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Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
Open Market Operations. Операции на открытом рынке⇐ ПредыдущаяСтр 15 из 15
Open market operations are the most important way of controlling the money supply. It refers to the Bank trading government bonds in the open market – that is when they are bought from and sold to commercial banks and individuals. When the Bank sells government bonds in the open market, the Bank withdraws the money from population and reduces the money supply. When the Bank buys government bonds in the open market, it increases the amount of money in circulation and hence the money supply. Reserve Requirements. Резервные требования To understand the way a central bank can influence the money supply we should consider the creation of money by commercial banks and in this connection introducethe money multiplier. Banks have to hold a proportion of their assets as a reserve in case customers demand repayment of their deposits. This required reserve has to be in a liquid form, that is easily convertible into cash. Many banks indeed hold a significant proportion of this reserve as notes and coin either in their vaults or at the central bank. A required reserve ratio (%) is a minimum ratio of cash reserves to deposits that the central bank requires commercial banks to hold. Commercial banks can hold more than the required cash reserves (this amount of money is called excess reserves and is used to create new money), but they cannot hold less. If their cash falls below the required amount, they must immediately borrow cash, usually from the central bank, to restore their required reserve ratio. Commercial banks can make loans, i.e. they can create money and increase their excess reserves. Suppose somebody deposited $100 with bank A. If a required reserve ratio is 20%, the bank has $20 as required reserves and $80 as excess reserves, which can be lended. If a borrower draws a cheque for this whole sum and deposits it with bank B, then bank В gets $80 as its assets. Bank В is to hold 20% of this sum (that is $16) as required reserves. It means it has $64 of excess reserves, which it can lend to somebody. Tabl. 8 illustrates the process with banks C, D, E, etc. being involved. Tabl. 8. The expansion of the money supply by a system of commercial banks
The money multiplier (m) shows the maximum amount of money, which can be created by one dollar of excess reserves, the required reserve ratio given. The money multiplier is Inversely proportional to the required reserve ratio, or m = 1 / R, where m – a money multiplier R – a required reserve ratio So we can see that the larger the required reserve ratio is the smaller the money multiplier is; the less money can be created and the less the money supply is. Now suppose the commercial banking system has $1 million in cash and for strictly commercial purposes would normally maintain cash reserves equal to 5% of sight deposits. Since sight deposits will be 20 times cash reserves, the banking system will create $20 million of sight deposits against its $1 million cash reserves: cash reserves $1 mln – 5% sight deposits x – 100% x == $1 mln x 100%: 5% = $20 mm. Suppose the Bank now imposes a reserve requirement that banks must hold cash reserves of at least 10% of sight deposits. Now banks can create only $10 million sight deposits against their cash reserves of $1 million. Thus a reserve requirement acts like a tax on banks by forcing them to hold a higher fraction of their total assets as bank reserves and a lower fraction as loans earning high interest rates. Thus, when the central bank imposes a reserve requirement in excess of the reserve ratio that prudent banks would anyway have maintained, the effect is to reduce the creation of bank deposits, reduce the value of the money multiplier, and reduce the money supply. Similarly, when a particular reserve requirement is already in force, any increase in the reserve requirement will reduce the money supply. The Discount Rate. Учетная ставка The second instrument of monetary control available to the central bank is the discount rate. The discount rate is the interest rate that the Bank charges when the commercial banks want to borrow money. Suppose banks think the minimum safe ratio of cash to deposits is 10%. Say their cash reserves are 12% of deposits. How far dare they let their cash reserves fall towards the minimum level of 10%? Banks have to balance the interest rate they will get on extra lending with the dangers and costs involved if there is a sudden flood of withdrawals, which push their cash reserves below the critical 10% figure. This is where the discount rate comes in. Suppose market interest rates are 8% and the central bank makes it known it is prepared to lend to commercial banks at 8%. Commercial banks may as well lend up to the hilt and drive their cash reserves down to the minimum 10% of deposits. The banks are lending at 8% and, if the worst comes to the worst and they are short of cash, they can always borrow from the Bank at 8%. Banks cannot lose by lending as much as possible. Suppose however that the Bank announces that, although market interest rates arc 8%, it will lend to commercial banks only at the penalty rate of 10%. Now a bank with cash reserves of 12% may conclude that it is not worth making the extra loans at 8% interest that would drive its cash reserves down to the minimum of 10% of deposits. There is too high a risk that sudden withdrawals will then force the bank to borrow from the Bank at 10% interest. It will have lost money by making these extra loans. It makes more sense to hold some excess cash reserves against the possibility of a sudden withdrawal. Thus, by setting the discount rate at a penalty level in excess of the general level of interest rates, the Bank can induce commercial banks voluntarily to hold additional cash reserves. Since banks have to hold more cash as reserves, the money multiplier is reduced, less money can be created and the money supply is lower. VOCABULARY NOTE instruments of macroeconoinics –макроэкономические инструменты to control the money supply –контролировать предложение денег the exchange rate –обменный (валютный) курс the amount of investment –размер капиталовложений to adjust the amount of money in circulation –корректировать количество денег в обращении implementation of a nation's monetary policy –осуществление, проведение в жизнь национальной денежно-кредитной политики to implement – выполнять, осуществлять, обеспечивать выполнение the Bank of England –Банк Англии (Английский банк). The Bank of England is the UK's central bank. Established in 1694, it plays a key part in implementing the government's monetary policy. It ensures that interest rates are at the level desired by the government of the day and oversees the printing of notes and coin. It has wider responsibilities in managing the nation's debt and holding its reserves of foreign currency and gold. Thus, it holds responsibility for the country's monetary policy and its financial relations with other countries. on behalf of –от имени reserverequirements –резервные требования a discount rate – учетная ставка the money multiplier –денежный мультипликатор required reserves – требуемые резервные фонды easily convertible into cash – легко обратимый в наличные (напр., депозиты, ценные бумаги) a required reserve ratio –требуемая резервная норма cash reserves – кассовые резервы excess reserves –избыточные резервы to draw (syn.to write out, to make out, to issue) a cheque –выписать чек created money –созданные деньги inversely proportional (ant.directly proportional) –обратно пропорциональный to maintain –поддерживать to impose a reserve requirement –налагать (вводить) резервное требование fraction – часть, доля in excess of smth –сверх чего-либо prudent – расчетливый, предусмотрительный in force –в силе to charge –назначать, начислять to lend up to the hilt –зд. продолжать предоставлять ссуды up to the hilt –полностью, целиком drive their cash reserves down to... –довести (снизить) свои кассовые резервы до... if the worst comes to the worst –если случится самое худшее they are short of cash –у них не хватит наличных денег the penalty rate –повышенная (штрафная) ставка it is not worth making the extra loans –не стоит предоставлять дополнительных займов to induce smb to do smth (syn.to cause smb to do smth) –заставить кого-то сделать что-то voluntarily –сознательно, осознанно Assignments I. Suggest the Russian equivalents to restore their required reserve ratio; maintain cash reserves equal to 5% of sight deposits; create $20 million of sight deposits; a higher fraction of their total assets; a lower fraction as loans; the interest rate that the Bank charges; extra lending; impose a reserve requirement; the dangers and costs involved; prudent banks; lend up to the hilt; the minimum safe ratio of cash to deposits; flood of withdrawals; the Bank can induce banks voluntarily to hold additional cash reserves; the required reserve ratio given II. Replace the parts initalics by synonyms implements monetary policy; plays a major role; operates monetary policy; extra lending; if the worst comes to the worst; they are short o/" cash; to affect the money supply; in excess of the reserve ratio III. Fill in the gaps with the words and expressions from the text 1. Monetary policy is a method of controlling the economy that centres on __ the amount of money __ in the economy andso __ and __. 2. In some countries the Central Bank operates monetary policy __ government policy, but the UK's Central Bank implements monetary policy __ the government. 3. Monetary policy has three main aspects: controlling __, controlling __, managing __. 4. The aim of the authorities when controlling the money supply is __, and hence __, by businesses and individuals during __. 5. It is hoped to limit the level of __ in the economy and thus to remove or reduce __. 6. During a recession monetary policy is aimed at __ to __ spendings. 7. The three most important instruments __ the money supply are __, __ and __. 8. Open market operations refer to the Bank trading government bonds __, that is when they are bought from and sold to __. 9. When the Bank sells __ in the open market, the Bank __ the money from population and __ the money supply. 10. When the Bank buys government bonds in the open market, it __ the amount of money __ and hence __. 11. Banks have to hold a proportion of their assets __ in case customers demand __. 12. The required reserve hasto be __, that is easily __ into cash. 13. __ is a minimum ratio of __ to __ that the central bank requires commercial banks to hold. 14. If cash of commercial banks __ the required amount, they must immediately __ cash, usually from __, to restore their __. 15. Commercial banks can make loans, i.e. they can __ and increase __. 16. The money multiplier (m) shows __, which can be created by one dollar of __, the required reserve ratio __. 17. The money multiplier is __ to the required reserve ratio, it means that the larger __ is the smaller __ is; the less money __ and the less __ is. 18. Since sight deposits will be 20 times cash reserves, the banking system will create $20 million of__ against its $1 million __. 19. A reserve requirement acts like __ by forcing them to hold __ of their total assets as __ and __ as loans earning __. 20. When the central bank imposes a reserve requirement __ the reserve ratio, the effect is to reduce __, reduce __, and reduce __. 21. When a particular reserve-requirement is already __, any increase in __ will reduce __. 22. The discount rate is __ that the Bank __ when the commercial banks want __. 23. Banks have to balance __ they will get on extra lending with __ if there is __, which push their cash reserves __. 24. Commercial banks may as well lend up __ and __ their cash reserves __ to the minimum. 25. If the worst __ and commercial banks __, they can always __ the Bank. 26. The Bank announces that it will lend to commercial banks only at __. 27. If the Bank imposes a penalty rate, a commercial bank may conclude that __ making the extra loans. 28. There is too high a risk that __ will then force the bank to __ the Bank at the penalty interest rate. 29. It makes more sense to hold __ against the possibility of __. 30. By setting the discount rate at __ in excess of __ of interest rates, the Bank can __ commercial banks __ to hold __. 31. Since banks have to hold more cash as reserves, __ is reduced, less money can __ and __ is lower. IV. Find in the text English equivalents for the following от имени правительства; кредитно-денежная политика; для поощрения расходов; операции на открытом рынке; резервные требования; кассовый резерв; избыточные резервы; требуемая резервная норма (уровень резервных требований); создавать деньги; денежный мультипликатор; обратно пропорциональный; сверх резервной нормы; дисконтная (учетная) ставка; повышенная ставка; изымать деньги V. Explain in English a money multiplier; required reserves; excess reserves; a required reserve ratio; a discount rate VI. Answer the questions 1. What is the aim of monetary policy? 2. Why is it important to control the money supply? 3. Dwell on open market operations. 4. Explain the creation of money by commercial banks. What does a money multiplier show? 5. Why does the Bank impose a reserve requirement? What's the effect of the Bank imposing a reserve requirement? 6. Why does a reserve requirement act like a tax on banks? 7. What is a discount rate? How does it work? VII. Translate into English using all the active possible 1. Основополагающей целью кредитно-денежной политики является помощь экономике в достижении общего уровня производства, характеризующегося полной занятостью и отсутствием инфляции. Кредитно-денежная политика состоит в изменении денежного предложения с целью стабилизации совокупного объема производства, занятости и уровня цен. Более конкретно: кредитно-денежная' политика вызывает увеличение денежного предложения во время спада для поощрения расходов, а во время инфляции, наоборот, ограничивает предложение денег для ограничения расходов. 2. Существуют три основных средства кредитно-денежного контроля: операции на открытом рынке, изменение резервной нормы и изменение учетной ставки. 3. Операции на открытом рынке – наиболее важное средство контроля денежного предложения. Этот термин относится к покупке и продаже государственных облигаций центральным банком на открытом рынке, то есть к покупке и продаже облигаций коммерческим банкам и населению в целом. 4. При изменении резервной нормы меняется величина денежного мультипликатора и, следовательно, денежное предложение. В основе денежного мультипликатора лежит тот факт, что резервы, потерянные одним банком, получает другой. 5. Подобно тому, как коммерческие банки взыскивают процентные платежи по своим ссудам, центральный банк взыскивает процентные платежи по ссудам, предоставленным коммерческим банкам. Такая ставка процента называется учетной ставкой. 6. Снижение учетной ставки поощряет коммерческие банки к приобретению дополнительных резервов путем заимствования у центрального банка. 7. Готовность банков давать ссуды на основе избыточных резервов периодически меняется, и в этом кроется причина государственного контроля за денежным предложением с целью обеспечить экономическую стабильность.
Оглавление THE ECONOMIC ENVIRONMENT (ЭКОНОМИЧЕСКАЯ СРЕДА)....................... 1 MEASURING ECONOMIC ACTIVITY (ИЗМЕРЕНИЕ ЭКОНОМИЧЕСКОЙ АКТИВНОСТИ) 5 THREE ECONOMIC ISSUES (ТРИ ВОПРОСА ЭКОНОМИКИ)............................. 9 INCOME (ДОХОД)....................................................................................................... 16 THE ROLE OF GOVERNMENT (РОЛЬ ПРАВИТЕЛЬСТВА)................................. 19 THE PRODUCTION POSSIBILITY FRONTIER (ГРАНИЦЫ ВОЗМОЖНОСТЕЙ ПРОИЗВОДСТВА) 24 ECONOMIC SYSTEMS (ЭКОНОМИЧЕСКИЕ СИСТЕМЫ).................................. 27 MARKETS (рынки).................................................................................................... 37 POSITIVE AND NORMATIVE ECONOMICS (ПОЗИТИВНАЯ И НОРМАТИВНАЯ ЭКОНОМИЧЕСКИЕ ТЕОРИИ) 42 MICROECONOMICS AND MACROECONOMICS (ТЕОРИЯ МИКРОЭКОНОМИКИ И МАКРОЭКОНОМИКИ) 47 РRIСЕ AND DEMAND (ЦЕНА И СПРОС)............................................................... 52 PRICE, INCOME AND DEMAND (ЦЕНА, ДОХОД И СПРОС)............................. 57 ELASTIC AND INELASTIC DEMAND (ЭЛАСТИЧНЫЙ И НЕЭЛАСТИЧНЫЙ СПРОС) 59 A MODEL OF THE ECONOMY (МОДЕЛЬ ЭКОНОМИКИ).................................. 64 INJECTIONS (ВЛИВАНИЕ ДЕНЕГ В ЭКОНОМИКУ)........................................... 69 WITHDRAWALS (ИЗЪЯТИЯ ДЕНЕГ ИЗ КРУГООБОРОТА)............................... 74 INFLATION (ИНФЛЯЦИЯ)........................................................................................ 78 THE IMPACT OF INFLATION ON BUSINESS (ВЛИЯНИЕ ИНФЛЯЦИИ НА БИЗНЕС) 81 CAN INFLATION BE BENEFICIAL (МОЖЕТ ЛИ ИНФЛЯЦИЯ БЫТЬ БЛАГОТВОРНОЙ)? 84 MONEY AND BANKING (ДЕНЬГИ И БАНКОВСКОЕ ДЕЛО)............................. 87 THE ROLE OF BANKS (РОЛЬ БАНКОВ)................................................................. 92 MODERN BANKING (СОВРЕМЕННАЯ БАНКОВСКАЯ СИСТЕМА)................ 97 MONEY AND THE RETURN IT EARNS (ДЕНЬГИ И ДОХОД, КОТОРЫЙ ОНИ ПРИНОСЯТ) 103 INTEREST RATES AND BOND PRICES (СТАВКА ПРОЦЕНТА И ЦЕНЫ НА ОБЛИГАЦИИ) 106 THE MONEY SUPPLY AND THE DEMAND FOR MONEY (ПРЕДЛОЖЕНИЕ И СПРОС НА ДЕНЬГИ) 108 THE MONEY MARKET (РЫНОК ДЕНЕГ).............................................................. 112 MARKETS AND INTEREST RATES (РЫНКИ И НОРМА ПРОЦЕНТА)........... 115 PRIMARY AND SECONDARY MARKETS (ПЕРВИЧНЫЙ И ВТОРИЧНЫЙ РЫНКИ) 118 MONETARY POLICY (КРЕДИТНО-ДЕНЕЖНАЯ ПОЛИТИКА)........................ 120
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