22.Вставьте в предложения следующие связующие элементы и устойчивые соче. тания:
on the one hand (2), on the other hand (2), since, therefore, hence (2), whereas because of (2)
1.Almost every day newspapers and television seem to refer to the prob lems of inflation, unemployment, and slow growth. These problems,...
are likely to determine the outcome of elections (результаты выборов).
2.The fiscal year in the United Kingdom begins on April 6 of one calen dar year and ends on April 5 of the next year ... in the USA it runs from July 1 to June 30 of the next year.
3.Industry-specific human capital has both advantages and disadvantag
es , long years in the same job result in higher wages
..., when industries decline (приходить в упадок, замедлять рост), workers having human capital that is in low demand may remain un employed for a long time.
4. ... money is not an ideal form for holding wealth, we need to under stand why it is held at all.
5. In the 1980s, wages in West Germany were about three times as much
as those in East Germany |
a more productive capital use and more |
|
know-how. |
|
|
6. Perhaps |
their social and political aspects, labour markets are often |
|
heavily regulated, more so in Europe than in the USA.
7. The labour supply is a measure which is offered at given wages over a given period of time. ... it is determined by the number of workers and
the average number of hours each worker is prepared to offer. |
|
8. The financial sector appears to be permanently altered |
, |
there is little very special about banking. ..., many of these activities are expected to be done by others either instead of or as well as by banks.
, many of the things that other financial institutions now do will eventually become the business of some banks.
23. Прочитайте текст и кратко передайте его содержание по-английски.
Reserve Requirement as a Tool of Monetary Policies
A banker would like his money holdings to be reduced to a minimum, since they produce no income.
But there is always an important reason for the banker to hold his money balances at a certain level. The Central Bank makes him hold a certain share of his total balances in reserve. These reserve balances must be in the form of cash or of deposits made by commercial banks with a certain authorized bankMost of reserve balances are known to be in the form of deposits. Setting the
reserve requirements, the Central Bank can regulate money circulation and money supply in an economy.
The Central Bank can, on the one hand, increase commercial banks' re serves by direct intervention. One way of doing this is by the so-called open market operations: it buys government bonds from the public; thus, the mon ey that goes to the public in payment for these bonds will eventually be depos ited with commercial banks, most likely in interest-earning deposits. Having been deposited with a bank, money stops being money, but it represents a net addition to reserve balances capable of supporting (зд. гарантировать) loan transactions several times their own value. For this reason, the Central Bank is said to have supplied "high powered" money to commercial banks.
On the other hand, selling bonds to the public, the Bank can reduce the banking system's reserves and thus make the money supply reduce.
Open market operations are not the only method of direct reserve inter vention. Another way for the Central Bank to increase money in circulation is to make loans to commercial banks who in turn lend out to the public the money to be used for daily expenditure.
Finally, the Central Bank can change the money supply without affecting the amount of reserves to be held by commercial banks. It can do this simply having changed the reserve requirement. Having been decreased from 20 per cent to 10 percent, the reserve balances will actually double their capacity to support transactions. As a result, maintaining the same reserve balances, banks get a chance of handling loan transactions twice as large as before.
Thus, the three monetary policies a Central Bank can implement are as follows: 1. Open market operations. 2. Loans to commercial banks. 3. Changes in reserve requirements.
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