- •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
Communicative situations
Discuss with your friends:
What are the objective and methods of Exchange Control?
What is “convertibility” as applied to a currency?
Prepare a short talk on the following:
The major participants of the foreign exchange markets.
Instruments and transactions made in the currency markets (spot trading, futures and forward contracts, swaps, options).
Ukraine’s efforts to fight money laundering.
Make several short paragraphs on the following:
The composition of the exchange market.
The structure of the global financial market.
READ AND DISCUSS
1.a) Supply the prepositions where necessary.
b) Write down 3-5 questions about the text.
c) Describe the components of the global financial markets.
Global Financial Markets
The global market for finance encompasses a complex web of financial instruments and institutions. Its structure and functioning are affected in fundamental ways … the macroeconomic environment
(in particular, patterns of interest rates and exchange rates), the regulatory and technological environment, and fundamentals driving the real sector of the international economy.
The cash and derivative instruments that compose global financial markets rest … four cornerstones: 1)foreign exchange market, 2) the Eurocurrency market, 3) the market of intermediated credit facilities and debt instruments and 4) the equities market.
Foreign exchange (Forex) market stands … the core of the global financial market. It encompasses spot as well as forward interbank and customer transactions, as well as Forex futures and options, traded ... various organized exchanges around the world.
Motivations for Forex transactions range … short-term positioning (speculating) to hedging ... commercial or investment transactions via outright forwards, forex swaps, futures or options.
Forex Market is a structure upon which most other segments … the global financial markets are built.
A second cornerstone is the Eurocurrency Market. Eurocurrency financial items are claims that are created in one country but denominated ... the currency of another. The Eurocurrency system comprises the markets within which these claims are created and traded. This activity originated ... Europe but now takes place … the world. Three broad classes of financial items are involved:
1) bank deposits and credits, for example, dollar deposits held ... European banks;
2) primary securities in the form of Eurobonds and Euronotes; and 3) derivative securities such as foreign currency options or futures on Eurodollar uistruments.
Initially, Eurocurrency financial items were denominated pritnarily ... dollars. Today, there are many currencies of denomination, with the Deutchemark and Yen playing an increasingly important role. As in the foreign exchange market, the core of this market consists ... major dealing banks that consistently quote bid and offered prices in active interbank trading. The Bank of England samples these interest rates daily for a group of reference banks and publishes an average of the two sides of title market as the London interbank bid (LIBID) and offered (LIBOR) rates. LIBOR has become the most important floating-rate pricing benchmark for loans and debt instruments … the global financial markets.
International lending and issuance of debt securities represents the third major segment of the global financial market.
Perhaps the most long-standing form of international lending involves trade financing, whereby a foreign buyer agrees to pay ... imported merchandise after a period of time.
A corporation or government requiring general international bank financing can borrow ... foreign-based financial intermediaries under a variety of structures ranging from revolving credit facilities, term loans and project financing, to various kinds of secured credits.
An alternative ... bank financing available ... many corporate and governmental borrowers is to issue debt securities (like commercial paper or government bills).
The fourth cornerstone of the global financial market involves equities, that is, common preferred shares. Corporations seeking to raise equity capital may issue shares in the domestic market through the uriderwriting channels and simultaneously distribute them ... foreign investors.
Words you may need:
web – павутиння, сплетення
regulatory environment – правове поле
fundamentals – основи
drive – приводити в рух
derivative instruments – похідні інструменти
Eurocurrency market – євровалютний ринок
credit facilities – кредити, джерела кредитування
core – серцевина, ядро
positioning – встановлення позиції
hedging – хеджування
claim – вимога
primary securities – первинні цінні папери
Euronote – євро нота (1-6-місячний вексель)
sample – відбирати (зразки)
reference banks банки – банки, чиї процентні ставки використовуються при розрахунку ЛІБОР та інших ставок-орієнтирів
London interbank bid rate (LIBID) – ставка покупця на лондонському міжбанківському ринку депозитів (ЛІБІД)
London interbank offered rate (LIBOR) – ставка продавця (пропозиції) на лондонському міжбанківському ринку депозитів (ЛІБОР)
debt security – цінний папір, що являє собою боргове свідоцтво
long-standing – давній
trade financing – фінансування торгівлі
merchandise – товари
foreign-based – той, що розміщений за кордоном
revolving credit facilities – револьверний кредит
term loan – термінова позика
project financing – фінансування проектів
secured credit – ломбардний кредит (кредит під забезпечення цінними паперами, що швидко реалізуються)
commercial paper – „комерційні папери”, векселя