金融英语教程 第一章
[教材]高等院校金融英语教科书第一单元翻译
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货币（Money）1,1货币的定义：货币是指在支付购买商品和服务的款项方面以及在清偿债务方面为人们所普遍接受的事物。
currency(指纸币和硬币)显然符合这一定义，是money的一种类型。
然而，money仅仅是被定义为currency对于现在的人们来说太狭隘了，因为事实上不仅可以通过currency(货币，指硬币和纸币)进行支付，还可以通过支票转账和电子转账来进行支付。
因此，支票也作为被接受的用于购买的支付工具，支票账户存款也被认为是种货币。
有时，就有必要使用货币（money）的广义定义，因为如果money可以很便捷的转换为currency,那么像储蓄存款等实际上也可以发挥货币的作用。
1.2货币的类型1.2.1商品货币：商品货币或者实物货币是一种其价值来源于制作商品的货币，制作商品货币或实物货币的商品本身也拥有价值同时也可作为货币来使用。
曾被用来作为交换媒介的商品有金、银、铜、盐、大的石头、装饰的腰带、贝壳、酒、烟、大麦等。
实际上，在过去的4000年期间，主要的商品货币是贵金属：大多数是银、金，也称为足值货币，贵金属货币阶段是商品货币的阶段之一。
几乎所有的国家都曾经经历过贵金属货币（是货币的一种完美的形式）阶段。
1.2.2代用货币：代用货币或者代用足值货币是指完全有贵金属作为支持的货币。
代用货币的价值与商品有着直接固定的关系，然而它们本身并不是由商品构成。
在20世纪30年代，经济与金融危机爆发，纸币不再能兑换为贵金属，金本位制或者银本位制瓦解，主要的西方国家不得不脱离金属本位制。
因此，纸币不能再被兑换为黄金。
自那时开始，代用货币退出流通领域，信用货币就出现了。
1.2.3信用货币：信用货币既不是由特定的有价值的商品构成的也不代表特定的有价值的商品。
信用货币的价值取决于其普遍接受程度（而普遍接受程度又是以发行者的信用为基础的），信用货币是通过信用流程发行的。
信用货币有两个特征：一是和贵金属的联系，另一个其价值是基于国家政府和银行的信用。
金融专业英语 Unit 1 Money
Learning Targets
After learning this unit, you will be able to: understand the general definition of money; explain the functions of money; explain the forms of money; describe the contents of monetary system.
0 9 International Financing
1 0 Financial Derivatives
1 1 International Financial Institution
12
International Banking Regulatory Framework
Unit 1 Money
1.1 Introduction 1.2 Functions of Money 1.3 Forms of Money 1.4 Monetary System
1.1.1 History of Money
简单或偶然的价值形式
扩大的价值形式
一般价值形式
货币形式
Simple or Accidental Expanded Form of
Form of Value
Value
General Form of Value
Currency Form
1.1.1.1 Simple or Accidental Form of Value
1.1 Introduction
1.1.1 History of Money
Human society has existed for millions of years, but the emergence of money is only a few thousand years. There are many theories about the origin of money in history, but none of them have formed a complete theoretical system. Until Marx, from the view of dialectical materialism (辩证唯物 主义) and historical materialism (历史唯物 主义), explained the essence of money— the labor theory of value (劳动价值论). Marx believed that money originated from commodity exchange, and its economic root was private ownership. It was formed spontaneously in the process of commodity exchange.
Financial English 金融英语教程chapter 1 money-张铁军教材版本
2. Compound Interest S=P(I+R)n I=S-P
Page 24
1.4.2 Nominal and Real Interest Rates
1. The definition of nominal interest. P7, 1.4.2, L1-2 2. The definition of real interest. P7, 1.4.2, L3-4
Page 2
Benefits
Financial English course will provide you with:
- Greater confidence when discussing financial documents and data
- Increased verbal fluency for face-to-face negotiations
Assignment
20%
Exam
50%
Total
100%
Page 4
Part 1 Money
1. Definition of Money 2. Types of Money 3. Functions of Money 5. Interest and Interest Rate 6. Money Supply 7. China’s Monetary System
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Chapter 1 Money
Professional Terms
1．monetary area货币区 货币区是货币一体化的较高层次，它是指成员国之间的货
币建立紧密联系的地理区域。 货币区的初级阶段是固定汇率制度，包括货币局制度和美
大学金融英语chapter 1 Basics of Money精品教育文档
Notes
16. ready money or ready cash 现金 17. danger money 危险工作补贴 18. standard money 本位货币 19. smart money 投资于有高回报工程的钱 20. safe-heaven money 币值稳定且有升值空间的钱 21. fiat money 不兑现纸币 22. token money 辅币
大学金融英语
College English for Western Finance
陈庆柏 王景仙 主编
Part One
Money
Chapter One
Basics of Money
Learning objectives
After studying this chapter you should be able to: 1. Define the term of “Money” 2. Tell the reasons for studying money 3. Know the major functions of money 4. Talk about the attributes or properties of money 5. Distinguish between the chief money theories 6. Explain different types of money
hyperinflation）
Notes
8. legal tender 法定货币，法币 9. legal process 法律手续 10. Say’s Law 萨伊法则 11. Milton Friedman 米尔顿·弗雷德曼（美国和世界知名货币主义
最新金融英语课件(unit 1)
外汇清算 multilateral/bilateral clearing 多边/双边清算
Exercises and Key to Exercises
（1）1.英格兰银行 Bank of England 2.银行营业部
the central bank system in the United States : FED ---- The Federal Reserve System.
the central bank system in Britain (part A):
Bank of England
Now, let’s turn to the FED. Please try to find out the differences between the central bank system in British and the United States.
Language Points(语言点）
6. acquisition knowledge acquisition 知识收集 language acquisition 语
言习得 lump-sum acquisition 总价采购 real estate acquisition
不动产购置 7. finance n. 财务；金融；资金v.为（计划等）提供资金，
Language Points(语言点）
9. discount n. 折扣，贴现 bank discount 银行折扣，银行贴现 cash discount 付
现折扣 compound discount 复利贴现 customary discount 行
大学金融英语chapter 1 Basics of Money
Main Text
Why Studying Money
Money is essential for the operation of any economy. It is widely used in modern society by people, governments and businesses.
the text. 6. How many kinds of money do you know? Name
them as many as you can.
精品ppt
This is the end of Chapter 1
Thank you for your attention
精品ppt
精品ppt
Notes
16. ready money or ready cash 现金 17. danger money 危险工作补贴 18. standard money 本位货币 19. smart money 投资于有高回报工程的钱 20. safe-heaven money 币值稳定且有升值空间的钱 21. fiat money 不兑现纸币 22. token money 辅币
hyperinflation）
精品ppt
Notes
8. legal tender 法定货币，法币 9. legal process 法律手续 10. Say’s Law 萨伊法则 11. Milton Friedman 米尔顿·弗雷德曼（美国和世界知名货币主义者
who is for steady government-controlled money growth） 12. negotiable instruments 可转让票据（又译流通票据/证券） 13. near money 准货币=quasi money 14. postal orders （英）邮政汇票 15. bill of exchange（英）汇票（美语带用draft表示同样意思）
金融英语 chapter 1 money
Course Structure
• Chapter 1 Money, the Functions of Money and the Financial System • Chapter 2 The Banking system • Chapter 3 Interest Rate and Interest Rate Policies • Chapter 4 Money Market
• 铸币税（Seigniorage） • 也称为“货币税”。发行货币的组织或 国家的政府可以不需任何补偿地用纸制 货币向自己的居民换取实际经济资源， 从中攫取发行货币所产生的特定收益。 这部分由货币发行主体垄断性地享受 “通货币面价值超出生产成本”的收益， 就被定义为“铸币税”。Professional源自TermsQuestion
• When you buy a pair of jeans or a CD, for example, you never wonder whether the merchant will accept the bills and coins in your wallet as payment. • But suppose money didn't exist. How would you pay for the things you want to buy?
• 45．fund obligation基金负担
• 基金负担或称基金总数是指当时发行在 外的基金的总量
Professional Terms
• 58．monetary ease银根松动 • 银根monetary situation 指金融市场上的 资金供应。因中国1935年法币改革以前 曾采用银本位制，市场交易一般都用白 银，所以习惯上称资金供应为银根。 • 银根有紧松之分，判断依据是资金供需 状况。如果市场上资金供不应求，称为 “银根紧俏”或“银根紧”；市场上资 金供过于求，称为“银根松疲”或“银 根松”
金融英语第一单元试讲
金融英语教程 COURSE OF FINANCIAL ENGLISH
UNIT 1 Financial System
Li Shengnan 2016.7.26
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UNIT 1
Hale Waihona Puke Ⅰ. Lead in Ⅱ. New Words and Expressions Ⅲ. Class Practice
Ⅳ. Consolidation
V. Homework
Finance in Our Life
UNIT 1
UNIT 1
Finance in Our Life
credit card 信用卡 credit report 信用报告 to mortgage a house 按揭购 房 stock market 股市 gold 黄金 equity investment 股权投资 fund 基金 insurance保险
community bank 社区银行 micro institutions financing 小微金融 alipay 支付宝 credit loans 信用贷款 mobile finance 移动金融 internet finance互联网金融 wealth management 财富管 理
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UNIT 1
Ⅳ. Consolidation
1. Pay attention to the meaning of financial words and terms. 2. Don’t confuse the correspondence between the two pairs of terms: surplus unit VS deficit unit; borrower VS investor
金融英语chapter 1共122页文档
Part 1 Money
• 1.Origin of Money • 2.Definition of Money • 3.Functions of Money • 4.Forms of Money
Questions
• What is money? • When did money appear? • What are the functions of money? • What are the types of money? • How can we measure money?
• Checks —18th century • Electronic means of payment —credit card.
Benefits
• Financial English course will provide you with:
• - Improve the financial vocabulary • - Understand basic definitions and
business procedures
Course Structure
• Chapter 1 Money, the Interest Rates and the Financial System
• Chapter 2 Central Bank • Chapter 3 Commercial Bank • Chapter 4 Investment Bank • Chapter 5 Money Market
Course Structure
• Chapter 6 Capital Market • Chapter 7 Foreign exchange Market • Chapter 8 The Balance of
金融英语1PPT课件
Investments - Background and Issues
整体概述
概述一
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概述二
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概述三
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1-2
The Goals of Chapter 1
This chapter takes an overview of what we will learn in this text book
$22,198
Equipment and software
$3,811
Inventories
$1,634
Consumer durables
$3,843
Total
$45,199
1-8
1.2 A TAXONOMY OF FINANCIAL ASSETS
1-9
Major Classes of Financial Assets
– For individuals, the investment decision is associated with reducing current consumption and plan later consumption
Real Assets
– Assets used to produce goods and services, e.g., property, plant, or equipment
Debt (fixed income securities) (part 3)
– Money market instruments (short term, low risk)
Treasury bills or bank certificates of deposit
金融英语1学习教材
Part 1 Money and CreditSection 1 Money and Money SupplyI. The Functions of Money1. Medium of Exchange or Means of ExchangeMoney as a medium of exchange effectively eliminates the requirement of double coincidence of wants and overcomes the difficulty of barter. Money also promotes production efficiency by allowing people to specialize in what they do best. Money is therefore essential in an economy: It is a lubricant that allows the economy to run more smoothly by lowering transactions costs, thereby encouraging specialization and division of labor. In history, money first facilitated exchange, which made it possible for people to engage in what fit them most and then appeared division of labor in each trade, which brought about a great growth of production. In 19th century, western countries adopted the method of specialization and division of labor in their production on a large scale. As a result, there were increasingly ample goods people could choose and price dropped greatly. The impact of money on economy was enormous.2. Unit of Account or Standard of ValueIn a barter economy, money does not perform this function as unit of account. In a barter economy, double coincidence of wants is not only hard to find, but also difficult for two traders to agree upon an exchange ratio. For example, how many pounds of apples should be exchanged for a bag of wheat? When only two goods are traded, only one exchange ratio must be determined, but as the number of goods produced in the economy increases, the number of exchange ratios grows greatly. Negotiating the exchange ratios for goods exchanges is complicated in a barter economy because there is no common measure of value. People have to determine and keep in mind numerous exchange ratios of goods. Using money as a unit of account reduces transaction costs in an economy by reducing the number of prices that need to be considered. The benefits of this function of money grow as the economy becomes more complex.3. Store of ValueA store of value is used to save purchasing power from the time when income is received until the time when it is spent. That means money is used to defer the time of exchange of goods and services. This function of money is useful because most of us do not want to spend our income immediately upon receiving it but to wait untilwe have the time or the desire to shop.The effectiveness of money as a store of value depends on two factors: one is the easiness that people can get goods with money when in need of them; the other is the price level because the value of money is fixed in terms of the price level. A doubling of all prices implies that the value of money has dropped by half; conversely,a halving of all prices implies that the value of money has doubled. In inflation, when the price level is increasing rapidly, money does not serve the store- of-value function well because money loses value rapidly, the purchasing power of money declines and people will not be willing to hold their wealth in this form. So money can function as store of value only when its value is stable as an asset.II. The Meaning and Types of Money1. The Meaning of MoneyMarx defines money as a special commodity that permanently serves as a general equivalent. There are prerequisites for Marx’ s definition of money in three aspects: first, money is a commodity with value and value in use. Only in this case can money play various functions; second, money has the ability to display value of goods with its own value in use,i. e.money can serve as a general equivalent; third, money itself is a commodity with value and value in use representing general purchasing power, so money becomes generally accepted. Obviously, Marx’s theory is based on the system of metallic money. When discussing paper money circulation, Marx explains that paper money is the representative of metallic money and is a symbol of value and functions as money indirectly. But in modern society, money in circulation in most countries has no relation with precious metal, such as gold and silver, so Marx’s theory cannot explain this phenomenon wholly.Western economists define money (or, equivalently, the money supply) as anything that is generally accepted in payment for goods or services or in the repayment of debts. Currency, which is bank notes and coins, clearly fits this definition and is one type of money. When most people talk about“money”today, they are talking about currency.Therefore, to define money merely as currency is much too narrow today because besides currency, payments can also be made by the transfer of deposit balance via checks or electronic transfer system. So accepted generally in payment for purchases of goods and services or in the repayment of debts, checking account deposits are important parts of money as well. Therefore an even broader definition of money is often needed because other items such as savings deposits can in effect function as money if they can be quickly and easily converted into currency. This is also true with time deposits.They are all items that are“generally acceptable”in making payment.2. Types of MoneySince the primitive economy, money changed from commodity money to metallic money, from metallic money to representative money, from representative money to credit money and finally electronic money. In economic life, the need for money is so strong that almost every society, except the most primitive one, invents it.(1) Commodity money or money in kindA commodity that becomes a medium of exchange is called a commodity money or money in kind, when its value in the non-money use is equal to its value as money. The commodity money is the oldest form of money, mainly used in a barter economy. Take diamond for example, it can be used both as money in exchange for goods and services or discharge of debts and as a general commodity in consumption, and the value of diamond as money is equal to the value of it as general commodity. Consequently diamond becomes commodity money. In history a lot of commodities were used as medium of exchange, such as stones, whale teeth, sandal wood, tortoise shells, rice, salt, copper, silk, leathe r, diamonds, etc. With development of exchange of goods, such kinds of commodity money showed their shortcomings, say, some of them were very large in size and indivisible so that they could not be carried around which impeded their serving as ideal medium of exchange; others were not stable in value which hindered them from functioning as standard of value and store of value. In practice, over the past 4,000 years, the predominant commodity moneys have been precious metals: mostly silver and gold, also called full-bodied money. Full-bodied money was one of stages of commodity money. At the stage of commodity money or money in kind there were a lot of commodities functioning as money which were often changing and not fixed; at the stage of full-bodied money the special commodity as money centered on only one kind of commodity, which was precious metals like gold or silver. Gold and silver are in great demand for ornamentation because they are durable, beautiful, and can be shaped. The supply of these metals is so limited so that very small amounts have great value. This makes them easy to carry around as money. Furthermore, they can be refine d into the pure metal rather easily, making their quality uniform. Various quantities can also be weighed out so that exchanges of varying values can be made. Almost all countries have passed the stage of precious metallic money which used to be a perfect form of money.(2)Representative moneyRepresentative money or representative full-bodied money refers to paper money fully backed by a precious metal.Representative money first emerged in Britain. During the latter part of Middle Ages the earliest forerunners of private banks—Goldsmiths themselves had massive vaults and secure facilities for the safeguard of their precious metals. Thus individuals owning gold or other precious metals without secure facilities for their safeguard, brought them to the Goldsmiths in exchange for the Goldsmiths’receipts or IOUs. It was often more convenient to conduct a transaction by signing ove r the receipts rather than handing over the gold itself. As the receipts or IOUs then circulated freely they became the first representative full-bodied money.Later bankers went into the loan business, lending either gold itself or issuing additional receipts or notes. In so doing the bankers issued notes for more gold than they actually had in their vaults. This practice not only represents one of the earliest examples of credit money but also describes the origins of modern fractional reserve system of commercial banking and money creation. Later,governments also issued money in the form of paper to represent certain quantities of gold or silver kept on deposit by the government to back such paper and also regulated the issuance of paper money by banks.The general acceptance of paper money as a means of exchange, with no intention of redeeming it for the precious metals behind it, made it possible for the issuance of paper money with no such backing.What’s more, the downfall of the gold standard or the silver standard in western countries in 1930s because of economic and financial crisis stopped the exchange of paper money for metals. Then the major western countries had to break away from the metal standard, thus paper money could be converted into gold no more. Hence representative money exited circulation and credit money emerged.(3) Credit moneyCredit money is a kind of credit certificate that serves as means of exchange and means of payment in circulation and does not consist of or represent a specific valuable commodity. The value of credit money depends on its general acceptance based on the credit of its issuer and that it is created through credit process. Credit money has two features: 1) It has no relation with precious metals; 2) It is based on the credit of national governments and banks. It’s known to all that the public still has confidence in credit money if the quantity of the money issued is reasonable. So there needn’t be precious metals to back the issuance of credit money. But it does not mean that modern credit money has not any reserves to back its issuance. In fact, most countries in the world that adopts the system of credit money have a fairly big amount of reserves, such as gold, foreign exchange, etc. , for issuance of credit money. Obviously governments and monetary authorities are no longer constrained by the full reserves of precious metal or other assets. As long as the public has confidence in the credit of governments and banks and won’t cash all the deposits, banks only need to keep a small sum of cash in vaults as reserves and lend out the rest of funds deposited to earn interest.From time to time, money issued was based only on the general credit of a government and on the provision that such money was legal tender, acceptable to pay taxes and to fulfill contracts calling for payment in lawful money. This is the case today in the most countries in the world. Since this money is proclaimed to be money by law or a decree known as a fiat, it is sometimes called fiat money. Later, the privilege of private banks to issue paper money of any type became more and more restricted and has been abolished in all countries in recent years. The only banks that issue any significant amounts of paper money today are central banks, most of which are owned or controlled by national governments of countries. Almost all money circulating in the world today is some form of credit money. Credit money includes not only currency (bank notes and coins) but also bankdeposits which are also created by banks.(4) Electronic MoneyElectronic money refers to depository money that is stored and processed through computer system or electronic payment system. Electronic money takes many different forms. One form of electronic money is various stored value card that contains a magnetic strip recording currency value of the card, such as credit cards, smart cards and cards used for taking buses or subway. Another form of electronic money is funds held in online accounts that can be transferred over the Internet through Electronic Funds Transfer System (EFTS), several applications of which are currently in use, e. g. employers can have their employee’s wages deposited directly in their checking accounts, rather than issuing payroll checks; individuals can have regular payments such as payment of mortgage, utility bills, or insurance premiums automatically deducted from their accounts.Electronic money can be used in ordinary stores and over the Internet to deal in electronic commerce and in precise amounts, etc. It’s faster and more convenient than traditional one and has greatly enhanced the efficiency of payment mechanism in economy.While the advantages to using electronic money are evident, some disadvantages should also be considered. First, security and privacy are two obvious issues. Second, electronic money is not legal tender, not all merchants accept all forms of electronic money. Cash, on the other hand, is legal tender and accepted by all anytime and anywhere. Last, the counterparty’s credibility needn’t verifying when using cash, but this is not the case in using electronic money. Anyhow electronic money is still credit money. If we say paper money is the primary form of credit money, electronic money then is the advanced form of credit money. Undoubtedly it has the potential to substantially diminish and perhaps even totally replace cash, checks as means of exchange.3. The extension of modern moneyIn an economy exist various kinds of money, not only currency. Money supply refers to the collection of all kinds of money in an economy. Money issued in the form of currency is only one part of money supply. So each country employs fairly standard measures of money that include the volume of currency in circulation and the volume of deposits at any point of time. Typically, several measures of money are reported, differentiated by the types of deposits ( and close substitute for deposits) they include. One measure of money is known as narrow measure including currency and demand deposits used for everyday expenditures. Broader measures of money add time deposits, savings account and certain other financial assets. It is liquidity of money that is the most helpful in dividing our measures of the money supply.（1）The general measure of money supplyEach country publishes several different measures of money supply to show theeffects on economy. For example, money in circulation is defined as follows:a. The narrow measure of money supply: M0 and M1M0 is the currency or cash in circulation including bank notes and coins. M0 is also called base money that measures the quantity of currency issued by the central bank.M1 = M0 + DdM1 comprises those assets which are themselves acceptable in exchange and normally held with the intention of spending them in the immediate future. M1 includes M0, plus Dd—checkable or demand deposits at banks. M1 measures transaction balances.（2）The broader measure of money supply: M2 and M3Although traditionally the majority of economists have preferred the M1 money supply measure, others have preferred the broader measure of money supply. If one is inclined to emphasize the store-of-value function of money rather than the medium-of-exchange function, broader measures are appropriate.M2 = M1 + Ds + DtM2 is a broader measure of purchasing power than M1. It includes all of M1 plus savings deposits and time deposits at banks. They are of highly liquid financial assets. Most of these components of M2 are assets that provide their owners with a higher rate of return than M1 components would. If the store-of-value function rather than the medium-of-exchange function of money is emphasized, broader measures are appropriate.M3 = M2 + short-term government securities + commercial paper + life Insurance policiesM3 here is the broadest measure of money that is available to the public. It contains a variety of liquid assets based on M2, including t he public’s holding of short-term government securities, commercial paper, etc. All of these represent stored purchasing power of their owners and are thus potentially related to economic activities.Though money is defined as M1, M2, M3 worldwide, the IMF only calls M1 money, the other part in M2 beyond M1 quasi-money or near money. Money is so defined because in the highly developed financial society, there are various financial assets, among which savings deposits and time deposits have a certain degree of liquidity. Holding savings deposits and time deposits are basically the same as holding demand deposits as savings deposits and time deposits can be withdrawn ahead of time though they can be cashed with checks.The reason why so many measures of money is defined is that economists have different opinions as to which measure is most consistently related to spending and other economic activity and that the central banks can monitor the operation of macro-economy and conduct monetary policies. Since the middle-1970s when the quantity of money supply instead of interest rates is seen as intermediate policy target in some countries, the measuring of different levels of money supply has had special meaning for policy operation, for example, when monetary authoritiesdiscuss how to control the target of money supply, they should be clear about controlling which level of money supply and the difference between this level and other levels of money supply. What’s more, they should answer such a question as to what extent the control of money supply can work. Otherwise, the formulation of policy would be out of the question. Even if there were some policies drawn about controlling money supply, it would be hard to carry them out.4. The Development of Monetary Systems and Their TypesMonetary system is the structure, system and organization in money circulation set by law of a country. Since the period of recorded history nearly every country has drawn various decrees concerning money matters. These decrees are reflections of controls on money by these countries’ governments, the purpose of those decrees is to build up monetary system.According to the money materials after which the monetary system was and is named, the monetary systems in most countries have passed the stages of the silver system, the bimetallic system, the gold system and the credit money system. The relationship between different monetary systems may be substitutionary, or two monetary systems may exist concurrently for some time.(1) The silver standard (16th century)The silver system was one of the earliest monetary systems. The silver system became prevailing in the 16th century. Under the silver system, the standard money was minted with silver. Silver coins had unlimited power of legal tender, and could be minted, exported and imported freely. But as an independent monetary system, the silver system existed neither widely nor for a long time. With the development of productivity, the defects of the silver system, i. e. , the value of silver was low and silver as money material was in short supply, became more and more apparent. The silver system could be suited to the economic development no more. So many countries gave up the silver system and adopted the bimetallic standard or the gold standard directly one after another.(2) The bimetallic standard (16th—18th century)The bimetallic standard was the typical monetary system during the early period of development of the Capitalism. Under this system, both gold and silver were recognized by law as monetary metal. Both gold and silver coins were in circulation and could be minted freely and had unlimited power of legal tender. What’s more, the two metals were interchangeable. So a large quantity of gold and silver entered into circulation and met the needs of rapid development of economy and overcame the chaos of money circulation of the capitalist countries and laid the foundation, to a certain extent, for the stabilization of markets.The bimetallic standard was difficult to maintain because the market ratio between silver and gold, which was about 15 to 1 in 1792, soon changed to about 15. 5 to 1, consequently, little gold was brought to the mint for coinage because it was found to be worth more in the open market. The few gold coins that were minted soon disappeared from circulation. Graham’s Law that bad money drove out goodmoney acted. According to this law, the money called bad money was abundant in the market when its nominal value was higher than its real value; the money called good money disappeared from circulation, but stored, melted or exported when its real value was higher than its nominal value. Because the ratio between gold and silver constantly changed with ups and downs of prices of gold and silver, the bimetallic standard was an unstable monetary system. The reason is that money is monopolistic and exclusive, but government decrees stipulated coexistence of gold coins and silver coins, which is contradictory to the money’s nature. So Graham’s Law acted. The bimetallic standard was fit no more for the economic development, then it was replaced by the gold standard internationally.(3)The gold standard (1813—1914 the beginning of World War II )From the 19th century, the U. K. took the lead in transforming its monetary system from the bimetallic standard to the gold standard which was a system based on gold. The U. S. followed suit in 1830s, then did other major capitalist countries in 1870s. From then on, the world had entered an age of the gold standard system. The gold standard had three forms which are the gold coin standard, the gold bullion standard and the gold exchange standard.A. The features of the gold coin standardThe basic features of the gold coin standard were:a. Gold coins circulated freely and had unlimited power of legal tender. Gold coins could be minted and melted freely;b. Gold and gold coins could be imported or exported freely(this guaranteed the stable ratio of gold coins to foreign currencies);c. Bank notes could be converted into gold or gold coins freely.During the transition of monetary system from the bimetallic standard to the gold standard, the issuance system of bank notes, the representative full-bodied money fully backed by the precious metal was increasingly perfect. Compared with the previous monetary standards, the gold standard was more stable and was regarded as an ideal one. When World War I broke out, all the countries stopped the conversion of bank notes into gold. Thus the gold coin standard collapsed.B. The gold bullion standard and the gold exchange standardAfter World War I, no countries were able to restore the gold standard. Instead appeared the gold bullion standard and the gold exchange standard. Some economists call them imperfect gold standards. The basic features of gold bullion were: bank notes that had certain gold content set by law circulated, only a certain amount of bank notes, say, ￡1,700 in the U.K., could be converted into gold bullion, not gold coins. Although this system allowed the conversion of bank notes into gold, the conversion was limited. Ordinary people were not capable of changing their bank notes into gold. The central bank could keep only a certain percentage of gold as reserve for issuance of bank notes. So the monetary function of gold began to decline. The basic features of gold exchange standard were: the bank notes of the country under the gold exchange system were in circulation and fixed relative to the currency of a country that adopted the gold coin system or the gold bullion system. The country under the gold exchange system kept gold and foreign exchange asreserve for issuance of its bank notes which only could be changed into foreign currencies that could be converted into gold. This was a system that was indirectly related to gold through foreign exchange. Even these two standards didn’t last long. After the 1930s’Great Depression, the gold standard, no matter in what forms, existed no more.(4) Inconvertible credit money standardInconvertible credit money system is a system that has no metal standard money. It still uses the denomination of units of metal standard money. Bank notes that do not have the provision of gold content are the legal tender and cannot be converted into gold. There’s no need of gold or silver and foreign exchange as reserve for issuance of bank notes. The bank notes are put into circulation by government’s law so that they have unlimited power of legal tender and are the final means of payment. Meanwhile deposit money can be changed into bank notes. Under this system, bank notes are put into circulation through credit process. Therefore, money circulation is adjusted through bank’s credit activities. The expansion of bank credit means the increase of the quantity of money supply, conversely, the reduction of bank credit means the decrease of the quantity of money supply. The adjustment of money circulation makes up one of important tools that national governments can use to control macro-economy. If a government puts more money into circulation than needed, inflation will surely occurs. Almost every western country has once suffered sustained inflation since adoption of the inconvertible credit money system.Section 2 Credit and Money CreationI. Credit1. The Definition of CreditCredit 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. Concretely, the owner of commodity or money lends the commodity or money to demanders or borrowers who promise to repay the lenders with interests at a certain time in the future.Credit has four elements: 1) Credit relationship. As a specified economic activity, credit should has subjects of behavior, i. e. the two parties, lender and borrower of a transaction. The two parties form a relationship of debt and credit by directly or indirectly financing. 2) The object of credit. In a credit relationship, there is a trading object. The object to be transacted is a lender’s asset, which takes the form of either funds or commodities. The former is typical of bank credit while the latter is typical of commercial credit. 3) Credit carrier. In the relationship of credit, the right and the obligation of the two parties of credit are embodied in credit carrier, i. e. credit instruments or financial instruments. A financial instrument is alegal certificate that indicates the relationship of debt and credit. 4 ) Credit conditions. Credit conditions refer to terms and interest rates. The term is the time interval from the time when the relationship of credit starts to the time when the relationship of credit ends. In credit, the ownership of funds or commodity and the right to use them are separated temporarily. The time interval when funds or commodities are used should be decided. So terms are the condition of credit behavior. For creditors, interests are the compensation after giving away the right to use funds or commodities. For debtors, interests are the costs of using these commodities or funds.2. The Features of CreditThe features of credit can be summarized as follows:(1)TemporizationThe separation of the ownership of funds or commodities from and the right to use them is temporary. There is a certain duration of the separation. The absence of duration means no separation of the ownership of funds or commodities from the right to use them. Then there is no relationship of credit. Only the relationship of donation or possession exists.(2) RepaymentThe temporary transfer of funds or commodities is conducted with repayment of funds or commodities as prerequisites. When creditors lend out funds or commodities, they require repayment of funds or commodities, when the relationship of credit ends.(3) ProfitabilityThe relationship of credit is established on the basis of remuneration. Every economic entity has its own economic interest. So when creditors transfer the right to use funds or commodities, they require an added value to the funds or commodities lent out when repayment is made.(4) RiskCredit is different from goods exchange as debtors get funds or commodities while creditors obtain the certificates of the ownership or creditors’ rights. Whether or not the funds or commodities can be repaid or returned depends, to a large extent, on whether there is a sound legal system in the society, moral standards, as well as reputation and competence of debtors. So certain kinds of risk exist.3. The Functions of CreditThe relationship of credit solves the difficulties of matching owners of surpluses and deficits of money and overcomes the disequilibrium in time and space of monetary income among different types of economic entities that have revenue and expenditure. So the basic function of credit is to reallocate funds or it is a reallocation of funds in the form of borrowing and lending. In a commodity and。
《金融英语阅读教程第三版》课后答案
《金融英语阅读教程第三版》课后答案
《金融英语阅读教程第三版》课后答案
第一部分参考译文
TopicOne：Introduction
引言
1.政治与经济
2.金融部门的经济角色
3.金融危机
TopicTwo：FinancialSystem
金融体系
4.金融体系
5.国际货币体系和国际收支
6.世界银行
7.国际货币基金组织
8.中国的银行业
9.银团贷款的历史与发展
TopicThree：MoneyandEconomies
货币与经济
10.货币
11.国际货币的宏观经济学
12.布雷顿森林协议与金汇兑本位制
13.洗钱
14.世界经济全球化
TopicFour：InvestmentSystem
投资体系
15.投资系统评估
16.期货与期权
17.为什么进行全球投资TopicFive：Accounting
会计
18.金融工具会计
19.应收款项估值会计
20.公司融资策略概观
TopicSix：Insurance
保险
21.面向家庭的保单
22.保险商提供的`投资产品与服务TopicSeven：Law
法律
23.招标广告
24.合同法
25.宾夕法尼亚公平银行
26.为什么税务法规影响投资决策
TopicEight：OptionalReading 补充阅读
27.微观经济学
28.国际收支平衡
29.为什么财务管理如此重要
30.统计学的基本概念
31.管理会计的整体性。
新编金融英语教程 Chapter1 Money
1.3 Language Notes
III. Sentences
1. It occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. 2. Economists make a distinction between money in the form of currency, demand deposits, and other items that are used to make purchases and wealth, the total collection of property to store value. 3. They consist of demand deposits, which are non-interest-earning checking accounts issued by banks, and other checkable deposits, which are interest-earning checking accounts issued by some depository institutions. 4. Even though these other assets are not used to make transactions, they are all highly liquid, so they are often referred to as near monies. 5.In other words, in a barter system, the exchange can take place only if there is a double coincidence of wants between two transacting parties.
金融英语课件(unit 1)
Financial market participants
Investors
Individuals or institutions that provide capital to
financial markets in the form of equity or debt investments.
Opening an Account
Placing Orders
Establishing a relationship with a financial institution by opening an account and depositing funds.
Instructing a broker or financial advisor to buy or sell financial products on your behalf.
Other Financial Institutions
In addition to commercial and investment banks, there are also insurance companies, pension funds, mutual funds, and other institutions that play important roles in the financial system.
Bonds
Debt securities issued by governments or corporations, promising to pay the holder a fixed amount of interest over a specified period, and to repay the principal at maturity.
金融英语教程 第一章
Be tempered with 使调和，使缓和
Risk has clearly not disappeared financial market. Global imbalances, sustained high oil prices and soaring levels of household indebtedness - each alone, or in combination- could impair future global growth. However, they are unlikely to materialize any time soon.
before class 课前预习 Preparation for the class
preview
Reading the text Finding out the new words Checking out the meanings of new words Trying to understand the main idea of the text Examining the Chinese concept of the professional financial term
Ordinary time study performance
2 If you don’t have 24 points (40%×60 points) for this part , you will not allowed to take the final exam.
What should you write on the cover of the exercise book as required:
《金融专业英语》课件-Chapter 1 Finance Foundations
Fundamentals of finance（金融的原理）
Fundamentals of finance play a very important role in the present market-driven world. Starting from the process of production to distribution, the entrepreneur, as well as the company needs finance.
dividends and return on capital. 公司金融研究企业的投资、融资、收益分配
Corporate finance
Public finance
✓ finances of the government of the country or the state.
✓ government expenditure, effects of taxation, deficit financing and public borrowing.
✓ The medium-term financial needs generally last for a period of 1 year to 5 years.
✓ The long-term financial need is generally to make an investment in the fixed assets such as plants, machines and buildings.
✓ savings, earnings, spending, and investing. ✓ life insurance, home insurance, mortgages,
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There are a number of reasons why we should be optimistic about continued international financial stability. First, capital inflows into the united states continue to finance its current account, and to support the us dollar. They are unlikely to change direction abruptly since no other country or region enjoys the combination of robust growth and deep financial markets that America offers. 为什么我们应该看好国际金融稳定，有很多原因。首先，进入美国的 资本继续资助其经常账户，并支持美元。他们不太可能突然改变方向， 因为没有其他国家或地区享有美国所能提供强劲增长和深度金融市场。 stability [stə'biliti] n. 稳定性；坚定，恒心 abruptly [ə'brʌptli] adv. 突然地；唐突地 robust [rəu'bʌst, 'rəubʌst] adj. 强健的；健康的；粗野的；粗鲁的
dictation 听写 Am
I diligent?
1.
2.
3.
Solo: tina or one student (e.g. from class 1) asks any one student (e.g. from class 2)to dictate on the blackboard Mutual: one to one dictation, work in pairs. Students help each other to dictate and examine the words Group : tina gives dictation to the whole class
/
Finance is the science of funds management. The general areas of finance are business finance, personal finance, and public finance. 金融是资金管理的科学。金融的一般领域是企业财务，个人理财和公共 财政。 Finance includes saving money and often includes lending money. The field of finance deals with the concepts of time, money and risk and how they are interrelated. It also deals with how money is spent and budgeted. 金融包括储蓄和贷款。金融领域涉及概念包括时间、金钱和风险以及它 们是如何相互关联。它还涉及钱是怎么花和预算的。 Finance works most basically through individuals and business organizations depositing money in a bank. The bank then lends the money out to other individuals or corporations for consumption or investment, and charges interest on the loans. 金融基本上是通过个人和业务机构存放在银行的钱来运作。然后，银行 借出的钱给其他个人或公司用于消费或投资，及收有关的贷款利息。
Yet, the global financial system has done well. Clearly the risk of financial crisis is always present, and optimism must be tempered with realism. 然而，全球金融体系已经做得很好。显然，金融危机 的风险始终存在，而且乐观主义必须与现实主义调和。
• • • •
Office ：Tech. College Homework to：G1711 Email：juancheng3@ Any email for discussion, suggestion and communication would be warmly welcomed and carefully replied
Crossword puzzl smart?
1. 2. 3.
Anyone (tina or students) would design the puzzle in the format of PPT Share and enjoy in the class Key: the words are professional finance words
http://www.ecml.at/html/polish/html/reading.htm
We are living in a troubled world now. Global imbalances have widened, oil prices have risen strongly, hurricanes have struck and turmoil has developed. Political uncertainty has increased. 我们生活在一个动荡的世界了。全球失衡扩大，石油价格已经上涨强烈， 飓风的袭击和动荡的发展。政治的不确定性有所增加。 imbalance 失衡 ，不平衡 turmoil ['tə:mɔil] n. 混乱，骚动 risen ['rizən], rise[raiz]的过去分词 vi. 上升；起立；高耸；增强 struck [strʌk] strike [straik]的过去式和过去分词 v. 罢工，打，打击
Ordinary time study performance
2 If you don’t have 24 points (40%×60 points) for this part , you will not allowed to take the final exam.
What should you write on the cover of the exercise book as required:
Examination:
Ordinary time study performance(40%) + final exam(60%). = 100%
Ordinary time study performance
1 To have 36 points (40 %×90points) 1) you should satisfy the conditions below: full attendance checking Answer the questions actively Finish all homework correctly and clearly obey the discipline Otherwise cut down 2 point for each of the unsatisfied behavior until no score left.
/investmentbooks/Default.aspx
/
/finance
/topic/finance.html
before class 课前预习 Preparation for the class
preview
Reading the text Finding out the new words Checking out the meanings of new words Trying to understand the main idea of the text Examining the Chinese concept of the professional financial term
Obey an maintain the discipline automatically Take notes Finish you homework independently Attend the class in time, and it’s not allowed to leave early Encourage good study habits Read and write more often
Special things you should know :
Attendance checking: checking in on time please. Class Discipline: No talking, No eating, No sleeping. Special issues: you can go out of the classroom only after you are permitted during the class time. Rising your hand for any questions please. You must finish the exercises independently.
Title of this course Teacher’s name Your mobile phone number Your name, major, student ID