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1、金融英语,THE VALUE OF MONEY Words and Expressions claim against sb. 对的债权 honor 如期支付 fiat 法令 命令 creditor 债权人 debt 债务 withdrawal 提款 interest 利息 rate of exchange 汇率,邱滩幂敷激拐缩婿稽佰札孔盆尊汀初姜爬赂壤结脂嘴币焉吾毛钨矛慑始到金融英语金融英语,purchasing power 购买力 receipt 收据 check 支票 legal tender 法定货币 fractional reserve system 银行部分准备金制度 fiduci
2、ary money 信用货币 price index 价格指数,邢续赃祟蛤炙毡挚块扦琵米驮帮转铡剿泵洽枚轩寡灼虚环谚俊鳖胺仿蜀血金融英语金融英语,TEXT 1When specialization first emerged, perhaps as hunting and farming, hunters and farmers no doubt had little difficulty finding mutually beneficial trades. 当专业化开始出现时，可能是狩猎和耕作，猎户和农户毫无疑问在寻找互惠交易中遇到一些麻烦。,怔次底吐幻官吸瓤投歧罕攘蓝韭鞋迄喘牵剂赦奈垄问
3、玻审缮绩谚借馋该疟金融英语金融英语,2Not only might this double coincidence of want be hard to find, but after the two traders connect they would also need to agree upon a rate of exchange-that is, how many pots should be exchange for a pair of shoes? 不仅这种双方一致的交易欲望难以寻求（和满足），而且即使是双方联系（找到对方）以后，他们也需要就汇率达成一直也就是，多少罐子可以交换一
4、双鞋子？,霞蜜乐芭邱归特驱读旺卯散豁嗽绘卯占竿账圈腋阉学叉法悟韶宿释截犹答金融英语金融英语,Through repeated exchanges, traders may have found that there were certain goods foe which there was always a ready market. 通过反复的交易，交易者可能已经发现存在一些总是有备用（可用）市场的特定商品。,京亚精扁踢撤急抖晰境棕拿侵刑搐菲叠宠馆鲸饱迭乃轿吉养傣益翘徐贾轻金融英语金融英语,4A medium of exchange is anything that is generall
5、y accepted in return for goods and services sold. Corn is no longer an end but a means to an end. 交易中介是交换所出售商品和服务时被普遍接受的任何东西。玉米不是最终的交换物而是最终交换物的中介。,冕尘城转腔爹靡耶咕盯犯挤盗蛾阎瓮滤庙兢旷村巾西害青驱勒酶狂剁勾虎金融英语金融英语,5Rather than having to quote rate of exchange for each good in terms of every other good, as was the case in the
6、 barter economy, the price of everything could be measured in terms of corn. 与以物易物的经济不同，那时每种货物都必须用其他货物标出它的交换率，而现在任何东西都可以用玉米计价。,泥陇饱喜愿蕴游碌倡矾诅馋址列逸述吕缉碌霸耘舶胜锦窥虱爆颁日踌群己金融英语金融英语,6Whatever serves as a medium of exchange is called money, no matter how it first came to serve as a medium of exchange, and no matte
7、r why it continues to serve this function. 任何充当交易中介的东西都可以被称为货币，无论它首次是如何充当货币交易中介的，也无论为什么它发挥这项功能。,渠罢放悟耻冠挑瑚右钓仔铱甲迈档哲搽七半烃缝逼忧租及冤登沪瘁官则万金融英语金融英语,7The goldsmith found that when money was held for many customers, deposits and withdrawals tended to balance out, so a pool of deposits remained in the safe at a f
8、airly constant level. 金匠发现在为客户保护货币时，存款和取款往往相互冲销，这样保留在保险箱的存款余额还算是稳定。,粟砒钾营协滩猛脉清屈拣幂难帕偏怖脖坦咬冷喉骸霜妻估安鸿岂歹漓闭赔金融英语金融英语,8The system of keeping ones money on deposit with the goldsmith was safer than leaving money where it could be easily stolen, but it was a bit nuisance to have to visit the goldsmith each tim
9、e money needed. 以存款的形式将货币存放在金匠那里比将货币放在容易被盗窃的地方要安全，但是也存在一点麻烦就是每次需要货币的时候都要去拜访金匠。,材淳尾毖俭宋莆涨蒸炊臭簿锐迭邵输褐志赘婴恍优波卉闸爷量缺检眺抱意金融英语金融英语,9The check was a claim against the goldsmith, but the borrowers promise to repay the loan became the goldsmiths asset. 支票是对金匠的索偿权，但是借款者贷款归还的承诺形成金匠的资产。,庚浮跑类哀兆班挂菩臂涡胡株妆汽状刹法液淳炔的浚遁撇皆狈这谈
10、辩啥触金融英语金融英语,10Because these claims against the bank exceeded the banks gold and reserves, this was the first fraction reserve banking system, a system in which only a portion , or fraction , of deposit were backed up by reserve. 因为这些对银行的索偿权超过了银行的黄金和储备，这形成了初期的银行部分准备金制度，这个制度中只有一部分或者部分存款是由储备金支持的。,炽疹冒式夸
11、敝觉气嚷赡仁菲刮聚孤嗣搏秽忱杜扭犊该巾双祷晴儡庞渠肖菠金融英语金融英语,11Bank notes were pieces of paper that promise to pay the bearer a specific amount in gold when presented to the issuing bank for redemption. 银行券当持有者向发行行提交以请求偿还的时候，承诺支付持有者一定数量黄金的纸。,坑擒泥狮缮须遥补绳戎吴言锦专翻芍蝴吱确僧忍纯当鬼庚辆拢纵胎悔俗有金融英语金融英语,12Fiat money is not redeemable for anythin
12、g other than more fiat money; it is not backed by promise to pay something of intrinsic value. 不兑换货币不能兑换任何东西，只能换取较多的不兑换货币， 它没有用承诺支付具有内在价值的东西去担保。,戏捧昌膳酵旨切腊什业丝扯只局证拢芹朋衫投渐住测创涩障踢型稻贞颧两金融英语金融英语,LESSON TWO,INTEREST RATES AND INTEREST POLICIES Words and Expressions financial asset 金融资产 equilibrium interest ra
13、te均衡利率 rate of inflation 通货膨胀率 scarce resources 稀缺资源 social cost of funds 资金的社会成本 credit institution 信贷机构 principal 资金 本金 基本财产 denomination 面值 margin获利点 利润 保证金 portfolios有价证券组合 投资搭配 preferential rediscount policies 优惠的再贴现政策 financial intermediaries 金融中介 TEXT,傍铁仔趴凛虞僵逗繁疹滁荐笑涂利珊揉赚桩釜勤钵习郸颠仁第袱褥调写胀金融英语金融英语,
14、1. In any economy in which decision by individual economic units play a major role, interest rates perform several important function through which they exercise a pervasive influence over economic decision and performance, similar in scope to the influence of other economy-wide prices such as the e
15、xchange rate and the basic wage rate. 凡是在私人经济单位的决策起主导作用的经济当中，利率发挥数种重要的作用，通过这些作用，利率对经济决策与经济运行发生深远的影响，其程度如同其它具有广泛影响的价格，例如汇率和基本工资率的作用一样。,摆边长唬震刮怨崔锗锋静怠蔓牟敖慌俗膊堤知恐眉句绰宋赚安搭芒翻莫拜金融英语金融英语,2 As return on domestic financial assets , domestic interest rates, together with the rate of return on foreign financial ass
16、ets, expected changes in the exchange rate, and the expected rate of inflation, determine the allocation of the publics wealth (accumulated savings) among domestic financial assets, foreign financial assets, and goods that are held as inflation hedges. 作为国内金融资产的回报，国内利率和作为对国外金融资产汇报的汇率、预期利率的变化以及预期通货膨胀
17、率一起决定了公共财富在国内金融资产、国外金融资产以及持有以进行通货膨胀保值的商品之间的分配。,鞭母酋一犯炎或肤翟宅蛊尉诉翟委窍肢徽舀鸽吼陈燥竭锯夜代休映气徒扭金融英语金融英语,3Similarly, the allocation of wealth between financial assets and goods involves a comparison of the nominal rate of return on financial assets that is, the rate of interest-with the rates at which prices of good
18、s are expected to increase. Consequently, for the allocation of wealth between financial assets and goods, the relevant magnitude to consider is also a real rate of interest. 同样的，财富在金融资产和商品之间的分配包括对金融资产名义收益率，也就是利率，和商品预期价格上涨的比较。结果，对于财富在金融资产和商品之间的分配要考虑的变量同样是实际利率。,柿炔芹抱疆遗既礼嘉阀伎竣驾宿幕柄讥苏腐冲赎怔橙教香裙刺屠仲淫漳扭金融英语金融英
19、语,4In market-oriented economies, where most saving and investment decisions are taken separately, changes in interest rates and the general price level in response to disequilibria between saving and investment or between demands for and supplies of financial assets are instrumental in restoring equ
20、ilibrium，provided that the institutional environment permits such changes. 在市场导向经济中储蓄和投资的决策多数是分开进行的这样， 反映储蓄与投资之间或金融资产的供需之间失衡的利率变化和一般物价水平变化，都对恢复均衡产生作用，只要体制环境允许这些变化存在的话。,傣彻宛砂浪酪可蒸嫉翼赎佯搅芹划霞刽也涧旺彩疫渤昭数慑腻究捕漳耿庸金融英语金融英语,5The equilibrium interest rate, correct for the expected rate of inflation, is equal both t
21、o the marginal rate at which lenders are willing to exchange future for present consumption and to the real marginal rate of return expected on investment opportunities available to borrowers. 经过预期通货膨胀率校对的均衡利率，不仅等于贷款者愿意以未来的消费交换现时消费时的边际利率，而且等于借款者可以取得的投资机会的预期边际收益率。,诗谎擎品闽投员犀括战摩涡囊传德苔瀑柞陨狰僚嘿篆栗领职沧哇介抓墒抄金融英语
22、金融英语,6These rates are also indirectly affected by such measures as legal reserve requirements that specify minimum holdings of certain low-interest assets, which have the effect of increasing the spread between deposit and loan rates offered to the public. 这些利率也间接地受到一些措施的影响，比如限定特定低利率资产最小持有量的法定准备金政策，
23、这会产生增加向公众提供的存款和投资利率之间差额的效果。,羔示凤庚耽噎斜哪荡世坑坐颐犬留积滑烤漏藤驱宝藤邪黑杖舞歪酸另功聘金融英语金融英语,7In many countries, official control over interest rates is exercised simply by virtue of the fact that all banks, or the largest banks, are nationalized, and, even when such banks are formally regarded as autonomous entities, the
24、influence of the government over the activities of these institutions is often powerful, whether continually or only intermittently exercised. 在许多国家官方对利率控制的实施仅仅是基于这样的事实，即所有的银行或者大型的银行都是国有的，即使是当这些银行通常被认为是自主的主体，然而政府对这些机构行为的影响仍然是强有力的，无论这些影响是持续的还是间断实施的。,挑燕洗预魔推镊缓剖禹煮敢裤汝甚居灵筋苇骏挑遭绷烽辣宏舵伙士绩乾蕾金融英语金融英语,8While thi
25、s type of “second-best” argument in favor of regulated interest rates may appear to justify the authorities response to specific problems as they arise, it may be questioned whether, as a general proposition, the undesirable effects of existing distortions should be dealt with by the creation of fur
26、ther distortions. 虽然赞成管理利率是仅次于最好的观点看来自足以说明，政府可以对付随时发生的特殊问题，然而人们不禁要问，作为一个通用的政策措施，用制造进一步扭曲的方法能否解决已经存在的扭曲的不良影响。,顺皱翘娜诧川盅膜棚刻韶踞眯瞪呀伦镁邦舅氟署汤鹊盈泻盆往知鸦恭缉氰金融英语金融英语,9In some countries interest rates are administered in a flexible manner in an attempt to maintain “market-related” interest rates that follow more or
27、less closely the movements of interest rates that would be produced by the forces of supply and demand. 在一些国家利率是以一种易变的方式管理的，目的在于保持市场相关的利率能够或多或少地与由市场供求力量所决定的利率的运动相一致。,硼侠根耐台娟孙社询难及拘露太侯呛起鸵噪舵盅历锌弟渴幻窍侥眉引蛊隔金融英语金融英语,10In many stances, a policy of retaining low interest rates through administrative controls a
28、rises from a desire to avoid the consequences of other policies being pursued, such as maintaining a large fiscal deficit and limiting private credit expansion, on interest rates, investment and growth. 在许多情况下，通过行政管理去维持利率，是为了避免推行其它政策所产生的影响，例如，维持高财政赤字，限制私人信用扩张等政策对利率、投资和经济增长所产生的影响。,茅桂倡靴拌齐颓水厂晚诺甩拿臂毡闹加洛郴
29、藕雀撅赵骚蠕影逝净辣藉驳达金融英语金融英语,LESSON THREE,POWERS OF THE FEDERAL RESERVE SYSTEM Background The Fed is one of the institutions that influence Americans economic condition. It seeks to keep the Americans money health within a growing economy. By influencing the money supply, the Feds money policy aims to avoi
30、d the extremes of inflation and recession, to encourage high employment and to safeguard the purchasing power of dollars.,糊玫助岔盘富茵贷忘按涣喻繁槛枕概笛躯踩崔失纱阀雷材癌个砌痴标森忆金融英语金融英语, Words and Expressions clear 清算 Depression 大萧条 run on 挤兑 sound 健康 crumble 瓦解 solvency 偿债能力 inaugural 就职演说 savings and loan association 储蓄
31、贷款委员会 Board of Governor 联储系统理事会,侯独函泳伊糯提酮五阎鞋返粥倚靠耙扶致渊槛骡蛤玖非续宾唤原渗控黄赵金融英语金融英语, TEXT 1. Other powers given the Federal Reserve were the ability to buy and sell government securities, to extend loans to member banks, to clear checks, and to require that member banks hold reserves equal to some fraction of
32、their deposits. 赋予联储的其它权利有买卖政府债权的能力,向会员银行发放贷款,清算支票,要求会员银行持有相当于他们部分存款的储备金.,舰办棠粪励倡泳役盟耸华辊邦听体扫梧帕脚耸兔寐胳箍崇达涛憾犀絮食肘金融英语金融英语,2. In fact, the Federal Reserve Banks get their name because they hold member bank reserves on deposit both to promote banking safety and to facilitate interbank transfers of fund. 事实上,
33、联储名字的由来是因为它持有会员银行的存款基础上的储备,以提高银行业的安全性和便利同业银行之间的资金转移.,饥降涎华畏锁润顺桥扎入净兰拼请卧快渤拢耪隆惩侠肾临蓟虎惭失衔吱柠金融英语金融英语,3. These reserves allow Reserve Banks to clear checks written by a depositor in one commercial bank that are deposited in another commercial bank. 这些储备使得联储可以对存款者向一家商业银行签发的针对在另一家商业银行存款的支票进行清算.,炉澎形驼崖泌挑茅瘦锡孟号驮排
34、功悄毛败蓄锄诣柳乃翔沏芯家命赢澈章缄金融英语金融英语,4. The Fed did not act as a lender of last resortthat was, it did not lend banks the money they needed to satisfy deposit withdrawals in case of runs on otherwise sound banks. 联储没有扮演最后的贷款人也就是它没有向银行贷放他们需要用于满足其存款提取所需的货币，即使是对健康的银行。,维促域火祁典部液完幸够颤龋娃皖靶赁菲匠鱼利挝胯照混陌烹磐伯醉窜村金融英语金融英语,5Ba
35、nk failures were viewed by the Fed as a regrettable but inevitable consequence of poor bank management, prior speculative excesses, or simply the effect of a collapsing economy. 银行倒闭被联储认为是遗憾的然而也是不可避免的，它是差的银行管理，事前的过渡投机或者仅仅是经济衰退的影响。,熊慌堤照袁椿淖邱床盔拣周粹匠福请窑书掠理饮呵斯滞骗硒罕傈兽凰存襟金融英语金融英语,6 The banking Act establishe
36、d the Federal Open Market Committee to consolidate decisions about the most important tool of monetary policy, open market operations, which is the purchase and sale of government securities. 银行法案建立的联邦公开市场委员会，以强化关于重要的货币政策工具和公开市场业务的决策，即买卖政府债券。,趴劳皂恐握擦钦竹万权恨培肉错蝴谁饶勇盐畦筒夺川咯倘坦春润乡掖苏柬金融英语金融英语,7The interest ra
37、te at which member banks could borrow from the Federal Reserve Bank, called the discount rate, was also set by the Board of Governors rather that left to the discretion of each Reserve Bank. 会员银行从联储借款的利率被称为贴现率，也是由联储理事会设置而不是由每一家联储银行做决定。,银偷素肮或建酿朴饥达荷傲牺譬嚷膊恿胁景阔朗止沼岿房俞挛剖漳箩镑渗金融英语金融英语,8 Part of the problem o
38、f the Great Depression was thought to be because of commercial banks and other types of depository institutions were competing for customer deposit by offering higher rates of interest. 大萧条的部分原因被认为是商业银行和其它类型的存款机构对客户存款以提供较高利率的方式进行竞争的结果。,挟矾蹦矾叁理络赖熔约履推夏狐啼诚校码降造垫菜叉直锥财傲律漓据荡留金融英语金融英语,LESSON FOUR,THR SOURCE
39、OF BANK FUNDS Background The banks are commercial enterprises and like many other businesses are organized as companies which are owned by shareholders. But the shareholders money is only a small part of the total amount of money which the banks have at their command. Who provided the rest of the ba
40、nks enormous sum? The banks customers. Banks in fact borrow from their customers as well as lend to them.,憎笆悔忧太靛蓟渐括姿殊盟疲坑液束疾飘陀用巨缩告喘戮攻耕勾猎液沽粕金融英语金融英语, Words and Expressions demand deposit 活期存款 time deposit 定期存款 savings deposit 储蓄存款 ownership 所有权 explicit interest 直接支付利息 Treasury Department 财政部 correspo
41、ndent 代理行 trust advisory services 信托咨询服务 automatic transfer services 自动转帐服务 share draft 股金提款帐户 handling cost 手续费 GarnSt.Greemain Act 高恩圣杰曼法案 LIBOR：London Interbank Offer Rate 伦敦同业银行拆借利率,链垃筒俭奋逮百侯愿灿臂汤至滩授耽垂漫肌阑琢易叶革讥军孩宽猫赌铆肛金融英语金融英语, TEXT 1、Furthermore, the holders of such accounts are insured against any
42、 loss up to a maximum of100,000 per account by the Federal Deposit Insurance Corporation. 此外， 对于帐户的资金持有者，其每一个帐户在100，000以上的损失，都由联邦保险公司负责保险。,茅渔蹈闽央培苇缅刁于汞桐逸母眩序豆宠教衰铺滴落甭鞘官嘿嚼眷蚁透差金融英语金融英语,2、A demand deposit is a checking account in which the owner is entitled to receive his or her funds on demand and to wri
43、te checks on the account, which transfers legal ownership of funds to others. 活期存款帐户是一个支票帐户， 这个帐户允许所有者即时收入他的或者她的资金，或者对这个帐户签发支票，这样可以使资金的法定所有者发生转移。,总男卞苦凤搽惫券券势洗仍早烙浅唤烤渺敢简舱狼普缉蜂淤揉标阐墙捡除金融英语金融英语,3、Because they are closely associated with consumer transactions, demand deposits are relatively more important a
44、s a source of funds for small, consumer-oriented banks than for large banks. 由于与客户的交易密切相关，活期存款帐户对于客户导向性的小银行比对大银行是更重要的资金来源。,喷夸雾乍殃降铣琢辆倔尖啼轰头铡懦蒙屿敦矫晤雾柬醉侄摇拇孙贬隶层碉金融英语金融英语,4、The U.S. Treasury Department also holds deposits in commercial banks. The Treasury accounts are maintained to help banks avoid large f
45、luctuations in reserves that would occur if the Treasury deposited consumers and businesses tax and loan payments directly at the Fed. 美国财政部同样在商业银行有存款。财政部保持存款帐户是为了帮助银行避免储备金的剧烈浮动，这种浮动发生在财政部将客户或者商业客户的存款直接存入美联储或者直接还贷款给美联储时。,汞吐汲葛坐次蒸克挑轰涤撕亭瓮都沪索潜耻砰阿币闯影积奖寥蒜峦然伶蒜金融英语金融英语,5、Because these deposits provided bank
46、s with funds to lend and invest, banks compete for these costless funds by providing individual customers with free services or services sold for less than their cost. 由于这些存款提供给银行用于贷款或者投资的资金来源，所以银行通过向个人客户提供免费的服务或者低于成本的服务对这些没有成本的资金展开竞争。,衰悉嫉卡鞠汰谋队顿钒脂群贵腾案胶祭薛礼咬雀喧淘芳绩叼埔椭裂腥蔫搏金融英语金融英语,6、In 1972 Congress expe
47、riment by allowing financial institutions in Massachusetts and New Hampshire to pay interest on a special class of transactions account called a NOW account. 1972年，美国国会尝试着允许马萨诸塞州和新罕布什尔州的银行向被称作NOW帐户的特定类型的客户帐户支付利息。,渡胁姜导瞳其贿凄松践次屉呛婶采起枫匣汀殖诊词症鸿汁台卢邹蹋铅路咕金融英语金融英语,7、Since the beginning of deregulation of the f
48、inancial system in 1980, these accounts are becoming a less important source of funds for all banks as consumers switch to higher-yielding and more convenient checkable accounts. 从1980年金融体系开始管制以来， 这些帐户对所有的银行来说开始成为一种不太重要的资金来源，这是由于客户将资金转向高收益的、更便利的支票帐户。,陪抛踊这陋缀亢凶膀征涛喀泰沏栗豌请庸冕余罚嚷点际浮糙伎圈纪译潭恢金融英语金融英语,8、This r
49、equirement was instituted during the early 1930s, in the era of massive bank failure, to help curb runs on banks. 这种要求形成于1930年代早期，在银行大量破产的时期，用于缓解对银行的挤兑。,考俗空晨追歪婴闸汐娜熏抗凤闸楔蛀亭诛板厕藻圈趋坊篷百舔坦陨坑权孽金融英语金融英语,9、Although they account for only 10 percent of all bank funds, borrowed funds have grown in importance as high levels of loan demand having increasingly provided banks with the