Perevod_I

payment of my account. | Any item can be reserved on payment of a small deposit. || плата, уплата,

оплата

11.down payment [countable] a payment you make when you buy something that is only part of the full price, with the rest to be paid later: We've made a down payment on a washing machine. || первая

выплата, первый взнос / платеж; оплата в рассрочку; аванс; платеж наличными

12.payment in kind a way of paying for something with goods or services instead of money || натуральная

оплата, оплата / платеж натурой, оплата товарами, взнос вещественный

13.to decline [intransitive] (1) to decrease in quantity or importance: declining prices | Prices have declined. ||

снижаться, уменьшаться, падать

(2)to become gradually worse in quality: declining health | It is a declining industry. | In regions such as New England textile industries had declined and unemployment was high. | Do you think standards of education have declined in recent years? || ухудшаться, приходить в упадок; идти на убыль

14.decline [singular; uncountable] a gradual decrease in the quality, quantity, or importance of something: to fall / go into (a) decline (= to start to decrease) | to suffer a decline | to be on the decline / in decline | a gradual / sharp / steady / steep decline | a sharp decline in profits / trade | economic / industrial / moral decline | Economic decline is often tangled up with political turmoil. | The activities of Welsh mines went into decline after about 1880. || снижение, понижение, падение (цен); спад, упадок; сокращение,

уменьшение

15.recession [countable; uncountable] a period of time during which there is less trade, business activity, and wealth than usual: business recession | economic recession || спад деловой активности,

экономический спад; спад / падение (производства / спроса на товары / цен и т. п.); кризис; регресс; снижение, уменьшение

16.depression [countable; uncountable] a long period during which there is very little business activity and lots of people do not have jobs: business depression | the long years of economic depression || спад

деловой активности, (экономическая) депрессия; (экономический) кризис; упадок; застой (в торговле)

17.the (Great) Depression the period from about 1929 to 1935 which was marked by very low economic activity and extremely high unemployment in most countries of the world, causing much poverty and suffering || Великая депрессия, кризис 1929-1935 гг.

18.to stagnate [intransitive] to stop developing or making progress: a stagnating economy | I don't want to spend the rest of my life stagnating in that office. || делаться застойным / вялым / бездеятельным /

инертным; стагнировать; останавливаться

19.stagnant (adjective) not changing, developing, or making progress; inactive: Business is stagnant, there being no buyers. | Industrial output has remained stagnant. || застойный, вялый, бездеятельный,

стагнирующий

20.stagnation [uncountable]: economic stagnation || (экономический) застой, загнивание, стагнация,

инертность, отсутствие развития, застойные явления; косность; остановка (в развитии)

21.trough [countable] a short period of low activity, low prices, etc. in something that is continuously measured over a longer period: the peaks and troughs of economic cycles || самый низкий уровень

экономической активности, низшая точка (цикла)

22.to slump [intransitive] to suddenly go down in price, value, or number: Sales slumped by 20% last year. | Today prices slumped after reaching high levels yesterday. || резко падать (о ценах / спросе на

товары)

23.slump [countable] (1) a sudden fall in prices, sales, profits, etc.: a slump in agricultural prices / demand ||

резкое / внезапное падение (цен / спроса на товары)

(2)a period when there is a big reduction in trade so that many companies have to close and many people lose their jobs: the slump in the late 80s || резкий / внезапный спад деловой активности;

(экономический) кризис (экономическая ситуация, характеризующаяся сочетанием инфляции

и экономического спада)

24.crisis [countable – the plural crises; uncountable] a period or moment of great danger, difficulty, or uncertainty, especially in politics or economics: a financial / economic / business crisis | the energy crisis of 1972 | the Cuban missile crisis || кризис

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25.to collapse [intransitive] if a system, idea, or organization collapses, it suddenly fails or becomes too weak to continue: The business finally collapsed because of rising debts. || потерпеть крах / неудачу (о

предприятии / планах и т. п.)

26.collapse [singular; uncountable] a sudden failure in the way something works, so that it cannot continue:

The country's economic collapse led to political chaos. | The thrifty economies of East Asia are suffering economic and financial collapse. || крах, крушение, провал

27.to crash [intransitive] to fail suddenly, as a market, a financial enterprise or an economy: The stock market crashed. || потерпеть крах / неудачу, обанкротиться, разориться

28.crash [countable] a sudden economic or financial failure: a bank crash | the crash on Wall Street | a crash in coffee prices | Nobody was prepared for the crash on Black Monday in 1987. || крах, обвал (на

фондовой бирже), банкротство; катастрофа

Supplementary Text

Assignments

∙Read the text and make sure you understand it.

∙Pick out words and phrases relevant to economic development.

∙Consult English-English and English-Russian dictionaries to find the definitions and translations of these lexical units as well as the way they are contextualized.

∙Translate the text.

∙Summarize the text in English and Russian.

Text 7:

Great reforms, nice growth, but where are the jobs?

Structural reforms have improved Latin America's economies, but they have not brought new jobs. How can that be done?

This year began unpleasantly for many Brazilians: they lost their jobs. Unemployment, recorded at 4.8% in December, leapt to 7.25% in January, the worst January figure since 1985. Little wonder that President Fernando Henrique Cardoso promised a "war" against unemployment, with stepped-up training for the workless.

Brazilians are not alone in their alarm. Polls show that losing their jobs is among voters' main worries throughout Latin America. With reason. In the region as a whole, the unemployment rate rose from 5% in 1989 to almost 8% last year. In Argentina, it reached 18.5% in 1995, though it has since fallen to 13.7%. The crude figures rarely tell the full story. Chile's rate is stable at around 6%, but youth unemployment is more than twice that—and equally stable. In Peru, unemployment stan ds at 8.6%, but the government reckons that another 42% of the workforce is under-employed, meaning that they lack proper jobs.

Why? In some countries, such as Argentina and Mexico in 1995, and Brazil this year, unemployment was driven up by recession. Yet, overall, last year Latin America's economies clocked up their best performance since the debt crisis of 1982, with growth averaging more than 5% (and inflation only 10%). Higher growth, due partly to free-market reforms, has not been matched by swifter job-creation.

According to research presented to this week's annual meeting of the Inter-American Development Bank (IDB) in Cartagena, in Colombia, employment in Latin America has grown at only 2.8% a year in the 1990s— 0.5% less than the rate in the second half of the 1980s. And four of every five new jobs these days are in the "informal sector", home by now to 57% of Latin America's workforce. The term is loose, covering small businesses, self-employment, domestic service and more. What informal workers have in common is that they generally pay no tax, but have no legal employment protection or social security. And often, though not always, they are poorly paid.

Some reasons for slower job growth are obvious. Public-sector jobs, especially for the unskilled, have shrunk as governments across the region have privatised state companies and slimmed bureaucracies. Trade liberalisation and market reforms have forced businesses to become more efficient. Lower tariffs and more abundant credit have made machines cheaper; many firms have bought them and shed labour.

But the picture is more complicated than this suggests. If unemployment were rising because structural change had cut the need for labour, one would expect wages to fall. They have not. The IDB finds that on

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average in Latin America real wages, after falling in the second half of the 1980s, have risen by around 15% since 1991. Some kinds of workers have done better than others. In Mexico, Colombia and Peru, wage differentials between the unskilled and skilled or managerial workers have widened by more than a quarter since 1990. Latin America's wage gaps were alreadythen the world's widest; now they are twice as wide as in rich countries.

That is bad news for societies that are already deeply unequal. But it chimes with employers' complaints that they cannot find the workers they want. In other words, part of the job problem is a shortage of skilled workers. One big reason is that, as population growth has slowed, so has the growth of the workforce. Another is inadequate schooling. In Brazil, fewer than 30% of adults have completed secondary school, a figure that is only now starting to rise after two decades of stagnation. Though employers make up for this with on-the-job training, there is much evidence linking high wage differentials to wide inequalities in education.

Apart from boosting education, what can be done? One reason for the rise of informal work is, in many countries, labour laws. These add heavy extra costs (up to 70% extra in Brazil) to payrolls; a clear deterrent to "formal" hiring, even if formal wages are accordingly lower. Second, the law, by requiring large severance payments, often makes it hard or costly to sack workers. That is fine for those already employed. But, as Ricardo Hausmann, the IDB’s chief economist, remarks, it too discourages hiring, since an extra employee may prove very expensive when a downturn means you have to get rid of him again.

In practice, labour markets in some countries are highly flexible even so. In Brazil almost half of workers in manufacturing hold their jobs for less than two years. Elsewhere, however, laws do seem to function more restrictively. And though many Latin American governments have reformed much else in the past decade, only a few have altered the law so as to free their labour markets. In Argentina, for example, though payroll taxes

have been cut, President Carlos Menem has spent three years failing to win support—even though (or bec	ause)
the main trade-union organisation is close to his own party—for proposals that would cut severance pay	and
make it easier to change labour contracts.

Voters' reluctance to embrace such changes is understandable: often their first result is the sacking of older workers. But with time they lead, less visibly, to an increase in total employment, with the new jobs going mainly to women and young people. Ways could be found to compensate the losers, through better unemployment insurance, for example. Devising such solutions is an urgent challenge for the region's politicians.

(The Economist)

Unit 4: Money Matters

Text 1:

The vice of thrift

Saving is supposedly vital for economic growth. So why are some of the world's most reluctant savers prospering as more frugal countries struggle?

Just as parents encourage their children to save, so economists promote thrift as an essential ingredient of long-term growth. Economies that save more can invest more, it is argued, and so expand faster. Saving is considered a virtue, whereas borrowing is condemned as a vice. Yet virtue currently seems to earn few rewards. America, which saves less of its income than almost any other economy, is revelling in rapid growth and low inflation, while the thrifty economies of East Asia are suffering economic and financial collapse.

Why? Because with saving and investment, as with everything else, you can apparently have too much of a good thing. Saving may be important for a country's long-term growth, but the efficiency with which that saving is invested matters just as much as its scale. If savings are too ample and investment flows too freely, as Japan and the Asian tiger economies have learnt to their cost, the result may be waste, not prosperity. Criticise Americans for being less thrifty than Asians, but give them credit for one thing in recent years: they have used the money more wisely.

High saving rates were long touted as one of the pillars of East Asia's growth. In theory, so long as capital can cross borders freely, a high saving rate is not required to have a high investment rate—but in rea lity most capital still stays close to home. With ample domestic savings to draw on, South Korea, Malaysia and Thailand all invested around two-fifths of GDP in 1996—more than twice America's rate.

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Those high saving rates encouraged many economists to turn a blind eye to East Asia's large currentaccount deficits. Yet the fact that economies with such vast saving still required huge inflows of capital to finance even higher rates of investment should have raised questions about the quality of that investment. As the region's economic miracle has come to an abrupt halt, it has become clear that the surge in investment in East Asia in the 1990s was a sign of weakness, not strength. Much of the money was wasted on speculative property deals or unprofitable industrial projects.

In part the blame lies with three factors which made the cost of capital in East Asia appear artificially cheap. First, the combination of a huge pool of captive domestic savings (overseas investment by residents is restricted in some countries) and huge inflows of foreign capital produced low real interest rates. Second, the false belief that exchange rates would forever remain pegged to the dollar made foreign borrowing appear deceptively cheap. And third, some governments, especially South Korea's, forced banks to lend to favoured firms at cheap rates.

Unhappy returns

Combine artificially cheap capital with cronyism and government meddling, and the result was that money frequently went into those projects with the best connections rather than those with the best economic prospects. A recent analysis by J.P. Morgan confirms that returns on capital fell sharply in most of the tiger economies in the 1990s, most dramatically in South Korea, Thailand and Malaysia. A new study by McKinsey, a management consultancy, makes the same point by comparing the productivity of capital in four South Korean industries with productivity in the same industries in Brazil over a ten-year period. The Brazilians have a far lower investment rate, but South Korea's capital, on average, was used less than half as productively as Brazil's.

At the other extreme, the fact that Americans prefer to consume rather than save is an old story. In the 1980s, much of the blame for America's low saving was accorded to government borrowing (ie, dissaving). The government has now virtually eliminated its budget deficit, but the household saving rate has halved to its lowest for more than 50 years. As a result, national saving was only 17% of GDP in 1997, no higher than in the late 1980s. Among the rich industrial countries, only Britain, whose economy is also thriving, saves less of its income than America.

Japan, which saves roughly 30% of GDP each year, has been able to afford a much higher rate of investment. Over the past decade Japan's investment as a share of GDP has been almost double that of America. And while America's savings have been inadequate to finance even its modest investment, forcing America to borrow from abroad, Japanese saving has consistently exceeded investment, giving it a current-account surplus (which by definition equals the difference between domestic saving and investment). As a result of these persistent imbalances, America's net foreign debt amounted to an estimated $1 trillion at the end of last year; Japan's net foreign assets are approaching the same sum.

On the surface, America's spendthrift habits might seem a recipe for disaster. Yet since 1979, Japan's economy has grown no faster than America's, on average. One reason for this lies in a truism that every individual investor readily understands: the higher the return on capital, the less one must invest today to enjoy a given amount of consumption tomorrow.

Another McKinsey study, published in 1996, found that American firms made far more efficient use of capital than those in Japan or Germany, which also invests more than America. American business earned an average real return of 9% a year in the 20 years to 1993, compared with 7% in Japan and Germany. The gap may have widened since then: more up-to-date figures from the OECD, based on a different measure, suggest that America's rate of return on capital over the past five years was roughly twice as high as that in Japan or Germany. McKinsey suggested that capital is used more efficiently in America because competition is fiercer and because shareholders demand more from managers. A higher return on capital allowed America to create more real wealth than Japan even though it saved less.

If rates of return are higher in America, then it makes sense for America to have a net inflow of foreign capital: excess savings in Japan and elsewhere can be invested more profitably in America than at home. But can America continue to attract sufficient foreign capital? Some economists reckon that the slump in demand in Asia will push America's current-account deficit to $300 billion in 1999—higher as a percentage of GDP than its peak in the late 1980s, when the dollar plunged.

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This is all right so long as America's higher profitability is driving those capital inflows. But it is unlikely that the return on capital will always remain higher in America than elsewhere. If Asian and European governments carry out reforms which make their labour, product and capital markets more efficient, then the returns on capital in their economies should rise to match America’s. In that case, less foreign money would flow in, and America would be able to sustain its present investment only by increasing domestic saving.

Even now, America's long-run prospects would look rosier if it saved more. Policies which depress saving, particularly a tax system which gives generous relief on home-mortgage interest and corporate borrowing, still need to be addressed. Japan's inability to use its high saving rate to its advantage has helped to support American investment and growth in the 1990s. If that inability persists, Americans will be able to sustain their vice for a little longer. But if the crisis helps Japan and other Asian countries learn to make better use of their capital, then high saving and investment will again prove to be a virtue.

(The Economist)

Vocabulary practice

1.Read the text.

2.Match the words and phrases in List A with those in List B. Learn these lexical units.

List A	List B
1. imbalance	a. закрывать глаза на что-л.
2. to amount to sth.	b. государственное вмешательство
3. a current-account deficit	c. непотизм / кумовство / семейственность
4. a current-account surplus	d. привлекать капитал
5. to make up / meet / eliminate one’s budget deficit	e. назначение на посты по знакомству
6. thrifty | frugal | economical	f. результативный / эффективный
7. the blame lies with sb.	g. консалтинговая фирма
8. to turn a blind eye to sth.	h. вина лежит на ком-л.
9. a speculative property deal	i. перекладывать вину на кого-л.
10. government / state meddling / interference /	j. активное / положительное сальдо текущих
intervention	операций
11. to attract capital	k. спекулятивная сделка с собственностью
12. to shift the blame to / onto sb. else	l. дисбаланс | диспропорция | отсутствие /
	нарушение равновесия
13. profligate | spendthrift | prodigal	m. пассивное сальдо текущих операций | дефицит
14. cronyism	n. расточительный / неэкономный
15. nepotism	o. покрыть бюджетный дефицит
16. to blame sb. for sth.	p. возлагать на кого-л. вину за что-л.
17. to address / tackle a problem / question / issue	q. составлять / достигать / равняться
18. a consultancy	r. бережливый / экономный
19. to blame sth. on sb. | to put / place / lay the blame	s. взяться за решение проблемы / вопроса
on sb.
20. efficient / effective	t. обвинять кого-л. в чем-л.

3.Learn the words and phrases listed in the ‘Essential vocabulary’ section.

4.Match the words and phrases in List A with those in List B.

List A	List B
1. to borrow money (from sb.)	a. сокращать расходы / затраты
2. to lend sb. money / to lend money to sb.	b. осуществлять / проводить реформу /
	преобразование
3. to take out a loan	c. коренные / радикальные / далеко идущие
	реформы / преобразования
4. to pay off / repay a loan	d. вкладывать / инвестировать сбережения
5. to pay interest	e. прибыль на инвестированный капитал

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6. to charge interest	f. расходы на оборону
7. an interest-free loan	g. накапливать / откладывать сбережения
8. accrued interest	h. дорожные / командировочные расходы
9. to fix / set rates	i. тратить / расходовать деньги на кого-л. / что-л.
10. to cut / reduce rates	j. устанавливать тарифы / ставки / цены
11. to control / curb inflation	k. брать заем / ссуду
12. creeping inflation	l. энергосберегающие приборы
13. inflation-proof pensions	m. идти на большие траты
14. defence spending	n. ползучая инфляция
15. to put / set / place / lay aside savings	o. начисленные / накопленные / наросшие
	проценты
16. to deposit / invest savings	p. возвращать / отдавать / погашать заем / ссуду
17. to withdraw one’s savings (from a bank)	q. контролировать / сдерживать инфляцию
18. to spend money on sb. / sth.	r. беспроцентный заем / беспроцентная ссуда
19. far-reaching / radical / sweeping reforms	s. давать кому-л. деньги взаймы / в долг |
	одалживать кому-л. деньги
20. to curb / curtail expenditures	t. защищенные от инфляции пенсии
21. travelling expenses	u. взыскивать проценты
22. to go to great expense | to incur / run up an	v. занимать у кого-л. деньги / брать у кого-л.
expense	деньги взаймы
23. return on invested capital / investment	w. снижать тарифы / ставки / цены
24. to carry out / implement / effect a reform	x. снимать деньги (со счета в банке)
25. energy-saving devices	y. выплачивать проценты

5. Suggest words and expressions that correspond to the following definitions. Give their Russian equivalents. Consult the ‘Essential vocabulary’ section.

1.interest earned during a certain period but which has not yet been paid, either because it is overdue or because it may not be due until a later event, e. g. the completion of a contract

2.inflation that would be much greater if the government were to remove controls on prices and wages

3.to change a system, law, organization, etc. so that it operates in a fairer or more effective way

4.to spend as much money as is necessary to get the best or most expensive things

5.a charge made for borrowing money

6.a charge or payment fixed according to a standard scale

7.to use something that belongs to someone else and that you must give back to them later

8.the lowering of the quality of products in general in order to prevent, and so to hide, an increase in price

9.a sum of money that is given back to you

10.an amount of money that you borrow from a bank, etc.

11.to keep money so that you can use it later, especially when you gradually add more money over a period of time

12.to use your money to buy or pay for things

13.money spent on fixed assets or on improvements to fixed assets

14.to let someone borrow money from you or use something that you own, which they will give you back later

15.money spent by the government on the needs of the country, public services, interest on the national debt and the building of roads, schools, hospitals and houses

16.the process or act of paying money back to someone who has had to spend the money because of their work

17.the amount of profit that you get from something

18.all the money that you have saved and put aside for future use, especially in a bank

6. Explain the meaning of the words and phrases listed below and translate them. Consult the ‘Essential vocabulary’ section.

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outlay, interest-free credit, deflation, return on capital, to reform, hyperinflation, to return, to squander one’s savings, an inflationary spiral | a wage-price spiral, to loan, accrued interest, revenue, expenditure

7. Explain the difference between the meanings of the following of words.

to borrow – to lend – to loan, spending – expenditu re – outlay – expense, to reimburse – to defray – t o refund

Translation practice

1. Translate these sentences. Give synonymous translations if possible. Consult the ‘Essential vocabulary’ section.

1.They borrowed heavily from the bank to start their new business.

2.Most borrowers pay 7% interest.

3.We aim to lend money at reasonable rates of interest.

4.We're repaying the loan over a three-year period.

5.The bank lends money at six per cent interest.

6.They pay 6 percent interest on the loan.

7.The accrued interest will be paid annually.

8.Bank interest rates are going to rise this month.

9.Inflation is now running at over 16%.

10.The total expenditure on defence has dropped since 1989.

11.For a relatively small outlay you can start manufacturing T-shirts.

12.We went to a lot of expense to provide the safety equipment, so please take care of it.

13.High production rates are often achieved at the expense of quality of work.

14.Come on, have another drink. It's all on expenses, you know.

15.The company will reimburse you for any costs incurred on the course.

16.I took the radio back, and they refunded my money.

17.The railway will give you a refund of freight if the goods are lost.

18.The company returns over the last three years have been spectacular.

19.Government bonds return around 10%.

20.They reformed the company laws in order to protect the interests of investors.

2. Translate the following sentences. Give synonymous translations if possible. Consult the ‘Essential vocabulary’ section.

1.Компания берет крупные займы для расширения производства.

2.В семидесятые годы банки США предоставили многомиллиардные займы / кредиты странам третьего мира.

3.Наконец нам удалось договориться об условиях нового займа.

4.Они получили заем / ссуду под высокие проценты.

5.Процент по ссуде составляет 16,5% годовых.

6.Он получает 7% годовых по своему вкладу в сберегательном банке, но процентная ставка по займам / ссудам достигает 11%.

7.На вашем счету / счете накопились проценты.

8.Ожидается повышение банковских процентных ставок.

9.Правительство должно принять все необходимые меры для того, чтобы сдержать инфляцию.

10.Безудержная / галопирующая инфляция разоряет страну.

11.Ему посоветовали вложить свои сбережения в инвестиционную компанию.

12.Сокращение расходов на оборону позволит государству направить / ассигновать больше денег на здравоохранение и образование.

13.Открытие нового цеха потребует крупных затрат на покупку современного оборудования.

14.А кто будет нести расходы?

15.Ваша ошибка ввела меня в расход.

16.Недавно он прошел курс финансового менеджмента за счет компании.

17.Фирма возместит / оплатит / компенсирует все ваши дорожные / командировочные расходы.

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18.Если вы не удовлетворены качеством изделия, вы можете его вернуть и потребовать возврата денег.

19.Эти капиталовложения / инвестиции принесут хороший доход.

20.Страна должна осуществить ряд коренных реформ / преобразований в экономике и социальной сфере.

3. Translate Text 1.

Text 2:

Граждане потянулись к убыточным вкладам

Вера населения в доллар сильнее всех тенденций и расчетов

Укрепление рубля к доллару США повлияло на валютные предпочтения мелких инвесторов необычным образом. Несмотря на рост курса национальной валюты, доля рублевых депозитов в начале 2003 года начала снижаться ударными темпами. Если эта тенденция сохранится в течение всего года, то уже осенью валютные вклады составят более половины депозитов граждан в банках – притом, что еще два года назад, когда рубль постепенно снижался по отношению к доллару, доля депозитов в долларах и евро составляла около трети.

"Тенденция к росту доли валютных депозитов действительно имеет место от года к году, – уверен начальник аналитического департамента Банка Москвы Кирилл Тремасов. – Мы десять лет привыкали к доллару, и полугодия, в течение которого рубль укреплялся, явно недостаточно, чтобы переломить тенденцию. Тем более что, вероятно, рост курса рубля окажется недолговечным: после того как цена на нефть упадет ниже 20 долларов за баррель, курс рубля начнет снижаться".

По данным Русского экономического общества, увеличение доли валютных вкладов характерно для всего посткризисного периода. Однако темпы этого роста до начала года были относительно невелики. По данным ЦБ, на конец 2000 года доля инвалютных вкладов составляла 33,2%, за год увеличившись до 35,8%, а за два – до 38,4%. За первые месяцы 2003 года доля валюты в депозитах приблизилась к 40%. Несмотря на то что фаворитом регионов остается рубль, вкладчики банков в столице предпочитают доллар и евро – по данным Русского экономического общества, в столице доля валютных вкладов составляет уже около 60%.

Однако пока резко увеличившаяся тяга граждан к валютным вкладам приносит им одни убытки. По данным Центра макроэкономических исследований (ЦМЭИ) компании "БДО ЮниконРуф", номинальное укрепление рубля относительно доллара и евро привело к снижению доходности валютных сбережений населения.

Доллар и евро сами по себе уже не являются способом сбережения денег. В I квартале 2003 года отмечено снижение покупательной способности сбережений в наличной валюте. По состоянию на конец марта 2003 года доллар, приобретенный в начале 2003 года, обесценился на 6,15%, а евро – на 3,57%. Не лучше обстоит дело и с валютными вкладами. Несмотря на снижение инфляции в марте до 1,1%, большинство вкладов демонстрирует отрицательную реальную рублевую доходность. Это вызвано резким снижением коммерческими банками процентных ставок по вкладам. В результате, по расчетам "Юникона", реальная рублевая доходность годовых вкладов в евро в марте составила минус 2,05%, в долларах – минус 1,23%.

Рублевые вклады, популярность которых у физических лиц снижается от месяца к месяцу, тем не менее, по данным "Юникона", позволяют гражданам сохранять деньги. В марте 2003 года вклады в рублях на срок от года и выше обеспечили своим владельцам реальную доходность, которая составила порядка 0,01% (без учета Сбербанка России, ставки по вкладам в котором ниже среднерыночных).

Юридические лица, кстати говоря, в большей степени ориентируются на прагматические соображения, нежели на веру в доллар. Объем рублевых депозитов юридических лиц, по данным Русского экономического общества, за последние четыре года вырос почти в десять раз (с 362 млн. долл. до 3294 млн. долл.). При этом валютные вложения предприятий в банки увеличились лишь в полтора раза.

(Игорь Иванов: Независимая газета)

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1. Read and translate Text 2.

Summarizing

1.Summarize Text 1 in English and Russian (in about 200 words).

2.Summarize Text 2 in English (in about 200 words).

3.Find a newspaper or magazine article, written in Russian, which deals with a topic similar to that of Text 1 or Text 2. Summarize it in English (in about 300 words).

Essential vocabulary

1.to borrow [transitive; intransitive] to use something that belongs to someone else and that you must give back to them later: to borrow sth. from sb. | to borrow heavily (= to borrow a lot of money) | Can I borrow your pen for a minute? | You are allowed to borrow 6 books from the library at a time. | They borrowed heavily from the bank to start their new business. || занимать, брать взаймы, брать в долг

2.borrowing [uncountable] the practice of borrowing money: The banks announced that borrowing had increased. || заимствование, одалживание

3.borrowings [plural] the total amount of money that a company or organization owes: to use bank borrowings as a source of funds || займы, ссуды, кредит(ы)

4.borrower [countable] someone who is borrowing money: Most borrowers pay 7% interest. || заемщик;

берущий взаймы

5.to lend (1) [transitive] to let someone borrow money from you or use something that you own, which they will give you back later: to lend sb. sth. | to lend sth. to sb. | I wish I'd never lent him my car. | Can you

lend me $20 till Friday? | Reluctantly, I agreed to lend it to her. || одалживать, давать взаймы

(2)[transitive; intransitive] if a bank or financial institution lends money, it lets someone borrow it on condition that they pay it back, often gradually, with an additional amount as interest: We aim to lend money at reasonable rates of interest. | US banks lent billions of dollars to Third World countries in the

1970s. || ссужать, давать деньги под проценты, предоставлять заем

6.lender [countable] someone who is lending money || кредитор, ссудодатель, заимодавец; ростовщик

7.to loan [transitive] (1) (especially American English) to lend someone something, especially money: to loan sb. sth. | to loan sth. to sb. | Can you loan me $5? || одалживать, давать взаймы; ссужать

(2)(British English) to lend something valuable, such as a painting, to an organization: The family loaned their collection of paintings for the exhibition. || одалживать, давать во временное пользование

8.loan [countable] an amount of money that you borrow from a bank, etc.: to take out a loan (= to borrow money) | to pay off / repay a loan | to float a loan (= to arrange for a loan) | to negotiate a loan | to raise a loan | to make a loan | to get / receive a loan | a bank loan (= money lent by a bank) | a student loan (= money lent to students) | an interest-free / low interest loan | a long-term / short-term loan | We're repaying the loan over a three-year period. || заем, ссуда, кредит

9.interest [uncountable] (1) a charge made for borrowing money: to pay interest | to charge interest | competitive rates of interest | The interest on the loan is 16.5% (per year / per annum / p.a.). | The bank lends money at six per cent interest. | The bank lends money at a / the rate of 6% (per year / per annum /

p.a.). | They pay 6 percent interest on the loan. | She borrowed money at a high interest rate. || проценты

(2)money paid to you by a bank or financial institution when you keep money in an account there: to pay interest | to bear / yield interest | to earn interest | to receive / get interest | He gets 7% interest on his money at the City Bank, but the rate of interest for loans is much higher, 11%. || проценты (на капитал)

10.interest-free an interest-free loan has no interest charged on it: an interest-free loan | interest-free credit ||

беспроцентный

11.to accrue [transitive; intransitive] (1) if advantages accrue to you, you get those advantages over a period of time: tax benefits that accrue to investors || увеличиваться, накапливаться, прибавляться

(2)if money accrues or is accrued, it gradually increases over a period of time: Interest accruing from 1 July. | Arrears of rent accrued month by month. | Interest accrues / is accrued to your account. | The accrued interest will be paid annually. || нарастать / накапливаться (о процентах)

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12.accrual [uncountable] (1) the act or process of accumulating; an increase || нарастание, возрастание;

постепенное увеличение капиталов, расширение капитала (за счет процентов), накопление /

	приращение (процентов)
(2) something that accumulates or increases || поступление, приращение
13.	accrued interest interest earned during a certain period but which has not yet been paid, either because it
	is overdue or because it may not be due until a later event, e. g. the completion of a contract || наросшие /
	накопленные / начисленные проценты; аккумулированный процент
14.	rate [countable] (1) a charge or payment fixed according to a standard scale: to fix / set interest rates | high
	/ low interest rates | a high rate of interest on loans | a tax rate | Bank interest rates are going to rise this
	month. || норма, ставка, учетная ставка; процент; коэффициент

(2)the cost per unit of a commodity or service; price; cost: to cut / reduce rates on all home furnishings | postal rates | bargain / reasonable / reduced / regular rates | exchange / investment rates | a rate scale (= a fixed system of charges) | We enclose a list of our rates for supplying building materials / servicing boilers. | The sports centre has reduced rates for students. | Nurses are demanding higher rates of pay. | What's the hourly / weekly rate for cleaning? | I'm told $20 an hour is the going rate (= the usual amount paid for work) for private tuition. || цена, расценка; тариф, такса; курс; размер

(3)a degree or comparative extent of action or procedure: the inflation rate | the rate of increase in work output | high / low rates of unemployment | a high rate of growth | growth rates || уровень; показатель; темп,

скорость; степень

15.inflation [uncountable] a rise in the general level of prices caused by an excess of demand over supply and related to an increase in the supply of money, both as bank notes and in the form of bank credit: to cause inflation | to control / curb / keep down / hold down inflation | to keep / hold inflation in check | creeping inflation | double-digit inflation | Inflation is now running at over 16%. || инфляция

16.hidden inflation the lowering of the quality of products in general in order to prevent, and so to hide, an increase in price || скрытая инфляция (повышение цен, которое достигается меньшим

количеством или худшим качеством товаров, продаваемых по старой цене)

17.repressed / suppressed inflation inflation that would be much greater if the government were to remove controls on prices and wages || подавляемая / подавленная инфляция; скрытая / потенциальная

инфляция

18.hyperinflation | galloping/rampant/runaway/uncontrolled inflation an extreme form of inflation; the situation that exists in an economy when the money supply is being increased very rapidly, resulting in an increase of 20% in the annual growth of the money supply or of the price level: galloping inflation of 20 to 30% || гиперинфляция, стремительно развивающаяся / галопирующая / безудержная инфляция

19.inflation-proof protected against price increases: inflation-proof pensions || защищенный от инфляции

20.inflationary relating to or causing price increases: inflationary wage increases || инфляционный;

вызывающий инфляцию

21.inflationary spiral | wage-price spiral a state of inflation that gets worse and worse, because higher prices result in demands for higher wages, and higher wages increase costs and so cause higher prices; the continuing rise in wages and prices because an increase in one causes an increase in the other || виток

инфляции; инфляционная спираль (цен)

22.deflation [uncountable] a decrease in the supply of money, usually produced intentionally by a government in order to reduce demand and check rising prices; it results in a reduction in money incomes and in the purchasing power of the public, so that there is too little money to buy the available goods and services; nowadays deflation rarely leads to a lowering in the price level, but rather to a reduction in the standard of living || дефляция; снижение цен

23.deflationary causing a situation in which prices fall or stop rising: deflationary policies || дефляционный

24.to save [transitive; intransitive] (1) to save up to keep money so that you can use it later, especially when you gradually add more money over a period of time: They are saving money for a new TV set. | So far, I've saved about £500. | I'm saving (up) for a new car. | We are saving up to buy the plane tickets for our holiday abroad. || копить / сберегать / откладывать / экономить (деньги)

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