金融英语

金融英语•THEVALUEOFMONEY•●WordsandExpressions•claimagainstsb.对…..的债权honor如期支付•fiat法令命令creditor债权人•debt债务withdrawal提款•interest利息rateofexchange汇率•purchasingpower购买力receipt收据•check支票legaltender法定货币•fractionalreservesystem银行部分准备金制度•fiduciarymoney信用货币priceindex价格指数••TEXT•1．Whenspecializationfirstemerged,perhapsashuntingandfarming,huntersandfarmersnodoubthadlittledifficultyfindingmutuallybeneficialtrades.•当专业化开始出现时，可能是狩猎和耕作，猎户和农户毫无疑问在寻找互惠交易中遇到一些麻烦。•2．Notonlymightthisdoublecoincidenceofwantbehardtofind,butafterthetwotradersconnecttheywouldalsoneedtoagreeuponarateofexchange---thatis,howmanypotsshouldbeexchangeforapairofshoes?•不仅这种双方一致的交易欲望难以寻求（和满足），而且即使是双方联系（找到对方）以后，他们也需要就汇率达成一直——也就是，多少罐子可以交换一双鞋子？•Throughrepeatedexchanges,tradersmayhavefoundthattherewerecertaingoodsfoewhichtherewasalwaysareadymarket.•通过反复的交易，交易者可能已经发现存在一些总是有备用（可用）市场的特定商品。•4．Amediumofexchangeisanythingthatisgenerallyacceptedinreturnforgoodsandservicessold.Cornisnolongeranendbutameanstoanend.•交易中介是交换所出售商品和服务时被普遍接受的任何东西。玉米不是最终的交换物而是最终交换物的中介。•5．Ratherthanhavingtoquoterateofexchangeforeachgoodintermsofeveryothergood,aswasthecaseinthebartereconomy,thepriceofeverythingcouldbemeasuredintermsofcorn.•与以物易物的经济不同，那时每种货物都必须用其他货物标出它的交换率，而现在任何东西都可以用玉米计价。•6．Whateverservesasamediumofexchangeiscalledmoney,nomatterhowitfirstcametoserveasamediumofexchange,andnomatterwhyitcontinuestoservethisfunction.•任何充当交易中介的东西都可以被称为货币，无论它首次是如何充当货币交易中介的，也无论为什么它发挥这项功能。•7．Thegoldsmithfoundthatwhenmoneywasheldformanycustomers,depositsandwithdrawalstendedtobalanceout,soapoolofdepositsremainedinthesafeatafairlyconstantlevel.•金匠发现在为客户保护货币时，存款和取款往往相互冲销，这样保留在保险箱的存款余额还算是稳定。•8．Thesystemofkeepingone’smoneyondepositwiththegoldsmithwassaferthanleavingmoneywhereitcouldbeeasilystolen,butitwasabitnuisancetohavetovisitthegoldsmitheachtimemoneyneeded.•以存款的形式将货币存放在金匠那里比将货币放在容易被盗窃的地方要安全，但是也存在一点麻烦就是每次需要货币的时候都要去拜访金匠。•9．Thecheckwasaclaimagainstthegoldsmith,buttheborrower’spromisetorepaytheloanbecamethegoldsmith’sasset.•支票是对金匠的索偿权，但是借款者贷款归还的承诺形成金匠的资产。•10．Becausetheseclaimsagainstthebankexceededthebank’sgoldandreserves,thiswasthefirstfractionreservebankingsystem,asysteminwhichonlyaportion,orfraction,ofdepositwerebackedupbyreserve.•因为这些对银行的索偿权超过了银行的黄金和储备，这形成了初期的银行部分准备金制度，这个制度中只有一部分或者部分存款是由储备金支持的。•11．Banknoteswerepiecesofpaperthatpromisetopaythebeareraspecificamountingoldwhenpresentedtotheissuingbankforredemption.•银行券当持有者向发行行提交以请求偿还的时候，承诺支付持有者一定数量黄金的纸。•12．Fiatmoneyisnotredeemableforanythingotherthanmorefiatmoney;itisnotbackedbypromisetopaysomethingofintrinsicvalue.•不兑换货币不能兑换任何东西，只能换取较多的不兑换货币，它没有用承诺支付具有内在价值的东西去担保。LESSONTWO•INTERESTRATESANDINTERESTPOLICIES•●WordsandExpressions•financialasset金融资产equilibriuminterestrate均衡利率•rateofinflation通货膨胀率scarceresources稀缺资源•socialcostoffunds资金的社会成本creditinstitution信贷机构•principal资金本金基本财产denomination面值•margin获利点利润保证金portfolios有价证券组合投资搭配•preferentialrediscountpolicies优惠的再贴现政策•financialintermediaries金融中介•●TEXT•1.Inanyeconomyinwhichdecisionbyindividualeconomicunitsplayamajorrole,interestratesperformseveralimportantfunctionthroughwhichtheyexerciseapervasiveinfluenceovereconomicdecisionandperformance,similarinscopetotheinfluenceofothereconomy-widepricessuchastheexchangerateandthebasicwagerate.•凡是在私人经济单位的决策起主导作用的经济当中，利率发挥数种重要的作用，通过这些作用，利率对经济决策与经济运行发生深远的影响，其程度如同其它具有广泛影响的价格，例如汇率和基本工资率的作用一样。•2．Asreturnondomesticfinancialassets,domesticinterestrates,togetherwiththerateofreturnonforeignfinancialassets,expectedchangesintheexchangerate,andtheexpectedrateofinflation,determinetheallocationofthepublic’swealth(accumulatedsavings)amongdomesticfinancialassets,foreignfinancialassets,andgoodsthatareheldasinflationhedges.•作为国内金融资产的回报，国内利率和作为对国外金融资产汇报的汇率、预期利率的变化以及预期通货膨胀率一起决定了公共财富在国内金融资产、国外金融资产以及持有以进行通货膨胀保值的商品之间的分配。•3．Similarly,theallocationofwealthbetweenfinancialassetsandgoodsinvolvesacomparisonofthenominalrateofreturnonfinancialassetsthatis,therateofinterest-withtheratesatwhichpricesofgoodsareexpectedtoincrease.Consequently,fortheallocationofwealthbetweenfinancialassetsandgoods,therelevantmagnitudetoconsiderisalsoarealrateofinterest.•同样的，财富在金融资产和商品之间的分配包括对金融资产名义收益率，也就是利率，和商品预期价格上涨的比较。结果，对于财富在金融资产和商品之间的分配要考虑的变量同样是实际利率。•4．Inmarket-orientedeconomies,wheremostsavingandinvestmentdecisionsaretakenseparately,changesininterestratesandthegeneralpricelevelinresponsetodisequilibriabetweensavingandinvestmentorbetweendemandsforandsuppliesoffinancialassetsareinstrumentalinrestoringequilibrium，providedthattheinstitutionalenvironmentpermitssuchchanges.•在市场导向经济中储蓄和投资的决策多数是分开进行的这样，反映储蓄与投资之间或金融资产的供需之间失衡的利率变化和一般物价水平变化，都对恢复均衡产生作用，只要体制环境允许这些变化存在的话。•5．Theequilibriuminterestrate,correctfortheexpectedrateofinflation,isequalbothtothemarginalrateatwhichlendersarewillingtoexchangefutureforpresentconsumptionandtotherealmarginalrateofreturnexpectedoninvestmentopportunitiesavailabletoborrowers.•经过预期通货膨胀率校对的均衡利率，不仅等于贷款者愿意以未来的消费交换现时消费时的边际利率，而且等于借款者可以取得的投资机会的预期边际收益率。•6．Theseratesarealsoindirectlyaffectedbysuchmeasuresaslegalreserverequirementsthatspecifyminimumholdingsofcertainlow-interestassets,whichhavetheeffectofincreasingthespread