- •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
B. Dialogue the bond market
Foreigner: Financial markets are generally classified as money or capital markets and primary or secondary markets. Do you follow this classification?
Russian: Yes, we do. But structurally we divide our financial market into a hard-currency market, a bank credit market, debt and equity markets and the market of gold and precious metals.
F.: I see. My experience in Russia tells me that your investors prefer operations in the hard currency market to investing in the real sector of your economy.
R.: Yes, our capital markets are thin, weak and vulnerable.
F.: It's a pity, because the debt market, for one, is a powerful instrument of monetary policy. Many governments issue bonds to solve their financial problems and to cover budget deficits.
R.: And how is the international bond market performing this year?
F.: Volumes of issuance have been rather high, though fewer bonds have appeared from emerging markets of Eastern Europe.
R.: Investors are still viewing borrowers in emerging markets too risky, I suppose. Western sovereign borrowers are the main players in the market, aren't they?
F.: Well, yes, but many are trying to slow down their borrowing and reduce their national debt.
R.: This leaves room for other borrowers, right?
F.: Yes, supranational have diversified tremendously, both in their products and markets. Corporate borrowers are also very active.
R.: But after the crisis investors have become more cautious, haven't they?
F.: That's right. Credit ratings of borrowers have become much more important. Investors demand transparency and liquidity. Borrowers are finding it much harder and more expensive to raise sufficient funds on the international debt market.
R.: How has the introduction of the Euro affected the bond market?
F.: Some are thinking of Euro-denominated bond issues as the bond markets are moving away from the dollar in favour of the Euro. The competition is becoming keener.
R.: We are entering a new and turbulent phase in the debt markets. Many people believe that the worst is yet to come.
Notes
1 in terms of the instrument maturity – с точки зрения сроков погашения финансового инструмента
2 When revenues fall short of expenditures – Когда доходы меньше расходов
3 ... governments go into debt – правительства осуществляют заимствования
Vocabulary list
A. financial market финансовый рынок
bond market рынок облигаций
maturity n срок долгового обязательства
back v гарантировать, давать поручительство
to serve customers обслуживать заказчиков
money market денежный рынок, рынок краткосрочного капитала
capital market рынок долгосрочного ссудного капитала
primary market первичный рынок
secondary market вторичный рынок
deal (in) v торговать
short-term securities краткосрочные ценные бумаги
turn (to) v обращаться (к кому-л.)
debt financing финансирование путем получения займов
in return for в обмен на
equity financing мобилизация капитала с помощью выпуска акций
share (зд.) доля
ownership n (зд.) владение собственностью
to issue stock (bonds) выпускать акции (облигации)
long-term funds долгосрочные средства
issuer n эмитент ценных бумаг
debtor n должник, дебитор
lender n кредитор
supranational n наднациональная организация
municipal government муниципалитет
by far (зд.) в значительной степени
uniform adj единый
from the perspective of с точки зрения
internal bond market внутренний рынок облигаций
external bond market внешний рынок облигаций
decompose v разлагать на составные части
domiciled adj постоянно проживающий
subsequently adv впоследствии, затем, позже
trade v (зд.) осуществлять сделки на рынке ценных бумаг
nickname v давать прозвище
distinguishing feature отличительная черта
underwrite v гарантировать размещение ценных бумаг
jurisdiction n юрисдикция
in unregistered form незарегистрированный
offshore bond market офшорный рынок облигаций
Eurobond Market рынок еврооблигаций
submarket n субрынок
denominate v выражать в валюте различного достоинства
readily adv быстро, легко, без труда
in certificate form в форме сертификата
computer entry запись в компьютере
В. structurally adv структурно
hard-currency market рынок твердой валюты
bank credit market рынок банковских кредитов
debt market рынок ссудного капитала
equity market рынок акций
market of gold and precious metals рынок золота и драгоценных металлов
real sector реальный сектор
thin adj (зд.) узкий
issuance n выпуск (акции)
emerging markets молодые, развивающиеся рынки
sovereign borrower суверенный заемщик, государство-заемщик
cautions adj осторожный
credit rating кредитный рейтинг
Euro евро (валюта)
turbulent adj бурный, неспокойный