- •Chapter 1/ Fearless Telephone Talk
- •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
- •Talking about trends (Past Simple and Present Perfect)
- •Using your voice effectively
- •Stressing words
- •Making pauses
- •Dealing with questions
- •The Power of Language
- •Culture Shock
- •Grammar revision Gerund Герундий
- •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
- •VI. Insurance
- •IV. Упаковка и маркировка
- •V. Сдача и приемка товара
- •VI. Страхование
- •VII. Terms of Payment
- •VII. Платеж
- •VIII. Force Majeure
- •IX. Arbitration
- •VIII. Форс-мажор
- •Iх. Арбитраж
- •X. Other Conditions
- •Practice Drills
- •7. Packing and marking
- •8. Arbitration
- •9. Other conditions
- •10. Legal addresses of the parties
- •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
- •Questions to an employer
- •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 …
- •I think you should…?
- •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
- •Text 15 the effects of trade: gains and terms
- •Text 16 the effects of trade: infant industries and trade policies
- •Text 17 exchange rates and capital mobility
- •Text 18
- •General Ideas of Foreign Exchange Market
- •Text 19
- •Indirect Intervention
- •Text 20
- •Intervention may Decrease Volatility
- •Intervention may Increase Volatility
- •Библиографический список Oсновная литература
- •Учебное издание
Text 17 exchange rates and capital mobility
A major change in the organisation of international finance occurred in the latter years of the twentieth century, and economists are still debating its implications. At the end of the second world war the national signatories to the Bretton Woods Agreement had agreed to maintain their currencies each at a fixed exchange rate with the United States dollar, and the United States government had undertaken to buy gold on demand at a fixed rate of $35 per ounce. In support of those commitments, most signatory nations had maintained strict control over their nationals’ use of foreign exchange and upon their dealings in international financial assets.
But in 1971 the United States government announced that it was suspending the convertibility of the dollar, and there followed a progressive transition to the current regime of floating exchange rates in which most governments no longer attempt to control their exchange rates or to impose controls upon access to foreign currencies or upon access to international financial markets.
The behaviour of the international financial system was transformed. Exchange rates became very volatile and there was an extended series of damaging financial crises. One study estimated that by the end of the twentieth century there had been 112 banking crises in 93 countries, another that there had been 26 banking crises, 86 currency crises and 27 mixed banking and currency crises – many times more than in the previous post-war years.
The outcome was not what had been expected. In making an influential case for flexible exchange rates in the 1950s, Milton Friedman had claimed that if there were any resulting instability, it would mainly be the consequence of macroeconomic instability, but an empirical analysis in 1999 found no apparent connection. Economists began to wonder whether the expected advantages of freeing financial markets from government intervention were in fact being realised.
Neoclassical theory had led them to expect capital to flow from the capital-rich developed economies to the capital-poor developing countries - because the returns to capital there would be higher. Flows of financial capital would tend to increase the level of investment in the developing countries by reducing their costs of capital, and the direct investment of physical capital would tend to promote specialisation and the transfer of skills and technology.
However, theoretical considerations alone cannot determine the balance between those benefits and the costs of volatility, and the question has had to be tackled by empirical analysis.
A 2006 International Monetary Fund working paper offers a summary of the empirical evidence. The authors found little evidence either of the benefits of the liberalisation of capital movements, or of claims that it is responsible for the spate of financial crises. They suggest that net benefits can be achieved by countries that are able to meet threshold conditions of financial competence but that for others, the benefits are likely to be delayed, and vulnerability to interruptions of capital flows is likely to be increased.
Although the majority of developed countries now have "floating" exchange rates, some of them – together with many developing countries – maintain exchange rates that are nominally "fixed", usually with the US dollar or the euro. The adoption of a fixed rate requires intervention in the foreign exchange market by the country’s central bank, and is usually accompanied by a degree of control over its citizens’ access to international markets.
A controversial case in point is the policy of the Chinese government who had, until 2005, maintained the renminbi at a fixed rate to the dollar, but have since "pegged" it to a basket of currencies. It is frequently alleged that in doing so they are deliberately holding its value lower than if it were allowed to float (but there is evidence to the contrary).