- •Предисловие
- •Unit 1. Economic environment a. Text what is economics all about?
- •B. Dialogue business climate in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write several paragraphs on the following:
- •Reading practice
- •Unit 2. Public finance a. Text finance and financial system
- •B. Dialogue budget organization and budget process
- •Vocabulary list
- •Exercises
- •Discussion
- •A) The Budget Message of the Mayor
- •April 27, 1995
- •In order to get prepared for participation in the class discussion of these questions, write several paragraphs on the following:
- •Reading practice
- •Unit 3. Fiscal management a. Text financial policy. Fiscal sphere
- •B. Dialogue effective fiscal policy
- •Vocabulary list
- •Exercises
- •A) Financial Policy
- •B) Fiscal Policy in the uk
- •Discussion
- •A) Multiyear Budgeting
- •B) Types of Budget Classification
- •A) Fiscal Policy in Transition Economies: a Major Challenge
- •B) On Macro- and Microeconomics
- •In order to get prepared for participation in the discussion of the questions, write a short essay on the following:
- •Reading practice
- •Transition Economies Need to Reform Social Safety Nets
- •Unit 4. Central banking. Monetary policy a. Text central banking system
- •B. Dialogue banking system in russia
- •Vocabulary list
- •Exercises
- •Us Activities of Foreign Banking Organizations
- •Discussion
- •A) Is Monetary Policy Needed?
- •B) Payment Systems
- •In order to get prepared for participation in the class discussion of the questions, write a summary of the interview in Ex. 13. Follow the plan suggested below:
- •Reading pra ctice
- •Unit 5. Banking system a. Text commercial banks
- •B. Dialogue
- •Interview With a Bank Manager
- •Vocabulary list
- •Exercises
- •B) Bank Accounts
- •B) The Nature of Banking
- •Discussion
- •A) Bank Loans and Overdrafts
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 6. Taxation a. Text what are taxes?
- •B. Dialogue taxation in russia
- •Vocabulary list
- •Exercises
- •What Is an Excise Duty?
- •Tax Reform in Developing Countries
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Unit 7. International monetary system a. Text
- •International monetary institutions
- •B. Dialogue
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •International Monetary Fund
- •Your Partner ebrd
- •World Bank – International Bank for Reconstruction and Development (ibrd)
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 8. Financial markets. The bond market a. Text trading in the bond market
- •B. Dialogue the bond market
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Unit 9. Financial markets. The stock market a. Text stocks and markets
- •B. Dialogue the corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Bulls, Bears and Stags
- •B) Options and Short Selling
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •The New Issue Market
- •Unit 10. Investment activity a. Text
- •Investments
- •B. Dialogue
- •Investment climate
- •Vocabulary list
- •Exercises
- •Investment Companies
- •3 Food Giants Build Local Yogurt Plants
- •Discussion
- •B) Brazil Attracts Foreign Investors
- •C) Investment in the uk
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Investment Skill Is a Rare Commodity
- •Investment Trusts
- •Unit 11. Foreign exchange market. Global financial markets a. Text trading in the foreign exchange market
- •B. Dialogue cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •The Eurocurrency Market
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Unit 12. Financial management a. Text finance function
- •B. Text financial ratios
- •C. Dialogue ratio analysis
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Corporate Governance
- •B) Investment Management
- •A) Investment Decision Making
- •B) Investment Project Appraisal
- •In order to get prepared for participation in the class discussion of these questions, write a short paragraph on the following:
- •Reading practice
- •Unit 13. Accounting a. Text accounting principles and concepts
- •B. Dialogue accountancy in a free-market economy
- •C. Dialogue public and private accountants
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Balance Sheet
- •A. Balance sheet
- •Unit 14. Auditing a. Text performing an audit
- •B. Dialogue auditing in russia
- •Vocabulary list
- •Exercises
- •Ex. 4. Say in a few words what the main text is about. Use the opening phrases from
- •Sweden.
- •Independent Auditors' Report to the Board of Directors and Stockholders of_______Company
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several paragraphs on the following:
- •Reading practice
- •Banking correspondence
- •Dictionary of key words
- •Contents
A) Fiscal Policy in Transition Economies: a Major Challenge
Russian: It is recognized that fiscal policy has been at the centre of the economic reform programs pursued by economies in transition.
Foreigner. Yes, practically all programs that they followed in their initial stage included a fiscal component. The transition economies needed to create basic market-based institutions and practices in the fiscal area like taxation and budget process first of all.
R.: What were their first steps towards market economy?
F.: They began to reform the budget process, to reorder expenditure priorities, to revamp the tax system, to restructure and privatize the state-owned enterprises and the banking system.
R.: It seems to me that in the process they have faced tasks similar to those of market-oriented economies.
F.: Well, if you mean the need to tame high inflation and balance-of-payments deficits, to eliminate structural distortions, to reverse poor investment performance and economic stagnation, then you are right. But the implementation of fiscal adjustment programs started in Eastern European countries in a peculiar economic situation, when they embarked on the reforms.
R.: Yes, the process of fundamental institutional change has brought about severe economic and social dislocation and macroeconomic imbalances. As a result, the high inflation, the dramatic fall in economic activity and the deterioration in revenue performance were unprecedented in modern times.
F.: It should be said in all fairness that most countries accomplished a relatively successful correction of the initial fiscal imbalance, which helped to dampen inflation expectations and solve other problems.
R.: What are they working on now?
F.: The economies in transition are engaged in a major effort to redefine the functions of government. The all-encompassing role of the state as regulator of economic activity is being cut back drastically. But the role has yet to be finalized.
R.: Thus, an effective system of public expenditure and its monitoring has still to be established.
F.: I fully agree with you. Besides, the state enterprise sector presents an increasing challenge. Enterprises have accumulated payment arrears to other enterprises and banks, and for the government tax payments.
R.: Oh, we in Russia understand the problem only too well. And how do they go about the problem?
F.: The solution to the problem is being sought through a combination of measures, such as bank recapitalization operations, debt restructuring, implementation of bankruptcy legislation.
R.: Eastern European countries have nearly completed the initial stage of the transformation to a market system. What tasks remain for them to accomplish?
F.: They are many. As the major ones I'd single out the need to complete the social security reform, to step up infrastructure investment, to overhaul local government finances, to deal with the difficult trade-off between the need to contain the fiscal imbalance and the need to pursue structural reform.
R.: And finally, the most important question. Do the people support the reforms?
F.: You have really raised the most important question. Sentiments are different, you know. The government's success of overhauling fiscal institutions and eliminating the fiscal imbalances depends on the broad-based support for the reforms.
R.: In this situation it's important to develop measures to shield the poor from the adverse effects of adjustment.
F.: I see you agree with me that designing and implementing fiscal policy is a major challenge for countries in transition.
Words you may need:
reorder v изменять порядок
revamp v исправлять
to tame high inflation (зд.) обуздать высокую инфляцию
dislocation n нарушение
dampen v смягчать
all-encompassing аdj всеохватывающий
finalize v окончательно определять
arreas n pl задолженность
recapitalization n изменение структуры капитала
overhaul v (зд.) осуществить перестройку
trade-off n компромисс
contain v сдерживать
sentiments n pl настроения
shield v защищать