- •Contents
- •Передмова
- •Financial system
- •Finance and financial system
- •II. Vocabulary exercises
- •Revenue sources and revenue-sharing arrangements in Ukraine:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs:
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •A) Supply the prepositions where necessary.
- •Budgetary policy
- •2. Read the text and name the facts from the text which are new to you: Treasury
- •3.Read the text and say what you know about the budget process in Ukraine:
- •III. Match what statements are true and what are false. Results write to the table:
- •Fiscal management
- •Financial policy. Fiscal sphere
- •A. Dialogue
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •2.Express your attitude to the following:
- •3.Prepare a short talk on the following:
- •A) Supply the articles where necessary.
- •Financial Policy
- •A) Supply the articles where necessary.
- •Fiscal Policy in the uk
- •A) Fill each gap with a suitable word from the box.
- •A) Read and discuss the texts.
- •Write down five questions about each text.
- •A) Read and discuss the texts.
- •Say what you know about the use of multiyear budgeting and budget classification in Ukraine. Types of Budget Classification
- •A) Read the article quickly and underline the parts about the challenge the transition economies face and the constraints affecting the ability of the governments to meet the challenge.
- •I. Fill in each space with the appropriate words from a, b or c:
- •Taxation
- •What are taxes?
- •Column a
- •Tax system in Ukraine
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Taxation in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •B. Communicative situations
- •4. Make a short essay on the following:
- •A) Supply the articles where necessary.
- •A) Supply prepositions where necessary.
- •What Is an Excise Duty?
- •Open the brackets putting the verbs in the correct form: Tax Reform in Developing Countries
- •Read the text below carefully and underline the parts of it giving basic ideas about the desired features of a tax system. Tax System Design
- •I. Mark the correct answers on the following questions:
- •II.Fill the tables:
- •III. Match what statements are true and what are false. Results write to the table:
- •Central banking system
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Banking system in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •Credit Policy
- •A) Supply the prepositions where necessary.
- •3.A) Open the brackets, putting the verbs in the correct form.
- •The Bank of England
- •Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences. Present your summary in class.
- •Us Activities of Foreign Banking Organizations
- •A) Read and discuss the text.
- •Is Monetary Policy Needed?
- •A) Read and discuss the text.
- •Payment Systems
- •I. For each word or sentence choose the correct definition:
- •II.Match what statements are true and what are false. Results write to the table:
- •Banking system
- •Commercial banks
- •6To transact stock and share business – укладати угоди із цінними паперами
- •Column b
- •A. Dialogue
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •Make a short essay on the following:
- •1. A) Supply the articles where necessary.
- •2. A) Supply the articles where necessary.
- •Bank Accounts
- •3.A) Supply the prepositions where necessary.
- •The Nature of Banking
- •4. A) Open the brackets putting the verbs in the correct form.
- •5.Look through the text and name the facts which are new to you.
- •Choose the word which best completes each sentence:
- •II.Match what statements are true and what are false. Results write to the table:
- •International monetary system
- •International monetary institutions
- •A. Dialogue
- •Imf’s support for ukrainian reforms
- •1. Read and translate the dialogue in pairs:
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Make up a dialogue on the following:
- •B. Communicative situations
- •A) Supply the articles where necessary.
- •International Monetary Fund
- •2.A) Supply the prepositions where necessary.
- •Your Partner ebrd
- •3. A) Fill each gap with a suitable word from the box.
- •Imbalances pur World Bank – International Bank for Reconstruction and Development (ibrd)
- •Match what statements are true and what are false. Results write to the table:
- •II. Fill the tables:
- •Foreign exchange market. Global financial markets
- •Trading in the foreign exchange market
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: cornerstone of the global financial market
- •Vocabulary
- •2.Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •Global Financial Markets
- •2. A) Fill each gap with a suitable word from the box.
- •The Eurocurrency Market
- •3.Read the text quickly to find the types of most widely used swaps: Foreign Exchange Swaps
- •4. Read the text quickly to find answers to the following questions:
- •Foreign Exchange Options
- •Choose the correct answer:
- •Match what statements are true and what are false. Results write to the table:
- •Financial markets. The stock market
- •Stock markets
- •A. Dialogue
- •The corporate securities market in ukraine
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out.
- •B. Communicative situations
- •2.A) Supply the prepositions where necessary.
- •Equity Market
- •3.A) Open the brackets putting the verbs in the correct form.
- •4. A) Fill each gap with a suitable word from the box below.
- •The New York Stock Exchange
- •5. A) Read the text below quickly and name organizations involved in the issues.
- •The New Issue Market
- •I. Choose the correct answer:
- •II.Match what statements are true and what are false. Results write to the table:
- •III.Fill the tables:
- •Financial markets. The bond market
- •Trading in the bond market
- •A. Dialogue
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •You have an exam. The question is: “What is the difference between debt and equity market?”
- •Prepare a short talk on the following:
- •1. A) Supply the articles where necessary.
- •The Eurobond Market
- •2. A) Supply the prepositions where necessary.
- •3. A) Read the text.
- •4. A) Look through the text below to say what types of securities are described in it.
- •Us Government Securities
- •I.Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •III. Fill the tables:
- •Financial management
- •Financial function
- •Financial ratios
- •A. Dialogue
- •Ratio analysis
- •Vocabulary list:
- •Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •A) Read the text.
- •Corporate Governance
- •3. Read the text and say how investment risks can be reduced:
- •Investment Management
- •4. A) Supply the prepositions where necessary.
- •Financial Capital
- •5. A) Fill each gap with a suitable word from the box.
- •I. For each word or sentence choose the correct definition:
- •II. Match what statements are true and what are false. Results write to the table:
- •Accounting
- •Accounting principles and concepts
- •Book-keeping:
- •The double-entry bookkeeping:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: accountancy in a free-market economy
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Speak about the work of public accountants, private accountants, and accountants who work for units of the government and non-for-profit firms. B. Communicative situations
- •1. A) Supply the prepositions where necessary.
- •2. A) Read the text and single out the main facts and present them in a short review.
- •Read the text that follows to find the answers to the following questions:
- •Financial Statements And Their Elements
- •Balance sheet
- •Liabilities
- •Revenues
- •Expenses
- •Gains and losses
- •Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •Auditing
- •Performing an audit
- •Audit strategy:
- •Audit risk:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: auditing in ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up dialogues on the following:
- •B. Communicative situations
- •Discuss with your friends:
- •1. A) Read the texts and do the tasks that follow.
- •2.A) Supply the prepositions where necessary.
- •Auditors’ Report
- •3.A) Open the brackets putting the verbs in the correct form.
- •Misuse of Public Funds
- •4.A) Supply the articles where necessary.
- •Fill in each space with the appropriate words from a, b or c:
- •II. Which is correct:
- •III. Match what statements are true and what are false. Results write to the table:
- •IV. Fill the tables:
- •Glossary
- •Phraseology of reports and speeches coherent and generalization phrases
- •Phrases that are used in admission expressions
- •Nouns: common and possessive case
- •Count and noncount nouns
- •Some common noncount nouns
- •Using nouns as modifiers
- •The indefenite aricle
- •The definite article
- •No article
- •Personal pronouns
- •Possessive pronouns
- •Reflexive pronouns
- •Indefinite pronouns
- •Quantitive pronouns
- •Demonstrative pronouns
- •Degrees of comparison of adectives and adverbs
- •Numerals
- •The functions of the verb «to be»
- •The functions of the verb «to have»
- •The functions of the verb «to do»
- •General questions
- •Tag questions
- •Question words when
- •More questions with how
- •Modal verbs can; could to be able to
- •May; might
- •Must; be to; have to; have got to
- •Should; ought to
- •Will; would
- •Indefinite pronoun «one»
- •The pronouns «both, either and neither»
- •Senquence of tenses
- •The infinitive
- •The prepositional infinitive complex
- •The objective infinitivecomplex
- •The subjective infinitive complex
- •The participle
- •Complexes with the participle the objective participle complex
- •The subjective participle complex
- •The gerund. Forms and functions
- •The gerundal complex
- •Conditional sentenses
- •Irregular verbs
- •Reference list
International monetary institutions
There is little exaggeration in saying that international monetary developments affect all individuals as workers, consumers, travelers, businessmen producing goods for domestic or foreign markets, and investors at home or abroad. The channels which transmit the impact of monetary events to people in their various roles in society are numerous.
Employment opportunities for some workers are improved when exports thrive and are weakened for other workers when foreign products compete effectively in price or quality with domestic output.
A movement in the exchange rate may benefit an individual in one of his roles but leave him worse off in another. The individual as a consumer may have a different view of and a different interest in what happens in the international monetary sphere from that of the individual as a worker.
Business activity is heavily influenced by international monetary conditions affecting prices, exchange rates, interest rates, imposition of controls on exports or imports or on capital movements.
Interdependence among nations has intensified lately, thus there is great interest in the functioning of the international monetary system.
The international monetary system is a set of arrangements, rules, practices, and institutions under which payments are made and received for transactions carried out across national boundaries. The international system is concerned not only with the supply of international money but with the relationships among the hundred or so currencies of individual countries and with the pattern of balance-of-payments relationships and the manner in which they are adjusted and settled.
International monetary relations are governed by rules of the Articles of Agreement of the International Monetary Fund1 and also by agreements and consultations among nations through other international institutions: the General Agreement on Tariffs and Trade (GATT), the Organization for Economic Cooperation and Development (OECD), the Bank for International Settlements (BIS), the United Nations Conference on Trade and Development (UNCTAD), the World Bank Group2 and other organizations.
The international monetary system is afflicted with problems. The main reason is that the nations that participate in it are politically independent but economically and financially interdependent.
This discrepancy determines the functions of the international monetary system; at its best, the system acts to reconcile the conflicting economic policies of its politically independent members.
In order to perform this reconciling function, the system is concerned, first, with how nations act to influence their balance-of-payments positions, with their policies that affect exchange rates.
The system is concerned, second, with how nations settle their accounts with one another. Third, the system is concerned with the amount and form of international money.
In broad terms, the international monetary system involves the management, in one way or another, of three processes:
the adjustment of balance-of-payments positions, including the establishments and alteration of exchange rates.
the financing of payments imbalances among countries by the use of credit or reserves;
the provision of international money.
NOTES:
1International Monetary Fund – Міжнародний Валютний Фонд (МВФ)
2General Agreement on Tariffs and Trade – Генеральна домовленість про тарифи та торгівлю (ГАТТ)
Organization for Economic Cooperation and Development – Організація економічного співробітництва та розвитку
Bank of International Settlements – Банк міжнародних розрахунків
United Nations Conference on Trade and Development – Конференція ООН з питань торгівлі та розвитку (ЮНКТАД)
World Bank Group – група Світового банку
Vocabulary list
international monetary system – міжнародна валютна система
international monetary institutions – міжнародні фінансові організації
exaggeration – перебільшення
affect – впливати
channel – канал, шлях
transmit – передавати, відправляти, посилати
impact – вплив
employment opportunities – можливість отримати роботу
thrive – процвітати
weaken – ослаблювати, слабшати
movement in the exchange rate – зміна валютного курсу
to leave smb worse off – залишати кого-небудь у невигідному становищі
imposition of controls – введення контролю (обмежень)
capital movements – рух капіталу
interdependence – взаємозалежність
set of arrangements – сукупність домовленостей (заходів)
national boundaries – державні кордони
pattern – структура, характер, паттерн
adjust – регулювати, коректувати
to be governed (by) – регулюватись
Articles of Agreement – статут
is afflicted with problems – обтяжена проблемами
interdependent – взаємозалежний
discrepancy – протиріччя, розбіжність
define – визначати
reconcile – примиряти
conflicting – суперечливий
balance-of-payments position – стан платіжного балансу
to settle accounts – урегулювати рахунки
in broad terms – в широкому значенні
adjustment – коректування, виправлення
establishment and alteration of exchange rates – встановлення та зміна обмінних курсів
payments imbalances – нерівновага платежів
II . VOCABULARY EXERCISES
Ex.1. Find equivalents:
payments imbalances
domestic market
to affect prices
currency
set of arrangements
to be intensified
consultation
discrepancy
imbalance
transmit
improve
бути збільшеним
впливати на ціни
дисбаланс, протиріччя
сукупність домовленостей
нерівновага
платежів
розбіжність, протиріччя
вдосконалюватися
консультація
валюта
внутрішній ринок
передавати
Ex.2. Enter correct correspondences in English or in Ukrainian:
-
ENGLISH
UKRAINIAN
міжнародна валютна система
movement in the exchange rate
канал, шлях
впливати
capital movements
set of arrangements
державні кордони
to be governed (by)
is afflicted with problems
суперечливий
to settle accounts
в широкому розумінні
інвестор
exports thrive
domestic output
валютний курс
ділова активність
interest rates
рух капіталу
політично незалежний
establishments and alteration
Ex.3. Find English equivalents for the following Ukrainian phrases:
не буде перебільшенням сказати; позначатися на людях; шляхи, якими передається цей вплив, різноманітні; можливість отримати роботу збільшується; експорт процвітає; конкурувати за цінами та якістю; зміна валютного курсу; введення експортного контролю; міжнародна валютна система – це сукупність домовленостей, правил, організацій і т.д.; характер взаємовідносин платіжних балансів; взаємовідносини регулюються; бути залежним економічно; визначати функції; становище із платіжним балансом; коректування становища із платіжним балансом; встановлення та зміна валютних курсів.
Ex.4. Fill in the blanks with prepositions, pronouns or conjunctions where necessary:
International monetary developments affect all individuals … workers … .
The channels … transmit the impact … monetary events … people .. their various roles … society are numerous.
A movement … the exchange rate may benefit an individual … one … his roles … leave him worse off … another.
The individual … a consumer may have a different view of … a different interest in … happens … the international monetary sphere … that … the individual … a worker.
The international monetary system is a set of arrangements, rules … institutions under … payments are made … received … transactions carried out across national boundaries.
Nations … participate … the international monetary system are politically independent … economically … financially interdependent.
The international monetary system is concerned … how nations act … influence their balance-of-payments positions, … their policies … affect exchange rates.
The system is concerned … how nations settle their accounts … one another.
The international monetary system is concerned … the amount … form …international money.
Ex.5. Complete the following sentences:
The international monetary developments affect all individuals … .
Employment opportunities for some workers are improved when … and are weakened for other workers when …. .
A movement in the exchange rate may … but … .
Business activity is influenced by … affecting … .
The international monetary system is a set of … under which payments ….
The international system is concerned not only with … but with … and with … .
International monetary relations are governed by … .
The main reason of the problems in the international monetary system is that … .
The international monetary system is concerned with how nations … and settle … .
The system is concerned, second … .
The international monetary system involves the management of the adjustment … .
Ex.6. Answer the following questions:
In what ways are the individuals affected by international monetary developments?
Do consumers and workers have identical views about what happens in the international monetary sphere?
What is the international monetary system?
How can the international monetary system influence the business activity?
What is the international monetary system concerned with?
What are the international monetary relations governed by?
What are the major international monetary institutions?
Is the international monetary system afflicted with problems? Why?
What is the international monetary system concerned with I order to perform its reconciling functions?
What processes are governed by the international monetary system?
Ex.7. Translate into English:
Не буде великим перебільшенням сказати, що події у міжнародній валютній сфері впливають на людей як на працівників і споживачів.
Шляхи, якими передається вплив подій фінансової сфери на людей у їх різноманітних ролях у суспільстві, — багаточисельні.
Можливість отримати роботу (для деяких працівників) збільшується, коли експорт процвітає і зменшується, коли іноземні продукти ефективно конкурують в ціні та якості з вітчизняною продукцією.
Зміна валютного курсу може приносити користь людині в одній ситуації, але може залишати її в гіршому становищі в іншій.
Ділова активність значною мірою знаходиться під впливом умов міжнародної фінансової сфери, яка впливає на ціни, курси валют, процентні ставки, введення експортного контролю та рух капіталу.
Міжнародна валютна система – це сукупність домовленостей, правил, установ, згідно з якими здійснюються та отримуються платежі на виконання міжнародних угод.
Головною причиною наявності проблем у міжнародній валютній системі є те, що нації, які беруть участь у ній, — політично незалежні, але економічно та фінансово — взаємозалежні.
Міжнародна валютна система пов’язана з постачанням міжнародної валюти, а також з відношенням між валютами сотні країн, з характером взаємовідносин платіжних балансів та з тим, яким чином вони керуються та узгоджуються.
Міжнародні фінансові відносини регулюються правилами статуту Міжнародного валютного фонду та іншими міжнародними фінансовими організаціями.
Міжнародна валютна система зацікавлена у тому, як діють країни щодо впливу на стан платіжного балансу , на політику, що впливає на курси валют.
В широкому розумінні міжнародна валютна система, так чи інакше, здійснює управління трьома процесами.
III. ORAL PRACTICE