Tài liệu English for finance and banking

NGUYỄN XUÂN THƠM English for Pinance and Banking T h ế giới Publỉshers Hanoi -1999 Bàn tiếng Việt ừi tại Việt Nam VN-TÒ-12-525-0 Copyright @ 1999 by 'fhế Giới ĩ^ỉblishers and Nguyễn Xuân Thcfm V LỜI NÓI ĐẨU C ù n g b a h đoc yêu quý! Xuất phát từ nhu cầu học tập và sử đụng tiếng Anh ngày càng cao của đông đảo bạn đọc trong cả nưóc, n h ất là các bạn sinh viên các trường đại học, chúng tòi tiến hành biên soạn bộ sách này. Về phương pháp biên soạn, trong bộ sách này chúng tôi đã vận dụng các lý thuyết mới n h ất về. biên soạn chương trình, giáo trình cho người học tiếng Anh như một ngoại ngữ. Chúng tôi đặc biệt chú ý đến các nguyên tắc về tính vừa sức Oearnability & teachability), tính khả dụng (validity), tính tin cậy (reliability), tính hứng thú (interest) đốì với ngưồi học. Chúng tôi cũng tận dụng nguyên tắc tính lợi th ế của tiếng mẹ đè trong tiếp thu đầu vào ngôn ngữ và đánh, giá cao vai trò của kỹ năng dịch. Dịch vừa là phương tiện rèn luyện ngôn ngữ vừa là phuơng tiện cùng cô" kiến thức đã học. Tên bộ sách này là T iếng Anh K ỉnh t ế - Tài chin h . Bộ sách gồm 02 tập. Tập I ; Tiếng Anh Kinh tế. (English for Economics) Tâp II : Tiếng Anh Tài chính - Ngân hàng. (English for Finance and Banking) Cuôn sách bạn đang cầm trên tay là tập II. Chúng tôi biên soạn nội dung cuốn sách này th àn h 10 chương bao quát các chủ đề về tài chính và ngân hàng cộng với 03 chương ôn tập. Mỗi chương đều đưỢc chia làm hai phần lón: Phần 1; Bài đọc chính và hệ thống bài tập: VI Phần 2: Bài đọc/ Bài I^he bổ trỢ + Bài dịch r^ Ợ c và ôn tập. Mỗi một phần của một chương cần được phân bổ một lượng thòi gian khoảng 5-6 tiết lên lốp, mỗi chương cần từ 10-12 tiết lên lốp. Nội dung các chương có tính độc lập tương đốì. Tuỳ đốì tưỢng, thòi gian và mục đích giảng đạy, giáo viên có th ể dạy toàn bộ nội dung của chưđng, hoặc có th ể cắt bớt một vài phần nhỏ hoặc cả nửa chương (phần 1 hoặc phần 2) của chương. 1. Xin gợi ý các bưổic lên lớp như sau: 2. Giáo viên, dựa trên cơ sở bài đọc, trình bày các khái niệm và giúp sinh viên hiểu các khái niệm. Vì tấ t cả các bài đọc đều có độ dài từ 6-7 trang, giáo viên không nên trình bày một mạch hết cả bài mà nên chia bài đọc ra thành nhiều phần nhỏ theo các tiêu đề và kết cấu nội dung cụ thể của từng bài. 3. Khi trình bày xong mỗi phần của bài đọc giáo viên yêu cầu sinh viên trả lòi câu hỏi của mình/tóm tắ t nội dung/trình bày lại các định nghĩa. Giáo viên cung cấp các th u ậ t ngữ tiếng Việt tương đưdng để hỗ trợ và củng cố sự thông hiểu bài đọc của sinh viên 4. Sinh viên thảo luận về nội dung của bài đọc theo hình thức trình bày ý kiến cá nhân hoặc thảo luận theo nhóm Sinh viên tóm tắ t các ý kiến th àn h các ghi chép tóm tắ' và trìn h bày ý kiến của mình. 5‘. Sinh viên làm sem inar nhỏ theo những chủ để lựa chọn. 6. Sinh vịên nghe các bài giảng trên băng, làm bài tập theo yêu cầu, viết tóm tấ t bài giảng. V II 7. Giáo viên hướng dẫn sinh vièn ôn tập và làm bài tập dịch, vừa để ghi nhớ kiến thức vừa để thực hành nâng cao kỹ năng ngón ngữ. 8. Giáo viên hưâng dẫn sinh viên làm sổ tay thuật ngữ và bổ sung các ví dụ minh hoạ cho cách sử dụng chuẩn mực các th u ậ t ngộ. Việc biên soạn một chương trình cho thật hỢp lý, phù hỢp vói đòi hỏi nghiêm túc vể chuyên môn, vôi khả năng và mong muốh của của người học và ngưồi dạy quả là một điều rấ t thách thức so với khả nảng có hạn của chúng tôi. Song vì đòi hỏi cùa tình hình, chúng tôi m ạnh dạn đưa chương trình này vào giảng dạy. Chúng tôi đã cố gắng hết sức, song chắc chắn, vì công việc thì lớn mà khả năng thì có hạn, nội dung và cách trìn h bày cuốn sách này chắc hẳn không tránh khỏi những khiếm khuyết. R ất mong được sụ chỉ giáo cùa các bậc cao minh, các thầy cô giáo và các bạn đồng nghiệp. Để cuốn sách có th ể ra đdi, tác giả xin chân thành cảm ơn Tiến sỹ Nguyễn Hoà và Tiến sỹ Hoàng Vàn Vân, Khoa NNVH Anh Mỹ, ĐHNN-ĐHQG Hà nội, những ngưòi đã đọc kỹ bản thảo cuốh sách và đà cho những ý kiến góp ý thiết thực. Tác giả cũng xin cảm ơn Nhà xuất bản Thế giới đã biên tập và cho xuất bản cuốh sách. H à nội, ngày 1 tháng J nầm 1999 NGỦYỄN XUÂN THƠM C h ủ n h iệ m B ộ m ô n N N C N Đ H N N ■ĐHQG H à N ội IX T A B L E 0 F CO N TEN TS Rle 1: Money ạhd Fỉnancia^^nstÌtution&|ỷ ị Chapter 1 : Money and Banking Chapter II Chapỉer III : Financial Institutions Chapter IV : Savings and Investments stop & Check 1 ỉ Revision I : InAation Fite 2 : T itìá n d Chapter V Chapter VI : Stock M arket (1) : Stock M arket (2) stop & Check II ; Revision II 'File 3 ; Pinahcial Chapter VII : Corporate Pinance: Profit Accounting Chapter VIII Chapter IX : Public Finance: Taxation ; Public Bìnance: National Budgeting & National Income Accounting Chapter X : International Finance: Exchange Rates stop & Check III : Revision l ỉ ỉ This programme, when thoroughly implemented, with adequate attention given to all the finance-related topics X presented in this book as well as to the ííve language skills (listening, reading, writing, speaking and translating), will take a t least 120 teaching periods. And this is the suggested tim e alỉocation for the teaching of this programme; Chapter I : Money and Banking Chapter II C hapterlll : Financial Institutions (12 periods) : Inílation (12 periods) Chapter IV : Savings and Investments (12 periods) stop & Check I ■.Revision (TBA, To be advised) (12periods) Chapter V Stock M arket (1) (12 periods) Chapter VI Stock M arket (2) (12periods) stop & Check II Revision (TBA, To be advised) criapter VII : Corporate Finance: Profit Accounting (12 periods) ChapterVii! : Public Pinance: Taxation (12 periods) Chapter IX : Public Finance: National Budgeting & National Income Accounting (12 periods) Chapỉer X ; International PinancetExchange Rate (12 periods) Stop & Check ill .Revision (TBA, To be advised) FILE 1 MONEY AND PINANCIAL INSTưUTIONS E N G L IS H FOR PINANCE AND BANKING 13 C ihapter I MONEY AND BANKING 3. What types of money do we use? 4. What are monetary standanỉs? 5. Whaỉ will future money and bạnking be like? * ' ị 4/ WHAT IS MONEY? W hat ip money after all? This is a difficult question, ísn’t it? Mr. Dombey, a character in Charles Dickens’s famous novel “Dombey and Son" advises his son th at “Money is powerful. Money can buy everything. Money makes us admirable and magniĩicent in the eyes of other people”. In the other extreme, some poets and writers may say money is pothing; in a đay it’ll be Gnished. Conversationalists in their cveryday chats may sometimes say money creates sins, and at other times say money is a health-springboard for the aged, a speed-accelerator for fame, and 80 pn and 80 forth. 14 XUÂN THƠM However, economists who are armed with knowỉeđge and experience in how to explain the world objectively and scientiíically đefine money differently. According to them, money can be anything, th a t’s ríght, anything - which people actually accẹpt in payment for goođs and services. Several centuries ago, N orth American cclonists used beaver pelís, m usket balls, nails, and beads to make purchases, and to pay for th e ữ debts. Thus, money is anỵ medỉum o f exchange that is ividely accepted in paym ent for goods and services and in settlemeĩit o f debts. Money also serves as a S ta n d a r d of value for m easuring the relative worth of different goods and services. The num ber of un its of money required to buy a commodity is th e price of the commodity. WHAT DOES MONEY DO? All modern societies use money. W ith money people can easily trade goods and servịces with one another. T hat is money prom otes trađẹ. Money proviđes a medium of exchang^ a way of cừcụịating-xalue, a Standard of deferred paym ents and a method of saving. We discuss each of these functions of money in turn. a. M oney as a M edium o f Exchange Workers exchange labour services for money. People buy or sell goods in exchange for money. Money is the međium through wliich people exchange goods and services. is a medium of exchange? A m edium o f exckange ỉs anything that is lỡidely accepted ỉn paym ent for goods and ENGLISH FOR PINANCE AND BANKING 15 services and in settlement o f debts. Money is the most common medium of exchange. b . M oney a s a M easure o f V alue The second íunction of money is as a measure of value. J u s t as we need measurements for distances, weights, and energy, so we need measurements for the value of things oữered at the market. Money measures value in its units of account. The unit o f account is the unit in which prices are quoted and accounts are kept. In Britain prices are quoted in pound sterling. In the United States đollar, and in Vietnam VND. The use of such units helps simplify the exchange of goods. c. M oney as a S to re o f V alue The third function of money is as a store of value. Money is a store of value because it can be used to make purchases in the future. d. Money as a Standard o f D eíerred Payinents The last function of money is as a Standard of deferred payments, or unit o f account over time. When you buy something but do not pay for it immediately, your payment is expressed in terms of money to be paid in the future. W ith the wide use of installm ent buying, this function of money has become increasingly important. D IFFEREN T KINDS 0 F MONEY The most im portant types of money are commodity money, and token money. 16 XUÂN THƠM C om m odity M oney Commodity money ỉs a usefuỉ good that serves as a medium o f exchange. As a result, the value of commodity money is about equal to the value of the m a te r ia l contained in it. The principầl materials used for this ty p e of m oney have been gold, silver and copper. In anciẹnt tim es various articles made of these metals, as well as of iron and bronze, were used as money, while among primitive peoples such comxnodities as shells, beads, ẽĩephant tusks, furs, skins, and livestock serveíị as medium of exchange. The gold coins in circulation in the u s before 1933 were examples of commodity money. Token M oney Token money ừ a means o f payment ỉvhose vaỉue or purchasing potver as money greatly exceeds ỉts cost of production or value in uses other than as money. A $10 note is vvorth far more as money than as a 3x6 inch piece of high quality paper. Simiỉarly, the monetary value of most coins exceeds th e am ount you would get by melting them down and selling ofĩ the m etal they contain. MONETARY STANDARDS We w ant to clarify two important notions: Standard money and m onètary S tan d a rd . W hat Ì8 Standard money? The basic money of a country, into which other form8 of monev may be converted and which ENGLISH FOR PINANCE AND BANKING 17 determ ines the value of other kinds of money, is called tầ e tiioney of redemption or S t a n d a r d money. W hat is monetary Standard? The monetary Standard of a nation r e f e r s to the type of S ta n d a r d money u s e d in the monetary system. Modern monetary standarđs have been either commodity standards, in which either gold or silver has been chieũy useđ as S ta n d a rd money, or(^fiat stahđar<^ consisting of ộnconvertible currenc^^aper units. The principal types of gold S ta n d a rd are the golđ coin Standard, the S ta n d a r d in the ư s until 1933; poldpbụlỊÌQn S tandard consisting of a speciíĩed q u an tity of goid; and th e which t h e currency is cọnỵertịble into the currency of some other country on the golđ Standard. The gold bullion Standard was used ín Great Britain from 192Õ to 1931, while a number of Latin American c o u n trie s h a v e u s e d th e d o lla r e x ch a n g e S ta n d a rd . Silver standards have been used in modern times chiefly in the Orient. gold exchange S ta n d a rd , under Also ^ bimetallic Standard) has been used in some comỉtries, under vvhich either gold or silver coins were the Standard currency. Such systems were rarely successful largely because of Gresham’s law, whicb describes the tendency for cheaper money to drive more valuable money out of cừcuIatioỊi, Most monetary systems of the world at t^ e present time are token (or: fíat) system; they do not allow. free convertibility of the currency into a metgỊE5'~8tandard. and 18 XUÂN THƠM money is given value by government edict rather than by its nominal gold or silver content. M odern system s are also đescribed as managed cụrrencies, because th e value of the currency unit depends to a considerable extent on government management and policies. In te rnally th e m onetary system in the ưs contains many elem ents of m anaged currency; although gold coinage Ì8 no longer perm itted, gold may be owned, traded, or used for in d u strial purposes. It is a recurrent problem vvhether the value of inconvertible-credit currency can be maintained a t a fairly stable level for extended periods of time. M ONEY SU PPL Y P r a c tio n a l C urrency Pennies, nickels, dimes, quarters, and half dollars are called frấctional currency because they are valued at a fraction of a đollar. There are also one-dollar coins, Most coins are token money - the value of the metal is less than the face value of th e coin. P a p e r M oney From 20 to 25 percent pf th e ưs money supply is made up of p ap er currency. The bùlk of this money is issueđ by the Federal R eserve banks and is known as Federal Reserve notes. All paper money is token money - th e value of the paper u se d to m ake th e note is far less than th e face value of th e note. E N G LISH FO R FIN AN C E AND BANKING 19 C hecks Paper raoney and coin account for only one fourth of the ư s money supply. BecausS currency (paper money and coin) can be lo s t or stolen, most money is kept on deposit in checking accounts at banks. People who have deposited th e ừ money in checking accounts spend it by writing checks. A check is a w ritten order directing a bank to pay a specified sum from one person’s account to another person or to a business. T ra veller's C hecks Travellers know ,that it is oíten difficult to use their personal checks in places they are riot known. B ut most people do not waiit to carry a lot of cash on business trips because it can easily be lọst or stolen. One solution to this problem is to use traveller’s checks. Most large banks sell these checks. Traveller’s checks are widely accepted as paym ent in many countries. The table belovv shows the kinds and amounts of money in cừculation in the u s in a recent year N ea r M oney You now know w hat money is, however, it may surprise ỵou to learn th a t our definition of money supply given in the prbvious part is a very narrow one. In fact, ứie definition of money changes from time to time. 20 XUÂN THƠM T a b le I . l : K in d s a n d a m o u n ts o f m o n e y in c ir c u la t io n in t h e us. i n B r e c e n t y e a r United S tates Money Supply, 1988 (biỉỉioas) Checking accồUHte $555 Paper money and coin S201 Traveller^s cbecks $7 S763 N arrow ly defĩned, money consists of transaction baỉances - th e money held by the public to use for c u rre n t spending. Such money is usually called M1, and M l is m ade up of (1) coins, (2) paper currency, (3) dem and deposits and (4) other checkable deposits (e.g. NOW accounts and sh are d ra íts in credit unions) and tra v e lle r’s checks. In ađdition to these items, families and businesses hold large am ount of assets th a t sometimes act like money ev en though they fail to meet our narrow definition of money. Such assets are called near-money. Although these assets can not be used immediately to buy goods or services, they can be\converted intoimoney vẹry easily. These liquid assets include savin,gs accounts at thriít institutions such as savings banks, shares in money market ' m utual fundầ, time deposits a t commercial banks, and èavings bonds. Tỉiese and other similar assets do not circulate in the way th a t currency and checks circulate, but they m ust be consideređ in analyzing people’s spendmg habits an'đ in aồsesÉÌng the relationship between the money supply and the price level. ENGLISH FOR PINANCE AND BANKING 21 There are several measures th at include these near Moines - M2, M3 and L (the letter L stands for lÌQUidity or overall ability to spenđ), of which L is ứie broadest measure; it shows the ability of all sectors of the economy to spend. But you necd not be worried about the components of each of these measures; they are the concems of monetary proíessionals. T a b le ỉ ^ : C u r r e n t M o n e y S u p p ly in t h e u s . m 1. C urrency (including com) in the hand of the publỉc 2. Traveller*Ễ checks 3. Demanđ đeposits (balaaces in checking accounts) 4. Bâlances in NOW and super-NOW accounts 5. Đalaoces in accounts witk Automatic Transíer Service (ATS) 6. Balaoces in credit unioa share draft accoimts M2 s M l plus 1. Savings and sm all tim e deposits (less than $100,000) at depository institutions 2. Overnight repurchase agreem ents (*) at commercial banks 3. Certain Eurodoỉỉars (**) deposits 4. Shares in money market^mutual ỉnnẻ^ held primariỉy by houdeholds and small businẹsses. M3= M2 plus 1. Lai^e time deposits ( $100, 000 t)r more) at depository institutiocs 2. Repưrchase agreements with m attưitỉes ỉonger than one đay at commerciaỉ banks and savings and loans associations 3. Shares iỉi money market mutual funds that are used by large tlnancial institutions and Corporation s. 22 XUÂN THƠM (*) O vem ^ h t repurchase agreement« (RPs) are the sale of ẳecurìties, with a sim ultaneous agreemenỆ by the selỉer to repurchase tb e n a t an agreed-upoD price. L a x ^ institutioDS use B P s to invest idle fim(ụ for short perỉods, ỉirequentỉỵ One day. Because o v em ^ h t RPs have such a ehort iDaturíty, they are viewed as mooey. (**) Euro dolỉars are doUars which are deposi^d in baoking otnces outside the United States. (Source: Pedenã Reaerve Bank o f Nete York) In this book, when we use the term “money” vre are referring to MI (Ml Ì8 included in M2, M3, and L. Thus only the portion of each measure that exceeds M l can be calleđ near-money) WHAT WILL TOM OKRO^S BANKING BE LIKE? The electronic revolution which has brought U8 CAL (Computer assỉsteđ ỉearning), CD Roms and viđeo games ịs at the same time bringing about major changes in the way people use money ạnd credit to pay for things they buy. E lectronic F u n d Transỷer An electronic funds transfer (EFT) system uses computera and automated equipment to receive and make payments. EPT oíĩers certain ađvantagea over checks. When people deposit checks at their lianks, it normally takes a few days for the amount to be cređiteđ to their account. Depositors can not witỉỉdraw and spend those amounts untiỉ their account Ì8 credited. EFT payments, however, are credited immediately. Credits are made electronically (via telecomputers) to a personal or business bark account. Consequently, depositors ENGLtSH FOR PINANCE AND BANKING 23 can spend money on the same đay they put the money into their a - Xem thêm -