Perevod_I
.pdf(2)to use less money, time, energy, etc. so that you do not waste any: modern energy-saving devices | We'll save a lot of time if we go by car. | Reserving a seat in advance could save you $10. | During the mild winter we saved on fuel. || беречь / экономить (деньги, время, труд, силы и т. п.)
25.saving (1) [uncountable] the act of keeping money so that you can use it later || сбережение, экономия
(2) [countable; usually singular] an amount of something that you have not used or spent: This amount represents a considerable saving over last year's expenditure. || экономия
(3) [uncountable] the difference in the economy as a whole between income and expenditure on consumer goods; the situation in an economy when total income is greater than total consumption || экономия;
накопление
(4) [uncountable] retained / undistributed / undivided profit money, especially profits, saved and put aside for future use, not spent or distributed || нераспределенная прибыль
26.savings [plural] all the money that you have saved and put aside for future use, especially in a bank: to put / set / place / lay aside savings | to deposit / invest savings | to withdraw one’s savings (from a bank) | to dip into / squander one’s savings || сбережения
27.dissaving | dis-saving [uncountable] the opposite of saving; the using up of past savings by spending; the situation in an economy when total consumption is greater than total income || расходование средств
сверх дохода
28.to spend [transitive; intransitive] to use your money to buy or pay for things: to spend money on sth. / sb. | to spend money for sth. (American English) | I spent so much money this weekend! | More money should be spent on health and education. | Cecilia spends far too much money on those spoilt kids of hers. | The repairs cost a lot, but it’s money well spent. | They spent a lot of money on / for a new car / repairs. ||
тратить, расходовать
29.spending [uncountable] the amount of money spent, especially by a government or organization: to keep / hold spending down | to keep / hold spending in check | deficit / defence / government / public spending | a reduction in government spending on defence || расходы, затраты
30.expenditure (1) [countable; uncountable] the total amount of money that a government, organization, or person spends during a particular period of time: to curb / curtail expenditures | to cut down (on) / reduce expenditures | an expenditure on / for sth. | welfare expenditures | public expenditure (= the amount of money a government spends on services for the public) | The total expenditure on defence has dropped
since 1989. || расходы, затраты, издержки
(2)[uncountable] the act of spending or using time, money, energy, etc.: The work should be produced with minimum expenditure of time and money. || расходование, трата, затраты (денег, времени и т. п.)
31.capital expenditure money spent on fixed assets or on improvements to fixed assets || капитальные
затраты, капзатраты; капиталовложения, инвестиции
32.public expenditure / spending money spent by the government on the needs of the country, public services, interest on the national debt and the building of roads, schools, hospitals and houses ||
государственные расходы, расходы на государственные нужды
33.outlay [countable; uncountable] the amount of money that you have to spend in order to start a new business, activity, etc.: to make outlays for sth. | a capital outlay | a large / huge / small / modest outlay | For a relatively small outlay you can start manufacturing T-shirts. | House buyers usually have a large initial outlay on / for carpets and furniture. || расходы, затраты, издержки; капиталовложение
34.expense [countable; uncountable] the amount of money that you have to spend on something: to go to great / a lot of expense (= to spend a lot of money on something) | to spare no expense (= to spend as much money as is necessary to get the best or most expensive things) | to put sb. to great / a lot of expense (= to cause sb. to spend a lot of money) | to bear expense (= to have to pay) | to incur / run up an expense | to curb / curtail expenses | to cut down (on) / reduce expenses | at great / little / no expense | to share expenses | business / entertainment / household / legal / medical / living / personal expenses (= the money that you spend for a particular purpose) | The students share all the household expenses. | We went to a lot of expense to provide the safety equipment, so please take care of it. | Julie's parents had spared no expense for her wedding. | We were wined and dined at great expense. | Your mistake has put me to much expense. || расход, затрата, трата; статья расхода
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35.at sb.’s expense if you do something at someone's expense, they payfor you to do it: at government expense | Bill's just been on a computing course, all at the company's expense. || за чей-л. cчет
36.at the expense of sth. if something is done at the expense of something else, it is only achieved by harming the other thing: High production rates are often achieved at the expense of quality of work. || за счет чего-
л.
37.expenses [plural] money that you spend while you are doing your job on things such as travel and food, and which your employer then pays to you: to be on expenses (= if the cost of something is on expenses, the person that you work for pays for it rather than you) | all expenses paid (= something, especially a holiday or journey that is all paid for by someone else) | travelling expenses | Come on, have another drink. It's all on expenses, you know. | The prize is an all expenses paid trip to Rio. || расходы; затраты,
издержки
38.to reimburse [transitive] (formal) to pay money back to someone who has had to spend the money because of their work: to reimburse sb. amply / fully / generously | to reimburse sb. (for) sth. | to reimburse sth. (to sb.) | The company will reimburse you for any costs incurred on the course. | You will be reimbursed for all expenses. | We must reimburse him the costs of the journey. | You will be reimbursed your travelling expenses. | All expenses will be reimbursed to you. | The insurance company reimbursed him for his losses in the fire. || возвращать, возмещать, компенсировать, покрывать (сумму)
39.reimbursement [countable; uncountable] the process or act of paying money back to someone who has had to spend the money because of their work: reimbursement for sth. || возмещение, компенсация,
покрытие (суммы); возврат суммы; обратная выплата
40.to defray [transitive] (formal) to pay someone's costs, expenses, etc.: The company will defray any expenses you have on the journey. || оплачивать издержки; платить
41.to refund [transitive] to give someone their money back, especially because they are not satisfied with the goods or services they have paid for: to refund sth. | to refund sb. sth. | to refund a debt | to refund the cost of postage | I took the radio back, and they refunded my money. | We shall refund you your expenses. ||
возвращать деньги; выплачивать обратно; возвращать, возмещать, компенсировать, покрывать (сумму)
42.refund [countable] the process or act of paying money back to someone; a sum of money that is given back to you: to obtain a refund of a deposit | The railway will give you a refund of freight if the goods are lost. | You can apply for a refund of your travel costs. || возмещение, компенсация, покрытие
(суммы); возврат суммы; возмещение убытков; обратная выплата; оплата, платеж
43.refundable repayable: a refundable deposit || возвращаемый, возмещаемый
44.return [uncountable] | returns [plural] the amount of profit that you get from something: to yield a return | a financial return | return on investment / capital / sales / outlay | The company returns over the last three years have been spectacular. | £10,000! That's not a bad return on our investment, is it? | This investment will yield a return of ten per cent. || доход, прибыль; выручка, поступления
45.return on capital | return on investment the rate of income received from capital, especially the proportion that the profits of a business bear to its total issued capital or to the capital employed in the business; the return is usually expressed as a percentage per annum: a return of 11% p.a. || прибыль на
собственный акционерный капитал, доходность капитала (акционеров); прибыль на инвестированный капитал
46.to return [transitive] if an investment returns a particular amount of money, that is how much profit it produces: Government bonds return around 10%. || приносить доход / прибыль; быть прибыльным
47.to reform [transitive] to change a system, law, organization, etc. so that it operates in a fairer or more effective way: plans to reform the tax system | They reformed the company laws in order to protect the interests of investors. || реформировать, преобразовывать, реорганизовывать, изменять,
улучшать, исправлять, проводить реформы
48.reform [countable; uncountable] a change made to a system or organization, in order to improve it, remove unfairness, etc.: to carry out / implement / effect a reform | a far-reaching / radical / sweeping reform | (an) economic / educational / legal / social / land reform | a radical reform of the legal system ||
реформа, преобразование, реорганизация, улучшение, перестройка
49.reformer [countable] a person who believes in and works for reform || реформатор, преобразователь
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Text 3:
New illness, same old medicine
The IMF is playing doctor to much of East Asia. The evidence, from South Korea and elsewhere, casts doubts on its diagnosis
It may have thrown $35 billion at East Asian countries already this year, but the IMF is not there to be liked. As the world's financial medic, it is charged with moving into stricken economies, restoring order with a mixture of hefty loans and strict policy recommendations to go with them. Nevertheless, it is curious that the IMF's current unpopularity in its Asian battlefields is based on accusations of the very faults it is supposed to rectify: bad policies and too much politics.
In South Korea, where the IMF is contributing $21 billion of a $57 billion loan package to stabilise the currency and close weak banks, the fund may have misjudged the size of the help needed. This week, Korea teetered on the brink of default following the government's decision to take over two ailing banks. The press brims with complaints that the Fund's hidden purpose is to open doors for American business. Questions are being raised in Thailand about the haste with which, after a $3.9 billion IMF loan was approved in August, foreigners have been allowed to snap up local banks and finance companies. Meanwhile, a growing number of economists say the Fund is dispensing a medicine wholly inappropriate to the ailments at hand. All of which justifies the question: does the IMF know what it is doing?
Asia, to be sure, represents a new sort of problem. In recent years, the IMF has concentrated its attentions on three sorts of countries – desperately poor ones , mostly in Africa; those making the transition from communism, mostly in Eastern Europe; and those staggering under the foreign debts of profligate governments, mostly in Latin America. In East Asia, none of these situations applies. The countries themselves have more resources, and the governments, by and large, have kept spending in check and inflation down; the problematic foreign debts are those of banks and industrial companies, not of governments. The Fund's all-purpose financial remedy, a combination of tight fiscal policy and tight monetary policy meant to curb inflation and support the currency, seems misplaced, and even counterproductive.
In fairness, the scope of the Fund's recent loan agreements in East Asia are very different from the 1995 bail-outs of Mexico and Russia, its largest previous ventures. Macroeconomics has become only one of several areas in which the IMF is demanding new policies before it puts up money. It also insists that its new Asian borrowers reform their financial systems, improve protections for corporate shareholders, and free up trade and capital flows.
But it is by no means proven that such sweeping changes are critical to the IMF’s main purposes, which are maintaining international economic stability and helping countries overcome an immediate lack of foreign reserves. Economists question the Fund's judgment on two counts: is it truly essential to force countries such as South Korea to push financial liberalisation? And does it make sense to tighten monetary and fiscal policy as much as the Fund is demanding?
The answer to the first question is a cautious yes. Allowing Asian companies to sell both debt and equity to foreign investors could quickly help them regain their health. In banking, letting foreigners take big stakes, including full control, will lead to better practices and stronger institutions. The IMF is on weaker ground, however, when it insists that foreign banks be allowed in immediately – which, in some cases, will all ow them to acquire assets for next to nothing because the sellers are desperate and because, with property and equity markets in turmoil, it is difficult to value banks' assets properly. Outside Thailand, the Fund has not pushed alternatives such as the creation of agencies that could take over and sell bad loans to re-establish markets for financial assets. If this were done, it would be clear to all that the foreigners are paying fair prices for the banks they buy.
The concerns about the IMF's demands for excessive austerity are more legitimate. The Fund argues that very tight monetary policy – meaning high interest rates – is vital to restoring confidence and contro lling inflation. It also argues that fiscal tightening – usually in the form of budget-cutting – is necessar y to make up for the cost of cleaning up the financial sector.
But East Asia's Achilles heel is a grossly inefficient financial system, not high inflation and fiscal profligacy. Tightening monetary and fiscal policy exacerbates the economic downturn and so makes things worse both for banks and for heavily-indebted industrial companies. In South Korea, the IMF is pushing for
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interest rates of 19-20%, some 15% above the inflation rate. That is likely to drag yet more companies down, undermining the goals of shoring up the currency and increasing investor confidence. Yes, the economic screw needs turning, particularly on fiscal policy, but the IMF may be turning it too far.*
Unseen hands
One explanation for this is that there are unseen hands on the screwdriver. Some put the Fund's economic over-zealousness down to political meddling by its largest members – Europe, Japan and America. Others go further, moaning that the IMF's Korean foray proves that it has become an adjunct of American foreign policy.
The latter complaint is over the top, but not by a lot. Some of the measures forced on South Korea – particularly in areas such as opening up to foreign banks – are items high on America's bilateral agenda. Some of the demands have Washington's fingerprints all over them. For example, Seoul agreed to reduce the documentation required for car imports – a desirabl e reform, but hardly one essential to putting Korea's balance of payments in order. The Koreans also agreed to lift a ban on imports of certain Japanese products. In the past such issues would have been dealt with in trade talks, not in IMF-led rescues.
America's direct involvement in the design of the Korea package was smaller than it was in Mexico, where officials from Washington dictated some of the terms of the loan agreement. Still, there is little doubt that America had a big influence on the Korean bail-out.
Much of this influence was wielded by David Lipton, a senior American Treasury official, who was in Seoul during the negotiations last week. Contrary to claims in the Korean press, Mr Lipton was not actually present in the negotiating room. But Hubert Neiss, the IMF's chief negotiator, several times refined his position after talking to Mr Lipton. Michel Camdessus, the IMF's managing director, was scheduled to sign a letter agreeing to the loan programme on December 3rd. After talking with American officials, he refused to give his approval until all three candidates in Korea's presidential election, which is set for December 18th, assented to the terms. The Americans also bludgeoned the World Bank into pledging $10 billion to the Korea bail-out, even though many World Bank officials sharply disagree with the programme's design.
This is not the first time the Fund has been torn between economic and political considerations. In Russia it has felt the tension between its own insistence on better economic policies and the clear desire of its biggest members to strengthen the position of Boris Yeltsin, the president. Only politics explains the IMF's indulgence last summer, when it eased its demands for a reduction in the government's budget deficit: the Fund did not want to create a crisis for Mr Yeltsin by halting lending and frightening the financial markets when Mr Yeltsin was in the middle of an election campaign. Although the IMF has denied cooking the books last year to help Russia (and wrote an angry letter to The Economist on the subject), Russian ministers have used terms of that sort to describe what took place.
More compromises may be on the way. As the Communist threat to Russian democracy fizzles out, the government can no longer rely quite so readily on western politicians to "deliver" the IMF. The Fund suspended disbursements on its $10.2 billion Russian loan in October. Mr Yeltsin's government wants those loans resumed, even if its numbers do not add up. In Europe and America, some governments find appeal in the argument that because of its immense geopolitical importance, Russia should, in effect, get credit for promises of future good behaviour. If the IMF gives in, its new clients in East Asia will demand nothing less.
(The Economist)
Vocabulary practice
1.Read the text.
2.Match the words and phrases in List A with those in List B. Learn these lexical units.
List A |
List B |
1. to ban sth. |
a. резко снижать цены |
2. to impose / place / put a ban on sth. |
b. иметь влияние / пользоваться влиянием |
3. to lift a ban on sth. |
c. компенсировать что-л. |
4. to raise / increase prices |
d. на грани банкротства |
5. to cut / lower / reduce prices |
e. влиять / оказывать влияние на кого-л. / что-л. |
6. to slash prices |
f. использовать свое влияние |
7. to keep down / hold down prices |
g. исправить ситуацию |
8. to maintain prices |
h. приводить в порядок финансовый сектор |
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9. prices rise / go up |
i. держать расходы под контролем / не допускать |
|
увеличения расходов |
10. prices shoot up / skyrocket |
j. цены резко снижаются / падают |
11. prices drop / fall / go down |
k. ужесточить кредитно-денежная политику |
12. prices slump |
l. поднимать вопрос |
13. to keep / hold spending in check |
m. не допускать повышения цен |
14. to tighten monetary policy |
n. восстанавливать / повышать доверие |
|
инвесторов |
15. on the brink / verge of bankruptcy |
o. поддерживать / сохранять цены на |
|
определенном уровне |
16. to rectify a situation |
p. повышать / поднимать цены |
17. to bring up / raise a question |
q. строгая / жесткая финансовая политика |
18. tight financial policy |
r. цены снижаются |
19. to exercise / wield influence |
s. налагать / вводить запрет |
20. to maintain economic stability |
t. цены резко повышаются / взлетают |
21. to restore / increase investor confidence |
u. цены повышаются / поднимаются / растут |
22. to clean up the financial sector |
v. запрещать |
23. to have / exert / exercise (an) influence on / over |
w. сохранять / поддерживать экономическую |
sb. / sth. | to influence sb. / sth. |
стабильность / устойчивость |
24. to make up for sth. | to compensate for sth. |
x. снимать / отменять запрет |
25. to use one’s influence |
y. снижать цены |
3.Learn the words and phrases listed in the ‘Essential vocabulary’ section.
4.Match the words and phrases in List A with those in List B.
List A |
List B |
1. to stabilize the currency |
a. развитые страны |
2. to shore up / support the currency |
b. безнадежный долг |
3. to move / switch to a market economy |
c. неуплаченный долг / непогашенная |
|
задолженность |
4. a mixed economy |
d. повышение деловой активности |
5. a planned economy |
e. платежный баланс |
6. to exercise / practise strict economy |
f. брать в долг | наделать долгов | влезть в долги |
7. economic benefits |
g. просрочить платежи |
8. a bad debt |
h. оценка кредитоспособности |
9. a joint venture |
i. реструктурировать долг |
10. an economical housewife |
j. неуплата долга |
11. hard currency |
k. спад деловой активности |
12. soft currency |
l. совместное предприятие |
13. an economical method of heating |
m. стабилизировать денежное обращение / |
|
укреплять валюту |
14. to incur / contract debts |
n. привязать курс песо к курсу доллара |
15. to reschedule a debt |
o. экономические преимущества / выгоды |
16. to peg / link the peso to the dollar |
p. твердая / устойчивая / свободно |
|
конвертируемая валюта |
17. an outstanding debt |
q. поддерживать / укреплять валюту |
18. to be in default |
r. плановая экономика |
19. a balance of payments |
s. бережливая / экономная < домохозяйка |
20. a downturn |
t. соблюдать / использовать / применять строгий |
|
режим экономии |
21. an upturn |
u. неустойчивая / неконвертируемая валюта |
22. a credit rating |
v. переходить / совершать переход к рыночной |
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|
экономике |
23. default in the repayment of a debt |
w. экономичный способ отопления жилья |
24. developed economies |
x. экономика смешанного типа |
5. Suggest words and expressions that correspond to the following definitions. Give their Russian equivalents. Consult the ‘Essential vocabulary’ section.
1.to provide money to get someone or something out of financial trouble
2.to have to pay someone for something that they have done for you or sold to you, or to have to give someone back money that they have lent you
3.the difference between what a country spends in order to buy goods and services abroad, and the money it earns selling goods and services abroad
4.to reduce the amount of money, time, goods, etc. that you use
5.someone who is employed to get back the money that people owe
6.an arrangement with a shop, bank, etc. that makes it possible for you to buy something and pay for it later
7.a currency that can be freely exchanged for all other currencies at the rates of exchange existing in the market
8.the financial advantages of producing something in very large quantities
9.a currency that cannot be freely exchanged for other currencies
10.money that is lent to someone so that they can start a new business
11.a person, group, or organization that owes money
12.conditions affecting trade, industry, and business
13.a period of time during which you try to spend less money than usual
14.failure to pay a debt at the right time
15.the careful use of money, time, goods, etc. so that nothing is wasted
6.Explain the meaning of the words and phrases listed below and translate them. Consult the ‘Essential vocabulary’ section.
owing, to run up debts, an economic climate, an upturn, a short-term / long-term debt, to default on one’s loan, a venture, a false economy, an outstanding debt, an expanding economy, to be / stay in credit, a bail-out, a single currency
7.Explain the difference between the meanings of the following of words.
economy – economics, economic – economical, downtur n – upturn, hard currency – soft currency
Translation practice
1. Translate these sentences. Give synonymous translations if possible. Consult the ‘Essential vocabulary’ section.
1.For the sake of economy, I hadn't yet turned on the heating.
2.We are faced with a deepening economic crisis.
3.She was brought up to be economical with the housekeeping money.
4.The country is not economically stable.
5.Economics is my favourite subject.
6.The economics of the scheme will have to be looked at very carefully.
7.We can't economize on the central heating because the baby needs a warm house.
8.The stronger currencies are under pressure in the world markets.
9.The country has defaulted on its loan.
10.The directors were hoping for a government bail-out to save the company.
11.He generously agreed to write off the debt in return for certain services.
12.Malone was sinking hopelessly into debt.
13.We still owe the garage for those repairs.
14.There's still over £100 owing to the bank.
15.The cheque has been credited to your account.
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16. Most industrial countries stopped pegging their currencies to the US dollar in the early 1970s.
2. Translate the following sentences. Give synonymous translations if possible. Consult the ‘Essential vocabulary’ section.
1.Соблюдая строгий режим экономии, он скопил достаточно денег для того, чтобы уйти на пенсию достаточно рано.
2.Мы должны принять все необходимые меры в целях сохранения / поддержания экономической стабильности в стране.
3.Моя новая машина достаточно экономична.
4.У него есть ученая степень в области экономики.
5.Он решил экономить на электричестве.
6.Местной валютой является франк.
7.Компания не выполнила обязательств по выплате долгов / прекратила платежи по долгам.
8.Правительство не может помогать / оказывать финансовую помощь каждой нерентабельной компании.
9.Они все больше залезали в долги.
10.Компании пришлось списать этот долг, так как не было надежды на то, что его вернут.
11.Сколько ты ему должен?
12.Сумма, причитающаяся / подлежащая выплате банку, составляет двадцать тысяч рублей.
13.Я купил этот компьютер в кредит.
14.За последний год резко сократилось число заказов на строительство дорог.
15.В стране наблюдается повышение деловой активности / улучшение экономической конъюнктуры.
3. Translate Text 3.
Text 4:
Система валютных курсов. Учимся на ошибках Аргентины
Финансовый кризис в Аргентине и отказ этой страны от действовавшей в течение десяти лет системы привязки курсов песо и американского доллара привели к обострению спора о валютных режимах, наиболее соответствующих потребностям экономики развивающихся стран. В чем же заключалась главная ошибка Аргентины: в том, что она приняла режим привязки курсов доллара и песо, или же в том, что она столь упорно пыталась сохранить его?
Что общего можно сказать о таких странах как Аргентина, Гонконг, Болгария и Босния? Только то, что до недавнего времени все эти разбросанные по разным уголкам нашей планеты государства придерживались сходной валютной политики, введя еще в 1990-е годы режимы жесткой привязки курсов своих национальных валют. Сегодня уже мало кто помнит, насколько революционными казались подобные решения в то время, когда их принимали. Действительно, последнее десятилетие стало свидетелем широкого распространения подобных валютных режимов, которые, как казалось до этого, навсегда вышли из моды. И вот, наконец, Аргентина, один из наиболее ярых сторонников режима привязки валютных курсов, в начале этого месяца отказывается от него перед лицом широкомасштабного финансового кризиса, приведшего к отставке правительства президента Фернандо де ла Руа.
То, что аргентинский кризис был неминуем, и что местное правительство, в конце концов, будет вынуждено провести девальвацию и объявить дефолт, было понятно уже давно. Однако до последнего времени мало кто мог себе представить масштабы трудностей Аргентины. Кризис привел к отставке самого министра экономики Доминго Кавалло, легендарного экономиста, в свое время ставшего создателем аргентинской системы привязки валютных курсов. Кроме того, всего за несколько недель в стране сменилось пять президентов. Сегодня Аргентина находится в состоянии дефолта, причем за последнее время курс песо по отношению к доллару упал уже на 40%. Тем не менее, власти пока так и не смогли в полной мере начать реализацию мер, призванных стимулировать рост экономики Аргентины и стабилизировать ее банковскую систему.
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Вэтих условиях вовсе неудивительно, что все больше экономистов задаются вопросом о том, насколько вообще было целесообразно вводить в 1991 году режим жесткой привязки валютных курсов.
Вте времена данный шаг правительства президента Карлоса Менема получил всеобщее одобрение. Можно ли сегодня сказать, что это решение было ошибочным? Или же Аргентина просто не успела вовремя отказаться от своей валютной политики после того, как она перестала соответствовать изменившимся условиям?
Сегодня экономисты не могут с уверенностью ответить на эти вопросы, хотя в момент своего введения система жесткой привязки курсов получила одобрение со стороны большинства ведущих ученых-экономистов. Напомним, что суть режима жесткой привязки курсов заключается в фиксации обменного курса национальной валюты по отношению к некоей иностранной валюте, при этом ни правительство, ни рыночные механизмы не могут нарушить установленное в законодательном порядке соотношение. Долларовый эквивалент местной валюты, находящейся в обращении, полностью обеспечивается за счет принадлежащих государству долларовых резервов. Подобная система, лишь чуть-чуть не дотягивающая до полной долларизации, т.е. обращения долларов в качестве местной валюты, должна была поставить под контроль гиперинфляцию, царившую в то время в Аргентине.
Надо сказать, что режим жесткой привязки курса валют отлично справился с возложенной на него задачей. Инфляция была остановлена, средний класс, основа экономического роста любой страны, получил уверенность в завтрашнем дне, инвесторы изменили свое мнение о перспективах аргентинской экономики, и к середине 1990-х годов эта страна превратилась в один из наиболее динамично развивающихся рынков мира. Однако, сделав столь успешный первый шаг, аргентинские власти не смогли довести до конца процесс реформирования экономики своей страны. Они не смогли смягчить торговое законодательство настолько, чтобы обеспечить резкий рост экспорта. Они не изменили местное ограничительное трудовое законодательство. Они подняли уровень налогов выше, чем в самих США.
Врезультате последовал экономический спад, спустя три года после начала которого система жесткой привязки валютных курсов уже не вполне соответствовала потребностям аргентинской экономики. Курс песо, колебания которого всецело зависели от динамики американского доллара, становился все более и более завышенным. Опасаясь возможного прекращения действия системы привязки курсов и последующей девальвации, аргентинские вкладчики начали активно снимать свои сбережения с банковских счетов, конвертируя песо в доллары. В свою очередь, международные инвесторы не спешили предоставлять Аргентине новые кредиты, опасаясь того, что девальвация может заставить местное правительство объявить дефолт по своему огромному долгу. Время показало, что эти страхи были полностью оправданными.
По мере роста курса американского доллара в 1990-х годах, система жесткой привязки курсов становилась все большей обузой для аргентинской экономики. Ситуация дополнительно обострилась после 1999 года, когда проведенная соседней Бразилией девальвация резко повысила привлекательность ее экспорта на мировых рынках по сравнению с товарами из Аргентины.
На самом деле, задолго до текущего кризиса профессор экономики Гарвардского университета Джеффри Франкель наглядно показал, что подобная валютная политика не может соответствовать потребностям Аргентины: ее экономика слишком велика и недостаточно открыта, ее рынок труда не отличается высокой мобильностью, и, наконец, она не имеет необходимых тесных экономических связей с США. Так, экспорт в США составляет всего 10% от общей величины аргентинского экспорта.
Более того, Франкель привел ряд примеров, в которых страны добивались существенных экономических преимуществ, ослабляя свою зависимость от доллара. Так, по его словам, смягчение валютной политики в тот момент, когда курс местной валюты стал завышенным, в свое время существенно помогло Израилю. С другой стороны, Франкель считает, что, придерживаясь режимов жесткой привязки валютных курсов слишком долго, Мексика и Бразилия нанесли своей экономике существенный ущерб. Со временем к тем же выводам пришли и многие другие экономисты, заявлявшие о том, что Аргентина повторяет ошибки своих соседей и что чем дольше продержится режим жесткой привязки валютных курсов, тем более серьезными станут последствия после отказа от него. События последних недель наглядно подтвердили правоту этих ученых.
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Напомним, что в практически аналогичной ситуации не так давно оказалась Великобритания, в начале 1990-х годов заключившая соглашение о привязки курса фунта стерлингов к т.н. “ Механизму определения валютных курсов стран Европейского Союза” (the European Union’s exchange rate mechanism – ERM). Спустя два года следования Британии этим курсом ее экономика погрузилась в рецессию, и после многочисленных протестов со стороны представителей рынков эта страна вышла из соглашения.
Однако означает ли это, что решение о присоединении Британии к “ Механизму определения валютных курсов стран Европейского Союза” было ошибочным с самого начала? Вовсе нет. Первые два года членства были отмечены резким снижением уровня инфляции, происходившим в соответствии с предсказаниями аналитиков. При этом тот импульс к росту, который Великобритания получила в результате снижения курса своей валюты, оказался даже более существенным, чем этого ожидали экономисты. Единственная ошибка британских политиков заключалась в том, что, вовремя присоединившись к “ Механизму определения валютных курсов стран Европейского Союза”, они не смогли вовремя из него выйти.
Урок, который другие развивающиеся страны должны извлечь из печального опыта Аргентины, заключается в том, что ни один валютный режим не может быть эффективным всегда.
(The Economist, Financial Times)
1. Read and translate Text 4.
Summarizing
1.Summarize Text 3 in English and Russian.
2.Summarize Text 4 in English.
3.Find a newspaper or magazine article, written in Russian, which deals with a topic similar to that of Text 3 or Text 4. Summarize it in English.
Essential vocabulary
1.economy (1) [countable] the system by which a country’s money and goods are produced and used, or a country considered in this way: to move / switch to a market economy | to make a transition (from a planned economy) to a market economy | a capitalist / socialist / free-market / market(-oriented / -based) / mixed / planned economy | an agricultural / industrial / expanding economy | a shaky / sound economy | a peacetime / wartime economy | attempts to shore up the struggling economy | government measures to boost the (national) economy | stricken economies | developing / emerging economies | developed economies | the various economies of South America || экономика, (народное) хозяйство,
экономическая система
(2)thrift | frugality [uncountable] the careful use of money, time, goods, etc. so that nothing is wasted: to exercise / practise economy | strict economy | an economy drive (= a period of time during which you try to spend less money than usual) | For the sake of economy, I hadn’t yet turned on the heating. | By exercising / practising strict economy he saved enough money to retire early. || экономия, бережливость,
экономность, расчетливость
(3)[countable] something that you do in order to spend less money: to make economies | a false economy (= something that seems cheaper but costs more in the end) | One economy would be to take sandwiches instead. | We're trying to make a few economies this month. | Buying cheap tyres is a false economy – they
wear out much more quickly. | If we make these economies, we shall soon pay our debts. || экономия
2.economic (1) [used only before the noun] connected with trade, industry, and the management of money: economic benefits / growth / development / power / planning / policy / problems | an economic climate (= conditions affecting trade, industry, and business) | the economic system | strategies to promote economic growth | economic activity / theory | the economic effects of taxation | It makes no economic sense at all! | We are faced with a deepening economic crisis. | They maintained economic stability. || экономический,
хозяйственный, народнохозяйственный, относящийся к сфере экономики
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(2)profitable an economic process, activity, etc. produces enough profit for it to continue: an economic price | It is no longer economic for us to run the service. || экономически выгодный, рентабельный,
экономный, целесообразный, дешевый
3.economical using money, time, goods, etc. carefully and without wasting any: an economical method of heating | an economical cook / housewife | an economical budget / production process | My new car is quite economical (= cheap to run).| She was brought up to be economical with the housekeeping money (= to spend it carefully). | It’s more economical going / to go by bus. || бережливый, экономный,
расчетливый; экономичный
4.economically (1) in a way that is related to systems of money, trade, or business: In economically advanced countries, childbearing typically begins later in life. | The country is not economically stable. | Economically and politically, they’ve been disenfranchised. || экономически; с точки зрения
экономики
(2)in a way that uses money, goods, time, etc. without wasting any: We'll just have to shop as economically as we can from now on. | You can live here quite economically. || бережливо, практично, экономно,
расчетливо, хозяйственно
5.economies of scale (technical) the financial advantages of producing something in very large quantities ||
(положительный) эффект масштаба; экономия, обусловленная ростом масштабов производства
6.economics (1) [uncountable] the study of the way in which money and goods are produced and used:
Economics is my favourite subject. | He’s got a degree in Economics. || экономика, экономическая
теория, экономическая наука; политическая экономия, политэкономия
(2)[plural] the way in which money influences whether a plan, business etc. will work effectively: The economics of the scheme will have to be looked at very carefully. || экономические аспекты /
соображения/ расчеты; экономический анализ
7.economist [countable] someone who studies the way in which money and goods are produced and used and the systems of business and trade: a business economist || экономист, специалист в области
экономики / экономических наук, специалист по экономическим вопросам
8.to economize [intransitive] to reduce the amount of money, time, goods, etc. that you use: We can't economize on the central heating because the baby needs a warm house. | I'd rather economize on holidays than food. | We must all economize on petrol / electricity / energy. | By economizing, they saved the money to buy a house. || экономить (на чем-л.), экономно расходовать / использовать
9.currency [countable; uncountable] the system or type of money that a particular country uses: to stabilize a currency | to shore up / support a currency | decimal currencies | local currency | The stronger currencies are under pressure in the world markets. | The local currency is francs. || денежное
обращение, оборот денег; средство денежного обращения; деньги; валюта
10.hard currency [countable; uncountable] money that will not lose value because it is from a country that has a strong economy and can be used in other countries to buy things || твердая / устойчивая валюта;
свободно конвертируемая валюта
11.soft currency [countable; uncountable] money that might lose value because it is from a country that has a weak economy || неустойчивая валюта; неконвертируемая валюта
12.convertible currency [countable; uncountable] a currency that can be freely exchanged for all other currencies at the rates of exchange existing in the market || (свободно) конвертируемая валюта,
обратимая валюта
13.inconvertible currency | irredeemable currency [countable; uncountable] a currency that cannot be freely exchanged for other currencies || неконвертируемая валюта, необратимая валюта
14.single currency [countable] a unit of money that is shared by several different countries: paving the way for monetary union and a single currency in Europe || единая / общая валюта
15.default [uncountable; countable] (formal) failure to pay a debt at the right time: to be in default (= to be guilty of failing in one’s duty) | default in the repayment of a loan | the risk of default by borrowers | The company is in default on its loan agreement. | The bank can seize the asset in the event of a default in payment. || дефолт, отказ выплачивать долги, неуплата долга, неплатеж; неисправность
должника; невыполнение / неисполнение договора / обязанностей / обязательств
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