Международные финансовые институты

Exercise 1. Read the text using the notes and the vocabulary given after it.

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 relationships are governed by rules of the Articles of Agreement of the International Monetary Fund 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 Group 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:

1) the adjustment of balance-of-payment positions, including the establishment and alteration of exchange rates.

2) the financing of payments imbalances among countries by the use of credit or reserves; and

3) the provision of international money.

 

Notes

International Monetary Fund – Международный Валютный Фонд (МВФ)

General Agreement on Tariffs and Trade – Генеральное соглашение о тарифах и торговле (ГАТТ)

Organization for Economic Cooperation and Development – Организация экономического сотрудничества и развития

Bank for International Settlements – Банк международных расчетов

United Nations Conference on Trade and Development – Конференция ООН по торговле и развитию (ЮНКТАД)

World Bank Group – группа Мирового банка

Extended Fund Facility – система расширенного финансирования

VOCABULARY

International monetary system          международная валютная система

International monetary institutions   международные финансовые организации

Exaggeration                                     преувеличение

To affect                                            воздействовать, влиять

Channel                                             канал, путь

To transmit                                        передавать, отправлять, посылать

Impact                                               влияние, воздействие

Employment opportunities                вакансии

To thrive                                       процветать, преуспевать

To weaken                                         ослаблять, ослабевать

Movement in the exchange rate        изменение валютного курса

To leave smb worse off                     ставить кого-либо в более невыгодное положение

Imposition of controls                       введение контроля (ограничений)

Capital movement                             движение капитала

Interdependence                           взаимозависимость

Set of arrangements                          зд. совокупность договоренностей (мер, мероприятий)

National boundaries                          государственные границы

Pattern                                               структура, характер, паттерн

To adjust                                       регулировать, корректировать

To be governed (by)                          регулироваться

Articles of Agreement                       устав

Is afflicted with problems                 зд. обременена проблемами

Interdependent                             взаимозависимый

Discrepancy                                       расхождение, противоречие

To define                                      определять

To reconcile                                       примирять

Conflicting                                        противоречивый

Balance-of-payment position            состояние платежного баланса

To settle accounts                              урегулировать счета

In broad terms                                   в широком смысле

Adjustment                                       корректировка, исправление

Establishment and alteration of        установление и изменение

exchange rates                              обменных курсов

Payment imbalances                          неравновесие платежей

 

Exercise 2. Answer the following questions.

 

1. In what ways are individuals affected by international monetary developments?

2. What is the international monetary system?

3. What is the international monetary system connected with?

4. What are the international monetary relations governed by?

5. What are the major international monetary institutions?

6. Is the international monetary system afflicted with problems?

 

Exercise 3. Fill in the gaps with the words and expressions from the text:

 

1. There is little exaggeration in saying that international monetary developments affect all individuals as ____________, ______________, ______________, ______________ producing goods for domestic or foreign markets, and investors at home or _______________.

 

2. The channels which transmit the impact of monetary events to _______________ in their various roles in society are ________________ .

 

3. Employment opportunities for some workers are improved when exports ___________ and are weakened for other workers when foreign products _______________________ in price or quality with __________________.

 

4. A movement in the exchange rate may ____________________ an individual in one of his roles but _________________________ in another.

 

5. Business activity is heavily influenced by _____________________________ affecting prices, exchange rates, interest rates, imposition of controls on exports or imports or on capital movements.

 

6. Interdependence among nations has ____________________ lately, thus there is great interest in the functioning of the ___________________________.

 

7. The international monetary system is a set of ______________________, __________, _______________, and ____________________ under which payments are made and received for transactions carried out across ________________________.

 

8. The international system is concerned not only with the supply of international money but with the relationships among the hundred or so _______ of individual countries and with the pattern of _________________________ relationships and the manner in which they are ________________ and ______________.

 

9. The international monetary system is afflicted with ________________ .

 

10. In broad terms, the international monetary system involves the ________________, in one way or another, of three processes:

a. the adjustment of ________________________________, including the establishment and alteration of exchange rates.

b. the financing of _________________________ among countries by the use of credit or reserves; and __________________________ .

c. the provision of ________________________________.

 

Exercise 4. Translate the words and expressions below from Russian into English and make up your own sentences with them.

 

1. структура, характер, паттерн

__________________________________________________________________________

2. государственные границы

__________________________________________________________________________

3. совокупность договоренностей (мер, мероприятий)

__________________________________________________________________________

4. взаимозависимость

__________________________________________________________________________

5. движение капитала

__________________________________________________________________________

6. введение контроля (ограничений)

__________________________________________________________________________

7. ставить кого-либо в более невыгодное положение

__________________________________________________________________________

8. изменение валютного курса

__________________________________________________________________________

9. ослаблять, ослабевать

__________________________________________________________________________

10. вакансии

__________________________________________________________________________

11. передавать, отправлять, посылать

__________________________________________________________________________

12. канал, путь

__________________________________________________________________________

13. воздействовать, влиять

__________________________________________________________________________

14. международные финансовые организации

__________________________________________________________________________

15. международная валютная система

__________________________________________________________________________

 

Exercise 5. Translate the words and expressions below from English into Russian and make up your own sentences with them.

 

1. payments imbalances

__________________________________________________________________________

2. establishment and alteration of exchange rates

__________________________________________________________________________

3. adjustment

__________________________________________________________________________

4. in broad terms

__________________________________________________________________________

5. to settle accounts

__________________________________________________________________________

6. balance-of-payments position

__________________________________________________________________________

7. conflicting

__________________________________________________________________________

8. to reconcile

__________________________________________________________________________

9. to define

__________________________________________________________________________

10. discrepancy

__________________________________________________________________________

11. interdependent

__________________________________________________________________________

12. to be afflicted with problems

__________________________________________________________________________

13. Articles of Agreement

__________________________________________________________________________

14. to be governed (by)

__________________________________________________________________________

15. to adjust

__________________________________________________________________________

Exercise 6. Find in the text (of exercise 1) English equivalents for the following Russian phrases:

 

1. не будет большим преувеличением сказать

__________________________________________________________________________

2. сказываться на людях

__________________________________________________________________________

3. пути, по которым передается это воздействие, различны

__________________________________________________________________________

4. число вакансий увеличивается

__________________________________________________________________________

5. экспорт процветает

__________________________________________________________________________

6. конкурировать по ценам и по качеству

__________________________________________________________________________

7. изменение валютного курса

__________________________________________________________________________

8. введение экспортного контроля

__________________________________________________________________________

9. международная валютная система – это совокупность договоренностей, правил, организаций и т.д.

__________________________________________________________________________

10. характер взаимоотношений платежных балансов

__________________________________________________________________________

11. взаимоотношения регулируются

__________________________________________________________________________

12. быть зависимым экономически

__________________________________________________________________________

13. положение с платежным балансом

__________________________________________________________________________

14.      корректировка положения с платежным балансом

_________________________________________________________________________

15. установление и изменение валютных курсов

__________________________________________________________________________

 

Exercise 7. Single out the main points of the text (ex. 1). Use the following opening phrases:

1. The text looks at (the problem of …) …;

_____________________________________________________________________

2. The text deals with the issue of …;

_____________________________________________________________________

3. It is clear from the text that …;

_____________________________________________________________________

4. Among other things the text raises the issue of …;

_____________________________________________________________________

5. The problem of … is of great importance.

_____________________________________________________________________

6. One of the main points to be singled out is …;

_____________________________________________________________________

7. Great importance is also attached to …;

_____________________________________________________________________

8. In this connection, I’d like to say …;

_____________________________________________________________________

9. It further says that … ;

_____________________________________________________________________

10. I find the question of … very important because …;

_____________________________________________________________________

11. We shouldn’t forget that … ;

_____________________________________________________________________

12. I think that … should be mentioned here as a very important mechanism of … .

_____________________________________________________________________

 

Exercise 8. Match the verbs from (a) with the nouns from (b) below;

 

a) to settle                  b) the function

to benefit               policies

to adjust                 function

to govern                balance-of-payments positions

to be afflicted with exchange rates

to determine           accounts

to reconcile            exchange rates

to perform              an individual   

to influence            relationships

to affect                 relations

to alter                    problems

 

Exercise 9. Think of and write the verbs that are most commonly used with:

 

1. payments

__________________________________________________________________________

2. transaction

__________________________________________________________________________

3. monitoring

__________________________________________________________________________

4. inflation

__________________________________________________________________________

5. project

__________________________________________________________________________

6. balance

__________________________________________________________________________

7. subscription

__________________________________________________________________________

8. loans

__________________________________________________________________________

9. fiscal issues

__________________________________________________________________________

10. impact

__________________________________________________________________________

11. functions

__________________________________________________________________________

12. interests

__________________________________________________________________________

 

Exercise 10. Read the dialogue, translate the Russian remarks into English and act it out:

Russian: Общеизвестно, что Всемирный Банк имеет одну основную цель – содействовать экономическому и социальному прогрессу в развивающихся странах, помогая им повысить свой жизненный уровень. Вы предоставляете кредиты развивающимся странам для реализации проектов в области образования, здравоохранения, защиты окружающей среды и т.д. Сумма кредитов, предоставленных Банком в 1998 году, была рекордно высокой. Чем это было вызвано?

Foreigner: The World Bank’s lending really jumped to record levels boosted by its support for countries hit by the financial crisis and by the support for social safety nets, I mean social security for the unemployed and pensioners in some countries.

R.: В 1998 году вы также оказывали значительную помощь странам, пострадавшим от ураганов, наводнений, засух, землетрясений. Используя различные механизмы финансирования, вы помогали восстанавливать дороги, мосты, строить новые школы, больницы, развивать бизнес. Какие финансовые средства вы использовали для этих целей?

F.: We used our own resources, mobilized donor resources; we also worked in tandem with the IMF.

R.: Это понятно, вы две родственные организации, созданные после Второй мировой войны для поддержания всей структуры мирового экономического и финансового порядка.

F.: That’ right, but there is a great difference between us. The World Bank is an investment bank. The IMF is an association of governments.

R.: Да, те, кто профессионально связаны с МВФ и ВБ, понимают, что в противовес вам главной целью МВФ является достижение экономической стабильности в мире, устойчивого роста, помощь странам, имеющим сложности с платежным балансом. МВФ считает, что необходимым условием этого является упорядоченная валютная система, которая содействует торговле, создает рабочие места, расширяет экономическую активность и поднимает жизненный уровень во всем мире.

F.: I can’t agree more with you here.

VOCABULARY

To boost                                 поддерживать, подталкивать

Social security                       социальная защищенность

To work in tandem with        работать в связке с …

 

Exercise 11. Translate the dialogue, using the vocabulary, given after it.

IMF official: In line with the IMF’s desire for greater economic stability in the world, and for stronger, more sustained growth we made a decision to support Russia with an Extended Fund Facility (EFF) credit amounting to about $10 billion.

Interviewer: Life has proved that Russia’s strategy for adjustment and reform is strong, and Russian authorities are committed to the program. But isn’t the program risky?

Off.: All adjustment programs supported by the IMF entail risk, since only countries experiencing balance -of-payments difficulties borrow from the IMF.

Int.: It is obvious the IMF can never eliminate all risks. But have you built any substantial safeguards into the Russian program?

Off.: Certainly. They include the track record established by the authorities in the previous years, broader quarterly reviews, and continuation of monthly monitoring. I feel I must emphasize here that the Russian program is the only IMF-supported program subject to monthly monitoring.

Int.: That’s very reasonable, but some observers question the wisdom of negotiating a program that could be derailed by political developments in Russia and changes in the Government.

Off.: In this connection I would like to stress that the IMF does not support individuals. It supports economic programs. As long as the duly constituted authorities continue to fulfill the requirements of the program agreed with the IMF, the IMF will continue to support that program.

Int.: Is Russia receiving exceptionally favorable treatment from the IMF? The size of the loan is large, isn’t it?

Off.: Yes, the loan is large in absolute terms, but as a percentage of Russia’s quota, the magnitude of the EFF arrangements is fully in line with the IMF’s established lending limits.

Int.: Is the program too demanding? Is there a danger that continued macroeconomic adjustment and sweeping structural changes can irreparably undermine domestic support for the reform?

Off.: It’s a very important question. The danger exists, and we must guard against it. This could be done by creating an adequate social safety net with enough budgetary resources to support it.

Int.: And beyond this, I think, the government should be encouraged to do all that it can to ensure that the benefits of the reform emerge – and become evident to the Russian people – as soon as possible.

Off.: Right. This should be uppermost on their minds.

VOCABULARY

Life has proved that              жизнь доказала, что

In line with                            в соответствии с

To amount (to)                       составлять (сумму), достигать, равняться

Strategy for adjustment         стратегия перестройки

To be committed to               быть приверженным чему-либо

Adjustment program             программа перестройки

To entail risk                          повлечь риск

To experience                        испытывать

Track record                          (зд.) достижения, успехи

Monitoring                             мониторинг, контроль

To question                            (зд.) подвергать сомнению

Wisdom                                 (зд.) разумность

To derail                                (зд.) срывать выполнение (программы)

Dul                                         должным образом

Exceptionally                         исключительно

Favorable treatment               (зд.) благоприятные условия

In absolute terms                   в абсолютном выражении

As a percentage (of)              в процентном выражении (от)

Quota                                     квота

Magnitude                             величина

EFF arrangement       соглашение о предоставлении расширенного финансирования

Lending limit                         кредитный лимит, лимит кредитования одного заемщика

Degree                                   степень

To imply                                подразумевать

Irreparably                             непоправимо

To undermine                        подрывать основы

To guard (against)                 защищать, стоять на страже

Social safety net                    система социальной защиты

Evident                                  очевидный, явный

 

Exercise 12. Answer the following questions.

 

1. What facility has been granted to Russia?

2. What is characteristic of all adjustment programmes supported by the IMF?

3. What safeguards have been built into the Russian programme to eliminate its risks?

4. Does the IMF take into account political developments in the countries it supports?

5. Has the EFF been granted to Russia on exceptionally favorable terms?

 

Exercise 13. Find the Russian equivalents for the following:

 

1. in line with the desire

__________________________________________________________________________

2. more sustained growth

__________________________________________________________________________

3. life has proved that…

__________________________________________________________________________

4. balance-of-payment difficulties

__________________________________________________________________________

5. to eliminate risks

__________________________________________________________________________

6. substantial safeguards

__________________________________________________________________________

7. broader quarterly reviews

__________________________________________________________________________

8. to fulfill the requirements of the program

__________________________________________________________________________

9. exceptionally favorable treatment

__________________________________________________________________________

10. to guard against something

__________________________________________________________________________

Exercise 14. Find the synonyms for the words in italics.

 

1. desire for greater economic stability

__________________________________________________________________________

2. more sustained growth

__________________________________________________________________________

3. to experience balance-of-payment difficulties

__________________________________________________________________________

4. to eliminate all risks

__________________________________________________________________________

5. substantial safeguards into the Russian program

__________________________________________________________________________

6. continuation of monthly monitoring

__________________________________________________________________________

7. that’s very reasonable

__________________________________________________________________________

8. it supports economic program

__________________________________________________________________________

9. exceptionally favorable treatment

__________________________________________________________________________

10. sweeping structural changes

__________________________________________________________________________

11. this should be uppermost on their minds

__________________________________________________________________________

 

Exercise 15. Translate the sentences into English.

 

1. В соответствии со стремлением МВФ достичь экономической стабильности в мире мы приняли решение поддержать Россию кредитом системы расширенного финансирования в размере 10 млрд. долларов.

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

2. Жизнь доказала, что Российская стратегия перестройки и реформирования является сильной и Российское руководство привержено реформам.

__________________________________________________________________________

__________________________________________________________________________

 

3. Все программы перестройки, поддерживаемые МВФ влекут за собой риск, поскольку кредиты от МВФ получают только страны, испытывающие трудности с платежным балансом.

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

 

4. Совершенно очевидно, что МВФ никогда не сможет исключить риски.

__________________________________________________________________________

 

5. Предусмотрели ли вы гарантии в программе для России?

__________________________________________________________________________

 

6. Я должен здесь подчеркнуть, что Российская программа – единственная из программ МВФ, которая подвергается ежемесячному контролю.

__________________________________________________________________________

__________________________________________________________________________

 

7. Получает ли Россия чрезвычайно выгодные условия от МВФ?

__________________________________________________________________________

 

8. Заем велик в абсолютном выражении, но в процентном отношении от Российской квоты величина соглашения о предоставлении расширенного финансирования полностью соответствует установленному МВФ кредитному лимиту.

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

 

9. Это можно сделать только при наличии системы социальной защиты, а также при наличии бюджетных ресурсов, достаточных для ее поддержания.

__________________________________________________________________________

__________________________________________________________________________

Exercise 16. Read the article below quickly to pick out the main economic indicators. Supply the articles where necessary. Describe the purposes for which the IMF was set up. Then study the vocabulary given after it.

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