Direct investment прямые инвестиции - раздел Иностранные языки, КУРС АНГЛИЙСКОГО ЯЗЫКА ДЛЯ ФИНАНСИСТОВ УЧЕБНИК Financial InvestmentФинансовые Инвестиции
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financial investmentфинансовые инвестиции
fixed capital investmentвложения в основной капитал
foreign investmentиностранные инвестиции
government investmentправительственные капиталовложения
intangible investmentинвестиции в нематериальные активы
long-term investmentдолгосрочные инвестиции
portfolio investmentпортфельные инвестиции
private investmentчастные инвестиции
public investmentгосударственные капиталовложения
quick-yielding investmentкапиталовложения с быстрой отдачей
tangible investmentинвестиции в материальные активы
to allocate investmentразмещать инвестиции
to carry out investmentосуществлять инвестиции
to check investmentсдерживать инвестиции
issue (issuance)['ISu: ('ISu@ns)] n
1. выпуск, эмиссия
2. выдача, выставление, выписка
issue of banknotesэмиссия банкнот
issue of a bill of exchangeвыдача векселя
issue of a letter of credit/a licenseвыставление аккредитива/выдача лицензии
issue of a Joanвыпуск займа
issue of a visaвыдача визы
issue of securitiesэмиссия ценных бумаг
issue of sharesвыпуск акций
issue['ISu:] v
1. выпускать, пускать в обращение
2. выставлять, выписывать, выдавать
"when issued"«после выпуска»
issuer['ISu:@] n эмитент
liabilities ["laI@'bIlItIz] n пассив (правая сторона бухгалтерского баланса), обязательства
liabilities for debtsобязательства по долгам
liabilities on bills of exchangeобязательства по векселям
accrued liabilitiesнакопившиеся обязательства
current liabilitiesкраткосрочные обязательства
fixed liabilitiesдолгосрочные обязательства (облигации, векселя сроком более года)
liquidity [lI'kwIdItI] n ликвидность excess
liquidityчрезмерная ликвидность
overall liquidityобщая ликвидность
loan[loun] n заем, ссуда, кредит
loan against pledgeссуда под залог
loan against securitiesссуда под ценные бумаги
loan repayable on demandссуда, погашаемая по требованию
to negotiate a loanзаключать соглашение о займе
to pay off a loanпогашать ссуду
to raise a loanполучить ссуду
to redeem a loanпогашать ссуду
to take up a loanполучить заем
to write off a loanсписать долг по займу
loss[lOs] n недостача, убыток
The loss observed in stock-taking ... . – Выявленная в ходе инвентаризации недостача...
The loss is booked to production cost. – Недостача списана в производственные затраты.
If the purchase price exceeds the sale price the loss is not realized until a sale is made. – В случае если покупная стоимость превышает продажную цену, убыток отражается в бухгалтерском учете только после операции продажи.
management['m{nI³m@nt] n управление, руководство, менеджмент
management of fundsуправление фондами
management of securitiesрегулирование портфеля ценных бумаг
cash managementрегулирование денежных операций
debt managementуправление долгом
financial managementуправление финансовой деятельностью
fiscal managementуправление государственным бюджетом
inventory managementуправление запасами
liability managementуправление пассивами
monetary managementконтроль и регулирование денежного обращения
portfolio managementконтроль и регулирование портфеля (активов)
risk managementуправление риском
market['ma:kIt] n рынок
bear[bE@] marketрынок, на котором наблюдается тенденция к снижению курсов
bull[bul] marketрынок, на котором наблюдается тенденция к повышению курсов
buoyant['bOI@nt] marketоживленный рынок
emerging marketразвивающийся рынок
equity marketрынок акций
overbought marketперенапряженный рынок
over-the-counter marketвнебиржевой рынок
primary marketпервичный рынок
REPO marketрынок операций РЕПО
secondary marketвторичный рынок
securities marketрынок ценных бумаг
sluggish['slögIS] marketвялый рынок
unlisted marketвнебиржевой рынок
weak marketвялый рынок
the market is activeрынок активен
the market is advancingнастроение рынка повышательное
the market is depressedнастроение рынка угнетенное
the market is overheatedна рынке отмечается «перегрев»
the market is steady['stedI] настроение рынка устойчивое
the market is unsettledнастроение рынка неустойчивое
the market recoveredрынок восстановился
the market remained bullish['bulIS] на рынке продолжает наблюдаться тенденция к повышению курсов
market of new issuesрынок новых выпусков ценных бумаг
to affect[@'fekt] the marketвлиять на рынок
to make the market«делать» рынок
to miss the marketупустить рынок
mature[m@'tSu@] v выходить в тираж, подлежать погашению, подлежать оплате
The bill matures on the 5th of July. – Срок платежа по векселю наступает 5 июля.
When does the insurance policy mature? – Когда выплачивается страховка?
maturity[m@'tSu@rItI] n
1. зрелость, высокий уровень развития
2. наступление срока платежа; срок погашения долгового обязательства
at maturityпо наступлению срока платежа
before maturityдо наступления срока платежа
bond maturityсрок погашения облигации
maturity dateсрок платежа
maturity of loanсрок (погашения) ссуды
maturity of securityсрок погашения ценной бумаги
time to maturityсрок до погашения
to have a maturityиметь срок, обращаться до определенного момента
money['mönI] п деньги
money held in trustденьги, находящиеся в доверительном управлении
money in circulationденьги в обращении
commodity moneyтовар-посредник в роли денег
counterfeit['kaunt@fIt] moneyфальшивые/поддельные деньги
to borrow/change/create moneyодалживать/менять/создавать деньги
to draw[drO:] money from an accountснимать деньги со счета
to issue moneyэмитировать деньги
to keep money with a bankхранить деньги в банке
to lend moneyссудить деньги
to raise moneyдоставать/мобилизовать деньги
to redeem moneyизымать деньги из обращения
to refund moneyвозмещать деньги
to remit moneyпереводить деньги
to withdraw[wID'drO:] money изымать деньги
option['OpS@n] n опцион (сделка)
call optionопцион «колл»
cash optionналичный опцион
covered optionпокрытый опцион
covering optionпокрывающий опцион
futures optionопцион на фьючерсный контракт
index optionиндексный опцион
interest rate optionпроцентный опцион
lapsed optionнеисполненный опцион
share optionопцион на акции
to deal in optionsвести биржевые операции с опционами
to declare an optionзаявлять опцион
to exercise an optionисполнить опцион to write an optionисполнить опцион
ownership['oun@SIp] n право собственности, собственность
corporate ownershipакционерная собственность
joint ownershipсовместная собственность
private['praIvIt] ownershipчастная собственность
public ownershipобщественная собственность
state ownershipгосударственная собственность
to pass into the ownershipперейти в (чью-л.) собственность
parity['p{rItI] n паритет, равенство курсов
gold parityзолотой паритет
interest rate parityпаритет процентных ставок
parity of stocksпаритет ценных бумаг
pegged parityискусственно поддерживаемый паритет (валют)
purchasing power parityпаритет покупательной силы
performance[р@'fOÎm@ns] n функционирование, показатель
performance of economic systemфункционирование экономической системы
economic performanceэкономические показатели
macroeconomic performanceмакроэкономические показатели
market performanceхарактеристика рынка
placement (of securities) n размещение (ценных бумаг)
direct placementпрямое размещение
private placementчастное размещение (без объявления в печати)
public placementпубличное размещение
to arrange a placementорганизовать размещение
policy['pOlIsI] n политика
accounting policyучетная политика
budgetary policyбюджетная политика
economic policyэкономическая политика
employment policyполитика занятости
financial stabilisation policyполитика финансовой стабилизации
fiscal policyбюджетно-налоговая политика
monetary policyденежно-кредитная политика
public policyгосударственная политика
structural adjustment policyполитика структурной перестройки
tax policyналоговая политика
tough[töf] policyжесткая политика
to pursue[p@'sju:]/follow/implement['ImplIm@nt] a policyпроводить политику
Everything depends on the monetary policy the state will pursue. Все зависит от денежной политики, проводимой государством.
price[praIs] n цена at a price по цене
to adjust pricesкорректировать цены
to affect[@'fekt] the priceоказывать воздействие на цену
to increase[In'kri:s] the priceповышать цену
to raise the priceподнимать цену
to reduce the priceснижать цену
to quote[kwout] a priceназначать цену
Share prices are quoted in many newspapers. – Цены акций публикуются во многих газетах.
Prices are likely to go down (up) soon. – По всей видимости, цены скоро снизятся (возрастут).
price[praIs] v назначать цену
We have priced the new model at $2,000. – Мы назначили цену в 2 000 долларов на новую модель.
produce['prOdju:s] n продукция
produce[pr@'dju:s] v производить
producer[pr@'dju:s@] n производитель
product['prOdökt] n продукт
gross domestic productваловой внутренний продукт
gross national productваловой национальный продукт
national productнациональный продукт
production[pr@'dökSn] n производство
agricultural productionсельскохозяйственное производство
industrial productionпромышленное производство
material productionматериальное производство
to check/curb/curtail/cut down productionсдерживать, сокращать производство
to speed up/increase productionускорить, увеличить производство
Production has increased (declined, gone up) in the last few weeks by 2%. – За последние несколько недель производство увеличилось (сократилось, выросло) на 2%.
productive[pr@'döktIv] adj производительный, продуктивный
productivity[" prOdök'tIvItI] n производительность, выработка
factor productivityпроизводительность факторов производства
labour productivityпроизводительность труда
per capita productivityвыработка на душу населения
Productivity has risen considerably. – Производительность существенно выросла.
provide [pr@'vaId] v
1. снабжать, обеспечивать
to provide with fundsпредоставлять средства, снабжать деньгами
2. предусматривать, оговаривать
The contract provides for payment in cash. – Договор предусматривает оплату наличными.
The agreement provides that all disputes shall be referred to arbitration. – Договор предусматривает, что все споры должны передаваться в арбитраж.
provided [pr@'vaIdId] (that) conj при условии если, если только
provision[pr@'vISn] n
1. снабжение, обеспечение
the provision of food suppliesобеспечение продовольствием
the provision of housingобеспечение жильем
the provision of essential servicesобеспечение необходимых услуг
budgetary provisionsбюджетные ассигнования
to make provisionsобеспечивать
2. положение, условие, оговорка
the provisions of the agreementположения (условия) договора
to make provision for...предусматривать (что-л. в документе)
3. резерв
provision for bad and doubtful['dautful] debtsрезерв на покрытие безнадежных и сомнительных долгов
provision for maintenance['meInt@n@ns] резерв для покрытия эксплуатационных издержек
provision for outstanding[aut'st{ndIÎ] claimsрезерв по неоплаченным убыткам
provision for taxрезерв для уплаты налога
accumulated provision for depreciation[dI"pri:SI'eISn] and amortizationнакопленный резерв на износ и амортизацию
provisional [pr@'vIZ@n@l] adj временный
quotation[kwou'teIS@n] n котировка, курс
quotation of the dayкурс дня
asked quotationкурс продавца
bid quotationкурс покупателя
closing quotationкурс при закрытии биржи
quote [kwout] v котировать
quoted допущенный к котировке
rate [reIt] n ставка, курс
average weighted rateсредневзвешенная ставка
bank rateучетная ставка банка
bill rateставка процента по казначейским векселям
borrowing rateставка процента на ссудный капитал
buyers' rateкурс покупателей
cheque rateкурс покупки чеков
closing rateкурс при закрытии биржи
conversion rateкурс перевода
currency rateкурс валюты
deposit rateставка процента по вкладам
discount rateучетная ставка
exchange rateобменный курс
fixed rateфиксированный курс
flexible exchange rateгибкий валютный курс
floating exchange rateплавающий валютный курс
forward rateвалютный курс по сделке на срок
future rateкурс сделки на срок
interest rateставка процента
loan rateпроцентная ставка по ссуде
lombard rateпроцентная ставка по ломбардному кредиту
London interbank bid rate (LIBID)ставка покупателя (спроса) на Лондонском межбанковском рынке депозитов
London interbank offered rate (LIBOR)ставка продавца (предложения) на Лондонском межбанковском рынке депозитов
multiple['mölt@pl] rateмножественный валютный курс
option rateкурс опциона
sellers' rateкурс продавца
spot rateналичный курс валюты
swap[swOp] rateкурс «своп», премия или скидка с наличного курса при сделках на срок
today's rateкурс дня
to determine/establish/fix/set a rateустанавливать ставку
to increase ratesповышать ставки
to quote a rateназначать ставку
rating[reItIÎ] n оценка, рейтинг (оценка кредитоспособности, платежеспособности)
bank ratingрейтинг банка
bond ratingрейтинг облигаций
credit ratingоценка кредитоспособности
financial ratingоценка финансового положения
securities ratingрейтинг ценных бумаг
triple A credit ratingрейтинг наивысшей кредитоспособности
to assign[@'saIn] a ratingприсуждать рейтинг
record(s) ['rekO:d(z)] n
1. запись, регистрация
2. документы, документация
accounting recordsдокументы учета, учетная документация
book recordsзаписи в бухгалтерских книгах
record [rI'kO:d] v регистрировать
requirements [rI'kwaI@m@nts] n pl требования
reserve requirementsрезервные требования
to impose/meet/satisfy requirementsвводить/выполнять/удовлетворять требования
reserves[rI'z@:vz] n pl резервы
available reservesимеющиеся резервы
borrowed reservesрезервы, полученные путем займа
free reservesсвободные резервы
gold reserveзолотой резерв
gold and foreign exchange reservesрезервы золота и иностранной валюты
government reserveгосударственный резерв
liquidity[lI'kwIdItI] reserveликвидный резерв
statutory['st{tjut@rI] reserveустановленный законом резерв
surplus['s@:pl@s] reserveизбыточный резерв
to borrow reservesбрать взаймы резервы
to control reservesконтролировать резервы
to inject reservesвливать резервы
to lend reservesссужать резервы
to supply reservesобеспечивать запасы
resources[rI'sO:sIz] n ресурсы, средства
budgetary resourcesбюджетные ресурсы
credit resourcesкредитные средства
financial resourcesфинансовые ресурсы
labour resourcesлюдские (трудовые) ресурсы
limited resourcesограниченные ресурсы
material resourcesматериальные ресурсы
monetary resourcesденежные ресурсы
natural resourcesприродные ресурсы
pecuniary resourcesденежные ресурсы
productive resourcesпроизводственные ресурсы
recoverable resourcesвоспроизводимые ресурсы
scarce[skE@s] resourcesограниченные ресурсы
to command resourcesраспоряжаться ресурсами
to furnish resourcesобеспечивать ресурсы
to run out of resourcesистощаться (о ресурсах)
to squander resourcesрастрачивать ресурсы
return[rI't@:n] п доход
return on capital (ROC)/on equityдоходность капитала
return on invested capital/on investment (ROI)доходность инвестированного капитала
return on sales (ROS) доходность продаж return on total assetsдоходность суммарных активов
revenue(s)['rev@nju(z)] n доход(ы) (часто государственные)
budget revenueбюджетные доходы
earned revenueполученный доход
nontax revenueненалоговые поступления
public revenueгосударственные доходы
tax revenueналоговые поступления
VAT revenueпоступления от НДС
VAT revenue is estimated at over 5 percentage points of GDP. – По оценкам, поступления от НДС составляют более 5 процентных пунктов от ВВП.
distribution of revenueраспределение доходов
revenue collectionсбор доходов
revenue responsibilitiesобязанности по поступлениям (доходам)
revenue sharingраспределение доходов
source of revenueисточник доходов
Revenue collection by the state budget increased. – Сбор доходов в государственный бюджет увеличился.
to collect/raise revenueсобирать доходы
riskn риск
risk of currency depreciationриск обесценивания валюты
risk of lossриск потерь
credit riskриск неплатежа по ссуде
underwriting riskриск гарантов размещения ценных бумаг
to accept risksпринимать риски
to reduce the riskснизить риск
to run the riskподвергаться риску
to take the riskрисковать
security(ies)ценные бумаги
bearer securitiesпредъявительские ценные бумаги
convertible securitiesконвертируемые ценные бумаги
government securitiesгосударственные ценные бумаги
listed securitiesценные бумаги, зарегистрированные на бирже
municipal securitiesценные бумаги, выпушенные муниципалитетом
outstanding securitiesценные бумаги, выпущенные в обращение
over-the-counter securitiesценные бумаги, обращающиеся вне официальной фондовой биржи
treasury securitiesказначейские ценные бумаги
share[SE@] n (брит.) акция
transferable sharesакции, разрешенные к продаже
shares advanced (from... to)курсы акций поднялись (с ... до)
shares are downкурсы акций снизились
shares have been approved for listingакции разрешены к котировке на бирже
shares have fallenкурсы акций упали
shares have gone upкурсы акций пошли вверх
shares slumped 10 pointsкурс акций упал на 10 пунктов
to allot[@'lOt] sharesраспределять акции (по подписке)
to apply for sharesподписываться на акции
to determine[dI't@:mIn] the shares real market valueопределить реальную рыночную стоимость акций
to place sharesразмещать акции
to subscribe[s@b'skraIb] for sharesподписываться на акции
stock[stOk] n (амер.) акция, акции
active stockакции, являющиеся объектом ежедневных сделок
bonus['bоun@s] stockбесплатные (учредительские) акции
common stockобычные акции
convertible stockконвертабельные акции
listed stockакции, допущенные к обращению на бирже
outstanding[aut'st{ndIÎ] stockвыпущенные и обращающиеся акции
registered stockименные ценные бумаги
trust stockакции, находящиеся в доверительном управлении
the stock fell several pointsакции упали на несколько пунктов
to invest in stockинвестировать средства в акции
to issue stockвыпускать акции
surplus['s@:pl@s] п
1. излишек, избыток, превышение; излишний, избыточный
2. активное сальдо
surplus of capitalизбыток капитала
budget surplusпревышение доходов над расходами в бюджете
current surplusактивное сальдо по текущим расчетам
external surplusвнешний активный баланс
to run a surplusиметь положительное сальдо
tax [t{ks] n налог
tax allowances/benefits/breaks/concessions/incentives/rebatesналоговые льготы
to end/eliminate tax allowancesотменять налоговые льготы
to introduce tax allowancesвводить налоговые льготы
tax avoidance/evasionуклонение от уплаты налогов
tax exemption/exemption from taxesосвобождение от уплаты налогов
They were granted exemption from taxes. – Им предоставили освобождение от налогов.
tax rateналоговая ставка
flat tax rateединая налоговая ставка
tax returnналоговая декларация
to file a tax returnподавать налоговую декларацию
to fill in/complete a tax returnзаполнять налоговую декларацию
tax treatmentналоговый режим
to avoid taxesне платить налоги
to collect taxesвзимать налоги
to cut down taxesснижать налоги
to evade taxesуклоняться от уплаты налогов
to exempt (from) taxesосвобождать от налогов
to impose taxesвводить налоги
to increase taxesувеличивать налоги
to introduce taxesвводить налоги
to levy[levI]taxesоблагать налогом
to pay taxesплатить налоги
to raise taxesсобирать налоги
to reduce[rI'dju:s] taxesснижать налоги
to withhold taxesудерживать налоги (из заработной платы)
The government decided to levy a tax on tobacco. – Правительство решило ввести налог на табак.
The government plans to increase taxes by 5% next year. – Правительство планирует в следующем году увеличить налоги на 5%.
A new tax was levied on large incomes. – Был введен новый налог на большой доход.
Taxes are accruing to the budget. – Налоги перечисляются в бюджет.
tax[t{ks] v облагать налогом
Tobacco and alcoholic drinks are taxed heavily in many countries. – Bo многих странах табак и алкогольные напитки облагаются высокими налогами.
taxable['t{ks@bl] adj облагаемый налогом, подлежащий обложению налогом
taxation[t{k'seISn] n налогообложение, взимание налогов
taxation of incomeналогообложение доходов
double['döbl] taxationдвойное налогообложение
equitable taxationсправедливое налогообложение
progressive taxationналогообложение по прогрессивным ставкам
to exempt[Ig'zempt] from taxationосвобождать от налогообложения
to levy['levI] taxationоблагать налогом
tax-free["t{ks'fri:] adj, adv необлагаемый налогом
You can live here tax-free. – Здесь можно жить, не платя налогов.
trade[treId] v осуществлять сделки с ценными бумагами
trader['treId@] n участник торгов на бирже
floor traderчлен биржи, непосредственно участвующий в торге за свой счет
trading['treIdIÎ] n торговля ценными бумагами
block tradingторговля крупными пакетами ценных бумаг
debt[det] tradingторговля долговыми обязательствами
municipal tradingоперации с ценными бумагами местных органов власти
security tradingторговля ценными бумагами
transaction[tr{n'z{kS@n] n сделка
arbitrage['a:bItra:Z] transactionарбитражная сделка
bank transactionбанковская операция
carry-over transactionоперация с контанго
cash transactionсделка за наличный расчет
clearing transactionклиринговая операция
closing transaction(бирж.) закрытие открытой позиции обратной операцией
currency transactionвалютная операция
forward transactionсделка на срок
future transactionфьючерсная сделка
option transactionопционная сделка
outright['autraIt] transactionсделка «аутрайт» (обычная срочная валютная сделка на межбанковском рынке)
spot transactionсделка с немедленным расчетом, наличная сделка
swap[swOp] transactionсделка «своп»
to cancel a transactionаннулировать сделку
to carry out a transactionосуществить операцию
to conclude/make a transactionзаключить сделку
to settle a transactionрассчитаться по сделке
trend[trend] n тенденция
downward trendтенденция к понижению, понижательная тенденция
primary trendосновная тенденция
upward trendтенденция к повышению
The trend is likely to continue. – Тенденция, по всей видимости, сохраняется.
valuation["v{lju'eIS@n] n оценка
value[ 'v{lju] n стоимость
asset['{ss@t] valueноминальная стоимость активов
balance sheet valueбалансовая стоимость
book valueбалансовая стоимость
current valueтекущая стоимость
discounted valueприведенная стоимость
face valueноминальная стоимость
going concern valueстоимость действующей фирмы
historical valueстоимость приобретения
imputed[Impju:tId] valueусловно начисленная стоимость
inventory valueстоимость товарно-материальных запасов
present valueприведенная стоимость
replacement valueвосстановительная стоимость
residual[rI'zI³u@l] valueостаточная стоимость
time value of moneyстоимость денег с учетом дохода будущего периода
value['v{lju:] v оценивать
Synonyms: to estimate, to appraise, to evaluate, toassess
valuer['v{lju@] n оценщик
Все темы данного раздела:
Любимцева С.Н., Коренева В.Н.
Л 93 Курс английского языка для финансистов. Учебник – М.: ГИС, 2004. – 376 с.
ISBN 5-8330-0120-Х
Учебник предназначен для студентов финансово-эко
WHAT IS ECONOMICS ALL ABOUT?
It is characteristic of any society that while wants of people are growing constantly, the economic resources required to satisfy these wants are limited and scarce. Economic resour
BUSINESS CLIMATE IN RUSSIA
Foreigner: You represent the Independent Centre of Market Research, Mr. Pronin, don't you? What did the recent poll conducted by your centre reveal?
Russian: Yes, I'm head
VOCABULARY LIST
A. wants[wOnts] потребности
economic resources[" ek@nOmIk rI'sO:sIz] экономические ресурсы
limited['lImItId] adj (зд.)
EXERCISES
Ex. 1. Answer these questions:
A. 1. What is characteristic of any society?
2. How can economic resources be classified?
3. What is t
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
economy, enterprise, policy, allocation, price, resources.
b) Think
F) Scan the dialogue and write out all the irregular verbs used in it.
g) Make sentences putting the words in the correct order:
1. are, different, today, in, world, there, systems, economic, the
2. demand, if, price, exceeds, tends,
B) Has the situation changed since 1995? Prove your point of view.
... oil and gas industries of... former USSR were one of... very few industrial success stories of the final years of ... Soviet regime. Today, those same industries, now operating
C) Act out the interviews that might have taken place during the survey.
Small Businesses in Russia
Russia now has more than 900,000 enterprises, their number having increased ... 5% in 1995. According ... the State Committee for Statistics, sma
B) Sum up the text in 5-7 sentences. Present you summary in class.
minimum rational profit (2) scarcity
interests compromises classified agents
purchased hand represent factors
resources utilizatio
Ex. 12. Read and discuss the text. Single out the mam facts and present them in a short review.
Economic System
The functions of an economic system may be defined as follows:
a) to match supply to the effective demand for goods and services in an efficient ma
B) Compare the situation in 1992 with the present-day situation.
In 1992 the economic situation in the Russian Federation continued to be very difficult, owing to large macroeconomic imbalances and to the unavoidable difficulties arising in the i
С) Reread the article more carefully and complete the sentences given below, using information from the article.
1. In 1992 ... situation ... difficult.
2. Large macroeconomic imbalances ... in the initial stages of ... economy.
3. ... progress was achieved in ... policies. 4
B) Say how they characterize the UK economy.
The UK Economy
The UK economy has recently experienced economic growth combined with low inflation and falling unemployment. In 1997 it achieved the first surplus on the cu
FINANCE AND FINANCIAL SYSTEM
Finance is the provision of money at the time when it is needed. It is a system of monetary relations leading to formation, distribution and use of money in the process of its turno
BUDGET ORGANIZATION AND BUDGET PROCESS
Foreigner: Could you give me a general idea of budget organization and budget process in the Russian Federation?
Russian: Certainly. First of all, by the budget organizati
VOCABULARY LIST
A. public finance(s) государственные финансы
provision
Equalization nвыравнивание
interbudgetary relationsмежбюджетные отношения
per cap
EXERCISES
Ex. 1. Answer these questions:
A. 1. What is finance and financial system?
2. What parts does finance comprise?
3. Wh
Ex. 5. Sum up the content of the main dialogue. Use the opening phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out:
Foreigner. It's impossible to overestimate the importance of a good, balance
Ex. 7. Work on vocabulary and grammar.
a) Study the key words for the unit in the dictionary at the back of this book:
provision, to provide, benefit, to benefit, expenditure, revenue, budget, deficit;
B) Write down 3-5 questions about the text.
The World's Major Financial Centre
The financial heart of England is the City. It is ... square mile in London on the bank of ... Thames. In the centre there is the Bank of
B) Write down six questions about the text.
Budgetary Policy
The transformation of the economic and political systems in Russia has been accompanied ... substantial reforms in the budget process, including budget pre
Ex. 11. a) Fill each gap with a suitable word from the box.
b) Sum up the text in 5-7 sentences and present your summary in class.
coin known invented handle
forms small using big
used objects money in
April 27, 1995
To Members of the City Council:
The budget for fiscal year 1996 has been prepared in the context of the directions for the City of New York set forth in the budget for 1995
Ex. 13. Read the dialogue, sum up its content and act it out.
Setting up a Treasury in Russia
Foreigner: When was it decided to set up a treasury in Russia?
Russian: The decree on setting up a treasury was signed in December
FINANCIAL POLICY. FISCAL SPHERE
Financial policy is a very complex notion covering measures aimed at working out basic concepts, major guidelines, goals and objectives, as well as at creating an adequate financial
EFFECTIVE FISCAL POLICY
Russian: What's the essence of effective fiscal policy?
Foreigner. You are raising a difficult question. In general, fiscal policy is the policy adopted by a government fo
VOCABULARY LIST
A. fiscal management["fIsk@l 'm{nI³m@nt] управление государственным бюджетом
fiscal sphereбюджетно-налоговая сфера
notion
EXERCISES
Ex. 1. Answer these questions:
A. 1. What does the notion "financial policy" mean?
2. Do many countries face financi
Ex. 7. Work on vocabulary and grammar.
a) Study the key words for the unit in the dictionary at the back of this book:
macroeconomic performance, deficit, management, taxes, revenues, expenditure, policy, taxation, balanc
D) Make your own sentences with any five word combinations from (b) and (c).
e) Match the verbs from (a) with the nouns from (b) below:
a) to establish b) difficulties
to face efforts
A) Financial Policy
... term is broad and its definition is likely to differ somewhat from country to country. On the widest definition, it covers ... fiscal policy (budgetary policy, i.e. policy on go
B) Fiscal Policy in the UK
Fiscal policy in ... UK is guided by two strict rules:
• ... Government will borrow only to invest and not to fund current spending;
and
• net public debt
B) Write down 3-5 questions about the text.
Focus on Fiscal Consolidation
The past two decades have seen the development of a worrisome and unprecedented phenomenon – the ballooning of public debt in industrial count
B) Sum up the text in 5-7 sentences and present your summary in class.
repaid reliance leads
supply adversely bank
occur reduced limit
Financing the Deficit
Since the early 1970s quite a
A) Multiyear Budgeting
It has become quite common for ministries of finance around the world to practise some variety of multiyear budgeting. For example, Canada, Germany and the United Kingdom all have m
B) Types of Budget Classification
A system of budget classification enables the myriad government operations and transactions to be organized into relatively homogeneous categories that facilitate the analysis of th
A) Fiscal Policy in Transition Economies: a Major Challenge
Russian: It is recognized that fiscal policy has been at the centre of the economic reform programs pursued by economies in transition.
Foreigner. Yes, practically all pro
B) On Macro- and Microeconomics
Russian: Economists know that there is considerable controversy about macroeconomic models because some of them do not match the fluctuations in actual economies. Besides, a lack of clear
B) Reread the article more carefully and compare the facts about the UK and the US with the situation in Russia.
Balance of Payments
Balance of payments is a country's set of accounts with the rest of the world, reflecting the relation between the payments of all kinds made from one c
Transition Economies Need to Reform Social Safety Nets
The former centrally planned countries undergoing economic transition have experienced a sharp decline in output, income and employment in recent years. This has resulted in severe
Ex. 19. Look through the article and find the answer to the following question: What can help improve the lives of people in transition economies?
Decentralizing Fiscal Systems in Transition Economies
Since 1989, extensive political and fiscal decentralization has been under way in almost all countries in Central and
CENTRAL BANKING SYSTEM
The central banking system is a major sector of any modern monetary system. It is of great importance to the fiscal policy of the national government and the functioning of the priv
BANKING SYSTEM IN RUSSIA
Foreigner: What is characteristic of the Russian banking system these days?
Russian: The banking system in Russia is organized as a 2-tier system. The first tier is repre
VOCABULARY LIST
A. central banking systemсистема центрального банка
monetary
EXERCISES
Ex. 1. Answer these questions:
A. 1. What is the major sector of any modern monetary system?
2. What are central
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out.
Foreigner. Western bankers unanimously admit that your banking system has changed rapidly since Russia embarked on economic reforms.
Russian: Да, это так. Я рад слышать та
Ex. 7. Work on vocabulary and grammar.
a) Study the key words for the unit in the dictionary at the back of the book:
requirements, deposit, check, reserves, capital, assets, liabilities;
C) Describe the principal instruments of credit policy.
Credit Policy
Credit policy is ... component of economic policy. It is a combination of measures taken by ... Central Bank to affect the supply of credit. The aims of ... c
B) Describe the impact of "easy" and "tight" monetary policy on an economy.
Monetary policy is the branch of financial policy that is concerned ... controlling the supply of money and credit. Monetary policy is important because of its impact... inflation a
B) Compare the FED, the CBR and the Bank of England, using information from the unit.
The Bank of England
The Bank of England is Britain's central bank. Founded in 1694, it (to be) the world's second oldest central bank, being six years younger than S
US Activities of Foreign Banking Organizations
The International Banking Act of 1978 (IBA) provided for federal regulation of the US operations of foreign banks and granted important new responsibilities to the Federal Reserve f
A) Is Monetary Policy Needed?
Many people believe that central banks should conduct an active, interventionist monetary policy even though most countries are abandoning other forms of state intervention in their
B) Payment Systems
Public policy responsibility for the payment system usually rests with central banks. Central banks are naturally interested in the payment system because it is a key component of t
B) Reread the article more carefully and underline the parts where conditions for avoiding banking problems in transition economies are mentioned.
The number of countries experiencing significant banking problems has increased substantially in recent years. It should be stressed that the problems are hitting industrial and dev
B) Reread the article and find the options for an exchange rate policy different countries have these days. Say what they imply.
Exchange Rate Policy
Exchange rate policy involves choosing an exchange rate system and determining the particular rate at which foreign exchange transactions will take pla
B. Peg to a basket of currencies.
An alternative approach is to peg the currency to a weighted average of several currency values or a basket of currencies. It helps to avoid large swings in its exchange rate with respect to severa
C. Independent floating.
Independent floating means that an exchange rate of any currency is free to float to any level which supply and demand may determine.
Independent floating potentially provides a mechanism
B) Reread the article again and sum up the conclusions of the meeting described in it.
Central Banking Reforms Advance in Baltic and CIS Countries
On May 13-14, 1996, the IMF arranged the ninth coordinating meeting on central banking technical assistance to t
Ex. 20. a) Read the text quickly for the main points.
Money is as hard to measure and define as it is to control. Money is graded according to its LIQUIDITY – notes and coins being completely liquid, whereas some kinds of bank deposits
COMMERCIAL BANKS
By definition, banks are institutions which accept money from people for safe keeping, lending it out to others, but particularly creating money by lending their credit, i.e. by mak
Interview With a Bank Manager
Reporter. As far as we know, last year was a year of substantial progress for your bank, wasn't it?
Banker. Yes, our bank made excellent progress. We increased market shar
VOCABULARY LIST
A. by definition по определению
loanп с
EXERCISES
Ex. 1. Answer these questions:
A. 1. What services do banks offer?
2. What is the nature of banking? How do banks earn a living?
Ex. 5. Sum up the contents of the main dialogue. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue below, translate the Russian remarks into English and act it out:
Foreigner. In my opinion, the main objective of your crisis-hit banks
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
credit, loan, account, interest, bill, check, maturity, deposit;
C) Say a few words about services provided by commercial banks.
a)A bank was originally ... bench set up in the marketplace for ... exchange of money. In a commercial sense, a bank is ... establishment where money is received on
B) Bank Accounts
When money in placed in ... bank it is said to be "deposited".
The money may be put into ... account from which it can be drawn at any time, or into ... account w
B) Write down 3-5 questions about the texts.
a) The first bankers in Britain were Lombards, ... Lombardy in northern Italy. Merchants and traders from this part of Italy came to do business in the City of Lond
B) The Nature of Banking
The nature ... banks can best be understood ... examining both their long-established functions and new emerging roles. The former include the provision of payment services and inte
B) Say what you have learnt from the text about international banks.
Basic principles of commercial banking best (to demonstrate) in the case of international banks. These institutions are the dominant traders in the Euromarkets and the foreig
B) Sum up the text in 5-7 sentences and present your summary in class.
level
mergers
competition
brought
shows
survey
cause
A) Bank Loans and Overdrafts
There are two principal ways in which a businessman can borrow money from his bank: by means of a loan and by means of an overdraft.
An overdraft is "a sum of money dr
С) Discuss the kinds of banks described in the text and their functions.
b) In a country with a developed banking system there are different kinds of banks with widely varying activities: They are:
1. The Universal banks
Ex. 17. Read the article below quickly to find out the functions the discount market performs.
The Discount Market
The discount market is the fusion of the London markets for sterling money-market security and short-term sterling deposits in the operations of the dis
Ex. 18. Look through the text and name the facts which are new to you.
A crucial aspect of the development of a country's domestic banking system and financial markets is the payment system, which is used by enterprises and individuals to discharge obl
WHAT ARE TAXES?
Taxes are a compulsory financial contribution by a person or body of persons towards the expenditure of a public authority. In modern economies taxes are the most important source o
TAXATION IN RUSSIA
Foreigner: I hear that many Russians complain that taxes are too high in Russia, personal income tax, for example.
Russian: I can't agree with you here. The existing 12% i
VOCABULARY LIST
A. taxation n налогообложение, взимание налогов
EXERCISES
Ex. 1. Answer these questions:
A. 1. What are taxes?
2. What are the purposes of direct and indirect taxation?
3. Are bu
Ex. 5. Sum up the contents of the main dialogue. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out:
Foreigner: The tax system in Russia has changed significantly over the years
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of the book:
tax, taxation, tax allowance, tax breaks, tax concessions, tax benefits, tax exemptions
C) Say if you have ever reclaimed your VAT.
a)If you thought duty-free was... only way to buy cut price goods in ... Europe, you'd be wrong. Tax-free shopping offers ... even greater number of discounts to visitors from outs
What Is an Excise Duty?
Indirect taxes are divided ... general and special taxes ... consumption. The general tax on consumption, value-added tax, or VAT, is levied ... more or less all products and a larg
Tax Reform in Developing Countries
In 1985, the government of Jamaica (to embark) on a comprehensive tax reform. This reform (to include) changes in the personal income tax, the company tax, and indirec
B) Sum up the text in 5-7 sentences and present your summary in class.
over
major
taxes
present
intended
times
change
improve
C) Give your opinion on "tax havens".
Tax Havens Explained
What do the Bahamas, Bermuda, Hong Kong, Liberia, the Netherlands, the New Hebrides, Panama, and Switzerland have in common? They are all "tax hav
Eх. 13. Read the dialogue, sum up its content and act it out.
Russian: I'm sure you know that one of the most serious problems in Russia now is poor tax collection causing sharp decline in tax revenue.
Foreigner. Yes, we know that an
Ex. 17. Read the text below carefully and underline the parts of it giving basic ideas about the desired features of a tax system.
Tax System Design
Recent studies have singled out some of the desired features of the tax system that should emerge as countries develop. They are as follows:
B) Reread the text carefully and explain all figures used in it.
Slovakia
Major Sources of Revenue for the Local Government Budget
The principle sources of revenue available to local governments are local taxes a
INTERNATIONAL MONETARY INSTITUTIONS
There is little exaggeration in saying that international monetary developments affect all individuals as workers, consumers, travellers, businessmen producing goods for domestic or
INTERNATIONAL MONETARY INSTITUTIONS
There is little exaggeration in saying that international monetary developments affect all individuals as workers, consumers, travellers, businessmen producing goods for domestic or
VOCABULARY LIST
A. international monetary systemмеждународная валютная система
EXERCISES
Ex. 1. Answer these questions:
A. 1. In what ways are individuals affected by international monetary developments?
2. What is the
Ex. 5. Sum up the content of the main dialogue. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out:
Russian: Общеизвестно, что Всемирный Банк имеет одну основную цель – содейст
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
adjustment, balance of payments, exchange rate, trade, parity, disequilibrium;
C) Describe the purposes for which the IMF was set up.
International Monetary Fund
The International Monetary Fund, an association of governments, was set up on 27th December, 1945, as a result of the Bretton Woods Agreements w
Your Partner EBRD
The EBRD (European Bank for Reconstruction and Development) is a multinational institution set ... with the specific aim of assisting the countries of Central and Eastern Europe to
Your Partner EBRD
The EBRD (European Bank for Reconstruction and Development) is a multinational institution set ... with the specific aim of assisting the countries of Central and Eastern Europe to
Your Partner EBRD
The EBRD (European Bank for Reconstruction and Development) is a multinational institution set ... with the specific aim of assisting the countries of Central and Eastern Europe to
C) Explain the "conditionally" principle of the IMF.
The IMF's financial resources are made available to its members under a variety of facilities and policies, depending on the circumstances, especially the nature of the macroeconomi
Ex. 17. a) Read the text quickly for the main information.
Some Facts About the SDR
The Special Drawing Right (SDR) is an international reserve asset created by the IMF in October 1969. SDRs first came into operation in 1970 as a s
B) Reread the text carefully and underline all parts saying about the Paris Club.
Debt rescheduling is a form of debt reorganization in which debtors and creditors negotiate to defer payments of a principal and interest falling due in a specified interval for rep
B) Reread the article to find the sentence describing the present-day relations between the IMF and the World Bank.
It was not only Brazil that ran up the white flag last week when it halted the defence of its currency on the world foreign exchanges. The defeat of Brazil was also a defeat for the
TRADING IN THE BOND MARKET
People and organisations wanting to borrow money are brought together with those having surplus funds in the financial markets.
There are a great many different financial m
THE BOND MARKET
Foreigner: Financial markets are generally classified as money or capital markets and primary or secondary markets. Do you follow this classification?
Russian: Yes, we do.
VOCABULARY LIST
A. financial market финансовый рынок
bond market
EXERCISES
Ex. 1. Answer these questions:
A. 1. What role do financial markets play?
2. In what ways do financial markets differ?
3
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out.
Russian: С моей точки зрения, мы вступили в очень сложный период развития рынка облигаций. Все более важную роль играют крупные институциональные инвесторы, объемы выпусков облигаций возр
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
bond, maturity, debt financing, equity financing, placement, surplus, issue, trading,
C) Explain how the Eurobond Market operates.
The Eurobond Market
The Eurobond Market is ... major source of corporate financing in ... unregulated international capital market.
This market permits lenders to
B) Say what you have learnt about the debt market in India.
The door is slowly opening on India's debt markets. Foreign investors can now invest 100% of their Indian portfolios in corporate debt as against the 30% allowed previously. The mar
B) Explain the essence of public debt management in France.
French Government Securities
France (to begin) to modernize the management of its public debt in 1985, and this effort now (to bear) fruit. The market in Fren
C) Describe the problems the authorities are trying to solve in China.
attention
discovered
take
ago
bonds
transaction
kind
dealing
B) Discuss the reasons which led to the creation of the UK debt market and its structural changes in the late 80s.
The UK Government bond market is generally the market of gilt-edged securities. These securities are considered to be very safe.
The market origins go back to 1694 when the
B) Reread the text more carefully and explain how the US government uses debt instruments.
US Government Securities
The US government relies heavily on debt financing. Since the 1960s, revenues have seldom covered expenses, and the differences have been financed
B) Reread the text more carefully to describe the changes in the Yankee offerings and the interests of US investors.
Borrowers Pile Up the Yankees
During the past six years, according to the Federal Reserve, foreign non-financial borrowers placed $170 billion of public and private bonds i
STOCKS AND MARKETS
Stock Markets are the means through which securities are bought and sold. The origin of stock markets goes back to medieval Italy.1 During the 17th and 18th centuries Ams
THE CORPORATE SECURITIES MARKET IN RUSSIA
Foreigner. What's your opinion of the present-day position of the corporate securities market in Russia?
Russian: The market is still rather weak and sluggish. Compared wi
VOCABULARY LIST
A. stock markerфондовый рынок
origin n
EXERCISES
Ex. 1. Answer these questions:
A. 1. What is the Stock Market? What contributed to the emergence and growth of stock exchanges?
2
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out.
Foreigner. We know that the board of directors of your steel plant announced the decision to issue new shares. Why was the decision made? How much are you going to raise?
Russ
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
securities, market, equity capital, options, quotation;
b) Think
С) Name the problems of emerging markets mentioned in the text and say which of them are typical of Russia.
In 1990 the fastest rising stock markets in ... world were those emerging in the developing countries. There are now more than 50 stock exchanges in ... developing world: some are i
C) Describe the trends in the major equity markets mentioned in the text.
Equity Market
In return ... the use of their funds, investors in a corporation are issued certificates, or securities. Corporate securities represent claims ... the assets
B) Describe the changes on the London Stock Exchange brought about by Big Bang.
The London Stock Exchange (LSE) (to be) the principal market for the trading of equities, other corporate securities and government debt in the UK.
The London equity
C) Say what you have learned about trading on the New York Stock exchange.
stockholders
start
exchange
conduct
traded (2)
meets
assigned
tr
A) Bulls, Bears and Stags
The buying of something cheap at one time for the purpose of selling the same thing dearer at another time is speculation. Whilst in a sense all deals are speculations, the term is
B) Options and Short Selling
Not all stock market speculation takes the form of buying and selling stocks whose prices are likely to change. Options and short selling allow a speculator to profit from movements
B) Reread the text carefully and explain what the Fourth Market implies and what prompted its emergence.
Third and Fourth Markets
Until the 1970s the New York Stock Exchange required its member firms to trade all NYSE-listed stocks at the exchange and to charge fixed commissio
The New Issue Market
The mere buying of securites traded on the Stock Exchange does not create new capital. The stock exchange does not itself issue new shares to the public. Fresh capital is provided t
INVESTMENTS
In economic science, investment is capital expenditure on physical productive assets, e.g. machinery, factory buildings, roads, bridges, houses, and stocks.
Real investment
INVESTMENT CLIMATE
Russian: How do you assess the investment climate in your country?
Foreigner. As quite favourable. Foreign investments have been flowing into our country at an acceleratin
VOCABULARY LIST
A. investment activityинвестиционная деятельность
capital expenditure
EXERCISES
Ex. 1. Answer these questions:
A. 1. What is investment?
2. Define the difference between real investment and financial invest
Ex. 5. Sum up the content of the dialogue. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out:
Russian: Известно, что ваше правительство успешно проводит политику привлече
B) Think of word combinations with these nouns: investor, investment, accounts, securities, yield.
c) Think of the verbs most commonly used with:
portfolio, intermediary, risk, loans, purchase, contributions, funds, money.
d) Match the verbs f
C) Say what advantages individuals have when they invest in investment companies.
Investment Companies
Investment companies are ... type of financial intermediary. They obtain money from investors and use it to purchase financial assets such as stocks an
C) Explain how most dynamic institutional investors today – pension funds and mutual funds – work.
The most dynamic institutional investors today are pension funds and mutual funds. Pension funds are a relatively recent phenomenon, which emerged ... the early 1950s.
Pens
Food Giants Build Local Yogurt Plants
Foreign oil companies may pull out of Russian projects and several automobile joint ventures have been postponed, but international food processing companies feel now is the time to
A) Say what hinders the influx of foreign capital to Russia.
a)Foreign investors participating in the Russian market see that there are many difficulties and important differences in the structure and behavior of the Russian market. Though r
B) Brazil Attracts Foreign Investors
Increasing numbers of foreign investors are looking toward Brazil as their gateway into the Latin American market. As a result, there has been a dramatic increase in merger and acqu
C) Investment in the UK
In recent decades the UK has invested a smaller share of GDP than other industrialised countries – around 18% of GDP, compared with the OECD average of almost 21%. This has left a l
Ex. 13. Read the dialogue, sum up its content and act it out.
Foreign Investments in Russia
Foreigner. Speaking about investment you often say "capital investment". Do you use the two
words interchangeably?
Ru
B) Reread the text more carefully and explain how administrators of funds make decisions about choosing the assets to invest.
Investment Skill Is a Rare Commodity
Administrators of pension and endowment funds might be surprised to find themselves referred to as investment engineers. Yet these part
B) Reread the text more carefully to find parts of the text describing the specific features of the funds.
Investment Trusts
Small shareholders who do not have enough money to invest in a wide-range portfolio buy shares in investment trusts.
Investment trust is a public
TRADING IN THE FOREIGN EXCHANGE MARKET
Any one country's currency is a legal tender only within its national boundaries. To trade beyond these boundaries involves exchange of monies. Exchange of currencies is possible if
CORNERSTONE OF THE GLOBAL FINANCIAL MARKET
Russian: As far as we know, the cornerstone of the global financial market is the Foreign Exchange Market. In this connection, how is it developing? What affects its development?
VOCABULARY LIST
A. foreign exchange marketвалютный рынок
legal tender
EXERCISES
Ex. 1. Answer these questions:
A. 1. Why is exchange of currencies necessary?
2. What makes exchange of currencies possible?
Ex. 5. Sum up the content of the dialogue. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out:
British economist: Your participation in the world financial markets is incr
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
option, rate, transaction, currency, quotation;
b) Think of the verb
C) Say what exchange rate policies are practised by different countries.
In ... late 19th century ... major trading nations fixed their currencies in terms of gold. Exchange rates were therefore fixed and these countries had essentially one common curren
C) Describe the components of the global financial markets.
Global Financial Markets
The global market for finance encompasses a complex web of financial instruments and institutions. Its structure and functioning are affected in fu
B) Explain what are hedging techniques mentioned in the text.
Managing Exchange Rate Risk. Hedging
In general, hedging is a technique of insurance against loss from future price movements. For instance, in Britain in 1970s, when infla
The Eurocurrency Market
One of the most well-developed sectors of the Global Financial Market is the Eurocurrency Market. The Market refers to funds channelled via financial intermediaries from internation
C) Discuss the problem raised in the text, offer your solution to the problem.
Tougher Measures Needed to Counter Macroeconomic Effects of Money Laundering
The globalization of the world economy and the growing efficiency of capital markets allow indi
READING PRACTICE
Ex. 17. Read the text quickly to find the types of most widely used swaps:
Foreign Exchange Swaps
Swaps are transactions in which two parties swap
What are the prospects for the option markets?
Foreign Exchange Options
Options as a financial instrument have a reasonably short history in financial markets, with the first option contracts being traded in Chicago in
FINANCE FUNCTION
Any business – whether large or small, profit-seeking or not-for-profit – has important financial concerns:
How to get the funds needed to run the business on favourable te
FINANCIAL RATIOS
A financial ratio is a relationship between particular groups of assets or liabilities of an enterprise and corresponding totals of assets or liabilities, or between assets or liabi
RATIO ANALYSIS
Russian: Are there any guidelines which enable the businessman to conduct his affairs efficiently and profitably and to compare his company's performance with those of other companies?
VOCABULARY LIST
A. financial managementуправление финансовой деятельностью, финансовый менеджмент
Finance
EXERCISES
Ex. 1. Answer these questions:
A. 1. What financial concerns face every enterprise?
2. What problems do finance managers face
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out.
Foreigner. What funds are most typically generated at enterprises?
Russian: Для осуществления своей деятельности предприятию необходимы основные и оборотные фонды. Основны
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
assets, exchange rate, interest rate, management, return, value, flow;
C) Say in what activities financial managers are involved.
a) Financial Management explains how ... financial managers can help maximize the value of their firms by making better decisions in such areas as capital budgeting
B) Mergers and Acquisitions
Profitable growth constitutes one of... prime objectives of most of the business firms. It can be achieved "internally", either through ... process of introducing or devel
B) Say what classes of shares are usually issued by companies and what rights they give their holders.
Financial Capital
Financial capital includes the liquid assets of a company as opposed ... physical assets. Companies can have a variety of types of capital. The principal
B) Describe the development of financial management.
Prior to the 1930s the field of financial management basically (to confine) to descriptive discussions of the various financial markets and the securities traded in those mar
C) Explain the differences between macroeconomics and microeconomics.
operation policy familiar
businesses says demand
notions lead affects
whole operates success
microeconomics
Contemporary
A) Corporate Governance
The financial manager's duties include different tasks aimed to maximize the shareholders' wealth.
It has been observed, however, that in practice not all management decisi
B) Investment Management
Investment management relates to the selection of assets in which funds will be invested by a firm. The assets which can be acquired fall into two broad groups: long-term assets and
A) Investment Decision Making
Financial manager. Our company is working on an investment project. What do you think we should take into account in our work?
Consultant: First, I'd like to know somethin
B) Investment Project Appraisal
P.M.: How can an investment project be evaluated?
Con.: There are different techniques. Most common today are UNIDO techniques based on payback period, net discounted cash
READING PRACTICE
Ex. 17. Read the text quickly to find the sentences giving a definition of the cost of capital:
Capital Structure and Cost of Capital
The capital
What happens after a winding-up order is granted by the court?
Liquidation
If a company is unsuccessful in its operations, or if for any other reason it decides to go out of business, it goes into liquidation. There are two kinds of li
Ex. 19. Read the text quickly to find the part of the text explaining how managers can solve the problem of a cash shortfall.
The Cash Flow Concept
The concept of cash flow is one of the central elements of financial analysis, planning, and resource allocation decisions. Cash flows are important b
ACCOUNTING PRINCIPLES AND CONCEPTS
The accounting system in any given country is one of the key elements of the economic system. It is determined to a significant extent by the level and direction of the economic sys
ACCOUNTANCY IN A FREE-MARKET ECONOMY
Russian: What is the role of accountancy in a free-market economy?
American: Well, in a free-market environment, accounting provides sort of a vehicle for transmitting inf
PUBLIC AND PRIVATE ACCOUNTANTS
Russian: I'm sure you know that we are engaged in developing the accounting profession in our country at the moment. In this context we would like to know how the members of the accountin
VOCABULARY LIST
A. accountingn бухгалтерский учет
to a significant extent
EXERCISES
Ex. 1. Answer these questions:
A. 1. What role does an accounting system play in an economy?
2. Into what phases is accounting br
Ex. 5. Sum up the content of the dialogues. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out:
Foreigner. As far as I know, in the past the major function of your accounta
Ex 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
balance sheet, account, depreciation, cost, expenses, assets, loss;
B) Explain the objective of Financial Statements and say what ensures usefulness of information disclosed in them to the users.
The objective of financial statements is to provide useful information ... users. Among the users are present and potential investors, lenders, suppliers and customers, employees, g
B) Say what is a Chart of Accounts in Russia and what it provides for.
In the West each company (to have) a certain freedom in the design of its own set of accounts so as to reflect the nature of its business and the needs of its management in d
C) Name the most important events in the development of the accountancy profession in the world.
accountants
principles
organized
members
back
profession
creation
throughout
number
role
organizations
function
B) Present them in a short review and compare the information and viewpoints in Text (a) and Text (b).
a)For many years the accounting system in Russia was criticized by Western academicians for its failure to adhere to Western accounting principles. Such criticism is no longer vali
IAS – international accounting standards
divergencen отклонение
Ex. 13. Read the dialogue, sum up its content and act it out:
Accounting Methods
American: Accou
Balance Sheet
А. Неоплаченный акционерный капитал
A. Called up share capital not paid
A. BALANCE SHEET
The position of the enterprise is presented in the balance sheet. That statement shows resources and the claims to or interests in them and provides an indication of the financial s
PERFORMING AN AUDIT
Auditing is a process in which an independent accountant-auditor examines a firm's accounting records and financial statements and offers an opinion on their accuracy and reliabilit
AUDITING IN RUSSIA
Englishman: In most industrialized countries audit is a statutory requirement applying to limited companies. Are there any similar regulations in force in Russia?
Russian:
VOCABULARY LIST
A. auditing n аудит
auditor
EXERCISES
Ex. 1. Answer these questions:
A.1. What is auditing?
2. What audits are practised nowadays?
3. What does the auditor
Ex. 5. Sum up the content of the main dialogue. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act the dialogue out:
Foreigner. As far as we know, you are Russia's leading provider of
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
audit (ing), auditor, auditor's opinion, auditor's report, records;
Sweden.
The Swedish National Audit Office (SNAO) is ... independent institution for central government auditing and accounting in ... Sweden. The main task of ... organisation is to audit t
Sweden.
The Swedish National Audit Office (SNAO) is ... independent institution for central government auditing and accounting in ... Sweden. The main task of ... organisation is to audit t
B) Discuss the content of the article.
Misuse of Public Funds
It is a universally accepted truth in Russia that the heads of many public funds habitually (to divert) trillions of rubles away from the stat
Ex. 11. Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences and present your summary in class.
free proper standards audit (2)
opinion (2) preparing performed management
statements responsibilities accordance view
Independent Audit
B) Read the text carefully to say what CPE implies.
Continuing Professional Education
The Audit Registration Committees of the Institutes of Chartered Accountants in Britain are extremely interested in and concerned about co
B) Reread the text more carefully and pick out information about the JMU.
The EU 8th Company Law Directive set out the requirements for each member state to have a common minimum regulatory system for auditors of limited companies. The United Kingdom enac
BANKING CORRESPONDENCE
Most correspondence in banking is done through letters and telexes, fax messages and SWIFT ones. Special forms are also widely used.
Here is a layout of a typical letter:
To announce объявлять
seniorстарший
effectiveвступающий в силу
to be composed ofсостоять из
divisionотделение (управление)
DICTIONARY OF KEY WORDS
account[@'kaunt] n счет
contra account["kOntr@ @'kaunt] контрарный счет
memorandum accountзабалансовый счет
Contents
ПРЕДИСЛОВИЕ.. 2
UNIT 1. ECONOMIC ENVIRONMENT.. 4
A. TEXT. WHAT IS ECONOMICS ALL ABOUT?. 4
B. DIALOGUE. 4BUSINESS CLIMATE IN RUSSIA.
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