Macroeconomics

Упражнение 1. Переведите с листа на русский язык следующий текст.

Most people agree that the soundness of macroeconomic policies should be judged by their efficacy in meeting the objectives of steady growth, full employment, stable prices, and a viable external payments situation. What people debate about are the links between macroeconomics and economic structure - and in the current environment, the openness to foreign capital flows. As developing countries become more integrated into international financial markets, volatility may become an increasing fact of life. Faced with such volatility, how should these countries frame their macroeconomic policies? What broad principles should guide their macroeconomic man­agement? In many developing countries, the openness of the capital account has been significant. Many countries have made the transition toward an open-economic paradigm. As a result, fluctuations in international capital and currency markets, as well as shifts in foreign investors' attitudes and confidence, have greatly affected local stock market prices, the level of for­eign exchange reserves, and the scope for monetary and interest rate policy. Capital controls and foreign exchange restrictions have been significantly dismantled in a number of developing and transition economies.

Does financial integration make it more difficult to achieve macroeco­nomic stability? Apparently not, on the whole, although at times large short-term capital flows can lead to misaligned asset prices, including exchange rates. What financial integration does do is limit how far countries can pur­sue policies incompatible with medium-term financial stability. The disci­plining effect of global financial and product markets applies not only to

 

buyers. Usually buyers have a maximum price that they are willing and able to pay for a good. This maximum can be called the demand price. Buyers would rather pay a lower price than a higher one. If fact, buyers would be just as happy if they could buy a good at a price of zero, or nothing. Usually, sellers are willing and able to supply a good if the price is enough to cover their production cost. This minimum can be called the supply price. In gen­eral, if the price is too low and does not give sellers enough revenue to cover cost, then they can't supply the good. Of course, suppliers will occasionally sell goods at a price less than cost, and eat the loss. This practice, however, won't keep them in business very long. Sellers are more than thrilled if the price is above the production cost. The higher the price, the more ecstatic are the sellers. In fact, there is no limit as to how ecstatic sellers would like to be. The market control results from the number of competitors in the market. If buyers have fewer competitors than the sellers, they tend to have relatively more market control. If sellers have fewer competitors than the buyers, they tend to have relatively more market control. Упражнение 5.Подберите из правой колонки английские эквиваленты к русским словосочетаниям, помещенным в левой колонке.

policymakers -through pressures on financial markets - but also to the pri­vate sector. Rather than constrain the pursuit of appropriate policies, global­isation may add leverage and flexibility to such policies, easing financing constraints and extending the time during which countries can make adjust­ments. But markets will provide this leeway only if they perceive that coun­tries are undertaking adjustments that address fundamental imbalances.

Упражнение 2. Переведите устно на русский язык следующие словосо­четания, используя эквивалентные экономические термины.

steady growth.....................................................................................

full employment................................................................................

external payments..............................................................................

foreign capital flows..........................................................................

foreign exchange restrictions..............................................................

foreign exchange reserves..................................................................

exchange rates....................................................................................

open-economic paradigm...................................................................

monetary and interest rate policy.......................................................

macroeconomic policies.....................................................................

macroeconomic management.............................................................

macroeconomic stability....................................................................

medium-term financial stability..........................................................

short-term capital flows......................................................................

international financial markets...........................................................

capital and currency markets..............................................................

stock market prices............................................................................

stable prices.......................................................................................

Упражнение З. Передайте на русском языке содержание текста упражне­ния 1 как можно ближе к оригиналу, опираясь на словосочетания упражнения 2.

Упражнение 4. Переведите на слух по предложению следующий отрывок.

Buyers would rather pay less than more, and sellers would rather get more than less. When buyers control the market, the price tends to be rela­tively lower - good for buyers, bad for sellers. When sellers control the market, the price tends to be relatively higher - good for sellers, bad for

1. валовой внутренний продукт

2. потребительские расходы

3. перегретая экономика

4. текущая ценность

5. уровень безработицы

6. темпы экономического роста

7. акции высокодоходных компа­
ний

8. норма обязательных резервов

9. общественные сбережения

10.совокупный спрос

11.валовой национальный продукт

12. невидимая рука рынка
13.операционные издержки

14.средства обращения

15. социальные трансфертные вы­
платы

16.рабочая сила

a. overheated economy

b. public saving

c. rate of economic growth

d. social benefits

e. Gross National Product

f. consumption spending

g. medium of exchange

h. Gross Domestic Product

i. transaction costs

j. blue chips

k. labour force

1. required reserve ratio

m. invisible hand of the market

n. present value

o. aggregate demand

p. rate of unemployment

Упражнение 6. Переведите на слух по абзацам следующий текст, по­вторяя перевод предыдущего абзаца, сделанный вашим коллегой (перевод с повторением). При необходимости письменно фиксируйте вызывающие слож­ности прецизионные единицы.

An expected bout of profit-taking and a larger-than-expected decline in consumer confidence pressured stocks, but the market still managed to hang on to most of its huge rally. Tech stocks had a small advance while blue chips dipped lower.

Analysts said that although investors are still wary that stocks will fall again, they were reassured by news that the President had signed into law legislation that toughens penalties for corporate fraud.

"This pullback that we're getting is great. This is not panic, just a healthy rest. At least on a short-term basis we're starting to feel better."

The Dow Jones industrial average closed down 31.85, or 0.4 percent, at 8,680.03. Over the previous four sessions, the Dow had regained 1,009 of the 2,650.74 points lost in more than two months of selling.

Broader stock indicators closed modestly higher. The high-tech focused Nasdaq composite index advanced 8.94, or 0.7 percent, to 1,344.19, while the Standard & Poor's 500 index rose 3.82, or 0.4 percent, to 902.78. It was the S&P's first close above 900 in nearly two weeks.

The mixed finish followed a session in which stocks alternated between gains and losses as investors tried to figure out where the market will go next. Before last week, stocks had been in a solid selloff. But the market's advance has raised hopes that the worst is over.

Still, analysts hesitated to say a turnaround had begun. They noted that numerous rallies have fizzled during the past two years, and that could still happen to this one. Indeed, stocks tended to succumb to selling whenever they made a moderate advance.

"The market is taking a pause today. We're still at a very early stage of trying to define and solidify a market bottom, and it's too early to say we're recovering."

Japan's Nikkei stock average rose 3.5 percent. In Europe, Germany's DAX 30 index advanced 0.5 percent, Britain's FTSE 100 slipped 0.5 percent, and France's CAC 40 lost 0.5 percent.

Упражнение 7. Переведите устно на английский язык следующие сло­восочетания.

национальный доход........................................................................

совокупное предложение.................................................................

совокупное потребление..................................................................

общий уровень цен...........................................................................

уровень занятости............................................................................

экономический цикл................................... •....................................

ставка процента................................................................................

рынок заемных средств....................................................................

рынок ценных бумаг........................................................................

денежное обращение.......................................................................

платежный баланс............................................................................

валютный курс..................................................................................

государственный долг.....................................................................

государственный бюджет................................................................

финансирование бюджетного дефицита.........................................

принципы экономической политики................................................

ускорение темпов экономического роста.......................................

внутренние инвестиции и сбережения............................................

Упражнение & Ознакомьтесь самостоятельно со следующими экономи­ческими понятиями. Передайте письменно на английском языке ключевую ин­формацию, касающуюся каждого понятия, при необходимости используйте специализированные словари.