金融英語課件4

1、Chapter 4Central BankThe names of the central banks in different countries在多數(shù)國(guó)家, “ Bank of+ 國(guó)名”就是中央銀行。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall2e.g.：Bank of Japan (日本銀行) Bank of Canada (加拿大銀行) Bank of Mexico (墨西哥銀行) Bank of France （法蘭西銀行） Bank of England (英格蘭銀行)But,“Bank of

2、China”(中國(guó)銀行)卻不是中國(guó)的央行。Can you tell me the name of central bank in China? Well, we should know that central bank in China: Peoples Bank of China (中國(guó)人民銀行) 。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall3Bank of America 是美洲銀行，而不是美國(guó)的央行，它是一個(gè)商業(yè)銀行。美國(guó)的央行是美國(guó) “聯(lián)邦儲(chǔ)備系統(tǒng)”，簡(jiǎn)稱“美聯(lián)儲(chǔ)”，英文是“Federal Re

3、serve System”, 簡(jiǎn)稱 “Fed” or FRS; 德國(guó)的央行：Deutsche Bundesbank（德意志聯(lián)邦銀行）財(cái)政部：In Britain and America, they say “ the Treasury; the other countries say “ the Ministry of Finance”; Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall4財(cái)政部長(zhǎng)：In Britain, it is called “ Chancellor of the Exchequer；In

4、 the United States, it is called “ Treasury Secretary (secretary of treasury);the other countries say “ Finance Minister”.央行行長(zhǎng)：Usually, in English, they say “governor”, because he has the responsibility to govern or regulate the other banks.副行長(zhǎng)：deputy governorCopyright 2010 Pearson Education, Inc. P

5、ublishing as Prentice Hall5其他的銀行的行長(zhǎng)稱為：President. 副行長(zhǎng)：vice president. the States, this superpower always has his own characteristic：美國(guó)的央行是多層次的“聯(lián)邦儲(chǔ)備系統(tǒng)”，稱呼也有其特色。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall6Fed has 12 districts in the States. 美聯(lián)儲(chǔ)在全國(guó)分設(shè)12個(gè)儲(chǔ)備區(qū)，每區(qū)設(shè)立一個(gè)“地區(qū)聯(lián)邦儲(chǔ)備銀行”(regiona

6、l Federal Reserve Bank)為該地區(qū)的央行，其下是會(huì)員銀行(member banks). Federal Reserve （美聯(lián)儲(chǔ)）的最高決策機(jī)構(gòu)是聯(lián)邦儲(chǔ)備委員會(huì)（Board of Directors）, 委員會(huì)的成員叫董事（governor）, 他們不是央行的行長(zhǎng)，行長(zhǎng)一般由總統(tǒng)從中挑選，英文用chairman(主席)一詞。在全國(guó)12個(gè)區(qū)的地區(qū)聯(lián)邦儲(chǔ)備銀行其行長(zhǎng)稱為：president. 1. Federal Reserve Chairman Alan Greenspan is a conductor with a style all his own. 2Greenspan

7、 and Dallas Fed President Robert D. McTeer Jr., are New Economy enthusiasts. business weekCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall7The functions of the central bankcentral bank(1) As governments bankProvide financial and depository servicesAct as fiscal (國(guó)庫(kù)的：政府開支、收入和債務(wù)的或與之有

8、關(guān)的) agent Manage FX（ Foreign Exchange ） and gold reservesIssue(發(fā)行), service(償付) and redeem(贖回) nations debtIssue currencyCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall8(2) As bankers bankProvide loans during financial stressManage payments systemPrevent systemic failures/bank run

9、s (when clients liquidate deposits)Be lender of last resortOversee financial institutions and markets(3) As monetary policymakerCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall9Central banks three financial instrumentsDiscount rate(貼現(xiàn)率)：interest rates charged on advances/loans to p

10、rivate banks.Lower discount rate-increase money supply-boost economyRaise discount rate -reduce money supply -slow down economyOpen-market operations: central bank purchased/sales of governments/private securities.Outright transaction 現(xiàn)券交易R(shí)epurchase agreement transaction (Repo) 回購(gòu)協(xié)議Purchase security

11、-increase money supply-boost economySell security-reduce money supply-slow down the economyReserve requirements: regulations requiring private cash in accounts with central bank.Lower reserves-increasing money supply-boost economyRaise reserves-reduce money supply-slow down the economyCopyright 2010

12、 Pearson Education, Inc. Publishing as Prentice Hall10Complete these sentences about Central Banks using the words in the box:act, control, fix, function, implement, influence, issue, superviseCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall111. _as banks for the government and for

13、 other banks. 2. _monetary policy - either the governments, as in Britain, or their own, if they are independent, as in Germany and the USA. why in Britain Central Bank implement the governments monetary policy, while in the USA and Germany they implement their own monetary policy. Copyright 2010 Pe

14、arson Education, Inc. Publishing as Prentice Hall12This is decided by the types of central bank in different countries. Usually, there are two types of central bank; one is subservient central bank. That means when they formulate a monetary policy, they have to take the intentions of the Treasury or

15、 the Ministry of Finance into account. The person who have the right to decide which monetary policy should be adopted is the Chancellor of the Exchequer, not the governor.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall13The Bank of England is the typical subservient central bank.

16、Another type is: independent central bank; it is independent of the Treasury, they can formulate their own monetary policy, in this way to avoid the monetary policy just service for the short-term politics.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall14The Fed in the USA, Deutsc

17、he Bundesbank in Germany, New Zealand Reserve System and European Central Bank are all belong to this type. 3. _the money supply.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall155. _as lender of last resort to commercial banks with liquidity problems. lender of last resort: 最后貸款人

18、of last resort: means used when everything else has failed.表示最后一招。E.g.: weapon of last resort:使出最后的武器。As a last resort: 作為最后的手段：as a last resort, we could borrow more money on the house. 實(shí)在不行，我們可以用房子做抵押來多貸些款。4. _the minimum interest rate.6. _coins and bank notes.7. _(floating) exchange rates by inte

19、rvening in foreign exchange markets.8. _the banking system.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall16Central banks are key economic policy institutions in most modern economies. But around the world, the role and functions of central banks have been under challenge from cha

20、nging fashions in monetary policy and from the deregulation and globalization of financial markets.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall17deregulation: means remove the regulation of sth. 取消的管制;Globalization：全球化; Under challenge from: 來自.的挑戰(zhàn)The central banks usually bega

21、n their existence as a banker that dealt exclusively with the national government, that really provides credit to the government of the country and in return for so doing, gets particular privileges which quite often is a monopoly on the issue of paper money. Copyright 2010 Pearson Education, Inc. P

22、ublishing as Prentice Hall18Exclusive: 專門的、專有的、排他的 Credit：信貸Privilege: 特權(quán) Monopoly: 壟斷From that strength, as these banks become large and important ，they acquire, almost by natural process, a vitally important function and that is what weve called a lender of last resort. Copyright 2010 Pearson Educ

23、ation, Inc. Publishing as Prentice Hall19Acquire： 獲得vitally important：極其重要的lender of last resort：最后貸款者，為其它銀行提供貸款的銀行，這是中央銀行的職能之一They become the banker for commercial banks. Theyre seen to be safe, other banks will put money on deposit with them. They become a leader of the banking community and in ti

24、mes of crisis its this central bank that can assist banks who get into trouble.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall20Now, theres a price to pay to be in the club, to have a central banker, and that is usually there is a set of sort of informal rules grow up about the be

25、havior of the other banks. They will hold a certain amount of capital, theyll hold some of their liquid assets on deposit with the central bank. If youre going to be bailed out you have to abide by convention.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall21liquid assets：流動(dòng)資金，指可以迅

26、速變成現(xiàn)金而不會(huì)有價(jià)值損失或損失較小的資產(chǎn)bail out：幫助.擺脫困境Central Bank: a lender of last resortSupport for the safety of the banking system via a lender of last resort mechanism became the most important function of central banks in the early twentieth century. However, the capacity of central banks to support commercia

27、l banks in trouble should not be overestimated.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall22Central banks have never actually had that much capital of their own, and theyve never been able to finance any large scale rescue entirely on their own. Instead they act as information

28、 gatherers and coordinators of the banking system and they encourage and corral the banks as a group to provide support and assistance to the bank in difficulty. Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall23information gatherer：信息收集人Coordinator：協(xié)調(diào)人Corral：把.集合在一起Rescue：救援And th

29、at has actually been the case more or less throughout . and the Bank of England has acted as the coordinator and the central operator of a rescue system, rather than doing it all by itself.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall24More recently, the willingness of the banks

30、 to get together to bail out and support their colleagues has actually been diminishing with the more competitive system we now have. Actually now the fund to bail out or to provide any large scale support system for the banks has to come from the taxpayer.The global depression of the 1930s and the

31、demands for economic controls during the second world war thrust new responsibilities upon central banks. New economic ideas, principally those of the English economist John Maynard Keynes, legitimated a more interventionist set of government policies to direct the economy in pursuit of full employm

32、ent and price stability.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall25thrust something upon/on somebody：if something is thrust upon you, you are forced to accept it even if you do not want it.global depression:全球經(jīng)濟(jì)蕭條; legitimate:使.合法化Interventionist:干涉主義者，干涉主義的full employment:充

33、分就業(yè)、全面就業(yè)；price stability:價(jià)格穩(wěn)定The central bank was an institution that was already in existence, that now could act as agent for the government, combined with what we call fiscal policy, in bringing about full employment, price stability and so on. This became really their dominant or prime function

34、from the end of the Second World War probably up until the 1970s. Its really the exercise of monetary policy which becomes the overriding objective. The older ones of lender of last resort, managing the note issue, being banker to government, really slide back into the background.Copyright 2010 Pear

35、son Education, Inc. Publishing as Prentice Hall26Central Bank: intervene foreign exchange marketAnother function of central bank, that is: influence foreign exchange rate by intervening foreign exchange market.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall27The Reserve Bank tries

36、 to play a role in providing a comfort cushion by intervening from time to time in the foreign exchange market with a view to limiting its more extreme fluctuations.Fluctuations: 波動(dòng)，動(dòng)蕩； cushion: 緩沖墊，減震器Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall28with a view to (doing) somethi

37、ng：because you are planning to do something in the future:因?yàn)槲覀儗碛?jì)劃做某事，或者說我們的目的是去做某事。 e.g.: We bought the house in Qingdao with a view to retiring there: It means we bought a house in Qingdao because we are planning to live there after retiring.Whether the central bank should be doing this, and wheth

38、er it actually can influence exchange rates in the face of market forces, are matters of some contention.Contention: 辯論 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall29The first question is: can a central bank out-guess the market in terms of where the underlying market forces are taking the exchange rate? More interventions than not, I think, historically, have been when the central bank has been betting against the m