9.8.1. Rend9.8.Regidnen Rer the text

Валютный курс и валютные ограничения

Валютный курс — ≪цена≫ денежной единицы одной страны, выраженная в иностранных

денежных единицах или международных валютных единицах.

Режим валютного курса является элементом валютной системы. Различаются

фиксированные валютные курсы, колеблющиеся в узких рамках; плавающие курсы,

изменяющиеся в зависимости от рыночного спроса и предложения валюты, а также их

разновидности.

Валютный курс в результате Ямайской валютной реформы базируется на валютном (а не

золотом) паритете и колеблется вокруг него. С середины 1970-х гг. введены паритеты на

базе валютной корзины, в соответствии с чем средневзвешенный курс одной валюты

соизмеряется по отношению к определенному набору других валют. Различаются:

стандартная корзина с зафиксированным составом валют на определенный период;

регулируемая корзина с меняющимся составом; симметричная; ассиметричная.

На величину валютного курса оказывают влияние различные факторы:

— состояние платежного баланса страны и экономическая политика государства в области

регулирования составных его частей — текущего счета и счета капиталов;

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— темп инфляции; зависимость валютного курса от темпа инфляции особенно

велика у стран с большим объемом международного обмена товарами, услугами и капиталами;

— разница процентных ставок в различных странах;

— государственное регулирование валютного курса и степень открытости

экономики.

Существенное влияние оказывают на величину валютного курса и факторы, связанные

с колебаниями деловой активности в стране, политической обстановкой, прогнозами, в том

числе:

— ситуация на валютных рынках;

— активность спекулянтов, проводящих валютные операции;

— кризисы, стихийные бедствия, прогнозы политиков;

— цикличность деловой активности.

К мерам государственного регулирования валютного курса, в первую очередь, можно

отнести:

— валютные интервенции, осуществляемые с целью повышения курса национальной

денежной единицы. При этом происходит продажа Центральным банком иностранной

валюты и скупка национальной. Для интервенции используются официальные валютные

резервы;

— дисконтную политику — изменение Центральным банком процентной ставки;

— протекционистские меры, направленные на защиту собственной экономики.

Наличие или отсутствие валютных ограничений также является элементом валютной

системы. Валютные ограничения — это законодательное или административное

запрещение, лимитирование и регламентация операций с валютой и другими валютными

ценностями.

9.8.2. Commentary and Notes to Text 9.8.1

1. фиксированный валютный курс — fixed exchange rate

2. плавающий валютный курс — floating exchange rate

3. спрос и предложение — demand and supply

4. валютный паритет — currency parity

5. колебаться (о курсе) — fluctuate

6. средневзвешенный курс — net rate

7. стихийные бедствия — force majeur

8. ограничения — restrictions

9. регламентация — regulation, control

10. регулирование — regulation, adjustment

11. валютная интервенция — currency intervention

12. дисконтная политика — discount policy

13. протекционистские меры — protection measures

9.9. Oral Practice. Round Table

Hold a business talk.

We have found out that theoretically there exist three systems of foreign exchange rates: a system

of flexible or floating exchange rates; a system of rigidly fixed exchange rates, and a hybrid

system. In our panel discussion let us see in what way some structural factors affect the value of the

exchange rate.

1. What is the dependence of the exchange rate on inflation rates in a country with a larger or

smaller size of international trade in goods, services, and capital? Why does it take place? Substantiate

your version.

2. Does the active balance of payments of a country promote an increase of the national exchange

rate?

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3. What tendency will the negative balance of payments cause in relation to the national exchange

rate?

4. In what way does economic policy of a state in the adjustment of constituent parts of the balance

of payments (debit balance: or credit balance) affect the national exchange rate?

5. In what way do the factors determining the level of national income affect the national exchange

rate? Does the increase of the domestic demand show an upward tendency or a decline

in this rate?

9.10. Written Practice

Write an essay of about 300—350 words on the unit.

Unit 10. International Financial Institutions

10.1. Preview Basic notions B a s i c n o t io n s

In this unit we are going to familiarize financial organization — bankourselves

with the activities of interna relations; tional fina nratio

cial institutions the main p u r p o s e fsina nociafl f wundsh, riescouhrce sa, creedit:sdnu f

a) to develop international cooperation; development

b) to stabilize the world economy; restrictions, limitations, constraint,

c) to settle international economic, monetary, restraint

credit and financial relations. quota, ratio, rate

debt, liabilities

10.2. Waacednv arm-up

Before you start reading the unit think and try to answer the following questions:

1. What do you know about the International Monetary Fund (IMF)? How many countries have

joined it?

2. What do you suppose the International Bank for Reconstruction and Development (IBRD)

was established for?

3. What international financial institutions do you know?

4. What functions does the World Trade Organization perform?

5. Is Russia a member country of the IMF and the WTO?

10.3. Rapid Reading (skimming, scanning, reading for general understanding

of the basic Text 10.4)

Work in pairs or small groups.

1. Quickly skim the text to find out the difference between the World Bank and the World Bank

Group?

2. Scan the text to find abbreviations. What do they mean?

3. Find the paragraph in which you can read about the “Paris Club.” What is the other name for it?

4. Do you think your knowledge of the main operations of the IBRD has changed after reading

10.4. Basic Text. International Financial Institutions

International economic cooperation is impossible without the participation of international

monetary, credit and financial institutions. Generally, they may be called the international financial

institutions:

• the Bank for International Settlements (BIS)

• the International Monetary Fund (IMF)

• the World Bank

• the regional development banks

• monetary, credit and financial institutions of the European union.

Let us consider the activities of the above-mentioned international financial institutions.

1. Bank for International Settlements (BIS) is an institution, with head offices in Basle, set up

on the basis of a proposal by the Young Committee in 1930. The original purpose was to enable the

various national central banks to coordinate the receipts and payments arising mainly from German

war reparations. It was hoped, however, that it would develop beyond this, but many of the

functions which it might have performed were in fact taken over by the International Monetary

the text?

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Fund after the Second World War. It has, however, in recent years played a more active part in

attempting to mitigate the effects of international financial speculation and acts as a trustee for

international government loans. In 1996 the BIS had thirty-two members but in that year invited a

further nine financial institutions to subscribe to the Bank’s equity, in Brazil, China, Hong Kong,

India, Korea, Mexico, Russia, Saudi Arabia, and Singapore (Now — 34 members).

2.The International Monetary Fund (IMF) is the organization set up by the Bretton Woods

Agreement of 1994 which was created in 1945 to help promote the health of the world economy. It

is governed by and accountable to the governments of the 184 countries that make up its nearglobal

membership (as of February 2005). Under the IMFs articles of agreement, member countries

were required to observe an exchange rate, fluctuations in which should be confined to one

per cent around its par value. This par value was quoted in terms of the U.S. dollar, which was in

turn linked to gold. In December 1971 the "Group of Ten" or the "Paris Club", meeting at the

Smithsonian Institute, Washington, agreed on new "central values" of currencies in order to achieve

a dollar devaluation of 10 per cent with a permissible margin of ±2.25 per cent.

The IMF resources are provided by its member countries primarily through payment of quotas,

which broadly reflect each country's economic size. The total amount of quotas is the most important

factor determining the IMF's lending capacity. The annual expenses of running the Fund are

met mainly by the difference between interest receipts (on outstanding loans) and interest payment

(on quota "deposits").

The IMF's main responsibilities are:

— promoting international monetary cooperation;

— facilitating the expansion and balanced growth of international trade;

— promoting exchange stability;

— assisting in the establishment of a multilateral system of payments;

— and making its resources available (under adequate safeguards) to members experiencing

balance of payments difficulties.

The Fund seeks to promote economic stability and prevent crises; to help resolve crises when

they do occur; and to promote growth and alleviate poverty. It employs three main functions —

surveillance, technical assistance, and lending — to meet these objectives.

— The IMF works to promote global growth and economic stability — and thereby prevent economic

crisis — by encouraging countries to adopt sound economic policies.

Surveillance is the regular dialogue and policy advice that the IMF offers to each of its members.

Generally once a year, the Fund conducts in-depth appraisals of each member country's economic

s i tuation. It discusses with the country's authorities the policies that are most conducive to stable

≪change rates and a growing and prosperous economy. The IMF also combines information from