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Файл:С.Д. КОМАРОВСКАЯ world economy.docx
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- •International Trade and Its
- •1.4.1. Terminological Vocabulary to Text 1.4. Try to memorize it
- •1.4.2. Commentary and Notes to Text 1.4
- •15.1. Oral Practice. Work with a partner and discuss these comprehension questions on Text 1.4
- •1.5.2. Oral/Written Practice. Find the English equivalents in Text 1.4
- •1.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •1.5.4. Written Practice. Translation Focus
- •1.5.5. Multiple Choice Comprehension Check (basic text 1.4)
- •4. Any particular good is more profitable to produce by that nation which has the lower opportunity
- •6. Is there any rule to define principles by which specialization should be developed?
- •1.6. Oral Practice
- •1.7. Development
- •1.7.1. Reading (skimming, scanning for subject and language study)
- •1.7.1.1. Read the text “Life and Activities of the Nobel Prize Winner Ohlin Bertil” and say what
- •Vocabulary Notes to Text 1.7.1.1
- •1.7.1.2. Read and translate the microtext “Comparative Advantage” into Russian and give
- •Vocabulary Notes to Text 1.7.1.2
- •1.7.1.3. Translate the microtext “Division of Labour” in written form.
- •Vocabulary Notes to Text 1.7.1.3
- •1.7.1.4. Read the text “Economies of Scale” and discuss it in the form of a dialogue.
- •1.7.1.5. Read the text “Theoretical Aspects of International Trade” and make a synopsis of it in
- •1.7.2. Match the following terms with the correct definition
- •1.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •International Labour Organization (ilo)
- •1.7.4. Written/Oral Practice
- •1.8. Rendering
- •1.8.1. Render the text
- •1.8.2. Commentary and Notes to Text 1.8.1
- •1.9. Oral Practice. Round Table
- •1.10. Written Practice
- •2.4.1. Terminological Vocabulary to Text 2.4. Try to memorize it
- •2.4.2. Commentary and Notes to Text 2.4
- •2.5.1. Oral Practice. Work with a partner and discuss these comprehension questions on text 2.4.
- •2.5.2. Oral/Written Practice. Find the English equivalents in Text 2.4
- •2.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •2.5.4. Written Practice. Translation Focus
- •2 .5.5. Multiple Choice Comprehension Check (basic Text 2.4)
- •5. Net exports is the difference between the value of a nation’s exports and that o f its imports.
- •International Trade Agreements
- •2.7.1.2.Translate the text “The Classification of Least-Developed Countries According to the
- •Vocabulary Notes to Text 2.7.1.2
- •2.7.1.З. Translate the microtext “The Grounds for Exports” in written form.
- •Vocabulary Notes to Text 2.7.1.3
- •2.7.1.5. Read the text “Activities of the Nobel Prize Winner w. W. Leontief,” translate it orally
- •2.7.2. Match the following terms with the correct definition
- •2.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •2.7.4. Written/Oral Practice
- •2.8. Rendering
- •2.8.1. Render the text
- •2,8.2. Render the text
- •2.8.3. Commentary and Notes to Texts 2.8.1 and 2.8.2
- •2.9. Oral Practice. Round Table
- •3.4. Basic Text. Forms of International Trade
- •3.4.1. Terminological Vocabulary to Text 3.4. Try to memorize it
- •3.4.2. Commentary and Notes to Text 3.4
- •3 .5 .1 .Oral Practice. Work with a partner and discuss these comprehension questions on Text 3.4
- •3.5.2. Oral/Written Practice. Find the English equivalents in Text 3.4
- •3.5 .3 . Oral Practice. Explain in English the meanings of the following words and expressions.
- •3.5.4. Written Practice. Translation Focus
- •3 . 5.5. Multiple Choice Comprehension Check (basic Text 3.4)
- •3.6. Oral Practice
- •3.7. Development
- •3.7.1.1. Read the text “Free Thide. Advantages and Disadvantages” and make a synopsis of it in
- •Vocabulary Notes to Text 3.7.1.1
- •3.7.1.2. Read the text Highlights: Major Trade Developments in 2004: Assess the changes for
- •10 Years (1994-2004). Make your short-term and long-term forecasts and discuss them with your
- •Interaction between the Developed and Developing Countries on Organizing
- •International Trade
- •3.7.1.5. Read and translate the text “Preferential Conditions of International Trade” and give
- •3.7.2. Match the following terms with the correct definition
- •1. Trade discount
- •2. Countertrade
- •4. Broker 5. Market maker6
- •3.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •3.8. Rendering
- •3.8.1. Render the text
- •3.8.2. Commentary and Notes to Text 3.8.1
- •3.10. Written Practice
- •In selling in domestic markets and sometimes stop importing a product.
- •If tariffs and quotas impede free trade and thereby diminish economic efficiency, why do we have
- •In short, tariffs directly promote the expansion of relatively inefficient industries which do not have a
- •Is not surprising. We know that specialization and unfettered world trade based on comparative advantage
- •It contends very plausibly that in an uncertain world political-military objectives (self-sufficiency)
- •Increasingly fashionable as an economy encounters a recession. It is rooted in macroanalysis.
- •In the long-run a nation must import in order to export. Hence, the long-run impact of tariffs
- •Is not to increase domestic employment but at best to reallocate workers away from export industries
- •Infant-industry argument has logical validity, most economists feel that if infant industries are to be
- •Industries which directly compete with imported products. The industries and workers adver
- •4.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •1986). The developing countries had experienced a long-run decline in their terms of trade. Their
- •Vocabulary Notes to Text 4.7.1.1
- •In order to avoid a reduction in home prices and therefore producers’ incomes. The General
- •Industry. Under gatt regulations, if products are sold in a foreign market below the price at
- •Is prohibited under the terms of the European Economic Community’s Treaty of Rome. Rules
- •Vocabulary Notes to Text 4.7.1.2
- •Vocabulary Notes to Text 4.7.1.3
- •In cases where the most efficient scale represents a high proportion of the global market. It would certainly
- •Is not new; it is a variant of the infant-industry argument for protection against imports. But it reemeiged
- •Ineffectiveness theorem) had to a large extent been accepted, but in the world of economic theory
- •Import (entrance) duty, import tax, duty on imports
- •Igh h I nrterantateio n—al ta rвiff ы— смеождкуниарйод нтыйа трарифф segoн__________dй ены —
- •4.8. Rendering
- •4.8.1. Render the text.
- •4.8.2. Commentary and Notes to Text 4.8.1
- •In each market until some disturbance in costs or demand occurs. The importance of the price system
- •Is (a) that it serves as a means of rationing limited supplies among consumers, and (b) that it signals to
- •Influence that price. A monopoly or any firm in monopolistic competition first determines its
- •International prices are formed within the frames of common commercial transactions. We
- •Vocabulary Notes to Text 5.7.1.1
- •It in 1829 when he was only twenty-three) and Principles of Political Economy with Some of Their
- •In his exposition of the theory of value, Mill showed how price is determined by the equality of
- •In the uk, some sort of incomes policy was in force almost the whole time between 1965 and
- •1979. For the first few years it was legally enforced, but under the Labour government of 1974 to
- •1979 Pay increases were limited by voluntary agreement of the unions. In the 1980s price and
- •Incomes controls were abandoned in favour of a free market approach.
- •Vocabulary Notes to Text 5.7.1.5
- •5 .7. 3. Read the text, complete it using the words from the box, and translate it into Russian
- •5 .7.4. Written/Oral Practice
- •Import markup — надбавка к импортной цене
- •5.8. Rendering
- •5.8.1. Render the text
- •1. Бондовые скидки — предоставляются крупным оптовым покупателям, как правило, за
- •5.8.2. Commentary and Notes to Text 5.8.1
- •International Monetary System. Over the 1879-1934 period — with the exception of the
- •1. It must define its monetary unit in terms of a certain quantity of gold.
- •Volume of their international trade, national income, and their international reserve holdings. Part
- •In output, employment, and profits, thereby generating political pressures for protection.
- •In different regions of the world.
- •6.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •1.Мы различаем понятия ≪национальная валюта≫ (для
- •Vocabulary Notes to Text 6.7.1.1
- •1. Any speculation aspect — любой спекуляционный аспект
- •6.7.1.2. Read the text “Purchasing Power Parity,” translate it and explain the following: What
- •In a common currency). For example, if the us price level rises by 10 percent but the European
- •5 Percent. Change in the relative values of the two currencies compensates exactly for differences in
- •Vocabulary Notes to Text 6.7.1.2
- •Vocabulary Notes to Text 6.7.1.3
- •Invested in treasury bills. Similar funds or stabilization accounts are operated by other countries.
- •Introduced in 1983, entirely replacing the ￡1 note in 1986.)
- •6 .7.4. Written/Oral Practice
- •6.8. Rendering
- •6.8.2. Commentary and Notes to Text 6.8.1
- •In addition to valuation effects, factors that have arguably boosted turnover include investors'
- •Interest in foreign exchange as an alternative asset class to equity and fixed income, the more active
- •Increase in activity on the part of hedge funds and commodity trading advisers and robust growth
- •Include the continuing consolidation in the banking industry, as well as efficiency gains derived
- •2001-04 Period. The United Kingdom continued to be the most active trading centre, accounting
- •Is in this market that exchange rates are kept at their managed levels by government intervention. In
- •In three months or six months’ time. The difference between the “spot” rate of exchange and the
- •Interest-bearing assets denominated in such currencies as the us dollar, the Euro, Japanese yen
- •7 Мировая экономика
- •7.4.1. Terminological Vocabulary to Text 7.4. Try to memorize it
- •1 . A current account bank deposit — депозит текущего банковского счета
- •Vocabulary Notes to Text 7.7.1.2
- •7.7.1.4. Read and translate the text “The Use of Gold and Foreign Exchange Reserves” and give
- •In the functioning of the world exchange system great importance is attached to gold and foreign
- •Influence supply and demand on the foreign exchange market. Such intervention is bound to be of
- •1. Pressure on the reserves — давление на резервы
- •In August 1971, when the us government imposed various measures to correct its balance-ofpayments
- •Imf quota. In 1981 the sdr was simplified to a weighted average of us dollars (42 per cent),
- •Vocabulary Notes to Text 7.7.3
- •7.8. Rendering
- •7.8.1. Render the text.
- •7.8.2. Commentary and Notes to Text 7.8.1
- •Viewed by a Tokyo bank. To simplify, we assume that the correspondent bank is the same bank from
- •2. Import bank transactions. As just indicated, a Tokyo bank is a dealer in foreign exchange; it is
- •In the business of buying — for a fee — and, conversely, in selling — also for a fee — yen for dollars.
- •8.4.1. Terminological Vocabulary to Text 8.4. Try to memorize it
- •4. We have already found out that spread is of primary consideration in trading foreign currencies.
- •4. Все понятно. А как же поступит в этой ситуации It’s quite clear to me that.Японская
- •In this case it constitutes a demand for the Euro.
- •In our example we have assumed that only two goods are being traded — French wine and
- •Is, the rouble price of the Euro — or how many roubles the Euro can be exchanged for — that is, the
- •8.7.1.2. Read and translate the text “Option Business.” Retell it.
- •8 Мировая экономика 113
- •8.7.1.3. Read and translate the text “Arbitrage Transactions. Traders and Exchange Speculate
- •1. Dealing costs — расходы, связанные со сделкой
- •Vocabulary Notes to Text 8.7.1.4
- •8.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •8.7.4. Written/Oral Practice
- •8.8. Rendering
- •8.8.1. Render the text
- •8.8.2. Commentary and Notes to Text 8.8.1
- •If the dollar depreciates vis-a-vis the pound, the pound appreciates vis-a-vis the dollar. Conversely,
- •If the dollar appreciates vis-a-vis the pound, the pound depreciates vis-a-vis the dollar.
- •In exchange markets in purchasing more American and Japanese computers, and the dollar and
- •In the United States in comparison to most other nations. Consequently, British, German, Japanese
- •Increase in the supply of British pounds, German marks, Japanese yen and others, and the dollar
- •In practice, if the economic development vector of the usa and the European Union change,
- •Import British (European) goods, buy British transportation and insurance services, and to pay
- •Interest and dividends on British (European) investments in the United States is equal to the amount
- •In other countries. Specifically, this particular change in the exchange rate will alter the relative
- •In short, the free fluctuation of exchange rates in response to shifts in the supply of and demand
- •Ventures.
- •Value of its currency. For example, an increase in the dollar price of yen will mean that the United States
- •Instability. Freely fluctuating exchange rates may also have destabilizing effects upon the domestic
- •Internationally traded goods.
- •30 Percent of their gdPs (Germany, Great Britain, Canada, Netherlands, New Zealand, etc.).
- •Involves discrimination among importers. Serious problems of equity and favoritism are
- •Implicit in the rationing process. Third, controls impinge upon freedom of consumer choice.
- •In particular, restrictive fiscal and monetary measures will reduce the national income of the
- •1.Flexible or floating exchange rates are determined by the demand for and supply of foreign
- •9.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •5. С этим нельзя не со • гла senpxwrei)freovm (reraedситься. Любопытно
- •Vocabulary Notes to Text 9.7.1.2
- •Imported and are priced locally. If the pound devalues, the price of oil remains constant in dollar
- •Investment. In this event, consumption at home falls, and exports logically need to rise to offset
- •Important economic variable, governments have often sought to control exchange rates. It may be
- •It may be to promote trade or international cooperation.
- •In the absence of government controls, there would be an entirely free or floating exchange rate
- •In operation. With a freely floating system, no gold and foreign exchange reserves would be required
- •It places too much of the adjustment burden on the domestic economy. A middle course has been
- •9.8.1. Rend9.8.Regidnen Rer the text
- •9.8.2. Commentary and Notes to Text 9.8.1
- •Individual consultations to form assessments of global and regional developments and prospects.
- •In most low-income countries, this support is underpinned by Poverty Reduction Strategy Papers
- •3. The World Bank is the most important institution of settling the international movement of
- •Is retained but available for call to meet any of the Bank’s liabilities if required. The Bank also raises
- •In 1960. It gives long-term loans to governments at little or no interest for projects in the poorer of the
- •Ifc promotes economic development through the private sector. Working with business partners,
- •It invests in sustainable private enterprises in developing countries without accepting government
- •Investors in the absence of ifc participation and adds value to the projects it finances through its
- •1966 With 140 members in 2004, 150 total cases registered and 30 fiscal cases registered in 2004.
- •Icsid helps encourage foreign investment by providing international facilities for conciliation and
- •4. Regional banks influence the system of international monetary, credit and financial relations
- •Investment. In 1982 the African members of the Bank agreed to open its membership to non-African
- •It encourages economic and financial cooperation among the regional members. Membership
- •It was established to help the previously planned economies of Central and Eastern Europe
- •It may lend at market rates of interest or invest in equities. The Bank is located in London, uk.
- •10.4.1. Terminological Vocabulary to Text 10.4. Try to memorize it
- •10.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •6. Вы показали неплохое знан • иеltednopvm мвф. Насколько и з My aвnswer еmay cсause aт kind of
- •7. Не могли бы вы уточнить объемы и цели кредитныхst’ e .ItIaedhnv
- •10.7.1.1. Read and translate the text “Foreig.Pen.L ,il)seagydnu tsceromtc .I(fje017agbdnRmku m1vt7oDe0e n1 Aid” and give the definition of foreign aid.
- •Vocabulary Notes to Text 10.7.1.1
- •Is intended to promote private investment, not to complete with it.
- •Vocabulary Notes to Text 10.7.1.2
- •10 Мировая экономика 145
- •Ida targeted human-development projects in areas like education, health, social safety nets, water
- •Vocabulary Notes to Text 10.7.1.5.
- •10.7.3. Read the text, complete it using the words from the box, and translate into the Russian.
- •24 Промышленно развитых стран-членов, свободной торговле, координации валютно-кре-
- •2) Банки предоставляют в основном долгосрочные кредиты на финансирование инвестиционной
- •Value is for business purposes, although the commercial banks now make mortgage loans for enterprise
- •It takes place by means of constructing foreign enterprises (subsidiaries) and purchasing a block
- •It is also usual to take into account a national export of capital, mainly as international loans,
- •11.4.1. Terminological Vocabulary to Text 11.4. Try to memorize it
- •11.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •6. Многие специалисты считают, что главным источником инвестиционных вливаний в
- •11.5.5. Multiple Choice Comprehension Check (basic Text 11.4)
- •1. At the beginning of the 1990s the world surplus of capital was estimated at 180—200 billion dollars.
- •4. In what way is the entrepreneur’s capital export realized?
- •3. Международная миграция (движение) капитала — это
- •Investment and increasing consumption. However, reducing investment is likely to reduce standards
- •11.7.1.2. Read the text “Investment” and translate it into Russian without a dictionary.
- •Investment
- •Income determination shows how savings and investment are brought into equilibrium.
- •11.7.1.3. Read the text “The Debt Crisis of Developing Countries” and make an annotation of it.
- •Interest payments to make, annual expenditures on the military — new arms and equipment —
- •Vocabulary Notes to Text 11.7.1.4
- •1. Endeavor — усилие, предприятие
- •2. Reap the gains — получать доходы
- •11.7.1.5. Read the text “The Entrepreneur Is the Prime Mover in Economic Activity.” Enumerate
- •Inseparable from control of the firm in which he operates. The essence of the entrepreneur, therefore,
- •Is that he is alert to gaps in the market which others do not see and is able to raise the finance
- •If successful he will make a super-normal profit that will later reduce to a normal profit as new
- •Is as a fourth factor of production.
- •Implications for the behaviour of managers and market performance.
- •11 Мировая экономика 161
- •11.7.3. Read the text, complete it using the words from the box, and translate it into Russian.
- •In effect put some ... (6) away for use at a later date. The essence of capital, therefore, is that it
- •11.7.4. Written/Oral Practice
- •Invest capital — инвестировать капитал
- •Investment in research and development — иннеарубы
- •Industrial investment — инвестиции в промыш
- •11.8.2. Vocabulary Notes to Text 11.8.1
- •Intervention of the central bank).
- •International credits may be given in the following forms:
- •Importer or a bank
- •In most cases these include servicing and maintenance. In some cases the title of the property
- •12.5.3. Oral Practice
- •12.5.4. Written Practice. Translation Focus
- •1. Мировой рынок ссудного капитала имеет ряд особенностей, в том числе: (1) доля ссудного
- •2. Мировой кредитный рынок — это особый сегмент мирового рынка ссудного капитала,
- •7. What is implied by the notion “factoring ”?
- •1. A debtor nation — страна-должник
- •Increasingly provide a number of other services to their customers: trustee and executor facilities,
- •12.7.1.4. Read and translate the text “Credit as an Economic Concept” without a dictionary.
- •Industry, services and commerce is conducted on credit, and firms may provide small discounts on
- •12.7.1.3. Read the text “Credit Guarantee Practice” and translate it in written form.
- •12.7.1.5. Read the text “Central Banks: Their Powers and Functions.” Enumerate the functions
- •Interest rates which they control by establishing the rate at which loans of last resort will be
- •Independent central banks have more power than others. In Britain, New Zealand and Canada,
- •Vocabulary Notes to Text 12.7.1.5
- •Itcerad foten ,ceraovypm iterdc
- •Ilerлovyd— febtenaypmп
- •Instalment on principal — погашение основлицензионому
- •12.8. Rendering
- •12.8.2. Render the text
- •12.8.2. Commentary and Notes to Text 12.8.1
- •Is knocking down geographical boundaries, changing the structure of production and trade within
- •Industries previously thought to be natural monopolies (utilities) can become competitive.
- •International Trade in the Re sults of Intellectual Labour
- •In turn royalty and license fees. This category covers patents, copyrights, trademarks, industrial
- •13.5.3. Oral Practice
- •3. Такой короткий ответ и хотелось услышать. My information is that. Как вы полагаете,
- •13.7. Development
- •13.7.1. Reading (skimming, scanning for subject and language study)
- •13.7.1.1. Read and translate the text "Research and Development”. Make an account of it.
- •Inventions or the improvement of existing products and processes. All three types of r&d are
- •1. Pure research — чисто теоретические исследования
- •1. Incentive for innovation — стимул к новаторству
- •Vocabulary Notes to Text 13.7.1.2
- •In June 2002, the eu adopted its sixth rtd framework programme, covering the period 2002-
- •Its own, Persil’s 1993 marketing and advertising expenditure of around ￡38 million was equivalent
- •Interferons, enzyme-mediated diagnostic kits, and recombinant vaccines. Marine biotechnology
- •13.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •Is an autonomous factor in economic growth.
- •13.7.4. Written/Oral Practice
- •Issue (grant, award, give ) a licence — выдавать rп ilceaoриnuзц леньзтавию—
- •Import under a licence импортировать пoиц леньзтаев п ilceaордиdneлtxю —
- •13.8. Rendering
- •13.8.1. Render the text
- •1. Главное — это по-прежнему ваш собственный бизнес.
- •Interest and dividends received or paid abroad, purchases and sales of financial or real assets abroad,
- •It receives from foreign countries and all the payments which it makes to them.
- •13 Мировая экономика
- •2000—2004 Looked like this:
- •1.Current account Credits Debits
- •Imports. If exports exceed imports, then a trade surplus or “favorable balance of trade” is being
- •Item 8 reflects net transfers, both public and private, from the United States to the rest of the
- •In either event such transactions generate supplies of foreign currencies for the United States.
- •In international transactions must have a source (our “plus” inpayment or credit transactions).
- •In doing so they are referring to the “current and capital account balance” shown as item 13
- •In Table 9. If this is a negative item, a balance of payments deficit is being realized as was the case
- •If the current and capital account balance were positive, then the United States would be faced
- •1. The balance of payments records all of the international trade and financial transactions
- •2. A deficit on the current account will be largely offset by a surplus on the capital account.
- •14.4.1. Terminological Vocabulary to Text 14.4. Try to memorize it
- •14.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •14.5.4. Written Practice. "Translation Focus
- •1. Измерение международных связей (dimension of international links) — это не что иное,
- •2. Если баланс счета текущих операций (платежный баланс) отрицателен, что означает
- •3. Основные группы счетов международных операций сводятся в таблицу. Первая часть —
- •14.5.5. Multiple Choice Comprehension Check (basic Text 14.4)
- •4. The trade balance refers to:
- •7. Is there any relation between current and capital accounts?
- •8. The balance of payments:
- •6. Это верно. Давайте продолжим нашу беседу. Как струк
- •7. Вы действительно хорошо р • p t X I o ( s m
- •8. Мне нравится ваш ответ. В приведенном вами примере
- •10. Да, это совсем просто. В з h t c r b
- •14.7.1.1. Read the text “The Analysis of the ,il)seagydnu tscerom .Ttce147r I(fjagbdnmkumnep l47evoD1 1uk’s Balance of Payments in 2003.” Analyse the
- •Visible trade) and in services and the profits and interest earned from overseas assets, net of those
- •It exports. However, in the past this has been more than compensated for by the surplus which
- •It has earned on invisible account. From the middle of the nineteenth century up to 1931 the
- •Into deficit; only to see it move sharply into surplus with the uk’s own oil discoveries. It fell
- •Implied a net demand for foreign currency. In the fixed exchange rates of the time, the central
- •Import of goods -749.3
- •Visible balance -174.5
- •Investments overseas by usa residents -270.4
- •Is caused by an unsustainable period of excess demand, perhaps occasioned by an excessive budget
- •1. Savings — сбережения
- •In the account should, therefore, add up to zero. In practice, this is difficult to achieve for a number
- •Individual are those possessions or the liabilities of others to him, which have a positive money
- •If the savings ratio were 10 per cent, then the additional demand would be ￡10 million, which
- •2. The conversion of accumulated profits and reserves into
- •Issued capital. 3. Market capitalization is the market value of a
- •Income.
- •14.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •1. Balance sheet — балансовый отчет, баланс
- •Imbalance in external payments — несбалансиро
- •14.8. Rendering
- •14.8.1. Render the text
- •14.8.2. Commentary and Notes to Text 14.8.1
- •Industry, where supply will fall. It should be noted that supply is planned supply, not necessarily
- •It is possible for a short-run equilibrium to exist, when some quickly adjusting processes are in
- •Variable is sometimes likely to be an equilibrium, there is no guarantee that equilibria are efficient.
- •It is normally assumed that economic agents dislike risk (risk aversion) and in the market for
- •It is the analysis of a great number of these inconsistent factors that allows to examine the
- •15.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •15.5.4. Written Practice. Translation Focus
- •1. В большинстве промышленно развитых и новых индустриальных государств большое
- •2,9 % Выше импортных товаров.
- •2. Ценовой фактор в конъюнктурных исследованиях имеет первостепенное значение
- •3. Проводя конъюнктурные исследования на основе стандартной модели международной
- •15.5.5. Multiple Choice Comprehension Check (basic Text 15.4)
- •5. What in the market situation survey is of particular interest to businessmen who are engaged in the
- •6. How does the world oil market affect the economic situation in Russia, in your opinion?
- •15.6. Oral Practice
- •1. Наблюдения за экономическими явлениями It is rather a complicated и их науч problem...
- •2. Достойный (worthy of note) ответ! Конъюнк If you do not тура пр miеnd, I’дll start
- •3. Спасибо. Это достаточно полное освещение It is of interesto note.Вопроса.
- •4. Отлично! Таким образом, главная цель — это опредеI
- •5. Я с вами согласен. Очевидно, это самое сложное в смысле
- •15.7.1.1.Read the text “Dynamics Analysis in th.Pen.L m1vt7oDe5e ,il)seagydnu tsceromtc .I(fje157agbdnRmkue1 Market Situation Survey” and translate it in
- •In the market situation survey, particular attention is given to the analysis of its dynamics.
- •It is the analysis which aims to trace and study the behaviour of variables through time and determine
- •1. To be used rather loosely — использоваться довольно произвольно
- •2 And 2.75 per cent.” That is a number close to the long-term average growth rate. A similar estimate
- •Is worth the same amount in terms of the other factor whichever product it is used in. Otherwise,
- •1. Productive efficiency — производительная эффективность
- •1. Market power — рыночные силы
- •2. The going price — существующая (действующая) цена
- •3. Demand curve — кривая спроса
- •15.7.1.5. Read the text “Factors Affecting the Market Situation Adversely” and enumerate these
- •In the hope that they might extract a better deal from their adversary if they “play it tough.” a large
- •1. Outcome — последствие (результат)
- •15.7.4. Written/Oral Practice
- •Inflation rate behaviour — динамика loan iovиbu -erahа суисднкнм аохпырцаеий динфляции
- •Iscоинаяачом icкayиdnm— ескдким coнnmаэe
- •Interest rate risk — процентный риск ,с isrявonи trскa—зktceonанй сы р
- •15.8. Rendering
- •15.8.1. Render the text
- •15.8.2. Commentary and Notes to Text 15.8.1
- •50, Or 100 years.
- •Interest rates from the eighteenth century through the 1920s and found peaks and troughs at regular
- •16.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •3. Is it correct to conclude that all fluctuations in business activity are due only to the business cycles?
- •I.E., its expansion or contraction over a long period of years.
- •6. What main characteristics of the medium-term cycle should be taken into account in researching
- •16.7. Development
- •16.7.1. Reading (skimming, scanning for subject and language study)
- •16.7.1.1. Read the text “The Business Cycle” and make a synopsis of it.
- •1. Upward growth path — восходящая траектория (роста)
- •Inflation threatens became the norm after the Second World War in all Western economies, and
- •Instead, it is suggested, if the equilibrium level of unemployment is too high, measures affecting
- •1. A testimony — свидетельство
- •Interest rates, and large capital outflows point to a continued accommodative stance.
- •1. To pay tribute to... — отдавать должное...
- •1.In the wake of the quadrupling of oil price... — из-за учетверения цен на нефть
- •16.7.4. Written/Oral Practice
- •I) подъем — rise, pickup, revival,
- •I цикл: с 1787 по 1814 г. — повышательная волна, с 1814 по 1851 г. — понижательная волна;
- •II цикл: с 1844 по 1875 г. — повышательная волна, с 1870 по 1896 г. — понижательная волна;
- •16.8.2. Commentary and Notes to Text 16.8.1
- •16 Мировая экономика 241
- •I Structure of a II Incomes’ level III Territorial IV Commodity
- •In the country
- •V Sphere of social VI Character of VII Life period of VIII Organization,
- •Values disposable goods b) retail
- •In addition to different criteria and classification systems of commodity markets the main parameters
- •Indices:
- •It points out that the demand for loan capital (interest-bearing capital) decreases and
- •Indices increase, then it speaks of the improving of the economic situation, and vice versa.
- •17.4.1. Terminological Vocabulary to Text 17.4. Try to memorize it
- •17.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •2. Вы неплохо знакомы с вопросом. Я бы нескольк Aоccordin g to mрy undeаstandсing,
- •I’d like to give a definition of
- •Items summed and averaged. The weights used may be either the amount spent on each item in the
- •1. Summary single numbers — суммарные числа (сводные)
- •1. Without reference to the process — безотносительно к процессу
- •17.7.1.3. Read and translate the text “Comparative Static Equilibrium Analysis.”
- •Implications. The first is that it appears to demolish any case for government policy aimed at stimulating
- •1. Foresight — предвидение
- •Is that the quality of unit inputs may vary; for example, the use of more highly trained labour
- •Value is required as input per unit of output than other factors
- •17.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •Illustrate th a t... (1) in perfect markets (perfect competition) can be attained at a particular set of...
- •Vocabulary Notes to Text 17.7.3
- •1. To grope — нащупывать, идти ощупью
- •2. Shortfall in demand — недостаток спроса (в спросе)
- •17.7.4. Written/Oral Practice
- •Ic) indices, engineering and economic fi gu r es — ниаоин зеочипмэетаесклохн-оик о м и ч е с к о г о ц и к л а
- •Intraregional trade — внутрирегиональная (форвардная)
- •Inefficient agriculture — слаборазвитое (сель- ство (сельское)
- •90 %. В то же время окупаемость вложенного в них рубля достигала 10-12 лет, тогда как в
- •17.8.2. Commentary and Notes to Text 17.8.1
- •It deals in money, certificates of ownership, and certificates of debt. The business of the
- •In the primary market, and the money received goes to the company.
- •If everyone who bought stock simply kept it and waited to collect dividends, there would be no
- •Value for a variety of reasons: the general business climate, the type of industry represented by the
- •It It goes to the seller, minus a commission for the broker.
- •Itself may be perfectly healthy even as its stock decreases in worth.
- •Issue is quite large, several investment bankers may form a syndicate and divide the offering between
- •17 Мировая экономика
- •In otc trading until 1970. In that year the National Association of Securities Dealers introduced an
- •Investors buy listed stocks through brokers, who are officially known as registered representatives.
- •It is the inability to deposit additional funds that causes the great investor losses during a
- •In turn borrows from a bank. The loan must be repaid, even at the risk of personal bankruptcy.
- •18.4.1. Terminological Vocabulary to Text 18.4. Try to memorize it
- •18.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •3. What is the main reason for buying stock in the secondary market?
- •3.Конечно, вы правы, говоря о размещении (продаже)
- •8. Из вашего сообщения становится понятным, что фонI
- •9. В заключение, и это важн о еще раз подчеркнуть, сами
- •18.7. Development
- •18.7.1. Reading (skimming, scanning for subject and language study)
- •18.7.1.1. Read the text “Stock Exchange” and make a synopsis of it in written form and show the
- •In channelling savings into productive investment. Ready marketability requires that new issues
- •1. Bourse [buas] — (фр.) парижская фондовая биржа
- •100 Shares of ibm stock, for example; in Great Britain “stock” has the same meaning as “bond”
- •In which stocks and bonds are bought and sold.
- •1. To borrow — брать взаймы (заимствование)
- •Investors who prefer to receive a fairly certain income rather than exercise the rights of ownership.
- •1.Equity — обыкновенная акция, доля акционера
- •In and pay a premium over the price at which the bonds are currently selling.
- •Incurred in an acquisition.
- •Investment trusts in exercising particular functions. The merchant banks are relatively small institutions
- •Ilerbdu—ta вm
- •I) закладная — mortgage, bill of sale, lett er of hypothecation, bond (таможенная)
- •Variable rate mortgage — закладная с изме take out (raise) a mortgage-получить заемняющейся
- •Indices of corporate securities —индексы кор- stock exchange index —индекс фондовой
- •18.8. Rendering
- •18.8.1. Render the text
- •1. Операции на фондовых биржах. Хотя существуют буквально десятки тысяч акционерных
- •300 Акций ≪Крайслер≫. Инженер приглашает своего брокера и просит его сделать
- •2. Операции на внебиржевом рынке акций. Внебиржевой рынок ценных бумаг — самый крупный
- •3. Совместные фонды. В Америке есть достаточно большое количество людей, не считающих
- •18 Мировая экономика
- •18.8.2. Commentary and Notes to Text 18.8.1
- •19.2. Warm-up
- •Important force in the trend toward liberalized trade. Under its sponsorship, seven “rounds” of
- •Integration were the European Economic Community (eec), the eu, and the us-Canadian-
- •Is difficult to determine the extent to which eec prosperity and growth has been due to economic
- •Integration, it is clear that integration creates the mass markets which are essential to Common
- •19.4.1. Terminological Vocabulary to Text 19.4. Try to memorize it
- •19.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •2. A General Agreement on Tariffs and Trade (ga tt) was the largest international forum which regulated
- •6. The agreement on the creation of the North American Free-Trade Area (nafta) between
- •19.6. Oral Practice
- •1. Как известно, появление экономических I инте wгoрulаd цsayи thоaнt...Ных
- •1934 Г.? Какие полномочия он давал президенту этой
- •2. Что же, полагаю, достаточно. Хочу только н а I пbeоlieмve iнt isи wтelьl-k,n oчwтn..О.
- •3. С вами можно согласиться. Поскольку р е з I уwouлld sьingтle oаut aт feоw imмpor tдant
- •7. В заключение можно сделать вывод, что в реальной действительности
- •19.7. Development
- •19.7.1. Reading (skimming, scanning for subject and language stady)
- •19.7.1.1. Read the text “gatt’s Uruguay Round of Trade Negotiations — a Predecessor of wto.”
- •Into the multilateral system of trading rules. Non-tariff barriers were converted into tariffs and these
- •1. Restrictions on foreign exchange and the free movement of skilled workers have been eased —
- •19.7.1.5. Read the text “The Common Market of Central American States” and make a synopsis
- •Integration signed in December 1960. This treaty came into operation in June 1961, and a
- •1. An agreement on the Equalization of Import Duties and Charges — соглашение об уравнивании
- •Intention was to encourage the development and diversification
- •Initial a contract, initial an agreement, I n teriminate a ciontract, termlinate an agraement,
- •19.8. Rendering
- •19.8.1. Render the text
- •7 Трлн дол. Экономический потенциал блока достаточно велик (население — 370 млн человек,
- •550 Млрд дол., численность населения 200 млн человек, что достаточно красноречиво свидетельствует
- •19.8.2. Commentary and Notes to Text 19.8.1
- •20.2. Warm-up
- •19 Мировая экономика 289
- •Icy. The Treaty foresaw the prohibition of most industrial subsidies and dumping and the supranational
- •In the Council. Decisions can be taken by unanimity (each country has a veto) or by qualified
- •In 1981, Portugal and Spain in 1986, Austria, Finland and Sweden in 1995.
- •Instance, its judgement on equal pension rights in 1992 forced the uk government to move towards
- •Instance, its judgement on equal pension rights in 1992 forced the uk government to move towards
- •20.5.3. Oral Practice. Explain in English the meanings of the following words and expressions.
- •3. The European Union was formed as a result of merging:
- •4. Decisions in the European Union are taken:
- •5. On the basis of the Customs Union by 1968:
- •6. The Single European Act embodied the programme for:
- •1991, The recognition of qualifications, the public procurement tendering, etc.
- •20.6. Oral Practice
- •1. Как мы уже отмечали, опыт развития I'm интеграц wиellо awнaнre ыof..Х.
- •2. Да, это, безусловно, верные факты. I fully я бы кон сagтreаe тwиithр yoоuвал,
- •4. Все эти меры способствов seirt cdnou
- •Itreho tали ускорению ilaп ,itraceghnm f sA fo a traemромышленной
- •5. Мне представляется, что первый этап был н а иIf yoбu doоn’t mлindе, I’еll st arпt withл a jоoke...
- •6. Я согласен с вашей трактовкой (interpretation) э т I wоould гanswоer yo uэr queтstionа in the
- •1992 Гг.) ознаменовался (to be marked by) д •аtheл adopьtionн of tеhe Sйinglшe Europиean мAct
- •7. Если позволите, я выскажу свои соображения ( I stupopose t hise stagex completerd
- •8. В заключение необходимо отметить: поступательное
- •20.7. Development
- •20.7.1. Reading (skimming, scanning for subject and language study)
- •20.7.1.1. Read the text “Factor Market Integration” and explain how you understand the essence
- •In terms of the stages of economic integration, the European Union has progressed beyond
- •Is desirable, since it will weaken the powers of governments to interfere with market forces and
- •2. Reduced exchange rate uncertainty
- •3. Price transparency
- •4. Lower interest rates
- •5. Lower inflation
- •1. Incurs costs — вызывает (влечет) издержки
- •20.7.1.5. Read the text “The European Car Industry” and determine the volume of exported/
- •Imported cars by the eu to/from the rest of Europe, Japan, and North America (Table 13). Compare
- •2000-2010 To create a fully open eu market;
- •Italy 2 251 307 2 279 612 -1,2
- •Ireland 145 331 156 112 -6,9
- •Iceland 9 886 6 943 42,4
- •Volkswagen 2 586 178 2 651 521 -2,5
- •20.7.2. Match the following terms with the correct definition
- •1. La scotrsnae .Iltfse5uvym ltrsce4nopreg ..Ifacpltrae .6mre23bour a) Intangible, non-transferable economic goods as distinct from
- •I.E. It excludes frictional unemployment. Under full employment
- •20.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •In effect put some ... (6) away for use at a later date. The essence of capital, therefore, is that it
- •20.7.4. Written/Oral Practice
- •Investment tender — инвестиционный тендер
- •Ilsagodn foten leovdhpm tro ferdn t
- •20.8. Rendering
- •20.8.1. Render the text
- •20.8.2. Commentary and Notes to Text 20.8.1
- •In the middle of the 1990s there were more than 4,000 different feZs worldwide.
- •Into being as far back as the 17th century. These are transit, or consignment warehouses for export
- •Industrial and production zones (lPZs), or enterprise zones (uk). By the enterprise zone the Brit-
- •Ish mean a designated zone in a depressed, generally inner-urban area, in which firms located in
- •Island (Britain), the Antilles Islands, Hong Kong, Madeira Island, Liberia which operates the
- •21.5.3. Oral Practice
- •3. Free economic zones are:
- •4. Apart from attracting foreign investments, feZs allow to solve other problems that are particularly
- •Important for any nation, including:
- •5. Unbonded areas are:
- •In that it led to the optimal allocation of world resources, so a customs union, which was a step
- •In that direction, must also be beneficial. However, Jacob Viner in The Customs Union Issue,
- •Income elasticities of demand for the commodities traded. An added benefit may accrue because
- •21.7.1.3. Read the text “Association of South East Asian Nations.” Answer the question: What
- •In South-East Asia: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. In 1976,
- •In 1984, Vietnam in 1995 and Burma and Laos in 1997. Import tariffs on intra-asean trade
- •21.7.1.4. Read the text “Asia-Pacific Economic Cooperation” and answer the question: How
- •1996. In 1996 there were eighteen members, viz. Australia, Brunei, Canada, Chile, China, Hong
- •Imposition of any import tariff or some specified taxes.
- •In which firms located in the zone are given favourable taxation
- •21.7.3. Read the text, complete it using the words from the box, and translate it into Russian
- •21.7.4. Written/Oral Practice
- •Investment incentives — меры, стимулирую- сторождения
- •Investment allowance — налоговая льгота на
- •Income tax exempt — освобождение от подоходного
- •21.8. Rendering
- •21.8.1. Render the text
- •1,5 Млрд дол.
- •21.8.2. Commentary and Notes to Text 21.8.1
- •In Russia the tnc is defined as a national monopoly with foreign assets. In the us the tnc is
- •Is usually divided in the ratio of 60 to 40, as e.G. Between England and Holland in the case of
- •In chemical, electronic, oil and automobile production, information technology, banking and some
- •In mining, the production of timber, food stuff, tools, and even the beer Prips.
- •In their expansion, tnCs make use of various means of developing the world market:
- •21 Мировая экономика
- •22.5.3. Oral Practice
- •3. What are the reasons for tnCs coming into being, in your opinion?
- •4. In their expansion, tnCs make use of the following means of developing the world market:
- •5. The branch (sector) structure of the tnc production looks in the following way :
- •6. What is the investment strategy of tnCs for developed and new industrial nations and the poorest
- •6. Интернационализация про• .Inot ltscequi sf
- •22.7. Development
- •22.7.1. Reading (skimming, scanning for subject and language study)
- •22.7.1.1. Read the text “Globalization,” give a definition of globalization according to your understanding
- •20Th century. At present by globalization economists mean geographical shifts in domestic economic
- •1. The cross-border networking of companies — международная сеть компаний (предприятий)
- •2. The расе of globalization... Facilitated by improvements in transport and communications —
- •3. To allay concerns — уменьшить обеспокоенность
- •22.7.1.2. Read the text “Multinational Corporation, Multinational Enterprise.” Give a brief account
- •1. A commonly accepted definition — общепринятое определение
- •22.7.1.3. Read the text “Has Globalization Affected the usa?” Make a synopsis of it.
- •Is taken over by Arabs (as indeed it was), would the service be any different in the long run? Economic
- •1. Economic invasion — экономическое вторжение
- •Various times decried American imperialism, particularly in France during the 1970s.
- •1. The hullabaloo — шум (трескотня в прессе)
- •Incorporated (corporate) enterprise, equity — приятие обрабатывающей промышлености
- •Industrial producer — производитель промышленных
- •34 % Мировых разведанных запасов природного газа, обеспечивает им народное хозяйство
- •Industrial expansion — промышленная экспансия
- •22.8.2. Commentary and Notes to Text 22.8.1
- •1.000.000 Is a million or ten to the power six ( 106)
- •Ibid. — ibidem
- •It does not follow logically — нелогично
- •In the work already named — в цитированном труде, указ. Соч.
- •Income of a country divided by its population — доход на душу населения
6.8. Rendering
6.8.1. Render the text
Ямайская валютная система — основа плавающих обменных курсов валют
В 1976 г. на совещании в Кингстоне (Ямайка) было ратифицировано соглашение о проведении
новой мировой валютной реформы странами-членами Международного валютного
фонда. Основными принципами Ямайской валютной системы являются:
1) Функции золота в качестве меры стоимости и точки отсчета валютных курсов упраздняются.
Золото превращается в обычный высоколиквидный товар со свободной ценой,
определяемой рынком.
2) Постепенное введение в качестве главного международного расчетного и резервного
средства коллективной денежной единицы Международного валютного фонда — специальных
прав заимствования (СДР).
3) Странам предоставляется возможность выбора любого режима валютного курса. Валютные
отношения между странами основываются на плавающих курсах их национальных
денежных единиц. Колебания курсов обуславливаются двумя основными факторами: а) реальными
стоимостными соотношениями, покупательной способностью валют на внутренних
рынках стран; б) соотношением спроса и предложения национальных валют на
международных рынках.
К началу 90-х годов в связи с реализацией фактора плавающих валют возникла довольно
сложная схема организации международной валютной системы:
94
1)Подбирается состав иностранных валют, с которыми отдельные национальные валюты
сохраняют свои отношения — свой валютный курс;
2)Степень колебания валютных курсов неодинакова, диапазон колебаний широк. При
этом поддерживается валютный курс лишь в рамках определенного диапазона, в отношении
же остальных валют он свободно меняется.
В 1988 г. 58 стран приняли решение об установлении курса своих валют по отношению
к валюте одного из их основных партнеров: американскому доллару (39), французскому
франку (14 стран зоны франка) или к другим валютам (5). 19 стран высказались за режим
плавающего курса, в том числе США, Канада, Великобритания, Япония.
Создание Ямайской валютной системы лишь несколько улучшило внешнеэкономические
взаиморасчеты стран, но не принесло валютной стабильности. Коллективная денежная
единица — СДР — не получила достаточного хождения. В то же время валютные
противоречия между США, странами Западной Европы, Японией и др. выражаются в
стремлении к образованию региональных валютных блоков. Наиболее организационно
оформленным региональным валютным блоком является Европейский экономический и
валютный союз. Несовершенство Ямайской валютной системы привело к тому, что практически
только две валюты — доллар и евро — сохраняют роль главных резервных валют
мира, что позволяет США и странам ЕС, входящим в зону евро, получать от экономического
обмена с другими государствами большие выгоды.
6.8.2. Commentary and Notes to Text 6.8.1
1. ратифицировать соглашение — to ratify an agreement
2. высоколиквидный товар — highly liquid (high-liquid) goods
3. свободная цена — open price
4. специальные права заимствования (СДР) — special drawing rights (SDR)
5. стоимостное соотношение — value relation
6. покупательная способность — purchasing (buying, spending) capacity, purchasing (purchase,
buying, spending) power
7. опорные единицы — support, bearing units
8. внешнеэкономические взаиморасчеты — foreign (external) mutual settlements
9. достаточное хождение — sufficient circulation
10. роль главных резервных валют — the role of the main reserve exchanges (currencies)
6.9. Oral Practice. Round Table
Hold a business talk.
Since the beginning of the 19th century the world exchange system has undergone a few stages
in its development. For our panel discussion let us choose the following issues:
1. What is known to you about the world exchange system?
2. What main stages has the world exchange system undergone?
3. What were the main causes for the evolution in the world exchange system?
6.10. Written Practice
Summarize the unit in a paragraph of about 300-350 words.
4
Unit 7. Foreign Exchange Markets.
International Currency Liquidity
7.1. Preview Basic notions
In this unit we will try to understand how
means of payment
the currency (foreign exchange) market reserve func position
tions, in what way export-import b a n k i liqnuidgity poosiptionerations
are exercised and w h a t t habielity i tno ptaye (rton meaet piaoymnenats)l
currency liquidity m gold aend foreaign exnchange sreserv.es saevrse rste
c u r r e n c y
( e x c h a n g e ,
f o r e i g n
exchange)market
7.2. Warm-up
Before you start reading the unit think and try to answer the following questions:
1. What do we know about the international currency liquidity?
2. Who keeps gold and foreign exchange reserves?
3. In what way is the foreign exchange rate determined?
7.3. Rapid Reading (skimming, scanning, reading for general understanding
of the basic Text 7.4)
Work in pairs or small groups.
1. Read the text rapidly and try to understand what it is about and what information is of primary
importance or new to you.
2. Tell us how you can apply the information working in your speciality. Discuss it with a partner.
3. Quickly skim the text to find three functions that international liquidity performs.
4. Tell your group which information you think should be added to the main text on the given
issue. Discuss it.
7.4. Basic Text. Currency Liquidity
A basic feature which distinguishes international and domestic payments is that the two different
national currencies are involved. Thus, for instance, when American firms export goods to British firms,
the American exporter will want to be paid in dollars. But the British importers have pounds. The
problem, then, is to exchange pounds for dollars to permit the American export transaction to occur.
The same refers to any other national or regional currency, e.g. the Euro for yen or roubles for
dollars, etc.
This problem is resolved by the existence of foreign exchange markets in which dollars can be
used to purchase British pounds, Japanese yen, European Euro and so forth, and vice versa. Sponsored
by major banks in New York, London, Zurich, and elsewhere, foreign exchange markets
facilitate international exports and imports.
Let us see what the exchange market is and how it functions.
Foreign-exchange market. The market in which transactions are conducted to effect the transfer
of the currency of one country into that of another. The need to settle accounts with foreigners gave
rise to the foreign bill of exchange, which was accepted by banks or other institutions of international
standing. These bills were traded at discount, and in this way the foreign exchange market was established,
the bills reflecting actual international trade flows. However, the market has developed in
modem times and is now dominated by financial institutions which buy and sell foreign currencies,
making their profit from the divergences between the exchange rates and rates of interest in the various
financial centres. In April 1995 the Bank for International Settlements estimated that average
96
daily turnover in foreign exchange dealing in London, the world leading market, was $464 billion (of
which $186 billion was “spot” and $278 billion was “forward”) followed by New York $244 billion,
Tokyo $161 billion, Singapore $105 billion, Hong Kong $90 billion and Zurich $86 billion.
Let us examine the size of foreign exchange markets.The April 2004 data on turnover in traditional
foreign exchange markets highlight several important changes that have occurred in these markets
since the last survey was conducted in April 2001.
Activity in traditional foreign exchange markets increased substantially between 2001 and 2004.
Average daily turnover rose to $1.9 trillion in April 2004, a 57% increase at current exchange rates
and a 36% rise when volumes are measured at constant exchange rates. This more than reversed
the fall in global trading volumes between 1998 and 2001. Turnover rose across instruments but
particularly in the spot and forward markets.
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