對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)金融學(xué)院金融專(zhuān)業(yè)英語(yǔ)試題

1、對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)2002年攻讀碩士學(xué)位研究生入學(xué)考試金融學(xué)院 金融專(zhuān)業(yè)英語(yǔ) 試題（英譯中，五段，每段20分，共100分）1.What is a bank?As important as banks are to the economy as a whole and to local communities, there is much confusion about exactly what a bank is. Certainly banks can be identified by the functions (services or roles) they perform in the

2、economy. The problem is that not only are the functions of banks changing, but the functions of their principal competitors are changing as well. Indeed, many financial institutions including leading security dealers, brokerage firms, mutual funds, and insurance companies arc trying to be as similar

3、 as possible to banks in the services they offer. Bankers, in turn, are challenging these nonblank competitors by lobbying for expanded authority to offer real estate and full-service security brokerage, insurance coverage, investments in mutual funds, and many other new services. As important as ba

4、nks are to the economy as a whole and to local communities, there is much confusion about exactly what a bank is. Certainly banks can be identified by the functions (services or roles) they perform in the economy. The problem is that not only are the functions of banks changing, but the functions of

5、 their principal competitors are changing as well. Indeed, many financial institutions including leading security dealers, brokerage firms, mutual funds, and insurance companies arc trying to be as similar as possible to banks in the services they offer. Bankers, in turn, are challenging these nonbl

6、ank competitors by lobbying for expanded authority to offer real estate and full-service security brokerage, insurance coverage, investments in mutual funds, and many other new services. The result of many legal and regulatory changes is a state of confusion in the publics mind today over what is or

7、 is not a bank. The safest approach is probably to view these institutions in terms of what types of services the offer the public. Banks are those financial institutions that offer the widest range of financial services especially credit, savings, and payment services and perform the widest range o

8、f financial functions of any business form in the economy. This multiplicity of bank services and functions has led to banks being labeled“financial department store”.2. The Adoption of Indirect Instruments of Monetary PolicyIn the late 1970s, industrial countries began phasing out the direct instru

9、ments some of them used to operate monetary policy-including credits controls, interest rate ceilings, and sometimes directed credits-and began moving toward full reliance on indirect instruments, such as open market operations, rediscount facilities, and reserve requirement. In more recent years, t

10、here has been also an increasing tendency for the developing countries and the economies in transition to adopt such instruments.The greater use of indirect monetary instruments can be seen as the counterpart in the monetary area to the widespread movement toward enhancing the role of price signals

11、in the economy more generally. Both have the same objective of improving market efficiency. Perhaps even more critically, moves to indirect instruments are taking place in an increasingly more open economic environment, with widespread adoption of current account convertibility. In such an environme

12、nt, direct instruments have become increasingly ineffective, leading to inefficiencies and disintermediation. In the absence of indirect instruments of monetary policy, the authorities would, therefore, be unable to counter any problems of excess liquidity, which would impede their efforts to stabil

13、ize the economy.3. Why banks are so heavily regulated?Why are banks so closely regulated? There are number of reasons for this heavy burden of government supervision, some of them centuries old.First, banks are among the leasing repositories of the publics savings especially the saving of individual

14、s and families. While most of the publics saving are placed in relatively short-term, highly liquid deposits, banks also hold large amounts of long-term savings in individual retirement accounts (IRAs). The loss of these funds due to bank failure or bank crime would be catastrophic to many individua

15、ls and families. But, many savers lack the financial expertise and depth of information needed to correctly evaluate the riskiness of a bank. Therefore, regulatory agencies are charged with the responsibility of gathering and evaluating the information needed to assess the true financial condition o

16、f banks in order to protect the public against loss.Banks are also closely watched because of their power to create money in the form of readily spendable deposits by making loans and investments. Changes in the volume of money created by banks appear to be closely correlated with economic condition

17、s, especially the growth of jobs and the presence or absence of inflation.Banks are also regulated because they provide individuals and businesses with loans that support consumption and investment spending. Regulatory authorities argue that the public has a keen interest in an adequate supply of lo

18、ans flowing from the banking system. Moreover, where discrimination in the granting of credit is present, those individuals who are discriminated against face a significant obstacle to their personal well-being and an improved standard of living. This is especially true if access to credit is denied

19、 because of age, sex, race, national origin, or similar factors.Finally, banks have a long history of involvement with government federal, state, and local. Early in the history of the industry governments relied upon cheap bank credit and the taxation of banks to finance armies and to supply the fu

20、nds they were unwilling to raise through direct taxation of their citizens. More recently, governments have relied upon banks to assist in conducting economic policy, in collecting taxes, and in dispensing government payments.4. Financial FuturesA financial futures contract is an agreement between b

21、uyer and a seller reached today that calls for the delivery of particular security in exchange for cash at some future date . The market value of a futures contract changes daily as the market price of the security to be exchanged moves over time. As a result, futures contracts are “marked to marker

22、” each day to reflect the current value of the assets subject to eventual delivery under each futures contract, and a cash payment may have to be made (usually to a broker) by one or the other party to the contract in order to protect against possible loss.The financial futures markets are designed

23、to shift the risk of interest rate fluctuations from risk-averse investors, such as commercial banks, to speculators willing to accept and possibly profit from such risks. Futures contracts are traded on organized exchanges (such as the Chicago Board of Trade or the London Futures Exchange), where f

24、loor brokers execute orders received from the public to buy or sell these contracts at the best prices available. Then a bank contacts an exchange broker and offers to sell futures contracts (I, e., the bank wishers to “go short” in futures), this means it is promising to deliver securities of a cer

25、tain kind and quality to the buyer of those contracts on a stipulated date at a predetermined price. Conversely, a bank may enter the futures market as buyer of futures contracts (i.e., the bank chooses to “go long” in futures), agreeing to accept delivery of the particular securities named in each

26、contract and to pay cash to the exchange clearinghouse the day the contracts mature, based on their price at that time.5. Offshore Financial Center (OFC)An offshore financial center (OFC) may be defined as jurisdiction in which transactions with non-residents far outweigh transactions related to the

27、 domestic economy. They have developed by offering an attractive tax, legal and/or regulatory environment. In particular, the absence of inheritance, wealth, withholding or capital gains taxes can make the environment in OFCs very favorable to, for example, internationally mobile individuals. Zero o

28、r low direct taxes can make it attractive for companies conducting business with non-residents to incorporate in OFCs. Ina similar vein, the corporate legal environment may facilitate speedy adoption of new financial products or allow greater flexibility in restructuring and refinancing options. Pol

29、itical and economic stability and the presence of high quality professional (eg legal and accounting) and supporting services are also important in attracting business from other major financial centers.A number of important OFCs are small island states, with few domestically owned financial institu

30、tions, a large number of “brass-plate” institutions and little non-financial economic activity. The Cayman Islands and the British Virgin Islands are obvious examples. But the distinction between OFCs and other financial centers is not clear-out. Some economies. Such as Hong Kong and Singapore have

31、a significant volume of entrepot business alongside domestically orientated financial intermediation. The term “OTC” is , furthermore, sometimes also used in connection with special tax and/or regulation zones that are established within the borders of a country to attract non-resident business (for

32、 example Labuan in Malaysia, or the International Financial Services Center in Dublin). 1 銀行是什么？無(wú)論是對(duì)于整個(gè)經(jīng)濟(jì)還是對(duì)于某一地區(qū)的經(jīng)濟(jì)而言，銀行都是很重要的，同樣地，人們對(duì)銀行的準(zhǔn)確含義也充滿(mǎn)了困惑。當(dāng)然，可以通過(guò)銀行在經(jīng)濟(jì)中的職能（服務(wù)或作用）來(lái)給銀行下定義。問(wèn)題在于，不僅僅銀行的職能在變化，其主要競(jìng)爭(zhēng)對(duì)手的職能也在變化。事實(shí)上，從提供的服務(wù)上來(lái)看，許多金融機(jī)構(gòu)（包括主要的證券承銷(xiāo)商、經(jīng)紀(jì)公司、共同基金和保險(xiǎn)公司）都類(lèi)似于銀行。相反，銀行家們則通過(guò)游說(shuō)方式爭(zhēng)取權(quán)力以便能夠開(kāi)展房地產(chǎn)和全面證券經(jīng)紀(jì)

33、業(yè)務(wù)、保險(xiǎn)理賠業(yè)務(wù)、共同基金投資和其他許多新的服務(wù)，藉此向非銀行競(jìng)爭(zhēng)對(duì)手挑戰(zhàn)。許多法規(guī)發(fā)生變化的結(jié)果是，導(dǎo)致了對(duì)于什么是銀行什么不是銀行這一問(wèn)題，目前公眾心里一片茫然。根據(jù)這些機(jī)構(gòu)對(duì)公眾提供服務(wù)的種類(lèi)來(lái)評(píng)價(jià)，或許是最保險(xiǎn)的做法。銀行是提供最廣泛金融服務(wù)（尤其是信貸、儲(chǔ)蓄和支付業(yè)務(wù)）的金融機(jī)構(gòu)，并執(zhí)行經(jīng)濟(jì)中所有商業(yè)形式的最廣泛的金融職能。這種服務(wù)和職能的多樣性，使銀行被稱(chēng)為“金融百貨公司”。2.貨幣政策間接工具的運(yùn)用 在20世紀(jì)70年代末期，有些工業(yè)化國(guó)家開(kāi)始逐步摒棄一些曾經(jīng)用來(lái)實(shí)施貨幣政策的直接工具，包括信貸控制，利率上限，有時(shí)是直接存款，并開(kāi)始完全采用間接工具，比如，公開(kāi)市場(chǎng)操作、再貼現(xiàn)和準(zhǔn)

34、備金要求。在最近幾年，發(fā)展中國(guó)家和過(guò)渡經(jīng)濟(jì)體也開(kāi)始采用這些間接工具，而且呈上升趨勢(shì)。 間接貨幣政策在貨幣領(lǐng)域里發(fā)揮著日益重要的作用，就如同經(jīng)濟(jì)中價(jià)格信號(hào)的功能日益廣泛一樣。二者有著共同的目標(biāo)：提高市場(chǎng)效率?；蛟S更為重要的是，轉(zhuǎn)向間接工具的行為發(fā)生在一個(gè)日益開(kāi)放的經(jīng)濟(jì)環(huán)境里，“經(jīng)常性項(xiàng)目可兌換”被廣泛采用。在這樣一種環(huán)境下，直接工具的效果越來(lái)越差，最終會(huì)導(dǎo)致完全無(wú)效和非居間化投資。如果沒(méi)有貨幣政策的間接工具，管理當(dāng)局就沒(méi)有辦法解決任何過(guò)剩流動(dòng)性帶來(lái)的問(wèn)題，而過(guò)剩的流動(dòng)性會(huì)妨礙他們穩(wěn)定經(jīng)濟(jì)的努力。3.為什么要對(duì)銀行進(jìn)行嚴(yán)格管制？為什么要對(duì)銀行進(jìn)行嚴(yán)格管制？有很多理由可以解釋政府監(jiān)管這一重負(fù)，這已經(jīng)

35、有幾個(gè)世紀(jì)的歷史了。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(cāng)庫(kù)。大多數(shù)公眾儲(chǔ)蓄都屬于短期存放，屬于高流動(dòng)性的存款，而銀行也掌握了大量來(lái)自個(gè)人退休賬戶(hù)的長(zhǎng)期存款。銀行破產(chǎn)和犯罪行為會(huì)導(dǎo)致銀行存款的損失，這對(duì)于許多個(gè)人和家庭來(lái)說(shuō)，將是巨大的災(zāi)難。但是，許多存款人缺乏正確評(píng)價(jià)銀行風(fēng)險(xiǎn)的金融知識(shí)和足夠的信息。因此，監(jiān)管機(jī)構(gòu)有義務(wù)收集和評(píng)價(jià)那些用來(lái)評(píng)估銀行真實(shí)財(cái)務(wù)狀況的信息，以保護(hù)公眾免受損失。對(duì)銀行密切監(jiān)管的另一個(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(guò)貸款和投資就可以直接放出。看上去，銀行所創(chuàng)造的貨幣量的變化與經(jīng)濟(jì)狀況密切相關(guān)，尤其是與就業(yè)的增長(zhǎng)和通貨膨脹的存在與否有關(guān)。要對(duì)銀行進(jìn)行管制還因?yàn)樗鼈儗?duì)個(gè)人和企業(yè)貸款以支持消費(fèi)和投資。監(jiān)管當(dāng)局聲稱(chēng)，公眾對(duì)銀行系統(tǒng)能夠提供足夠的貸款供給非常感興趣。尤其是，當(dāng)信貸條件存在歧視的時(shí)候，那些被歧視人的個(gè)人福利和已經(jīng)得到改善的生活水平將會(huì)遇到嚴(yán)重的影響。如果信貸的權(quán)利因?yàn)槟挲g、性別、種族、民族等