- •Глава 1 / Chapter 1
- •Calling a Business / Деловой звонок
- •Leaving a Message / Как оставить сообщение
- •Dialogue
- •Holding the line / He вешайте трубки
- •Leaving a Message at a Home / Оставляем сообщение на домашнем телефоне
- •Voice Mail / Автоответчик. Звуковое письмо
- •Answering the Phone / Отвечаем на телефонный звонок
- •Answering a Wrong Number / Как ответить на звонок по ошибке
- •Starting a Conversation / Как начать разговор
- •When You Need More Information / Когда нужна дополнительная информация
- •Making Dates / Как назначить встречу
- •Making Appointments / Как назначить деловую встречу
- •Ending a Conversation / Как закончить разговор
- •Practice Drills
- •Grammar revision. English tenses (Active Voice)
- •Chapter 2 / Business Trip
- •Глава 2 / Деловая поездка
- •Hotel Reservations / Бронирование отеля
- •Dialogue: Making Hotel Reservations
- •Dialogue: Buying Airline Tickets
- •Renting a Car, Hiring a Taxi / Как арендовать машину или заказать такси
- •А Саr / Машина
- •A Taxi / Такси
- •Dialogue: At the Hotel
- •Grammar revision. Passive Voice Времена английского глагола в страдательном залоге
- •English tenses (Passive Voice)
- •Chapter 3 / Business Lunch
- •Глава 3 / Бизнес-ланч
- •Making Restaurant reservations / Бронирование столика
- •Making the Transition Between Small Talk and Business / Как перейти от общей беседы к делу
- •Closing the Business Lunch / Как завершить бизнес-ланч
- •Practice Drills
- •I. How would you answer these questions?
- •Interrogative sentences. Question types. Вопросительные предложения. Типы вопросов
- •Chapter 4 / Formal Meetings
- •Глава 4 / Формальные встречи
- •Opening a Meeting / Как начать встречу
- •The Language of Meetings / Язык встреч
- •1. Agreement or Disagreement / Согласие или несогласие
- •2. Making Suggestions/ Предположение
- •3. Expressing Certainty or Doubt / Выражение уверенности или сомнения
- •4. Asking for help / Просьба о помощи
- •Grammar revision. Participle Причастие
- •Chapter 5 / Perfect Presentations
- •Глава 5 / Как организовать идеальную презентацию
- •Opening a Presentation
- •Introducing yourself
- •Structuring a Presentation
- •Organization
- •Emphasizing important points
- •Talking about trends (Past Simple and Present Perfect)
- •Using your voice effectively
- •Stressing words
- •Making pauses
- •Dealing with questions
- •Conclusion
- •The Power of Language
- •Culture Shock
- •Grammar revision Gerund Герундий
- •Формы герундия
- •Chapter 6 / Better Business Letters
- •Глава 6 / Пишем деловые письма
- •Composition of Business Letter / Составление делового письма
- •Содержание письма / Body of the letter
- •Greeting / Вступительное обращение
- •Helpful Expressions in Business Corresponence / Полезные выражения в деловой переписке
- •Ending / завершение
- •The Simplest Business Deal
- •Full-Block Letter Format / Полноформатное письмо
- •International suit distributors
- •100 Kennedy circle
- •Prospecting Letter / Рекламное письмо-предложение
- •Follow-up Letter / Письмо-напоминание
- •Complaint Letter / Рекламационное письмо
- •Response to a Complaint Letter / Oтвет на рекламационное письмо
- •2233 Connection Avenue, n.W.
- •Rejection Letter / Отказное письмо
- •2500 North Fruitridge Road
- •Collection Letter / Инкассационное письмо
- •2297 Front Street
- •Practice Drills
- •Business letter 1
- •208 Eastside Road
- •Business letter 2
- •12207 Sunset Strip
- •Business letter 3
- •21 Mead Road
- •Business letter 4
- •Business letter 5
- •Business letter 6
- •1951 Benson Street
- •Business letter 7
- •Business letter 8
- •209 West Street
- •Business letter 9
- •24 North Main Street
- •Business letter 10
- •5500 South 96th Street
- •Business letter 11
- •72 Preston New Road
- •Business letter 12
- •609 San Anselmo Avenue
- •Business letter 13
- •Business letter 14
- •Grammar revision. Infinitive Инфинитив
- •Complex Object Винительный падеж с инфинитивом
- •Chapter 7 / Contracts and Their Performance
- •Глава 7 / Контракты и их исполнение
- •I. Subject Matter of Contract
- •II. Price of Goods
- •III. Quality of Goods
- •1. Предмет контракта
- •VI. Insurance
- •VII. Платеж
- •VIII. Force Majeure
- •IX. Arbitration
- •VIII. Форс-мажор
- •Iх. Арбитраж
- •X. Other Conditions
- •Practice Drills
- •7. Packing and marking
- •Chapter 8 / Job Application
- •Глава 8 / Устройство на работу Resume / Краткая биография
- •220 West Street
- •220 Уэст Стрит
- •Résumé formats / виды резюме
- •Chronological Format / Хронологическое резюме
- •2223 August Square Road
- •16 Osler Street
- •Vancouver, British Columbia v6r 2t1
- •Initiative:
- •Cover letters / сопроводительные письма
- •225 Hartman Drive
- •Interview / собеседование
- •Common interview questions
- •7. What did you like least about your previous job?
- •Dialogue
- •Practice Drills
- •Grammar revision. Мodal verbs and their equivalents Модальные глаголы и их эквиваленты
- •Modal verbs and their equivalents Модальные глаголы и их эквиваленты
- •Imagine someone is talking about the advantages and disadvantages of his job. Rewrite the sentences
- •I think you should… I think you shouldn’t …
- •Supplementary reading Text 1
- •A mixed economy: the role of the market
- •Reducing Taxable Income with Tax Planning
- •Method for Tax Payments
- •Importance of finance
- •Importance of Corporate Finance
- •Importance of Finance in Business
- •Importance of Personal Finance
- •Text 10
- •Text 11
- •Text 12
- •Text 13
- •Text 14
- •International trade
- •Scope and methodology of international trade
- •Classical theory
- •Text 15
- •The effects of trade: gains and terms
- •Factor price equalisation
- •Terms of trade
- •Text 16
- •The effects of trade: infant industries and trade policies
- •Trade policies
- •Text 17
- •Exchange rates and capital mobility
- •Text 18
- •Text 19
- •Indirect Intervention
- •Text 20
- •Intervention may Decrease Volatility
- •Intervention may Increase Volatility
- •Библиографический список Oсновная литература
- •Учебное издание
Text 19
TYPES OF FOREIGN EXCHANGE INTERVENTION
Entrustment Intervention
Entrustment Intervention" means intervention that is conducted in overseas markets with funds of local monetary authorities. It is different from the intervention that is conducted in overseas markets with funds of respective foreign monetary authorities.
Reverse-Entrustment Intervention
Similarly, when foreign monetary authorities need to intervene in a country's foreign exchange market, say Tokyo market, the central bank of Japan can conduct interventions on their behalf upon request. This is called "Reverse-Entrustment Intervention".
Concerted or Coordinated Intervention
There are cases where two or more monetary authorities implement intervention jointly by using their own funds at the same time or in succession. This is called "Concerted or Coordinated Intervention."
Sterilization and Non-sterilization
Studies of foreign exchange intervention generally distinguish between intervention that does or does not change the monetary base. The former type is called non-sterilized intervention while the latter is referred to as sterilized intervention. Central banks sometimes carry out equal foreign and domestic assets transaction in opposite directions to nullify the impact of their foreign exchange operations on the domestic money supply. When a monetary authority buys (sells) foreign exchange, its own monetary base increases (decreases) by the amount of the purchase (sale). In order to prevent the money stock from increasing (decreasing), the monetary authorities can sterilize the effect of the exchange market intervention by selling (buying) short-term domestic assets to (from) the banking system leaving the monetary base of the country unchanged. Since sterilized intervention does not affect the money supply, it does not affect prices or interest rate and so does not influence the exchange rate. Rather, sterilized intervention might affect the foreign exchange market through two routes: the portfolio-balance channel and the signaling channel.
According to the portfolio-balance channel, it is assumed that risk-averse wealth holders diversify their portfolio across assets denominated in different currencies. Let's use the United States and Japan as an example. The portfolio balance channel theory holds that sterilized purchases of yen raise the dollar price of yen because investors must be compensated with a higher expected return to hold the relatively more numerous U.S. bonds. To produce a higher expected return, the yen price of the U.S. bonds must fall immediately. That is, the dollar price of yen must rise.
In contrast, the signaling channel assumes that intervention affects exchange rates by providing the market with new relevant information, under an implicit assumption that the authorities have superior information to other market participants. The authorities are willing to reveal this information through their actions in the foreign exchange market. Because private agents may change their exchange rate expectation after intervention, the exchange rate then will be expected to change immediately after the effect occurs.