Selling costs销售成本2、Price and Quantity Determination in Oligopoly寡头垄断市场中价格和产量的决定·Oligopoly寡头垄断·Reaction function反应函数·Kinded demand curve拐折需求曲线·Price leadship价格领导·Barometric firm晴雨表型厂商·Cost-plus pricing成本加成定价Chapter Eight Game Theory And Economics Of Information博弈论和信息经济学1、Game theory博弈论·Player局中人·Strategy策略·Strategyset策略集合·Payoff收益2、Economics of Information信息经济学Chapter Nine The Price of Factor And Income Distribution要素价格与收入分配1、Demand for Production Factors生产要素的需求·Derived demand派生需求·Joint demand联合需求·Marginal productivity边际生产力·Marginal physicl product(MPP)边际物质产品·Marginal revenue product(MRP)边际收益产品·Marginal factor cost(MFC)边际要素成本·Value of the marginal product(VMP)边际产品价值2、Supply of Factors and the Price Determination生产要素的供给和价格决定3、Differences between Poor and Rich贫富差别·Lorenz curve洛伦茨曲线·Gini coefficient基尼系数Chapter Ten General Equilibrium And Welfare Economics一般均衡与福利经济学1、General Equilibrium一般均衡2、Pareto Optimum帕累托最优·Edgeworth-box diagram艾奇沃斯盒形图·Exchange contract curve交换契约线·Production contract curve生产契约线·Production possibility frontier生产可能性曲线·Marginal rate of product transformation(MRPT)边际转换率3、Welfare Economics福利经济学Chapter Eleven Policies in Microeconomy微观经济政策·Market failure市场失灵1、Monopoly and Anti-monopoly Policy垄断和反垄断政策·《Sherman Antitrust Act（1890）》谢尔曼反托拉斯法·《Clayton Antitrust Act（1914）》克莱顿反托拉斯法·《Celler-Kafauver Act（1950）》塞勒-凯佛维尔法2、Externality外部影响·Positive externality积极的外部影响·Negative externality消极的外部影响·Private cost私人成本·Social cost社会成本·Coase's Theorem科斯定理3、Public Goods公共物品·Private goods私人物品·Free rider4、Public Choice公共选择以上涉及到的部分经济学家：·Abraham Maslow[英]马歇尔·Adam Smith[英]亚当·斯密·Leon Walras[法]瓦尔拉斯·Augustin Cournot[法]古诺·Stackelberg,Heinrich Von[德]斯塔克伯·Josh Nash[美]纳什·V.pareto[意]帕累托西方经济学专业名词英语翻译（宏观部分）参考教材：尹伯成主编《西方经济学简明教程》第六版格致出版社上海人民出版社PART II Macroeconomics宏观观经济部分Chapter twelve National Income Accounting国民收入核算1、Concept of Gross Domestic Products国内生产总值的概念·Gross domestic product(GDP)国内生产总值·Nominal GDP名义国内生产总值·Real GDP实际国内生产总值·Final goods最终产品·Service服务·Intermediate products中间产品·value added新增价值·Input-output transaction table投入-产出转换表·Gross national product(GNP)国民生产总值2、Principles of National Income Measurement有关核算国民收入的基本原理·Leakage漏出·Injection注入3、Two Ways of National Income Measurement核算国民收入的两种基本方法·Fixed investment固定资产投资·Inventory investment存货投资·Transfer payment转移支付·Export(X)出口·Import(M)进口·Net export净出口·Net domestic product(NDP)国内生产净值·Net national product(NNP)国民生产净值·National income(NI)国民收入·Personal income(PI)个人收入·Disposable personal income(DPI)个人可支配收入·Net factor income from abroad国外要素所得净额4、Identities in National Income Accounting国民收入核算中的恒等关系Chapter Thirteen National Income Determination:Income Expenditure Model国民收入的决定：收入-支出模型1、Concepts of Macro-equilibrium宏观均衡的概念2、Consumption Function消费函数3、Deciding of National Income of Two-sector Economy两部门经济国民收入的决定4、National Income Determinations in Three-sector and Four-sector Economies三部门和四部门经济国民收入的决定5、Potential National Income and Its Gap潜在国民收入与缺口·GDP gap国内生产总值缺口Chapter Fourteen Money,Interest Rate and National Income货币、利息和国民收入1、Money and Money Supply货币和货币供给·Automatic Transfer Service(ATS)自动转账账户·Negotiable Orders of Withdrawal(NOW)可转让的提款单·Legal reserve ratio法定准备率2、Money Demand货币的需求·The transaction motive交易动机·The precautionary motive预防动机·The speculative motive投机动机3、Interest Rate,Investment and National Income利率、投资和国民收入·Marginal efficiency of investment(MEI)投资的边际效率4、Financial Market金融市场Chapter Fifteen National Income Determination IS-LM Model国民收入的决定：IS-LM 模型1、Equilibrium in Goods Market and the IS Curve产品市场的均衡与IS曲线2、Equilibrium in Money Market and the LM Curve货币市场的均衡与LM曲线3、Equilibrium both in Goods and Money Markets and IS-LM Model产品市场和货币市场的同时均衡与IS-LM模型Chapter Sixteen Fiscal Policy And Monetary Policy财政政策和货币政策1、Fiscal Policy and Its Effects财政政策及其效果·Automatic stabilizers自动稳定期·Expansionary fical policy扩张性财政政策·Discretionary fiscal policy紧缩性财政政策·Discretionary fiscal policy相机抉择的财政政策·Effectiveness of crowding out挤出效应·National debt公债2、Monetary Policy and Its Effects货币政策及其效果3、Mixture of Fiscal Policy and Monetary Policy财政政策和货币政策的混合Chapter Seventeen The Deciding of National Income:AD-AS Model国民收入的决定：总需求-总供给模型1、Aggregate Demand Function总需求函数·Aggregate demand curve总需求曲线·Aggregate expenditure总支出曲线·Interest-rate-effect利率效应·Real-balance-effect实际余额效应2、Aggregate Supply Function总供给函数·Aggregate supply curve总供给曲线·Stagflation滞涨3、AD-AS Model总供给-总需求模型Chapter Eighteen Inflation And Unemployment通货膨胀与失业1、Inflation通货膨胀·Consumer price index(CPI)消费价格指数·Producer price index(PPI)生产者价格指数·Demand-pull inflation需求拉上的通货膨胀·Cost-push inflation成本推进的通货膨胀·Redistribution effects of inflation通货膨胀的再分配效应·Output effects of inflation通货膨胀的产出效应·Hyperinflation极度膨胀2、Unemployment失业·Frictional unemployment摩擦性失业·Seasonal unemployment季节性失业·Cyclical unemployment周期性失业·Demand-deficient unemployment需求不足型失业·Technical unemployment技术性失业·Structural unemployment结构性失业·Voluntary unemployment自愿失业·Involuntary unemployment非自愿失业·Natural rate of unemployment自然失业率·Full-time job全日制工作·Part-time job打短工·Underemployment不充分就业（未充分利用技能）3、Trade-offs Between Inflation and Unemployment通货膨胀和失业的联系·incomes policy收入政策Chapter Nineteen Economic Growth,Economic Development And Economic Cycle经济增长、经济发展与经济周期1、Economic Growth经济增长2、Economic Development经济发展3、Economic Cycle经济周期·Business cycle经济周期、经济波动·Turning point转折点·Trough谷底·Expansion扩张·Peak峰顶·Recession衰退·Juglar Cycles中周期（9、10年）、朱拉格周期·Kitchen Cycles短周期（4、5年）、基钦周期·Kondratief Cycles长周期（50年）、康德拉季耶夫周期·Kuznets Cycles长周期（20年）、库兹涅茨周期Chapter Twenty Basics of International Economics国际经济学初步1、International Trade国际贸易·Comparative advantage2、Exchange Rate and Exchange Rate System汇率与汇率制度·Exchange rate汇率·Fixed rate system固定汇率制度·Floating rate system浮动汇率制度/Dirty rate system不洁净汇率制度3、International Payments and Adjustment国际收支及其调整·Balance of payments国际收支平衡表·Current account经常项目·Visible account有形项目·Traded service account贸易劳务项目·Capital servicing account资本服务项目4、Policy Effects in Open Economy开放经济中的政策效果以上涉及到的部分经济学家：·Abraham Maslow[英]马歇尔·Adam Smith[英]亚当·斯密·Leon Walras[法]瓦尔拉斯·Augustin Cournot[法]古诺·Stackelberg,Heinrich Von[德]斯塔克伯·Josh Nash[美]纳什·V.pareto[意]帕累托·J.S Duesenberry[美]杜森贝利·Milton Friedman[美]米尔顿·弗里德曼·F.Modigliani[美]弗朗科·莫迪利安尼·D.Cagan[美]卡根·A.W.Philips[新西兰]菲利普斯·Lipsey[英]利浦赛·E.F.Dennison[美]丹尼森·E.J.Mishan[英]米香·D.H.Meadows[美]麦多斯·D.Ricardo[英]大卫·李嘉图·E.Heckcher[瑞典]赫克歇林·B.Ohlin[瑞典]奥林·R.Prebisch[阿根廷]普雷维什。
通货膨胀时期的货币政策与财政政策
xxxxxxxxxxx毕业论文通货膨胀时期的货币政策与财政政策作者系别经济系专业金融年级一班学号指导教师答辩日期成绩内容摘要通货膨胀是宏观经济学的永恒主题之一。
通货膨胀不仅关系到我国经济能否持续稳定快速增长，还关系到我国居民的生活水平以及社会的稳定，因此研究起来具有重要的现实意义。
治理通货膨胀的主要手段是使用货币政策与财政政策进行调节。
本文分为六大部分对通货膨胀时期的财政政策与货币政策进行阐述：第一部分，通货膨胀概述；第二部分，中国通货膨胀的历史与现实；第三部分，通货膨胀的成因；第四部分，研究通货膨胀时期财政政策的作用及治理方法和注意的问题；第五部分，通货膨胀时期货币政策的作用及治理方法；第六部分，结合前几部分分析两种政策的弊端以及搭配使用的方法。
关键词：通货膨胀，货币政策，财政政策AbstractInflation is one of the eternal themes of macroeconomics. As a monetary policy of our government，Inflation is not only related to China's economic growth sustainable stability，but also relates to the household living standard and social stability，so the rise has the important practical significance. The main measure of dealing the inflation is to regulate the monetary policy and financial policy.This paper is divided into six of the elaborate the monetary policy and financial policy during the inflation It is a brief introduction about the inflation in the first part. The second part is the history and reality of China’s inflation .Analyze the contributing factor roughly in the third part. Study the function and method of financial policy besides which has some points for attention in the fourth part. In the fifth part study the function and methods of momentary policy and the time lag of momentary policy. At the last part, we combined with the analysis of the disadvantages of the previous two policies and collection method.Key words：Deflation，Monetary Policy，Fiscal policy目录一、通货膨胀概述 (1)（一）通货膨胀的含义 (1)（二）通货膨胀的类型 (1)二、中国通货膨胀的历史与现实 (2)（一）我国历史上的通货膨胀 (2)（二）我国2003年至2009年通货膨胀的情况与原因 (2)（三）自2009年至2011年我国通过膨胀的状况 (3)三、通货膨胀的成因 (4)四、通货膨胀时期的财政政策 (5)（一）财政政策在通货膨胀中的作用 (5)（二）治理通货膨胀时期的财政政策 (5)五、通货膨胀时期的货币政策 (6)（一）货币政策在通货膨胀中的作用 (6)（二）治理通货膨胀时期的货币政策 (6)六、通货膨胀中财政、货币政策实施的困难及搭配使用 (7)（一）财政政策实施的困难 (7)（二）货币政策实施的困难 (8)（三）财政政策与货币政策的搭配使用 (8)七、结论 (9)参考文献 (9)通货膨胀时期的货币政策与财政政策一、通货膨胀概述（一）通货膨胀的含义当一个经济体中的大多数商品和劳务的价格连续在一段时间内普遍上涨时，宏观经济学就称这个经济体经历着通货膨胀。
China’s monetarypolicy and fiscal policy中国的货币政策和财政政策
中国的货币政策和财政政策在过去的几年里,中国政府一直在追求一个积极财政政策，想通过发行政府债券来重点建设项目融资。
与此同时,健全的货币政策与财政政策已经实施配合。
协调了两个政策,通货紧缩的趋势已得到遏制,同时还加速经济结构调整和经济增长的进一步提升。
中国的GDP在2002年超过10万亿元,这是一个历史性的突破。
近年来,财政收入体制的改革促进了政府收入的稳定增长。
在2001年,它达到1.6万亿元,是1990年的5.6倍。
政府收入的比例从1994年GDP的11%在增长,在早期阶段的改革——到2001年的17%。
政府支出的改革管理也一直取得了重大进展。
尽管有了上述成就,但保持中国经济发展仍面临着挑战。
主要反映在经济放缓的政府收入自2002年年初以来,不良贷款的比例相对较高的金融部门,在农村地区需求疲软和持久的就业压力。
此外,全球经济前景的不确定性已经影响了中国的出口和经济增长。
要解决这些问题,中国政府将通过积极的财政政策和稳健的货币政策继续刺激国内需求,进一步加快经济结构调整和提高经济增长质量和效益。
最近的财政和货币政策主要发展如下。
一、货币政策自2002年年初以来,中国人民银行(PBC)已经采取合理的货币政策,同时促进政策效率，间接政策工具和机制已得到改进。
在2002年9月的一年中,中国的广义货币供应量(M2)和狭义货币供应量(M1)分别增加了16.5%和15.9%。
中国的基础货币稳步增长和金融机构的位置保持了。
在2002年9月底,中央银行的基础货币在3.97万亿元,占每年增长11.1%,加速至3.4倍,较前一年。
平均超额准备金率是4.9%的金融机构,代表一个适当的位置和高流动性。
贷款发放的中国金融机构也迅速发展,改善贷款结构和质量。
在一个比较的基础上,人民币贷款的所有金融机构(包括外国机构)增加了14.2%,加速了2.6是2001年底和2001年3月以来的最高增长。
针对国内外现状,中国人民银行将:1、使用灵活的货币政策来调整货币供应增长和维护合理的适当信贷总量；2、促进改革的利率机制,把利率在供需基金,以及在优化资源配置发挥作用；3、提高激励申请贷款和公司治理的商业银行；4、在完善人民币汇率形成系统的前提下保持人民币汇率稳定。
经济 R18-Monetary and Fiscal Policy - 重难点解析和经典例题
R18Monetary and Fiscal Policy一、重难点解析Part1：Monetary Policy通胀率与利率的关系通胀率上升，该国货币会趋于目标货币贬值，因为通胀率高代表货币购买力弱，根据购买力平价理论，该国货币趋于贬值，于是货币当局为了刺激货币升值以维持与目标货币的固定汇率采取行动，具体来说，就是抛售目标货币外汇储备同时购买本国货币，这会导致目标货币的供应增加，本币的需求增加，从而会提高本国利率（本币需求增加）以及减少外汇储备，流动性陷阱流动性陷阱是指当利率降低到无可再降低的地步时，任何货币量的增加，都会被单位以“闲资”的方式吸收，因而对总体需求、所得及物价均不产生任何影响，也显示了央行货币政策的失效。
央行降息的影响同学好，首先，借贷利率和贷款利率就是同一个东西，都表示了融资的成本，央行降息，直接就会导致企业融资成本降低，自然促进企业扩大再生产，刺激经济，另一方面，存款利率降低，人们都把钱提出来消费，也会刺激需求。
中央银行的操作独立以及目标独立若中央银行能够自由设定利率水平，则认为该中央银行具有操作独立性，实务中还存在更高程度的独立性，即目标独立性，中央银行不仅能够确定利率水平，还能设定目标通货膨胀的定义、目标通货膨胀率以及达到目标通胀率的时间等。
量化宽松量化宽松主要是指中央银行在实行零利率或近似零利率政策后，通过购买国债等中长期债券，增加基础货币供给，向市场注入大量流动性资金的干预方式，以鼓励开支和借贷，也被简化地形容为间接增印钞票。
公开市场操作中广义与狭义的公开市场根据中央银行在公开市场买卖证券的差异，可分为广义和狭义的公开市场。
所谓广义公开市场，是指在一些金融市场不发达的国家，政府公债和国库券的数量有限，因此，中央银行除了在公开市场上买进或卖出政府公债和国库券之外，还买卖地方政府债券、政府担保的债券、银行承兑汇票等，以达到调节信用和控制货币供应量的目的。
所谓狭义公开市场，是指主要买卖政府公债和国库券。
财政学英语测试题及答案
财政学英语测试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a type of government revenue?A. TaxationB. FeesC. DonationsD. Fines2. The process of allocating government funds is known as:A. BudgetingB. SpendingC. AllocatingD. Distributing3. The term "fiscal policy" refers to:A. The management of government finances.B. The setting of interest rates by a central bank.C. The regulation of money supply.D. The control of inflation.4. What is the primary purpose of a government budget?A. To increase the national debt.B. To plan for government spending and revenue.C. To reduce taxes.D. To increase government spending.5. Which of the following is an example of an expenditure ina government budget?A. Tax revenueB. Public debtC. Defense spendingD. Foreign aid6. The term "deficit" in fiscal terms means:A. The amount by which government spending exceeds revenue.B. The amount by which government revenue exceeds spending.C. The total amount of government debt.D. The amount of money a government has in reserve.7. What does "fiscal discipline" imply?A. The government's ability to borrow money.B. The government's adherence to a balanced budget.C. The government's ability to spend without limit.D. The government's ability to collect taxes efficiently.8. A "balanced budget" is one where:A. Government spending is equal to revenue.B. Government spending is less than revenue.C. Government spending is more than revenue.D. There is no public debt.9. What is the role of "public finance" in a country's economy?A. To provide financial support for private businesses.B. To manage the government's income and expenditure.C. To regulate the stock market.D. To control the money supply.10. The "fiscal year" is:A. The same as the calendar year for all countries.B. The period during which the government operates its budget.C. The year in which the government's financial statementsare audited.D. The year in which the government's taxes are collected.二、填空题（每空1分，共10分）11. The main sources of government revenue include taxes, fees, and _______.12. When the government spends more than it earns, it results in a _______.13. A government that practices fiscal discipline is likelyto have a _______ budget.14. The fiscal policy can be used to influence economicactivity by adjusting _______.15. Public finance is crucial for the provision of _______ services.三、简答题（每题5分，共20分）16. Explain the difference between a "surplus" and a "deficit" in fiscal terms.17. What are the potential consequences of a governmentrunning a persistent deficit?18. Describe the role of fiscal policy in economic stabilization.19. Discuss the importance of fiscal discipline for acountry's long-term economic health.四、论述题（每题15分，共30分）20. Discuss the challenges a government faces in creating a balanced budget and the strategies it might employ.21. Analyze the impact of fiscal policy on the overall economic growth and development of a country.五、案例分析题（共20分）22. A country is facing a recession. The government decidesto increase public spending on infrastructure to stimulatethe economy. Discuss the potential benefits and drawbacks of this fiscal policy action.答案：一、选择题1. C2. A3. A4. B5. C6. A7. B8. A9. B 10. B二、填空题11. fines/penalties12. deficit13. balanced14. taxation/tax rates/government spending15. public/social三、简答题16. A surplus occurs when government revenue exceeds spending, while a deficit occurs when spending exceeds revenue.17. Persistent deficits can lead to increased national debt, higher interest rates, and potential economic instability. 18. Fiscal policy can stabilize the economy by increasing spending during recessions and reducing it during booms to prevent overheating.19. Fiscal discipline ensures that a country can meet its financial obligations, maintain investor confidence, and support sustainable economic growth.四、论述题20. [自由发挥，根据财政学原理论述]21. [自由发挥，根据财政学原理论述]五、案例分析题22. [自由发挥，根据财政学原理分析]。
宏观经济学考试试卷(全英文)-(1)
7.A higher nominal GDP of a nation means that the standard of living is better.()
8.Private saving is saving by government.()
(a)depreciation; (b)consumption;(c)net investment; (d)export
2.The overall supply of money is equal to central bank money times the()
(a)investmentmultiplier.(b)taxmultiplier.
3. Assume that the consumption function is C=100+0.8(Y-T),and the investment function is I=300-20r, and the government purchase G=400, T=400, the money demand function is L=Md/P=0.5Y-50r, the real money supply (ms)is 1000.
1) Please calculate the LM curve and IS curve.
2) Please tell us the equilibrium income and interest rate.
2.When exports is larger than imports, we say the foreign trade is balance.（）
剑桥商务英语中级-64_真题-无答案
剑桥商务英语中级-64(总分100,考试时间90分钟)READINGPART ONE·Look at the statements below and the information on relationship banking on the opposite page. ·Which section (A, B, C, or D) does each statement I-7 refer to?·For each statement 1--7, mark one letter (A, B, C, or D) on your Answer Sheet.·You will need to use some of these letters more than once.AOne of the more discernible trends in the financial-service industry in recent times has been the adoption of programs designed to encourage more personalized relationships between an institution's employees and its clients, particularly those clients who are major depositors. The expression **monly used to describe this type of program is "relationship banking".BIn relationship banking the emphasis is on establishing a long-term multiple-service relationship; on satisfying the totality of the client's financial-service needs; on minimizing the needs or desires of clients to splinter their financial business among various institutions.CImplicit within any definition of relationship banking is recognition that the financial-service requirements of one individual or relatively homogeneous group will likely be substantially different from those of another individual or group. A successful relationship banking program is, therefore, dependent in a large part on the development of a series of financial-service "packages", each designed to meet the needs of identifiable homogeneous groups.DAnother dimension of relationship banking is the development of highly personalized relationships between employee and client. In most financial institutions today the client is serviced by an employee who happens to be free at the time, regardless of the nature of the transaction. Personalized relationships are therefore difficult to establish. In a full relationship banking program, however, the client knows there is one individual within the institution who has intimate knowledge of the client's requirements and preferences **plex transactions.1. All kinds of financial needs are met in relationship banking system.2. Employees in relationship banking are dealing with different businesses respectively.3. Banking is becoming more personal, which is easily recognized.4. The necessary first step in instituting relationship bank is recognizing the special needs of groups and individuals.5. One of the main aims of this type of banking is to encourage clients to keep all their business with a single bank.6. The relationship banking programs have already been used.7. A client may develop a high level of confidence in certain employee.PART TWO·Read the article below about macroeconomic policies.·Choose the best sentence from the opposite page to fill each of the gaps.·For each gap 8--12, mark one letter (A--G) on your Answer Sheet.·Do not use any letter more than once.MACROECONOMIC POLICIESFor most countries, the following four principal objectives of economic policy would apply: (1) Maintenance of employment at a high level. (2) Stable prices. (3) Economic growth. (4) Balance of payments equilibrium. These objectives are sometimes extremely difficult to achieve. A high level of employment, for example, tended to push wages and hence prices up. It also created an imbalance between exports and imports. Furthermore **petition among firms for labor tended to reduce labor productivity since workers were not always fully employed.Government will differ in the emphasis they place on each of the above objectives. (8) . At times when inflation was high, great stress was placed on bringing it down, but this had severe effects on jobs and on economic growth. The pursuit of an expansionary policy very often resulted in an increase in GDP and a fall in the level of unemployment; but was accompanied by a marked rise in the rate of inflation and a serious balance of payments deficit.In carrying out its economic policy, the government uses two principal means--fiscal policy and monetary policy. (9) Monetary policy is broadly neutral in its effects whilst fiscal and other measures can be used more discriminately--the redistribution of incomes and lower rates of corporation tax for small businesses are two examples.Government regulation of the money supply is important for economic stability. Banks will wish to keep excess reserves when they do not foresee profitable and secure opportunities to make loans. This is likely to happen during the downswing and around the bottom of a business contraction. (10)During a recession, profit-oriented banks tend to reduce the money supply by increasing their excessive reserves if the central banks did not intervene. (11) .On the other hand, banks will want to squeeze possible money supply out of any given amount of cash reserves by keeping their reserves at the bare minimum when the demand for bank loans is buoyant, profits are high, and many investments suddenly start to look profitable. (12) The authorities must intervene to prevent this. The monetary authorities can exercise monetary control in two ways: either they can attempt to control interest (i. e. the price of money) or they can endeavor to control the money supply.A Fiscal policy is concerned with taxation, subsidies and government spending; monetary policy, in contrast, is concerned with interest rates, the money supply and bank lending.B As the money supply is an important influence on aggregate demand such a contraction of money supply would exacerbate the severity of the recession.C This reduced incentive to hold excess reserves in prosperous times means that during an economic boom, the behavior of profit-oriented banks is likely to make the money supply expand, adding undesirable momentum to the booming economy and paving the way for a burst of inflation.D These objectives are sometimes extremely difficult to achieve.E When this occurs, the prosperity of banks to hold excess reserves will turn the money creation process into one of the money destruction.F For many years the main emphasis was on employment and balance of payments, but this adversely affected the pursuit of stable prices and economic growth.G When adopting monetary policy, the central bank usually takes action to change the equilibrium of the money market, that is, to alter the money supply, move the interest rate, or do both.8.9.10.11.12.PART THREE·Read the article below about the difficulties of managing a small business, and the questions on the opposite page.·For each question 13—18, mark one letter (A, B, C, or D) on your Answer Sheet for the answer you choose.THE DIFFICULTIES OF MANAGING A SMALL BUSINESS"The organizational weaknesses that entrepreneurs have to deal with every day would cause the managers of a **pany to panic." Andrew Bidden wrote recently in Boston Business Review. This seems to suggest that the leaders of entrepreneurial or small businesses must be unlike other managers, or the problems faced by such leaders must be the subject of a specialized body of wisdom, or possibly both. Unfortunately, neither is true. Not much worth reading about managing the entrepreneurial or small businesses has been written, and the leaders of such businesses are made of flesh and blood, like the rest of us.Furthermore, little has been done to address the aspects of entrepreneurial or small businesses that are so difficult to deal with and so different from the challenges faced by management in big businesses. In part this is because those involved in gathering expertise about businesses and in selling advice to businesses have historically been more interested in the needs of big business. In part, in the UK at least, it is also because small businesses have always preferred to adapt to changing circumstances.The organizational problems of entrepreneurial or small businesses are thus forced upon the individuals who lead them. Even more so than for bigger businesses, the old saying is true--that people, particularly those who make the important decisions, are business' most important asset.The research that does exist shows that neither money nor the ability to access more of it is the major factor determining growth. The main reason an entrepreneurial business stops growing is the lack of management and leadership resource available to the business when it matters. Give an entrepreneur an experienced, skilled team and he or she will find the funds every time. Getting the team, though, is the difficult bit. Part of the problem for entrepreneurs is the speed of change that affects their businesses. They have to cope with continuous change yet have always been suspicious about the latest management solution. They regard the many offerings from business schools as out of date even before they leave the planning board and have little faith in the recommendations of consultants when they arrive in the hands of young, inexperienced graduates. But such impatience with management solutions does not mean that problems can be left to solve themselves. However, the leaders of growing businesses are still left with the problem of who to turn to for advice.The answer is horribly simple: leaders of small businesses can ask each other. The collective knowledge of a group of leaders can prove to be enormously helpful in solving the specific problems of individuals. One leader's problems have certainly been solved already by someone else. There is an organization called KITE which enables those responsible for small businesses to meet. Its members, all of whom are chief executives, go through a demanding selection process, and then join a small group of other chief executives. **e from a range of business sectors and each offers a different corporate history. Each group is led by a moderator, an independently selected businessman or businesswoman who has been specially trained to head the group. Each member takes it in turn to host a meeting at his or her business premises and, most important of all, group discussions are kept strictly confidential. This encourages a free sharing of problems and increases the possibility of solutions being discovered.13. What does the writer say about entrepreneurs in the first paragraph?A. It is wrong to assume that they are different from other managers.B. The problems they have to cope with are specific to small businesses.C. They find it difficult to attract staffs with sufficient expertise.D. They could learn from the organizational skills of managers in **panies.14. According to the second paragraph, what has led to a lack of support for entrepreneurs?A. Entrepreneurs have always preferred to act independently.B. The requirements of big businesses have always taken priority.C. It is difficult to find solutions to the problems faced by entrepreneurs.D. Entrepreneurs are reluctant to provide information about their businesses.15. What does the writer say about the expansion of small businesses?A. Many small businesses do not produce enough profits to finance growth.B. Many employees in small businesses have problems working as part of a team.C. Being able to recruit the right people is the most important factor affecting growth.D. Leaders of small businesses lack the experience to make **panies a success.16. What does the writer say is an additional problem for entrepreneurs in the fourth paragraph?A. They rely on management systems that are out of date.B. They will not adopt measures that provide long-term solutions.C. They have little confidence in the business advice that is available.D. They do not take market changes into account when drawing up business plans.17. What does the writer say the members of the KITE organization provide?A. Advice on how to select suitable staff.B. A means of contacting potential clients.C. A simple checklist for analyzing problems.D. Direct experience of a number of industries.18. The writer says that KITE groups are likely to succeed because ______.A. members are able to elect their leaderB. the leaders have received extensive trainingC. members are encouraged to adopt a critical approachD. information is not passed on to non-membersPART FOUR·Read the article below about robots at work.·Choose the best word or phrase to fill each gap from A, B, C, or D on the opposite page.·For each question 19--33, mark one letter (A, B, C, or D) on your Answer Sheet.Robots at WorkThe newspaper production process **e a long way from the old days when the paper was written, edited, typeset and ultimately printed in one building with the journalists working on the upper floors and the printing (19) going on the ground floor. These days the editors, sub-editors and journalists who put the paper together are (20) to find themselves in a totally different building or maybe even in a different city. This is the (21) which now prevails in Sydney. The daily paper is complied at the editorial headquarters, known as the pre-press centre, in the heart of the city but printed far away in the suburbs at the printing centre. Her human beings are in the (22) as much of the work is done by automated machines controlled by computers. (23) the finished newspaper has been created for the next morning's edition, all the pages are (24) electronically from pre-press centre to the printing centre. The system of transmission is an update on the sophisticated page facsimile system already in use on many (25) newspapers. An image-setter at the printing centre delivers the pages as films. Each page (26) less than one minute to produce, although for color pages four versions are used, one each for black, cyan, magenta and yellow. The pages are then processed into photographic negatives and the film is used to produce aluminum printing plates (27) for the presses.A procession of automated vehicles is busy at the new printing centre where the Sydney Morning Herald is printed each day. With (28) flashing and warning horns honking, the robots look for all the world like enthusiastic machines from a science-fiction movie, as they follow their random paths around the (29) busily getting on with their jobs. Automation of this kind is now (30) in all modern newspaper plants. The robots can (31) unauthorized personnel and alert (32) staff immediately if they find an intruder and not surprisingly, tall tales are already being told about the machines starting to take on (33) of their own.19.A. pressesB. sessionsC. plansD. schedules20.A. sorryB. likelyC. forcedD. expectant21.A. moodB. sampleC. situationD. environment22.A. vastB. plentyC. minorityD. body,23.A. OnceB. BeforeC. WhileD. Until24.A. playedB. poweredC. broughtD. transmitted25.A. otherB. anotherC. oneD. every26.A. asksB. putsC. managesD. takes27.A. dealingB. askingC. attractiveD. ready28.A. tablesB. cardsC. lightsD. words29.A. ceremonyB. plantC. spaceD. office30.A. disappearingB. refusedC. seldomD. standard31.A. detectB. senseC. writeD. do32.A. recruitingB. securityC. companyD. their33.A. familiesB. personalitiesC. functionsD. movementsPART FIVE·Read the text below about opinions on local group business.·In most of the lines 34--45 there is one extra word. It is either grammatically incorrect or does not fit in with the meaning of the text. Some lines, however, are correct.·If a line is correct, write CORRECT on your Answer Sheet.·If there is an extra word in the line, write the extra word in CAPITAL LETTERS on your Answer Sheet.Shop-local Group Offers Economic Impact FiguresCan If consumers in Hillsborough County can limited their spending on one SaturdayCorrect to independent, locally owned businesses instead of chain stores, more than34 ＄17 million would even remain in the local economy instead of being shipped to35 outside corporations as overnight deposits. So it say representatives of the36 Tampa Independent Business Alliance, who base their calculation on studies that37 made by the American Independent Business Alliance. The national study found38 that since locally owned businesses began to use goods and services of other39 businesses in **munity, a consumer's spending circulates 3 up to 31/240 times longer locally than if it is spent on at a chain. On Saturday, the local group41 will be working with the national organization and more than all 25 other42 communities across the country to broadcast the **ing of the43 shop-local movement. The educational event, "American Unchained", will be44 promoted at independent businesses such as Inkwood Books in Tampa. "We45 want people to think about where their dollars actually end up to, " said CarlaJimenez, co-owner of Inkwood and president of Tampa Independent Business Alliance.34.35.36.37.38.39.40.41.42.43.44.45.WRITING1. PART ONE·You are Head of Sales Department for Fox Electrical Co.. You are organizing your schedule for a meeting with one of your existing clients next month.·Write an e-mail to John Driscoll, your client:· Proposing a time for the meeting· Explaining what will be discussed in the meeting· Asking them to suggest an alternative if necessary·Write 40—50 words on a separate sheet. To:From:Date:Subject:2. PART TWO·You work for a company that sells electrical goods. You have recently visited a potential supplier in Slovakia.·Read the following memo below on which you made some handwritten notes.·Use the information in the memo to write a short report recommending whether **pany should deal with the supplier or not·Write 120--140 words on a separate sheet.LISTENINGPART ONE·You will hear three telephone conversations or messages.·Write one or two words or a number in the numbered spaces on the notes or forms below.·You will hear each recording twice.Conversation One·Look at the note below.·You will hear two colleagues talking on the phone.IT Department Message Time: 10: 30Tom,Ellen Proctor (1) ______ Dept called--she has someone who might be suitable for the (2) ______job.Can you go over there and take a /an (3) ______ with you?Candidate will wait for up to (4) ______【点此下载音频文件】1.2.3.4.Conversation Two·Look at the note below.·You will hear a staff development officer booking a new member of staff on in-house training course.ABP IN-HOUSE TRANING: COURSE BOOKINGS COURSE: (5) ______LEVEL: (6) ______NAME: Amy ChoiNAME OF LINE MANAGER: Mr. LimPOSITION/JOB OF LINE MANAGER: (7) ______ Manager Confirmby (8)______ mail.【点此下载音频文件】5.6.7.8.Conversation Three·Look at the note below.·Yon will hear a woman asking to rent an apartment.Information about House Buyer Name: Helen EakinsAddress: (9) ______ Pine St.Telephone Number: (10) ______Occupation: (11)______ clerk working for (12)______ House Department Store 【点此下载音频文件】9.10.11.12.PART TWOSection One·You will hear five short recordings.·For each recording, decide who is speaking.·Write one letter (A--H) next to the number of the recording.·Do not use any letter more than once.·You will hear the five recordings twice.A a dentistB a customerC a policemanD a mechanicE a salesmanF a plumberG a doctorH a manager【点此下载音频文件】13. ______14. ______15. ______16. ______17. ______Section Two·You will hear another five recordings.·For each recording, decide what the speaker is talking about.·Write one letter (A--H) next to the number of the recording.·Do not use any letter more than once.·You will hear the five recordings twice.A receptionB research and developmentC shop floorD payrollE human resourcesF information technologyG publicityH canteen【点此下载音频文件】18. ______19. ______20. ______21. ______22. ______PART THREE·You will hear a news story on the latest progress in the human genome research project.·For each question 23--30, mark one letter (A, B or C) for the correct answer.·You will hear the recording twice.【点此下载音频文件】23.24.25. Who predicts the release of our instruction book?A. A. Chief of the genome project.B. B. Correspondent.C. C. Craig Venter.26. Why are **panies trying to discover the human genome before the government genome project does? A. Because there's a bit of a gold rush going on at it. B. Because they want to stake claims on their discoveries and make huge profits. C. Because they want to patent the genome and transform medicine in ways.27. What are the arguments for the private ownership of genome patents? A. The ownership encourages innovation. B. The ownership has long been part of European Way. C. The ownership may mark the discovery of the DNA double helix.28. What are the arguments against the private ownership of genome patents? A. Doctors are not permitted to do gene tests without buying patents. B. The ownership may slow down the research progress. C. The codes for height and intelligence will be revealed.29. How did Craig V enter defend **pany's behavior? A. He was collecting information to sell to scientists. B. The pace of genetic research became very slow because of competition.C. The information collected by him would be given to the government free of charge.30. According to Dr. Collins, how to prevent those patents? A. To stop clinical lab from doing diagnostic testing. B. To order government labs to make every new gene discovery public knowledge. C. To pass laws prohibiting private ownership of genome patents.SPEAKINGPART ONE1. The interview—about 3 minutesIn this part the interlocutor asks questions to each of the candidates in turn. You have to give information about yourself and express personal opinions.2. Mini presentations--about 6 minutes In this part of the test, you are asked to give a short talk ona business topic. You have to choose one of the topics from the three below and then talk for about one minute. You have one minute to prepare your ideas.3. Discussion--about 5 minutesIn this part of the test you are given a discussion topic. You have 30 seconds to look at the prompt card, an example of which is below, and then about 3 minutes to discuss the topic with your partner. After that examiner will ask you more questions related to the topic.。
Contemporary Economic Policy
Content ArrangementThis essay will be arranged into three parts. In the first part, it will explain the new economic environment under the circumstances of the American subprime crisis, and illustrating the importance of export. In part II, it will analyze the proportion of components of GDP, and evaluate which one could be the main driving force of GDP. In the final part, it will recommend some fiscal and monetary policies to accelerate GDP and analyze each of these policies at the end of this essay.Part IBefore discussing problems of the export-led economic growth in China’s economy in the world’s current economic environment, it is good, in the first place, to have a brief view of the importance export. From the perspective of realizing the value of goods and services, to develop international trade is to expand the market from domestic to international, creating better economic environment for value realization, value-added, and increasing the domestic demand and national income (Yi, 2002).To review those economic take offs in other countries in modern times, export always played a crucial role in economies. China is not an exception. Since the 1978’s reform and opening-up, the rapid growth of GDP was usually accompanied by the expansion of export. In the five yeas time from 1986 to 1990, the net export contributed to GDP growth 20.9 percent each year on average (Yu 2008). More recently, in the year of 2005 and 2006, export took the ratio of 24.1 percent and 19.3 percent of GDP (National Bureau of Statistics of China, 2008). It is obvious that export was a significant factor driving China’s economy in most of the years since 1978. But a good time never lasts long. When the American subprime crisis caused world economy recession, China’s export trade was seriously influenced.Part IIAt present, the export-led economic growth pattern seems not a favorable way for China to develop her economy. Then, what is the new accelerator of GDP? As According to Mankiw, GDP is the sum of its consumption (C), investment (I), government purchases(G), and net exports (NX): Y=C+I+G+NX. It is worthwhile analyzing each components of GDP, to see which one could take the responsibility of being an economic booster. Since the NX are facing lots of difficulties now, and government purchases usually cannot be the main driving force of economy. There are just two rivals, Mr. C, and Mr. I. We first look at the performance of these two competitors in recent years. In 2007, consumption shared 39.4 percent of GDP, while investment was 40.9 percent. Mr. I seemed to be the No.1contributor to the GDP. The ratio of these two components of GDP was almost the same in the year of 2006. But it was difference situation during the period from 1979 to 2000. Compared to the performance of the two competitors, excepting the years of 1993, 1994 and 1995, consumption has been always in the first place (National Bureau of Statistics of China, 2007). And the standard deviation of consumption is much lower than investment, which indicates that consumption is a more stable factor contributing to GDP. Compared the ratio of the Mr. C and Mr. I in other economies in nowadays, for instance the US, personal consumption expenditure has shared 70 percent of American GDP from 2002 to 2007, while gross private domestic investment contributed to 16 percent on average during the same period (U.S. Bureau of Economic Analysis, 2009). According a report released in 2003 from Morgan Stanley, as the world’s fourth largest economy, China’s private consumption expenditure shared 35 percent of GDP, meanwhile, the proportion of same part in the US’s GDP was 50 percent. The share of consumption in China’s GDP may be the lowest in major economies. To understand these facts and figures, the low proportion of consumption in GDP indicates that China has a large potential to increase her GDP by stimulating consumption. Another reason of increasing consumer spending is as Nicholas Lardy, a researcher in The Peterson Institute for International Economics, Washington, said, if China cannot transfer her economic growth from export and real estate investment to consumption, China’s trade sur plus will continue to increase, this will inevitably lead to more serious trade conflict and criticism of trade protectionism. In addition, Chinese domestic market has one of the most enviable advantages, the huge number of population. It means consumption could be a more powerful driving force of economy compared with other huge economies (Matthew Benjamin, n/d).Part IIIIt is visible that Chinese government should adopt a series of policies to stimulate domestic consumption, especially through a set of fiscal and monetary policies. In order to expand consumer spending, expansionary monetary policies should be put into practice. To discuss how the monetary policies influence consumption, their effects on the aggregate demand should be shed light on. If the central bank conducts expansionary monetary policies, it would increase the money supply or decrease the interest rate. There are three main tools for the people’s bank of China to control the money supply, open-market operation, reserve requirements and discount rate. By purchasing government bonds, decreasing reserve requirements and lowering discount rate, the China central bank give monetary injection to the economy leading an increase of quantity of money at any point of interest rate thus shifting the money supply curve to the right. As a result, the interest rate decreases to adjust to the raised quantity of money. The lower interest rate will discourage people saving money in the banks, instead it stimulate people’ consumption, which will increase the quantity of goods and service demanded.The expansionary monetary itself is a good way of stimulating consumption, and it is also an import supplementary condition to pro-active fiscal policies, because the decreased interest rate will counteract the crowding-out effect, which increases interest rate and offsets aggregate demand, brought by expansionary fiscal policies. However, this monetary policy is not a perfect way, because of two reasons. Primarily, an expansionary monetary policy usually causes inflation while increasing the money supply. Inflation will reduces the real value of money thus weakening the purchasing power of RMB holding in consum ers’ hand, which goes against the purpose of increasing consumption. In addition, it is only a method of adjusting and controlling, not a fundamental solution which considers the distinct situations hindering consumption in China. Therefore, a more effective method may lie in the fiscal policies.Before recommending the fiscal policies China may use to stimulate consumption, the factors blocking people fishing out their wallets should be acknowledged. Firstly, Chinese have more anxieties than western consumers when they walk into a shopping centre. There are many reasons lie behind it. But the most important one is the immature social insurances system. The high expenditure of children’s’ education, medical treatment, housing, and pension worries a large number of Chinese people. The second factor lie behind is a bit like the first one, but it is in another perspective. The consumers in China can be grouped into three categories, high-income consumers, which are those moneybags, middle income consumers, which represent most of working people in cities and low income consumers, which include peasants and peasants-workers, accounting for most of Chinese population. The first group cannot contribute to the consumption a lot because the numbers of them is really small in China and they prefer go shopping overseas instead of contributing to mother nation’s GDP. The middle income consumers are the main force promoting consumption, but the expenditure of living in cities is too expensive so they cannot contribute to the consumption a lot. For those peasants and peasant-workers, the willingness of consuming is not a problem; the problem is that they get no money to consume.Having got a better understanding of these factors hindering consumption, two fiscal policies are recommended to increase consumer spending. The first one is to set a maximum level of profits earned by medical, real estate and private education industries and the excess profits should be heavily taxed. This method eases the worries of middle income people for consumption. In other words, it increases the money available in hand to go shopping of middle income group by decreases the spending of living. In addition, without fear of trouble in the rear, people are much more eager to consume. It will increase the aggregate demand at any point of price level, thus shifting the aggregate demand curve the right, reaching the purpose of expanding consumption. Another fiscal policy is to increase the tax on people in the high-income group. The rate of tax on high income people is very low compared to other countries. But 80 percent of reveres deposited in the backs in China is owned by only 20 percent of people who onlycontributes to 10 percent of total personal income tax. A higher tax on these people could collect a large sum of money which can be used as public expenditure on low income people, such as subsidies encouraging consumption, building economical affordable housing, etc. When considering the multiplier, crowding-out effect and other advantages and shortcomings of these two fiscal policies, these two policies have much more good effects. The crowding-out effect of these two policies are not obvious since there are no direct money inflows in the economy, instead, the first policy cut the psychological blocking factors influencing consumption and the second policy improved the purchasing power of most of people in China without increasing much public expenditure which may cause financial deficit. Finally, the heavy tax on high income people may not change the willingness and purchasing power of high-income consumers. Since they still are wealthy and with desires to consume.Executive SummaryTo conclude, in the storm of economic crisis, China can no longer increase her GDP much depending on export. This essay seeks another accelerator of GDP, and finally finding out another dependable driving force of economy, consumption. Thus it suggests some fiscal and monetary policies to make sure this accelerator can work normally and strongly. These polices include expansionary monetary policies and two fiscal policies which aim at solving some blocking factors of consumption. Finally, it evaluates these policies and reaches the conclusion that their benefits are much more than shortcomings. Those are the polices that government may use to reduce China’s dependence on export-led economic growth and increase the domestic consumption demand.。
金融英语精华
Part 1 Money and Credit1. The Functions of Money1. Medium of Exchange or Means of Exchange2. Unit of Account or Standard of Value3. Store of Value2. Types of Money(1) Commodity money or money in kind(2)Representative money(3) Credit money(4) Electronic Money3. The Development of Monetary Systems and Their Types(1) The silver standard (16th century)(2) The bimetallic standard (16th—18th century)(3)The gold standard (1813—1914 the beginning of World War II )(4) Inconvertible credit money standard4.Credit in economics refers to a behavior of borrowing and lending with the feature of repayment of the principals plus interests and is a special form of movement of value.5. The Features of Credit(1)Temporization(2) Repayment(3) Profitability(4) Risk6. The Forms of Credit1. Commercial Credit2. Bank Credit3. Public Credit4. Consumer Credit5. Private Credit Part 2 Money Demand and Money Supply1.Real money demand = Nominal money demand/Price index2. The Factors That Determine Demand for Money1. The Level of Interest Rates and Financing Conditions2. Yields and Investment Environment3. Expectation of Inflation and Price Level4. Income Level and Techniques of Managing Money Matters5. The Forms of Individuals’ Income and Time Interval of Obtaining Income6. The Efficiency of Financial Markets and Transaction Costs7. The Velocity of Money3.Theories of Money Demand1. Marx’s Theory of Money Demand2. The Classical Quantity Theories of Money Demand(1) Fisher’s equation of exchange(2) Cambridge cash-balance approach(3) Keynesian theory of money demand1)Transaction motives2)Precautionary motives3)Speculative motives4)Liquidity trap of money demand 3. Modern Quantity Theory of Money Demand4. The Evaluation of Major Western Monetary Theories4.The endogeneity of money supply refers to the case that money supply dependson the real variables in economic system, such as income, savings, investment,consumption and the action of micro-entities, not on the monetary policy of monetary authorities.The Endogenous variable is callednon-policy variable. The exogeneityof money supply refers to the case that money supply is subject to the monetary policy of monetary authorities to large extent. Monetary authorities can contract or expand the quantity of money supply in society with monetary policy instruments. The exogenous variable is also called policy variable.Part 3 Inflation and Deflation 1. The Measurement of Inflation theConsumer Price Index ( CPI),the Producer Price Index ( PPI)the GDPdeflator.The Types of Inflation(1 ) According to the speed of price rise, there are1)creeping inflation：2%—4% and is lower than economic growth rate2)moderate inflation：4%—9% and is lower than economic growth rate too3)galloping inflation：double-digit inflation and its rate is higher than the economic growth rateAccording to the expectation of inflation, there are1）expected inflation2)non-expected inflation(3) According to the ways inflation manifests itself, there are1)open inflation：without government intervention2)hidden inflation:manifests itself in the way of non-price rise,such as goods shortage, market slump and so on (4)According to the causes of inflation, there are1)demand pull inflation2)cost push inflation3)hybrid inflation4)structural inflation:the price rise because of the change of economic structure when aggregate demand and supply are in equilibriuma. Demand-transfer inflationb. Inflation caused by differences of sectorsc. North European inflationE. Imported inflation3. Inflation Effects1. Inflation and Economic Growth(1) Promotion doctrine(2) Hindrance doctrine(3) Neutral doctrine2. Inflation and Employment(1) Phillips curve(2) The policy implication of the Phillips curve(3) Long-term Phillips curve and its shift 3. Wealth and Redistribution of Income(1) Creditors(2) Debtors(3) Taxpayers(4) Money-holders4. Inflation and Distribution of Resources4. The Counter-measures of Inflation 1. Policies Concerning Demand Controlling(1) Tight monetary policy(2) Tight fiscal policy2. Income Policy(1) Wage-price control(2) Wage-price guideline(3) The tax-based income policy3. Income-Indexation Policy4. Supply Policy(1) To adjust industrial structure and perfect a variety of consumption goods (2) Expand range of supply and take in money in the market5. The Measurement of Deflation(1) The change of general price level(2) The change of money supply6. The Causes of Deflation(1) The state of money supply caused by improper monetary policy(2) Insufficient effective demandA. The fall of consumptionB. Insufficient investment demandC. The reduction of government spendingD. The decrease of export(3) Surplus of productive capacity7. The Effects of Deflation(1) Deflation and recessionA. Investment desire is weakenedB. Profit decreasesC. Household income decreases and unemployment rises(2) The effects of deflation on banking(3) The effect of deflation on wealth distribution(4)The effect of deflation on consumption8. The Counter-measures of Deflation (1) Expansionary macroeconomic policies(2) Adjustment of production structure(3) Other counter-measures of deflation Part 4 Balance-of-Payments1. Current AccountgoodsServicesInvestment incomeunilateral transfers 2.Capital AccountDirect investment.Securities.Bank claims and liabilities.3. Statistical Discrepancy: Errors and Omissions4.Balance-of-Payments Adjustments 1. Price Adjustments(1) Gold Standard(2) Quantity Theory of Money2. Interest Adjustment3. Income Adjustment4. Monetary Adjustment1). Payments Imbalance Under Fixed Exchange Rates2). Policy ImplicationsPart 5 Foreign Exchange1.Exchange-Rate Determination(1)Market fundamentalsBilateral trade balancesReal incomeReal interest ratesInflation ratesConsumer preferences for domestic or foreign productsProductivity changes affecting production costsProfitability and riskiness of investments Product availabilityMonetary policy and fiscal policy Government trade policy(2)Market expectationsNews about future market fundamentals Speculative opinion about future exchange rates不同时期主导因素：short run (a few weeks or even days): dominated by transfers of financial assets ( bank deposits) that respond to differences in real interests and to shifting expectations of future exchange ratesmedium run(several months):governed by cyclical factors such as cyclical fluctuations in economic activitylong run (1,2, or even 5 years): dominated by flows of goods, services, and investment capital, which respond to forces such as inflation rates, investment profitability, consumer tastes, real income, productivity, and government trade policy2.Types of Foreign-Exchange Transactions1)A spot transaction is an outright purchase and sale of foreign currency for cash settlement not more than two business days after the date, the transaction is recorded as a spot deal. 2)Forward transactions differ from spot transactions in that their maturity date is more than two business days in the future.3)A currency swap is the convertion of one currency to another currency at one point intime, with an agreement to reconvert it back to the original currency at a specified time in the future.Part 6 Macroeconomic Policy in an Open Economybalance-of-payments ( BOP)1.Policy Instruments2.External DebtGross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of principal and/ or interest by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy 3.a country can be said to achieve external debt sustainability if it can meet its current and future external debt service obligations in full, without recourse to debt rescheduling or the accumulation of arrears and without compromising growth.4.Indicators of External Debt Sustainability Solvency 偿债能力(1)Debt ratios(2)Ratio of debt to GDP and ratio of present value of debt to GDP(3)Ratio of present value of debt to fiscal revenue(4)Ratio of debt service to exports(5)Ratio of international reserves to short-term debt5.The Purpose of Holding Foreign ReserveEconomic sizeCurrent account vulnerability易损性Capital account vulnerabilityExchange rate flexibility弹性Opportunity costPart 7 Financial Regulation1. Objectives of Financial Regulation1. Consumer Protection2. Systemic Stability3. Efficiency of the Financial SystemI. The Economic Rationale for Financial Regulation1. Externalities: Systemic Issues2. Market Imperfections and Failures3. Economies of Scale in Monitoring4. Lemons and Confidence5. The Grid Lock Problem6. Moral Hazard7. Consumer Demand for Regulation Part 8 Commercial BankBusinesses1.Coredeposits, are stable deposits that are typically not withdrawn over short periods of time.demand deposits,NOW and ATS accounts,MMDAs, savings,other savingstime deposits less than US ＄100 000存款的种类（一）交易账户:是私人和企业为了交易目的而开立的支票账户，客户可以通过支票、汇票、电话转账、自动出纳机等提款或对第三者支付款项。
HND
1.Unemployment (Unemployment) are broad and narrow. The broad unemploymentis a state of separation of production and workers. In this state, the production potential and initiative of the workers can not play, not only a waste of social resources, but also a negative impact on the socio-economic development. The narrow unemployment is the ability to work at the age of statutory labor and employment aspirations of the workers lose or not get paid to have the job of social phenomena. Depending on the different causes of unemployment can be divided into the following three types: 1, frictional unemployment: means in the process of conversion work, unemployment, structural unemployment: due to changes in industrial structure or production technology, making the original workopportunity to disappear and unemployment, cyclical unemployment: the unemployment caused by the fluctuations in the economic cycle.2.The New Deal introduced the ability to withdraw benefits from those who refused"reasonable employment". A complementary project was introduced in 1999, the Working Families Tax Credit. This is a tax credit scheme for low income workers which provides an incentive to work, and to continue in work. The New Deal is a programme of active labour market policies introduced in the United Kingdom by the Labour government in 1998, initially funded by a one-off £5 billion windfall tax on privatised utility companies.[1] The stated purpose is to reduce unemployment by providing training, subsidised employment and voluntary work to the unemployed.3.Although the social impact of unemployment is difficult to estimate and measure,but it is the most vulnerable people feel.Unemployment threaten the stability of the family as a social unit and economic unit. No income or loss, the head of the household can not play its due role. Family demands and needs are not met, the family relationship will be jeopardized. Western psychology studies have shown that the dismissal of the trauma caused by no less than the death of friends and relatives or academic failure. In addition, the interpersonal relationships outside the home by the serious impact of unemployment. Unemployed in the employment of staff who have lost self-respect and influence, is facing the possibility of colleagues refused, and may lose self-esteem and self-confidence.Ultimately, the unemployed, emotionally severely hit. The existence of a large number of unemployed persons has a double impact on China's economic growth and international competitiveness. On the positive side, it provides a wealth of labor resources for sustained development in China in 26 years. The same time, the existence of mass unemployment, the employment of personnel always maintain the enormous pressure, which eased the pressure on wage growth, so that China's manufacturing industry has long maintained the advantages of low wage costs.However, the existence of mass unemployment on the negative impact of economic growth can not be ignored. First of all, from the domestic factors, the existence of a large number of the unemployed population makes China's economic growth mode has always been difficult to complete by the investment-driven to consumption-led growth transformation. This is because a large number of unemployed persons can not benefit from economic growth, it isnot possible to increase consumer demand, ability to pay. A few high-income group, the demand for domestic consumption to some extent, is saturated, so a lot of consumer spending into the overseas developed countries, but also poured in a less cost-effective investment.From the history of world economic growth, this mode of growth is neither stable nor sustainable. Moreover, due to the social needs and to provide employment opportunities for low labor costs, the government and enterprises lack the power of the relaxed environment of economic structural adjustment and technological advancement. These factors will hinder long-term international competitiveness of China's economy4.5.Fiscal policy (the Fiscal policy / 'fiskl' pɒləsi / AmE 'pɑ: ləsi /) economicsvocabulary. An overview of the fiscal policy fiscal policy refers to the guiding principles prescribed by the State in accordance with the mandate of the political, economic and social development in a certain period financial, through fiscal spending and tax policy to regulate aggregate demand. The increase in government spending can stimulate aggregate demand, thereby increasing the national income, and vice versa suppress aggregate demand, reduce national income. Tax is a contraction of the power of the national income and, therefore, increase government revenue, inhibition of aggregate demand and thus reduce the national income, in turn, stimulate aggregate demand to increase national income.Fiscal policy is an integral part of national economic policy.It enacted by the state, representing the will and interests of the ruling class, has a distinct class character, and is subject to a certain level of development of social productive forces and the corresponding economic relations constraints. Fiscal policy is an integral part of national economic policy is closely linked with other economic policies. The formulation and implementation of fiscal policy, there must be financial policies, industrial policy, income distribution policy, economic policy coordination.ernment spending at all levels of government spending, consists of two parts,0to build roads, the establishment of the court, setting up schools. This part is included in GDP. Another part is not included in GDP, transfer payments, bond interest接书1017.iooi8.Regional policy is based on regional differences and develop a series ofmacro-operation mechanism for coordination of inter-regional relations and regional policy and the impact on regional development at the macro level. Its contents, the main regional economic policies, structural policies, landscape and nature conservation policy. To reduce regional employment differences as the main goal of regional policy.England's land area outside of the coal resources are relatively poor, the limited capacity of the domestic market. Leading position in the world after the Industrial Revolution, industrial products mainly for export, and industrial raw materials other than agricultural products and coal is heavily dependent on imports. Industrial products in exports, the whole economic cycle to be broken, causing the economic crisis, significant increase in the unemployedpopulation. Because of its traditional industries are highly concentrated geographically, resulting in a high rate of unemployment in some areas. Therefore, the spatial differences as the primary objective of the British regional policy to reduce the unemployment rate.Second, regional policy intermittently severely about party politics. British Labour and Conservative economic policy is an obvious difference, Labour biased in favor of policy interventions, emphasis on social justice; the Conservative Party is advocating a free market economy, emphasizing efficiency. Therefore, as part of the regional policy of the government intervention in economic activity, when Labour came to power, attention, the Conservative Party during the reign neglected.Three, regional policy, administrative and financial measures as the main means of implementation. In order to reduce the regional differences in the unemployment rate, the British regional policy emphasizes the adjustment of industrial layout. Through administrative means (such as the permit system) restrictions on industrial layout in the unemployment rate relatively low in London, to encourage industry to relocate or to open new factories to the traditional industries and high unemployment concentrated. Formulate preferential policies to financially induced by the low-unemployment areas migrate to areas of high unemployment。
Fiscal Policy
Summary
1
Fiscal Policy
• A government choice of expenditure policy and a tax and transfer policy is called fiscal policy. Fiscal policy is defined as the use of government purchases, transfer payments and taxes to affect macroeconomic variables such as employment, the price level and the level of real GDP.
• Discretionary Fiscal Policy – requires ongoing decisions involving the deliberate manipulation of government purchases, taxation and transfers to promote macroeconomic goals such as full employment, price stability and economic growth.
11
Fiscal Fiscal policy
• The benefit of fiscal policy is that it ensures that government expenditures are sustainable in the long run. This is achieved by ensuring that the budget is balanced over the medium term. This approach also advantage the current expenditure is met by current tax revenue, rather than passing the responsibility of financing such expenditure on to future government through borrowing and accumulation of debt. Increasing government saving also allows the government’s net asset situation to be improved through the retirement of government debt. This also reduces net interest payments on debt and increases the out of funds available for expenditure on areas such as education, health, and security. Increased government saving also reduces the government’s demand for private saving and facilitates a lower interest rate environment. Increased in Government savings will contribute to an improvement in Australia’s external position. The current deficit partly reflects the gap between national investment and national savings. Fiscal policy can reduce the risk premia attached to interest rates by international lenders. Budget deficit, rising levels of government debt and uncertainty regarding the direction of future economic policy can be a cause for concern among international lenders, such that they require higher interest rate to compensate before they lend to finance either government or private debt in Australia Disadvantage of Fiscal policy • Fiscal Policy Tends to Lack Flexibility – Since we have only one federal budget once a year, this does not give enough flexibility to cope with the changing economy through the course of the year. Fiscal policy also suffers in flexibility because it is sometimes difficult to reduce government expenditure once it has begun. Even economic climate has change; expensive projects such as bridges cannot be abandoned before completion, if only because contracts have to be honoured. Welfare payments cannot be reduced. • Time Lags make fiscal Policy Imprecise – there is usually a lag between the time when the need for fiscal action is recognised and the time when that action is actually taken. For example, GST policy legislation to be debated in parliament, this took an unpredictable time. • Some Fiscal measures are Politically Undesirable – a problem with using fiscal measures to control the level of demand is that political factors may override sound economic consideration. Government has social and political goals as well as economic ones and even the economic climate require a reduction in the level of total spending, because of election; it may increase welfare spending and reduce income taxes. • Fiscal measures do not treat people equally – Since various taxes and various types of government spending affect different members of the community to different degrees, and this can be considered inequitable. For example, Progressive income taxes are sometimes considered to penalise the hard working and social services to benefits 12 those who do not try to take care of their own needs.
案例分析英语怎么说
案例分析英语怎么说案例分析不仅能考察考生了解知识的程度，而且能考察考生理解、运用知识的能力，更重要的是它能考察考生综合、分析、评价方面的能力。
那么你知道案例分析用英语怎么说吗?接下来跟着店铺来学习一下吧。
案例分析的英语说法1：case analysis案例分析的英语说法2：case study案例分析相关英语表达：融资案例分析 case analysis of financing状态图案例分析 State Diagram Example Analysis广告案例分析 Advertising Case Study行政行为案例分析 Case Analysis of Administrative Action西方案例分析 the western case Analysis案例分析的英语例句：1. The Case Against the Case Against Discretionary Fiscal Policy.案例分析反对任意财政政策.2. The thesis explains investment decision of R & D upgrading through case analysis finally.最后通过案例分析进一步阐释R & D升级投资的投资决策.3. The second part is the case analysis to main business development strategy.第二部分是主营业务发展战略的案例分析.4. The article includes two parts the case and the case study.本案例包括两部分:案例和案例分析.5. Finally, an illustrative example is given to show of the method.最后通过案例分析,表明该方法具有实际应用价值.6. This paper consists of case introduction and case analysis.本报告分为案例介绍及案例分析两部分.7. Ltd. It consists the case and the case analysis.主要由案例正文和案例分析组成.8. This article adopts theoretical reasoning and case analysis as research methodologies.本文主要采取理论论述和案例分析的研究方式.9. The paper ends with the case - analysis a hi - tech enterprise.文章结尾的案例分析也是以高科技企业作为分析对象的.10. This thesis consists of two parts the case and the case analysis.本论文包括两部分:案例正文和案例分析.11. Synthesize your knowledge of financial reporting througha comprehensive case analysis.通过一个综合性案例分析汇总你的财务报告知识.12. Simple talk about USe case teaching methodology ofthe change in specialities course.本文运用矿井典型事故案例分析,寓于专业课教学环节中.13. This part provides the necessary information and material for case study.为案例分析提供了必要的资料和素材.14. In section two , we analyze successful case of some country non - performing assets.本章的第三节,在前文案例分析的基础上, 归纳了各国成功解决不良资产问题的经验.15. Finally, a case is analyzed from the viewpoint of enterprises and macrostructure.同时从企业层次和宏观层次进行案例分析.。
LECTURE_10_fiscal_policy
The cyclically adjusted budget deficit
• The cyclically adjusted budget deficit is an estimate of what the budget deficit would be if the economy were at potential output. • It fluctuates less than the actual budget deficit, because years of large budget deficits also tend to be years when the economy has a large recessionary gap.
• Since 2010 the government policy has moved in the opposite direction and an austerity package has been introduced.
• Some tax increases have been announced and the government is cutting government expenditure.
The budget deficit as a percentage of GDP tends to rise during recessions (indicated by shaded areas) and fall during expansions.
22 Fiscal Policy, Part 1
4. Corporate taxes, and
5. Grants-in-aid to state and local governments.
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The Government Budget
22-9
The Government Budget
22-10
Fiscal Policy in the AD/AS Model
3. Grants-in-aid to state and local governments.
4. Net Interest Payments, INTEREST.
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The Government Budget
• Major components of receipts (TAXES):
1. Personal taxes, 2. Contributions for social insurance, 3. Taxes on production and imports,
• The tax multiplier is smaller than the spending multiplier. • This is the balanced budget multiplier.
2. An increase in inflation.
3. An increase in the real policy interest rate.
1. With an increase in taxes.
2. With borrowing from the public. 3. With borrowing from the central bank.
22-27
1. An Increase in Taxes
Fiscal-and-Monetary-policyPPT课件
Real budget deficit 实际预算赤字= cyclical + structural deficit
5
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Theoretical approaches to fiscal policy 理论上接近财政政策
Keynesian school
Fiscal Policy and Monetary Policy
1
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Fiscal Policy
Refers to the government’s use of its annual budget年度预算 to achieve the government’s objectives政府目标: balanced economic growth, low unemployment rate, low and steady inflation rate, balanced balance of payment经济的稳定増长，低 失业率，低的稳定的通货膨胀率，收支平衡
Contractionary (如以抑制消费增长等方式)引起经济萎缩(或紧缩 )的fiscal policy – in the period of expansion, government spending decrease or tax increase decrease of aggregate demand, product, income and employment (“stop” approach)
Lower budget deficit低的预算赤字 Larger surplus 大的预算盈余
3
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Tools of fiscal policy
ACCA英国注册会计师(F1)Chapter1-4题库大全
ACCA英国注册会计师（F1）Chapter1-4题库大全姓名:_____________ 年级:____________ 学号:______________1、Monetary policy is a government economic policy relating to:1 Interest rates2 Taxation3 Public borrowing and spending4 Exchange ratesWhich of the above are correct?A1 and 4B2 and 3C2 and 4D3 and 4答案解析：Rationale: Government policy on taxation, public spending and public borrowing relates to fiscal policy. Government policy on interest rates and exchange rates are part of the monetary policy.2、Which of the following organisations might benefit from a period of high price inflation? AAn organisation which has a large number of long-term payablesBAn exporter of goods to a country with relatively low inflationCA large retailer with a high level of inventory on display and low rate of inventory turnover答案解析：Rationale: Debts lose ‘real’ value with inflation: a company that owes a lot of mo ney wouldeffectively pay less (in real terms) over time. The other organisations would suffer because: inflation would make exports relatively expensive and importsrelatively cheap； business might be lost due to price rises； and the cost of implementing price changes would be high.Rationale: The four main objectives of macroeconomic policy relate to economic growth, stable (not zero) inflation, unemployment and the balance of payments (balance between exports and imports).3、Which of the following are the goals of macroeconomic policy?1 Encouraging economic growth2 Low unemployment3 Achievement of a balance between exports and imports4 Achieving zero inflationA1 and 2B2 and 3C2, 3 and 4D1, 2 and 3答案解析：Rationale: The four main objectives of macroeconomic policy relate to economic growth, stable (not zero) inflation, unemployment and the balance of payments (balance between exports and imports)4、Which of the following is an example of cyclical unl Rationale: Recession is part of the business cycle: demand for output and jobs falls, and unemployment rises until recovery is well under way. Option A is an example of frictional unemployment； option B of seasonal unemployment；option C of technological unemployment.Pitfalls: It is easy to confuse cyclical with seasonal unemployment, or frictional unemploy ment that occurs on a seasonal basis (eg option A). You need to associate cyclical employment firmly with business cycles.5、A surplus on the balance of payments usually refers to a surplus or deficit on the account.Which word correctly complete this statement?ACurrentBCapitalCFinancial答案解析：Rationale: It is particularly tempting to equate a trade surplus or deficit with a ‘profit’ or ‘loss’ for the country, but this is not the case.6、 Northland, Southland, Eastland and Westland are four countries of Asia. The following economic statistics have been produced for the year 2007.Which country experienced stagflation in the relevant period?ANorthlandBSouthlandCEastlandDWestland答案解析：Examiner’s comments. The examiner commented that some students struggled with this question. Stagflation occurs when economic growth (defined by the change in national income in a period) is low or negative, and inflation is high. So the relevant figures are percentage change in GDP and change in consumer prices.7、____economic growth is determined by supply-side rather than by demand side factors.Which word correctly completes this statement?AActualBPotentialCNational答案解析：Rationale: Potential growth is the rate at which the economy would grow if all resources were utilised: it is therefore determined by factors in the capacity of the economy (supply side), such as increases in the amount of resources available, or in the productivity or resources. Actual growth is determined both by growth in output (supply side) and aggregate demand (demand side). Option C was merely a distractor8、In a free market economy, the price mechanism：AAids government controlBAllocates resourcesCMeasures national wealth答案解析：Rationale: In a free market economy, it is the interaction of supply and demand through the price mechanism that determines what should be produced and who should get it.9、Which one of the following statements is true?ALimited company status means that a company is only allowed to trade up to a predetermined turnover level in any one yearBFor organisations that have limited company status, ownership and control are legally separate.CThe benefit of being a sole trader is that you have no personal liability for the debts of your business.DOrdinary partnerships offer the same benefits as limited companies but are usually formed by professionals such as doctors and solicitors.答案解析：Rationale: In a limited company, the owners (shareholders) are separate from the managers of the concern (board of directors).Pitfalls: Some options look plausible because of the wording. ‘Limited’ doesn’t mean ‘only being allowed to trade up to’ - but looks as if it might. The second half of the statement about partnerships is true - but this doesn’t mean that the first half is also true.Ways in: You should have been able to ru le out A (no company’s turnover is limited), C (sole traders do have personal liability for debts: they do not have ‘limited liability’) and D (ordinary partnerships are different from limited companies)10、An organisation is owned and run by central government agencies. The organisation is best described as which of the following statements?AA voluntary sector organisationBA private sector organisationCA public sector organisation答案解析：Rationale: Such an organisation is part of the public sector. The voluntary sector comprises charities and other organisations whose members are volunteers. Private sector comprises nongovernmental organisations,such as limited companie.Pitfalls: Watch out for ‘public’ and ‘private’ sector terms - and be able to distinguish clearly between them.11、12、Which of the following groups may be considered to be stakeholders in the activities of a nuclear power station?(i) The government(ii) Environmental pressure groups(iii) Employees(iv) Local residentsA(i) (iii) and (iv)B(i), (ii), (iii) and (iv)C(iii) onlyD(i) and (iii) only答案解析：Rationale: All these groups have a legitimate stake in the enterprise: the government, as a regulator; employees, as participants in the business; and environmental pressure group and local residents, because of potential impacts.Pitfalls: Don’t forget externa l stakeholders!13、The term secondary stakeholders describes which group of stakeholders?AStakeholders who conduct transactions with the organisationBStakeholders who have a contractual relationship with the organisationCStakeholders who do not have a contractual relationship with the organisation答案解析：Rationale: Secondary stakeholders are stakeholders who do not have a contractual relationship with the organisation.Primary stakeholders are stakeholders who do have a contractual relationship with the organisation.14、Which of the following organisations would rely most heavily on value for money indicators and efficiency rather than information on performance and profitability?AA private accountancy collegeBA local authorityCA small retailer答案解析：。
Guidance and Policy Actions
Economic ProjectPart 4 --- Guidance and Policy Actions1.Monetary PolicyMonetary policy is controlling of the quantity of money in circulation for the expressed purpose of stabilizing the business cycle and reducing the problems of unemployment and inflation. In days gone by, monetary policy was undertaken by printing more or less paper currency. In modern economies, monetary policy is undertaken by controlling the money creation process performed throughfractional-reserve banking.The Federal Reserve Systemis U.S. monetary authority responsible for monetary policy. In theory, it can control the fractional-banking money creation process and the money supply through open market operations, the discount rate, and reserve requirements. In practice, the Fed primarily uses open market operations, the buying and selling of U.S. Treasury securities, for this control.An important side effect of money supply control is control of interest rates. As the quantity of money changes, banks are willing to make loans at higher or lower interest rates.Monetary policy comes in two basic varieties--expansionary and contractionary. Expansionary monetary policy or easy money results if the Fed increases the money supply and lowers interest rates and is the recommended policy to counter a recession. Contractionary monetary policy or tight money occurs if the Fed decreases the money supply and raises interest rates and is the recommended policy to reduceinflation.Inflation is a sustained increase in the general level of prices, which isequivalent to a decline in the value or purchasing power of money. If the supply of money and credit increases too rapidly over time, the result could be inflation.The goals of monetary policy are to promote maximum employment, stable prices and moderate long-term interest rates. Full employment results when all available resources (especially labor) willing and able to engage in production are producing goods and services. Falling short of this goal resultsin unemployment. Because some degree of unemployment naturally exists in a modern complex economy, full employment is achieved if the unemployment rate is about 5 percent. Unemployment means the economy forgoes the production goods andservices.Stability exists when fluctuations in prices, production, and employment have been eliminated. While stability for all aspects of the economy are important, monetary policy tends to be most concerned with price stability, that is, keeping the price level in check and eliminating inflation. Inflation erodes the purchasing power of financial wealth.Economic growthoccurs when the production capacity of the economy increases over time, which is achieved by increasing the quantity and/or quality of resources. When the economy grows and production capacity expands, then more goods and services are available to satisfy wants and needs. Without economic growth, the economy stagnates, and often even experiences a falling living standard.By implementing effective monetary policy, the Fed can maintain stable prices, thereby supporting conditions for long-term economic growth and maximum employment.The Federal Reserve’s three instruments of monetary policy are open marketoperations, the discount rate and reserve requirements.Open market operations involve the buying and selling of government securities. The term “open market” means that the Fed doesn’t decide on its own which securities dealers it will do business with on a particular day. Rather, the choice emerges from an “open market” in which the various securities dealers that the Fed does business with – the primary dealers – compete on the basis of price. Open market operations are flexible, and thus, the most frequently used tool of monetary policy.The Fed can also adjust the interest rate that it charges banks for borrowing reserves. Higher or lower rates affect the amount of excess reserves that banks have available to make loans and create money. If the Fed lowers the discount rate, then banks can borrow more reserves, which they can use to make more loans at lower interest rates, which then increase the money supply. If the Fed raises the discount rate, then banks can borrow fewer reserves, which they use to make fewer loans at higher interest rates, which then decrease the money supply. Changes in the discount rate are most often used as a signal for monetary policy actions.The Fed can further adjust the proportion of reserves that banks must keep to back outstanding deposits (the reserve ratio). Higher and lower rates affect the deposit multiplier and the amount of deposits banks can create with a given amount of reserves. If the Fed lowers reserve requirements, then banks can use existing reserves to make more loans and thus increase the money supply. If the Fed raises reserve requirements, then banks can use existing reserves to fewer more loans and thus decrease the money supply. This tool is seldom used as a means of controlling the money supply.2.Fiscal PolicyFiscal policy makes use of the federal government's powers of spending and taxation to stabilize the business cycle. This policy is under the control oflegislative and executive branches of the federal government charged withcollecting taxes and spending available revenues.If the economy is mired in a recession, then the appropriate fiscal policy is to increase spending or reduce taxes--termed expansionary fiscal policy. During periods of high inflation, the opposite actions are needed, to decrease spending or raise taxes--thatis,contractionary fiscal policy.Keynes recommends that, during periods of recession, Congress should increase government spending in order to “prime the pump” of the economy. At the same time, he recommends, Congress should decrease taxes in order to give households more disposable income with which they can buy more products.Through both methods of fiscal policy, the increase in aggregate demand stimulates firms to increase production, hire workers, and increase household incomes to enable them to buy more. Keynes advocates the opposite positions during times of rapid inflation. In order to slow down the economy, Keynes calls for Congress reduce government spending in order to reduce pressure on aggregate demand. For the same reason he calls for tax increases in inflationary times, to reduce consumers' disposable income The reduction in aggregate demand brought about by such actions leads firms to produce fewer products, slows hiring, and reduces inflationary pressure. While both tools are effective, Keynes advocated change in government spending as the more effective fiscal policy tool, because any change in government spending has a direct effect on aggregate demand. However, if taxes are reduced, consumers most likely will not spend all of their increase in disposable income; they are likely to save some of it. In the same way, if taxes are raised, consumers are not likely to reduce their consumption of products by the same amount as the tax; they are likely to dip into savings to cover some of the change in tax rates.Although some policy makers and economists prefer fiscal policy over monetary or monetary policy over fiscal, both tend to be used in modern economies. However, the two policies are not necessarily coordinated. The monetary authority (the Fed) might pursue a contractionary monetary policy, while the fiscal authority (Congress and the President) pursues an expansionary fiscal policy.。
欧洲偿付能力II以及美国风险资本政策讲义
欧洲偿付能力II以及美国风险资本政策讲义欧洲偿付能力II（Solvency II）和美国风险资本政策（Risk-Based Capital）是两个重要的金融监管框架，旨在确保金融机构具备足够的偿付能力和风险控制，以保护金融体系的稳定和保护消费者利益。
欧洲偿付能力II是欧洲联盟对保险公司的监管规定，于2016年1月1日正式实施。
该规定强调保险公司的风险管理和资本充足性，旨在防止保险公司在面对风险时无法履行其承诺。
它要求保险公司评估其所承担的各项风险，并根据其风险水平和所需的偿付能力来确定相应的资本要求。
具体来说，欧洲偿付能力II要求保险公司制定内部模型来评估其资本需求。
这些内部模型会考虑各种风险因素，包括市场风险、信用风险、流动性风险和操作风险等，以确保保险公司能够在各种不利情况下满足其承诺。
此外，欧洲偿付能力II还要求保险公司进行定期的资本评估，并向监管机构报告其资本充足性状况。
美国风险资本政策是美国金融监管机构对保险公司的监管要求。
该政策于1990年代初引入，并在随后的几十年中不断演变和完善。
它要求保险公司根据其承担的风险程度和规模来确定其所需的资本水平。
具体来说，美国风险资本政策要求保险公司根据风险分类和资本公式来计算其所需的风险资本。
风险分类根据保险公司承保的不同风险类型进行划分，例如寿险风险、健康保险风险和财产保险风险等。
资本公式则根据风险分类和保险公司的风险承受能力来确定所需的资本水平。
在实施美国风险资本政策时，监管机构还会进行定期的风险评估和资本强度测试，以确保保险公司具备足够的偿付能力和风险控制。
综上所述，欧洲偿付能力II和美国风险资本政策都是为了保护金融体系稳定和保护消费者利益而引入的重要监管框架。
它们要求保险公司评估其风险和资本需求，并定期向监管机构报告其偿付能力和资本充足状况。
这些措施有助于确保金融机构能够在面对不利情况时履行其承诺，从而维护金融体系的稳定性。
【优】Budget最全PPT
used to gauge whether fiscal policy is adding additional demand stimulus（需求刺激） or imposing additional demand restraint
other revenues generated from
fiscal deficits
If, revenues > expenditures
goods and services
Note: The budget need not to be in balance.
government spending
Budget Deficits & Surpluses
II. Budget Deficits & Surpluses When a budget deficit is present, the government must borrow funds to finance the excess of its spending relative to revenue.
In order to It borrows
curb inflation, the government should carry out restrictive by issuing interest-bearing bonds that become part of what
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government bonds.
on a broad array of economy policy