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Globalization.docx
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I. Vocabulary

A. Translate the following words and word combinations into Russian:

To dash from… to; budget is shrinking; In the run-up to smth; reams of analysis; run short; hard currency; to command reserves; lean times for..; tenable; projection; the belt-tightening; to go down; to show little taste for smth; a standing; a brainchild; to have little sway over smb/smth; to keep an eye on; frailties; to wither away; emerging economies; treasury bonds; rates of interest; opportunity cost; to regain the confidence; estranged members; to give smb a greater say; country's weight in the world economy; a handful of the bigger emerging economies; at bottom; a financial middleman; to mount ad hoc rescue missions; to be vulnerable to self-fulfilling reversals of sentiment; a strayed country; the idea is a blind alley; to fall from grace; insurance arrangements;

B. Find in the text English equivalents for:

финансовый конфликт; реструктуризация (коренная перестройка); предоставлять финансовые средства (валюту); объединять в общий фонд незначительную долю финансовых накоплений); погашать долг; компенсировать текущие затраты; проценты, получаемые от ссуды; жить не по средствам; латать дыры; контролировать курсы валют и следить за надлежащим урегулированием дисбаланса в сфере торговли; более широко взглянуть на вещи; неиспользованные финансовые средства; застраховаться от финансового кризиса; гарантировать получение займа; исказить суть проблемы; наглядно (ярко) проявляться; комплекс мер по спасению, например, экономики; ускорить наступление, спровоцировать кризис; бремя выплат, возложенное на налогоплательщиков; кризис внутри самого фонда; страны-должники или страны, не имеющие денежных средств для погашения внешнего долга;

II. Answer the questions:

  1. Why does the author compare the IMF with firefighters? Discuss.

  2. What has become the result of temporary lull in the IMF’s activity?

  3. Why is the fund “out of work”?

  4. What is the essence of the Chiang Mai Initiative?

  5. What do quiet times mean for the IMF?

  6. How can the fund avoid “belt-tightening”?

  7. Does the absence of work imply decrease of the IMF’s influence? Discuss.

  8. What should the fund do according to Mervyn King and Edwin Truman?

  9. Can emerging economies guarantee themselves against a financial crisis withour resorting to the fund?

  10. How does Larry Summers see the fund’s opportunities?

  11. How can the fund regain the confidence of its estranged members?

  12. What does the notion “shareholder democracy” stand for?

  13. Why is the fund called a financial middleman?

  14. How can the way money is lent be changed?

  15. What are the possible consequences?

  16. Are the objections given in the text fatal? Why?

III. Comment on the following quotations:

  • The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks. (Lord Acton)

  • IMF is almost never a real assistance to developing countries (Robert Mugabe)

  • Investors see the IMF as a policeman who controls good fiscal and monetary policies. When a crisis hits, emergency credit lines from the IMF are what makes emerging market investors more comfortable. (Dario Pedrajo)

  • The World Bank must get out of fossil fuels now ... if we are to avert certain catastrophe for the world's poorest.(Daphne Wysham)

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