對外經(jīng)濟(jì)貿(mào)易考研真題888金融學(xué)院專業(yè)英語試題及答案

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對外經(jīng)濟(jì)貿(mào)易大2002年攻讀入學(xué)考試金融學(xué)院金融專業(yè)英語試題（英譯中，五段，每段20分，共100分Asimportantasbanksaretotheeconomyasawholeandtolocalcommunities,thereismuchconfusionaboutexactlywhatabankis.Certainlybankscanbeidentifiedbythefunctions(servicesorroles)theyperformintheeconomy.Theproblemisthatnotonlyarethefunctionsofbankschanging,butthefunctionsoftheirprincipalcompetitorsarechangingaswell.Indeed,manyfinancialinstitutionsincludingleadingsecuritydealers,brokeragefirms,mutualfunds,andinsurancecompaniesarctryingtobeassimilaraspossibletobanksintheservicestheyoffer.Bankers,inturn,arechallengingthesenonblankcompetitorsbylobbyingforexpandedauthoritytoofferrealestateandfull-servicesecuritybrokerage,insurancecoverage,investmentsinmutualfunds,andmanyothernewservices.Theresultofmanylegalandregulatorychangesisastateofconfusioninthepublic’smindtodayoverwhatisorisnotabank.Thesafestapproachisprobablytoviewtheseinstitutionsintermsofwhattypesofservicestheofferthepublic.Banksarethosefinancialinstitutionsthatofferthewidestrangeoffinancialservicesespeciallycredit,savings,andpaymentservicesandperformthewidestrangeoffinancialfunctionsofanybusinessformintheeconomy.Thismultiplicityofbankservicesandfunctionshasledtobanksbeinglabeled“financialdepartmentstore”.TheAdoptionofIndirectInstrumentsofMonetaryInthelate1970s,industrialcountriesbeganphasingoutthedirectinstrumentssomeofthemusedtooperatemonetarypolicy-includingcreditscontrols,interestrateceilings,andsometimesdirectedcredits-andbeganmovingtowardfullrelianceonindirectinstruments,suchasopenmarketoperations,rediscountfacilities,andreserverequirement.Inmorerecentyears,therehasbeenalsoanincreasingtendencyforthedevelocountriesandtheeconomiesintransitiontoadoptsuchinstruments.Thegreateruseofindirectmonetaryinstrumentscanbeseenasthecounterpartinthemonetaryareatothewidespreadmovementtowardenhancingtheroleofpricesignalsintheeconomymoregenerally.Bothhavethesameobjectiveofimprovingmarketefficiency.Perhapsevenmorecritically,movestoindirectinstrumentsaretakingplaceinanincreasinglymoreopeneconomicenvironment,withwidespreadadoptionofcurrentaccountconvertibility.Insuchanenvironment,directinstrumentshave eincreasinglyineffective,leadingtoinefficienciesanddisintermediation.Intheabsenceofindirectinstrumentsofmonetarypolicy,theauthoritieswould,therefore,beunabletocounteranyproblemsofexcessliquidity,whichwouldimpedetheireffortstostabilizetheeconomy.WhybanksaresoheavilyWhyarebankssocloselyregulated?Therearenumberofreasonsforthisheavyburdenofernmentsupervision,someofthemcenturiesold.First,banksareamongtheleasingrepositoriesofthepublic’ssavingsespeciallythesavingofindividualsandfamilies.Whilemostofthepublic’ssavingareplacedinrelativelyshort-term,highlyliquiddeposits,banksalsoholdlargeamountsoflong-termsavingsinindividualretirementaccounts(IRAs).Thelossofthesefundsduetobankfailureorbankcrimewouldbecatastrophictomanyindividualsandfamilies.But,manysaverslackthefinancialexpertiseanddepthinformationneededtocorrectlyevaluatetheriskinessofabank.Therefore,regulatoryagenciesarechargedwiththeresponsibilityofgatheringandevaluatingtheinformationneededtoassessthetruefinancialconditionofbanksinordertoprotectthepublicagainstloss.Banksarealsocloselywatchedbecauseoftheirpowertocreatemoneyintheformofreadilyspendabledepositsbymakingloansandinvestments.Changesinthevolumeofmoneycreatedbybanksappeartobecloselycorrelatedwitheconomicconditions,especiallythegrowthofjobsandthepresenceorabsenceofinflation.Banksarealsoregulatedbecausetheyprovideindividualsandbusinesseswithloansthatsupportconsumptionandinvestmentspending.Regulatoryauthoritiesarguethatthepublichasakeeninterestinanadequatesupplyofloansflowingfromthebankingsystem.Moreover,wherediscriminationinthegrantingofcreditispresent,thoseindividualswhoarediscriminatedagainstfaceasignificantobstacletotheir alwell-beingandanimprovedstandardofliving.Thisisespeciallytrueifaccesstocreditisdeniedbecauseofage,sex,race,nationalorigin,orsimilarFinally,bankshavealonghistoryofinvolvementwithernmentfederal,state,andlocal.Earlyinthehistoryoftheindustryernmentsrelieduponcheapbankcreditandthetaxationofbankstofinancearmiesandtosupplythefundstheywereunwillingtoraisethroughdirecttaxationoftheircitizens.Morerecently,ernmentshaverelieduponbankstoassistinconductingeconomicpolicy,incollectingtaxes,andindispensingernmentpayments.FinancialAfinancialfuturescontractisanagreementbetweenbuyerandasellerreachedtodaythatcallsforthedeliveryofparticularsecurityinexchangeforcashatsomefuturedate.Themarketvalueofafuturescontractchangesdailyasthemarketpriceofthesecuritytobeexchangedmovesovertime.Asaresult,futurescontractsare“markedtomarker”eachdaytoreflectthecurrentvalueoftheassetssubjecttoeventualdeliveryundereachfuturescontract,andacashpaymentmayhavetobemade(usuallytoabroker)byoneortheotherpartytothecontractinordertoprotectagainstpossibleloss.Thefinancialfuturesmarketsaredesignedtoshifttheriskofinterestratefluctuationsfromrisk-averseinvestors,suchascommercialbanks,tospeculatorswillingtoacceptandpossiblyprofitfromsuchrisks.Futurescontractsaretradedonorganizedexchanges(suchastheChicagoBoardofTradeortheLondonFuturesExchange),wherefloorbrokersexecuteordersreceivedfromthepublictobuyorsellthesecontractsatthebestpricesavailable.Thenabankcontactsanexchangebrokerandofferstosellfuturescontracts(I,e.,thebankwishersto“goshort”infutures),thismeansitispromisingtodeliversecuritiesofacertainkindandqualitytothebuyerofthosecontractsonastipulateddateatapredeterminedprice.Conversely,abankmayenterthefuturesmarketasbuyeroffuturescontracts(i.e.,thebankchoosesto“golong”infutures),agreeingtoacceptdeliveryoftheparticularsecuritiesnamedineachcontractandtopaycashtotheexchangeclearinghousethedaythecontractsmature,basedontheirpriceatthattime.OffshoreFinancialCenterAnoffshorefinancialcenter(OFC)maybedefinedasjurisdictioninwhichtransactionswithnon-residentsfaroutweightransactionsrelatedtothedomesticeconomy.Theyhavedevelopedbyofferinganattractivetax,legaland/orregulatoryenvironment.Inparticular,theabsenceofinheritance,wealth,withholdingorcapitalgainstaxescanmaketheenvironmentinOFCsveryfavorableto,forexample,internationallymobileindividuals.Zeroorlowdirecttaxescanmakeattractiveforcompaniesconductingbusinesswithnon-residentstoincorporateinOFCs.Inasimilarvein,thecorporatelegalenvironmentmayfacilitatespeedyadoptionofnewfinancialproductsorallowgreaterflexibilityinrestructuringandrefinancingoptions.Politicalandeconomicstabilityandthepresenceofhighqualityprofessional(eglegalandaccounting)andsupportingservicesarealsoimportantinattractingbusinessfromothermajorfinancialcenters.AnumberofimportantOFCsaresmallislandstates,withfewdomesticallyownedfinancialinstitutions,alargenumberof“brass-plate”institutionsandlittlenon-financialeconomicactivity.TheCaymanIslandsandtheBritishVirginIslandsareobviousexamples.ButthedistinctionbetweenOFCsandotherfinancialcentersisnotclear-out.Someeconomies.SuchasandSingaporehaveasignificantvolumeofentrepotbusinessalongsidedomesticallyorientatedfinancialintermediation.Theterm“OTC”is,furthermore,sometimesalsousedinconnectionwithspecialtaxand/orregulationzonesthatareestablishedwithinthebordersofacountrytoattractnon-residentbusiness(forexampleLabuaninMalaysia,ortheInternationalFinancialServicesCenterinDublin).銀行是什么對手。工具，管理就沒有辦法解決任何過剩流動(dòng)性帶來的問題，而過剩的流動(dòng)性會(huì)妨礙他們穩(wěn)為什么要對銀行進(jìn)行嚴(yán)格為什么要對銀行進(jìn)行嚴(yán)格？有很多理由可以解釋這一重負(fù)，這已經(jīng)有幾首先，銀行是公眾儲(chǔ)蓄（尤其是個(gè)人和家庭儲(chǔ)蓄）的出租倉庫。大多數(shù)公眾儲(chǔ)蓄都屬行和行為會(huì)導(dǎo)致銀行存款的損失，這對于許多個(gè)人和家庭來說，將是巨大的，但是，許多存款人缺乏正確評價(jià)銀行風(fēng)險(xiǎn)的金融知識和足夠的信息。因此機(jī)構(gòu)有義務(wù)，對銀行密切的另一個(gè)重要原因是，銀行有創(chuàng)造貨幣的權(quán)力，而這些貨幣通過要對銀行進(jìn)行還因?yàn)樗鼈儗€(gè)人和企業(yè)以支持消費(fèi)和投資。