第五章 中央银行
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Chapter 5 Central Banks
New Words and Expressions
central bank 中央银行monetary policy 货币政策money supply 货币供给
Federal Reserve System 联邦储备系统lender of last resort 最后贷款人
European Central Bank 欧洲中央银行issue currency 发行货币
bank reserve requirement 银行存款准备金要求open market operation公开市场操作
foreign exchange reserves 外汇储备gold reserves 黄金储备official interest rate 官方利率fiat money 法定货币asset 资产liability 负债rediscount 再贴现
IMF 国际货币基金组织Bank for International Settlements 国际清算银行Background
Banks help us manage our money, save for retirement, and finance our homes, cars and businesses. Our government uses a special bank to help manage the economy so that our standard of living will be going up steadily.
1、各国央行的名称
I would like to introduce the names of the central banks in different countries in the world.
在多数国家, “ Bank of+ 国名”就是中央银行。例如:Bank of Japan,(日本银行),Bank of Canada (加拿大银行)、Bank of Mexico (墨西哥银行)、Bank of France (法兰西银行),英国的央行是Bank of England(英格兰银行);但是“Bank of China( 中国银行)却不是中国的央行,Can you tell me the name of central bank in China? Well, we should know that central bank in China我们中国的央行是(People’s Bank of China) 中国人民银行; 那么Bank of America 是美洲银行,而不是美国的央行,它是一个普通的商业银行。美国的央行是美国“联邦储备系统”简称“美联储”英文是“Federal Reserve System”, 简称“Fed” or FRS; 德国的央行为:“德意志联邦银行Deutsche Bundesbank
2、各国“财政部”、“财政部长”、“和央行行长”的称呼
财政部:In Britain and America, they say “ the Treasury; the other countries say “ the Ministry of Finance”; 翻译成中文都是“财政部”,而不是“金融部”。
财政部长:In Britain, it is called “ Chancellor of the Exchequer, 财政大臣;In the United States, it is called “Treasury Secretary”(secretary of treasury); the other countries say “ Finance Minister”.
央行行长:Usually, in English, they say “governor”, because he has the responsibility to govern or regulate the other banks. 因为他有监管(govern or regulate)其他银行的职责,副行长是:deputy governor,而其他的银行的行长则称为:President. 副行长是vice president.
But, the States, this superpower always has his own characteristic美国的央行是多层次的“联邦储备系统”,称呼也有其特色。我们来了解一下这个系统。请看这句话Fed has 12 districts in the States. 意思是美联储在全国分设12个储备区,每区设立一个“地区联邦储备银行”(regional Federal Reserve Bank)为该地区的央行,其下是会员银行(member banks). Federal Reserve (美联储)的最高决策机构是联邦储备委员会(Board of Directors), 委员会的成员叫董事(governor),注意他们不是央行的行长,行长一般由总统从中挑选,英文用chairman(主席)一词。那么在全国12个区的地区联邦储备银行其行长称为:president. 为了加深印象我们来看business week商业周刊上的一句话:Federal Reserve Chairman Alan Greenspan is a conductor with a style all his own. 意思是美联储主席格林斯潘是一个独具风格的指挥。
Comprehension of the T ext
1. What is a central bank?
2. What are functions of a central bank?
3. What are the main monetary policy instruments available to central bank?
4. What does the term lender of last resort mean?
课文难句理解
A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states.
中央银行、储备银行或称货币当局是负责一国或一组成员国货币政策的机构。
Its primary responsibility is to maintain the stability of the national currency and money supply, but more active duties include controlling subsidized-loan interest rates, and acting as a lender of last resort to the banking sector during times of financial crisis (private banks often being integral to the national financ ial system).
lender of last resort
last resort: means used when everything else has failed. 表示最后一招。
例如:weapon of last resort.:使出最后的武器。
As a last resort: 作为最后的手段
As a last resort, we could borrow more money on the house. 实在不行,我们可以用房子做抵押来多贷些款。
虽然中央银行的基本职责是维持一国货币的稳定和货币供给,但是更常见的职能包括控制贴息贷款利率以及在发生金融危机时作为银行业的最后贷款人(私人银行通常是国家金融体系的组成部分)。
It may also have supervisory powers, to ensure that banks and other financial institutions do not behave recklessly or fraudulently.
中央银行还拥有监督权,用于确保银行和其他金融机构不会无所顾忌地或者欺诈地经营。Most richer countries today have an "independent" central bank, that is, one which operates under rules designed to prevent political interference.
今天大部分发达国家都有一个独立的中央银行,即在防止政治干预的法规下运行的央行。
European Central Bank (ECB)
欧洲中央银行是世界上第一个管理超国家货币的中央银行。独立性是它的一个显著特点,欧洲央行不接受欧盟领导机构的指令,不受各国政府的监督。它是唯一有资格允许在欧盟内部发行欧元的机构,1999年1月1日欧元正式启动后,11个欧元国政府将失去制定货币政策的权力,而必须实行欧洲中央银行制定的货币政策。
Federal Reserve System
美国联邦储备系统由三个部分构成的,即联邦储备理事会(Board Of Governors Of the Federal Reserve System)、联邦公开市场委员会(Federal Open Market Committee,FOMC)和地方级的12家联邦储备银行及其分支结构。
联邦储备理事会是联邦储备系统的最高机构,是美国货币政策的制定者,它控制贴现率,并可以在规定范围内改变银行的法定存款准备金率。它和联邦公开市场委员会的其他成员一道,控制着重要的货币政策工具——公开市场业务。
联邦公开市场委员会是联邦储备系统中另一个重要的机构。联邦公开市场委员会的最主要工作是利用公开市场操作(主要的货币政策之一),从一定程度上影响市场上货币的储量。