ЗАДАНИЯ ДЛЯ СТУДЕНТОВ ВСЕХ экономичеСКИХ СПЕЦИАЛЬНОСТЕЙ НА IV СЕМЕСТР

Для сдачи зачёта(экзамена) студентам ЗФ экономических специальностей предлагается выполнение следующих заданий:

1) Перевод пяти предлагаемых текстов с листа.

2) Контрольная работа №4 – выполнение одного из пяти вариантов; первый текст не переводится - по тексту выполняются задания со II-V, задания с VI-VIII – грамматические, письменный перевод текста в задании X. Вариант выбирается по последней цифре шифра студента.

(1, 2 – вариант № 1; 3,4 - вариант № 2; 5, 6 - вариант № 3; 7, 8 – вариант № 4; 9,0 – вариант № 5)

3) Тема: “Job Hunting” – “Поиск работы”

4) Перевод текста, предлагаемого экзаменатором.

Защита контрольных работ и перевода технических текстов проводится по расписанию во время сессии и в течение семестра по четвергам с 17.05 - 20.00. Тексты переводятся с листа: a) Вы читаете текст на английском языке, затем его переводите, глядя на английский вариант текста. Разрешается пользоваться, составленным вами словарем по предложенным текстам.

N.B. Просьба распечатать контрольные работы и тексты и принести их на зачет.

1) 5 Текстов на перевод с листа:

Text 1

Money supply

In economics, money is a broad term that refers to any financial instrument that can fulfill the functions of money. These financial instruments together are collectively referred to as the money supply of an economy. In other words, the money supply is the amount of financial instruments within a specific economy available for purchasing goods or services. Since the money supply consists of various financial instruments (usually currency, demand deposits and various other types of deposits), the amount of money in an economy is measured by adding together these financial instruments creating a monetary aggregate.

Modern monetary theory distinguishes among different ways to measure the money supply, reflected in different types of monetary aggregates, using a categorization system that focuses on the liquidity of the financial instrument used as money. The most commonly used monetary aggregates (or types of money) are conventionally designated M1, M2 and M3. These are successively larger aggregate categories: M1 is currency (coins and bills) plus demand deposits (such as checking accounts); M2 is M1 plus savings accounts and time deposits under $100,000; and M3 is M2 plus larger time deposits and similar institutional accounts. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments.

Another measure of money, M0, is also used; unlike the other measures, it does not represent actual purchasing power by firms and households in the economy. M0 is base money, or the amount of money actually issued by the central bank of a country. It is measured as currency plus deposits of banks and other institutions at the central bank. M0 is also the only money that can satisfy the reserve requirements of commercial banks.

Market liquidity

Market liquidity describes how easily an item can be traded for another item, or into the common currency within an economy. Money is the most liquid asset because it is universally recognized and accepted as the common currency. In this way, money gives consumers the freedom to trade goods and services easily without having to barter.

Liquid financial instruments are easily tradable and have low transaction costs. There should be no (or minimal) spread between the prices to buy and sell the instrument being used as money.

monetary aggregate - совокупность элементов денежной массы, денежный агрегат

liquidity - ликвидность

households - домашнее хозяйство

asset - средства, авуары, активы, имущество

Text 2 Money as an Asset

Money and Bonds

To analyze this motive for holding money properly we need to distinguish between 'money' and 'bonds'. Bonds here are defined as any sort of asset that pays interest, while money does not pay any interest income. We further assume that the asset allocation choice is purely between money and bonds, that is, a person can only hold either money or bonds, implying that holding money incurs a cost - that of interest income foregone.

The Speculative Motive

Economic agents who hold money for this motive hold it because there is the price of money is invariant to the rate of interest, unlike bonds. It protects the agent from any risk associated with changes in the interest rate.

In this instance, money acts as a store of value, allowing the agent to transfer real purchasing power from the present to the future (assuming inflation is zero). Bonds are not as useful as money here because their value changes with fluctuations in the interest rate.

Money under the Asset Function

So what constitutes money under this definition? Essentially, anything that doesn't pay interest income, but can be used as a store of wealth, and does not change its nominal value under changes in interest rates. In this case, interest bearing bank deposits are not counted as money. The definition of money is likely to be confined to the money stock and non-interest bearing bank deposits.

Money as a Means of Exchange

The Transactions and Precautionary Motives

These motives for holding money were initially postulated by Keynes. The transactions motive is simply that money is required in order to make transactions, and therefore any economic agent who wants to make transactions will want to hold money.

The precautionary motive is related to the transactions motive. In an economy where there is uncertainty regarding the timing of economic transactions, i.e. agents are not certain when they will be able, or want, to make a transaction, an economic agent will want to hold a certain amount of money at all times in order to have some on hand each time he decides to make a transaction. It also means holding of money for a certain purpose like: paying salary/wages to the workers, primarily intended to meet expenditures of the company.

Money under the Means of Exchange Function

Here, anything that can be used in a transaction can be considered money. This definition is fairly broad, encompassing the money stock, bank deposits, mutual funds, funds deposited in checking accounts, etc

to distinguish - различить; разглядеть, рассмотреть

to pay interest - выплачивать проценты

foregone - неизбежный

fluctuations - изменение экономической конъюнктуры

precautionary - предупреждающий; предупредительный; предохранительный

Text 3