国际金融英语学生用全套.docx

国际金融英语学生用全套.docx

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国际金融英语学生用全套

国际金融英语

ENGLISH

FOR

INTERNATIONALFINANCE

顾维勇

GUWEIYONG

SCHOOLOFFOREIGNLANGUAGES

NANJINGXIAOZHUANGCOLLEGE

2008.02.

2008.06.

—1914

LESSON1TheGoldStandardEra,1870

OriginsoftheGoldStandard

Thegoldstandardhaditsoriginintheuseofgoldcoinsasamediumofexchange,unitofaccount,andstoreofvalue.Whilegoldhasbeenusedinthiswaysinceancienttimes,thegoldstandardasalegalinstitutiondatesbackto1819,whentheBritishParliamentpassedtheResumptionAct.TheResumptionActmarksthefirstadoptionofatruegoldstandardbecauseitsimultaneouslyrepealedlong-standingrestrictionsontheexportofgoldcoinsandbullionfromBritain.

Laterinthenineteenthcentury,Germany,Japan,andothercountriesalsofollowedsuit.TheU.S.effectivelyjoinedthegoldstandardin1879andinstitutionalizedthedollar-goldlinkthroughtheU.S.GoldStandardActof1900.WithBritain'spreeminenceininternationaltradeandtheadvanceddevelopmentofitsfinancialsystem,London

naturallybecamethecenteroftheinternationalmonetarysystembuiltonthegoldstandard.

TheGoldStandardRules

Thegoldstandardregimehasconventionallybeenassociatedwiththreerulesofthegame.Thefirstruleisthatineachparticipatingcountrythepriceofthedomesticcurrencymustbefixedintermsofgold.Sincethegoldcontentinoneunitofeachcurrencywasfixed,exchangerateswerealsofixed.Thiswascalledthemintparity.Thesecondruleisthattheremustbeafreeimportandexportofgold.Thethirdruleisthatthesurpluscountry,whichisgaininggold,shouldallowitsvolumeofmoneytoincreasewhilethedeficitcountry,whichislosinggold,shouldallowitsvolumeofmoneytofall.

Thefirsttworulestogetherensurethatexchangeratesbetweenparticipatingcountriesarefixedwithinfairlynarrowlimits.Withthepriceofanytwocurrenciesfixedintermsofgoldtheimpliedexchangeratebetweenthetwocurrenciesisalsofixedandanysignificantdeviationfromthisfixedratewillberapidlyeliminatedbyarbitrageoperations.

Thethirdrule,requiringthevolumeofmoneytobelinkedineachparticipatingcountrytobalanceofpaymentsdevelopments,providesan"automatic"mechanismofadjustmentwhichensuresthat,ultimately,anybalanceofpaymentsdisequilibriawillbecorrected.

TheAutomaticAdjustmentMechanismundertheGoldStandard

Thegoldstandardcontainssomepowerfulautomaticmechanismsthatcontributetothesimultaneousachievementofbalanceofpaymentsequilibriumbyallcountries.Themostimportantofthesewastheprice-specie-flowmechanism（preciousmetalswerereferredtoas"specie"）.Hume'sdescriptionofthismechanismhasbeentranslatedintomodernterms.AssumethatBritain'scurrentaccountsurplusisgreaterthanitsnon-reservecapitalaccountdeficit.Inthiscase,foreigners'netimportsfromBritainarenotbeingfinancedentirelybyBritishloans.Thebalancemustbematchedbyflowsofinternationalreservesthatis,ofgold—intoBritain.ThegoldinflowsintoBritain

automaticallyreduceforeignmoneysuppliesandincreaseBritain'smoneysupply,

drivingforeignpricesdownwardandBritishpricesupward.Asaresult,thedemandforBritishgoodsandserviceswillfallandatthesametimetheBritishdemandforforeigngoodsandserviceswillincrease.Eventually,reservemovementsstopandbothcountriesreachbalanceofpaymentsequilibrium.Thesameprocessalsoworksinreverse,eliminatinganinitialsituationofforeignsurplusandBritishdeficit.

However,theresponseofcentralbankstogoldflowsacrosstheirbordersfurnishedanotherpotentialmechanismtohelprestorebalanceofpaymentsequilibrium.Centralbanksexperiencingpersistentgoldoutflowsweremotivatedtocontracttheirdomesticassetholdingsforthefearofbecomingunabletomeettheirobligationtoredeemcurrencynotes.Thusdomesticinterestrateswerepushedupandcapitalwouldflowinfromabroad.Centralbanksgaininggoldhadmuchweakerincentivestoeliminatetheirownimportsofthemetal.Themainincentivewasthegreaterprofitabilityofinterest-bearingdomesticassetscomparedwith"barren"gold.Centralbanksthatwereaccumulatinggoldmightbeattemptedtopurchasedomesticassets,therebyincreasingcapitaloutflowsanddrivinggoldabroad.Thesedomesticcreditmeasures,ifundertakenbycentralbanks,reinforcedtheprice-specie-flowmechanisminpushingallcountriestowardbalanceofpaymentsequilibrium.Becausesuchmeasuresspeededupthemovementofcountriestowardtheirexternalbalancegoals,theyincreasedtheefficiencyoftheautomaticadjustmentprocessesinherentinthegoldstandard.

However,researchhasshownthatcountriesoftenreversedthestepsmentionedaboveandsterilizedgoldflows,thatis,solddomesticassetswhenforeignreserveswererisingandboughtdomesticassetsasforeignreservesfell.Governmentinterferencewithprivategoldexportsalsounderminedthesystem.ThepictureofsmoothandautomaticbalanceofpaymentsadjustmentbeforeWorldWarIthereforedidnotalwaysmatchreality.

Giventhepricesofcurrenciesfixedintermsofgold,thepricelevelswithingoldstandardcountriesdidnotriseasmuchbetween1870and1914asovertheperiodafter

WorldWarn,butnationalpricelevelsmovedunpredictablyovershorterhorizonsasperiodsofinflationanddeflationfollowedeachother.Whatismore,thegoldstandarddoesnotseemtohavedonemuchtoensurefullemployment.Afundamentalcauseofshortterminternalinstabilityunderthepre-1914goldstandardwasthesubordinationofeconomicpolicytoexternalobjectives.InternalpolicyobjectiveswereonlyemphasizedafterWorldWarIasaresultoftheworldwideeconomicinstabilityoftheinterwaryears,

1918—1939.Tounderstandhowthepost-WorldWarninternationalmonetarysystem

triedtoreconcilethegoalsofinternalandexternalbalanee,weneedtoexaminethe

economiceventsoftheperiodbetweenthetwoworldwars.

复数问题：

本课中出现了大量的英语复数形式词，需要学习者特加注意。

女口：

reserves,

movements,holdings,flows,outflows,loans等。

在金融英语里，也包括其它

商务英语的语境下，复数形式是一种常见的语法现象，但它们与通常的复数形式有所不同，它们常常是有所指的，常用来表示“量”，或“金额”、“额”。

又如：

单数词与词义

复数词与词义

import进口

imports进口量

export出口

exports出口量

damage损坏

damages损坏赔偿金

loss灭失

losses损失额/金

sale销售

sales销售额

stock库存（货）

stocks库存量

reserve储存

reserves储量

shipment装船

shipments装船的货

holding持有

holdings持有量

payment付款

payments付款额

BACKGROUNDKNOWLEDGE

1.goldstandardn.Amonetarystandardunderwhichthebasicunitofcurrencyis

equalinvaluetoandexchangeableforaspecifiedamountofgold.金本位制：

一种货币

制度，在此制度下，通货基本单位与一定数量的黄金价值相同，并可与之兑换

Goldstandardisamonetarysystemformerlyusedbymanycountries,underwhich

thevalueofthestandardunitofcurrencywasbylawmadeequaltoafixedweightof

goldofastatedfineness.Thustheratesofexchangebetweenvariousgold-standard

countriesremainedfixed,whichhelpedinternationaltrade,butthesystemlimited

thepowerofthemonetaryauthoritiestocontrolthesupplyofmoneyinfightinginflationandunemployment.Underafullgold-standardsystem,suchasexistedin

Britainfromthe1870sto1914,goldcoinandbullion（barsofgold）couldbefreelyimportedandexported;goldcoinscirculatedfreely;andthecentralbankboughtandsoldgoldinanyquantityatthefixedprice.Thesystemwassetupagainby1928inlimitedformbutitbrokedowninthe1930s.AftertheSecondWorldWarsomecountriesinEuropeagreedtomaketheircurrenciesfreelyconvertibleintogoldforinternationalpaymentsonly,thusformingagoldstandardthatwasentirelyexternal.

Variationsofthegoldstandardare:

goldbullionstandard;goldexchangestandard.金本位是过去许多国家采用的货币制度，在这种制度下，货币标准单位的价值由法律规定等于固定重量的既定纯度黄金。

这样，各个不同的金本位制国家之间的汇率保持固定，有助于国际贸易。

但这种制度限制了财政当局控制货币供应数量以抑制通货膨胀及失业的力量。

在完全金本位制下，如在19世纪70年代至1914年间的英国，金币和金条/块可以自由输出输入，金币自由流通，中央银行按固定价格收购及出售任何数量的黄金。

1928年这一制度以有限的形式重新建立，但在20世纪30年代垮台。

二战后，有些欧洲国家同意其货币可以自由兑换黄金，但只限于国际支付。

这样就形成了完全对外的金本位。

金本位的不同形式有：

金块本位制；金汇兑本位制。

（杨佑方主编，外贸经济英语用法词典，2002：

PP618—619）

2.theResumptionAct纸币收回条例

3.mintparity=mintparofexchange,parrateofexchange:

Itistherateofexchange

betweentwocurrenciesthatareonthegoldstandard,i.e.whenthegoldvalueoftheirstandardcurrencyunithasbeenfixedbylaw.Theratebetweenanypairofgoldstandardcurrenciesisalwaysdirectlyrelatedtotheamountofgoldinaunitofeachcurrency.铸币平价汇率是两种金本位之间的汇率，即标准货币单位的黄金值已由法律固定时的汇率。

任何两种金本位之间的汇率总是直接与每种货币一个单位的金含量有关。

4.balanceofpayments国际收支Itisthebalanceofanationalaccountinwhicharerecordedalltheinternationaldealingsresultinginpaymentofmoneyduringcertainperiod.Unlikethebalanceoftrade,whichincludesonlyvisibledealings（articlesoftrade,andgoldandsilverbarsandcoins）,thebalanceofpaymentstakesnoteofinvisibleimportsandexports（paymentsforbanking,insurance,transport,andotherservices）,interestpaymentsandmovementsofcapital.Thebalanceissaidtobeindeficit,adverse,passiveorunfavorableifitshowsthatthecountrypaysor

owesmorethanitreceivesorisowed;andinsurplus,activeorfavorableiftheoppositeistrue.国际收支是一个国家记录一定时期内发生支付货币的所有国际交易的账户上的余/差额。

与贸易差额不同，贸易差额只包括有形交易（贸易商品、金条银条及硬币），国际收支着重无形进出口（银行、保险、运输及其他服务）、利息支付及资本的流动。

如其差额

表示一个国家支付与欠人多于收入与人欠，则为逆差。

反之则为顺差。

5．currencynotes流通券，国库券Currencynotesarenotesissuedasmoneybythe

BritishTreasuryduringthewarof1914—1918andafter,oftwovalues,£1and10s,

lateramalgamated（1928）withBankofEnglandnotes.流通券是在1914—1918战

争期间及战后英国财政部发行作货币使用的票据，有两种面值：

1英镑和10先令。

之后于1928

年与英格兰银行票据合并。

［同］Treasurynotes.此文中指“通货券，流通券”，并非特指英

国的“流通券”。

EXERCISES

I