NGUYỄN XUÂN THƠM English for Pinance and Banking T h ế giới Publỉshers Hanoi -1999 Bàn tiếng Việt ừi Việt Nam VN-TÒ-12-525-0 Copyright @ 1999 by 'fhế Giới ĩ^ỉblishers and Nguyễn Xuân Thcfm V LỜI NÓI ĐẨU C ù n g b a h đoc yêu quý! Xuất phát từ nhu cầu học tập sử đụng tiếng Anh ngày cao đông đảo bạn đọc nưóc, n h ất bạn sinh viên trường đại học, chúng tòi tiến hành biên soạn sách Về phương pháp biên soạn, sách vận dụng lý thuyết n h ất biên soạn chương trình, giáo trình cho người học tiếng Anh ngoại ngữ Chúng đặc biệt ý đến nguyên tắc tính vừa sức Oearnability & teachability), tính khả dụng (validity), tính tin cậy (reliability), tính hứng thú (interest) đốì với ngưồi học Chúng tận dụng nguyên tắc tính lợi th ế tiếng mẹ đè tiếp thu đầu vào ngôn ngữ đánh, giá cao vai trò kỹ dịch Dịch vừa phương tiện rèn luyện ngôn ngữ vừa phuơng tiện cô" kiến thức học Tên sách T iếng Anh K ỉnh t ế - Tài chin h Bộ sách gồm 02 tập Tập I ; Tiếng Anh Kinh tế (English for Economics) Tâp II : Tiếng Anh Tài - Ngân hàng (English for Finance and Banking) Cuôn sách bạn cầm tay tập II Chúng biên soạn nội dung sách th àn h 10 chương bao quát chủ đề tài ngân hàng cộng với 03 chương ôn tập Mỗi chương đưỢc chia làm hai phần lón: Phần 1; Bài đọc hệ thống tập: VI Phần 2: Bài đọc/ Bài I^he bổ trỢ + Bài dịch r^ Ợ c ôn tập Mỗi phần chương cần phân bổ lượng thòi gian khoảng 5-6 tiết lên lốp, chương cần từ 10-12 tiết lên lốp Nội dung chương có tính độc lập tương đốì Tuỳ đốì tưỢng, thòi gian mục đích giảng đạy, giáo viên có th ể dạy tồn nội dung chưđng, có th ể cắt bớt vài phần nhỏ nửa chương (phần phần 2) chương Xin gợi ý bưổic lên lớp sau: Giáo viên, dựa sở đọc, trình bày khái niệm giúp sinh viên hiểu khái niệm Vì tấ t đọc có độ dài từ 6-7 trang, giáo viên khơng nên trình bày mạch hết mà nên chia đọc thành nhiều phần nhỏ theo tiêu đề kết cấu nội dung cụ thể Khi trình bày xong phần đọc giáo viên yêu cầu sinh viên trả lòi câu hỏi mình/tóm tắ t nội dung/trình bày lại định nghĩa Giáo viên cung cấp th u ậ t ngữ tiếng Việt tương đưdng để hỗ trợ củng cố thông hiểu đọc sinh viên Sinh viên thảo luận nội dung đọc theo hình thức trình bày ý kiến cá nhân thảo luận theo nhóm Sinh viên tóm tắ t ý kiến th àn h ghi chép tóm tắ' trìn h bày ý kiến 5‘ Sinh viên làm sem inar nhỏ theo chủ để lựa chọn Sinh vịên nghe giảng băng, làm tập theo yêu cầu, viết tóm tấ t giảng V II Giáo viên hướng dẫn sinh vièn ôn tập làm tập dịch, vừa để ghi nhớ kiến thức vừa để thực hành nâng cao kỹ ngón ngữ Giáo viên hưâng dẫn sinh viên làm sổ tay thuật ngữ bổ sung ví dụ minh hoạ cho cách sử dụng chuẩn mực th u ậ t ngộ Việc biên soạn chương trình cho thật hỢp lý, phù hỢp vói đòi hỏi nghiêm túc vể chun mơn, vơi khả mong muốh của người học ngưồi dạy điều rấ t thách thức so với khả nảng có hạn chúng tơi Song đòi hỏi cùa tình hình, chúng tơi m ạnh dạn đưa chương trình vào giảng dạy Chúng tơi cố gắng hết sức, song chắn, cơng việc lớn mà khả có hạn, nội dung cách trìn h bày sách hẳn khơng tránh khỏi khiếm khuyết R ất mong sụ giáo cùa bậc cao minh, thầy cô giáo bạn đồng nghiệp Để sách có th ể đdi, tác giả xin chân thành cảm ơn Tiến sỹ Nguyễn Hoà Tiến sỹ Hoàng Vàn Vân, Khoa NNVH Anh Mỹ, ĐHNN-ĐHQG Hà nội, ngưòi đọc kỹ thảo cuốh sách đà cho ý kiến góp ý thiết thực Tác giả xin cảm ơn Nhà xuất Thế giới biên tập cho xuất cuốh sách H nội, ngày tháng J nầm 1999 NGỦYỄN XUÂN THƠM C h ủ n h iệ m B ộ m ô n N N C N Đ H N N ■ĐHQG H N ội IX T A B L E F CO N TEN TS Rle 1: Money ạhd Fỉnancia^^nstÌtution&|ỷ ị Chapter : Money and Banking Chapter II Chapỉer III : Financial Institutions Chapter IV : Savings and Investments stop & Check ỉ Revision I : InAation Fite : T itìá n d Chapter V Chapter VI : Stock M arket (1) : Stock M arket (2) stop & Check II ; Revision II 'File ; Pinahcial Chapter VII : Corporate Pinance: Profit Accounting Chapter VIII Chapter IX : Public Finance: Taxation ; Public Bìnance: National Budgeting & National Income Accounting Chapter X : International Finance: Exchange Rates stop & Check III : Revision l ỉ ỉ This programme, when thoroughly implemented, with adequate attention given to all the finance-related topics X presented in this book as well as to the ííve language skills (listening, reading, writing, speaking and translating), will take a t least 120 teaching periods And this is the suggested tim e alỉocation for the teaching of this programme; Chapter I : Money and Banking Chapter II C hapterlll : Financial Institutions (12 periods) : Inílation (12 periods) Chapter IV : Savings and Investments (12 periods) stop & Check I ■.Revision (TBA, To be advised) (12periods) Chapter V Stock M arket (1) (12 periods) Chapter VI Stock M arket (2) (12periods) stop & Check II Revision (TBA, To be advised) criapter VII : Corporate Finance: Profit Accounting (12 periods) ChapterVii! : Public Pinance: Taxation (12 periods) Chapter IX : Public Finance: National Budgeting & National Income Accounting (12 periods) Chapỉer X ; International PinancetExchange Rate (12 periods) Stop & Check ill Revision (TBA, To be advised) FILE MONEY AND PINANCIAL INSTưUTIONS E N G L IS H FOR PINANCE AND BANKING 13 C ihapter I MONEY AND BANKING What types of money we use? What are monetary standanỉs? Whaỉ will future money and bạnking be like? * ' ị 4/ WHAT IS MONEY? W hat ip money after all? This is a difficult question, ísn’t it? Mr Dombey, a character in Charles Dickens’s famous novel “Dombey and Son" advises his son th at “Money is powerful Money can buy everything Money makes us admirable and magniĩicent in the eyes of other people” In the other extreme, some poets and writers may say money is pothing; in a đay it’ll be Gnished Conversationalists in their cveryday chats may sometimes say money creates sins, and at other times say money is a health-springboard for the aged, a speed-accelerator for fame, and 80 pn and 80 forth 26 XUÂN THƠM According to economists, which of the following s t a t e m e n t s is fa ls e (a) m o n ey is a m e d iu m o f e x c h a n g o (.b) money is a unit of accounỊ (c) money is gold (d) money is a store of value The core contents of this chapt includes (a) money serves as a medium of exchange, a way of calculating value, and a method of saving (b) the functions of money in an economy and how commercial banks create monc*' (c) money stanđards and banking in the future ìll of the above M onetary standards refer to (a) store of value (b) S t a n d a r d o f d e íe r r e đ p a y m e n t (c) t h e tv p e o f S ta n d a rd money used in the monetary s/stem of a country (d) silver and golđ Gold Standard is (a) the raonetary S ta n d a rd used in the s u n til 1933 (b) the monetary Standard used in Great B ritain from 1925 to 1931 (c) the Standard consisting of a specified quantity of gold (d) all of the above Fiat Standard is (a) the same as the dollar exchange S tan d ard (b) th e sam e as silver S tandard (ỒT tầ e S tandard consisting of paper currency units (d) the same as c o m m o d ìty Standard Standard money is another name for the basic raoney of a country (b) unit of account (c) unit of paym ent (d) currency and coin U nđer which of the following cìrcumstances would beads be considered money? (á) you said they were money, (b) th e y w e r e v e ry v a lu a b le (ỹ) you c o u ld b u y s o iĩie th in g ENGLISHFO RFINANCE AND BANKING 27 with them anyvvhere in the nation (d) they were very rare Which of the following makes up most of the money supply in America? (a) ooin (b) paper money (c) travcler’s checks (d) checking accounts 10 In the b arter econotny (a) people exchange goods and services for the things they want (b) people rely exclusively on checks for money (c) people save, buy, and exchange more easily than in a money economy (d) paper money is prinied by the govemment 11 Suppose th a t you melted down $100 in quarters What would be th e value of the metal? (a) equál to its weight in good (b) much more than $100 (c) much less than SIOO (d) exactly $100 12 Why are traveler’s checks considereds form of monéy? (a) Anyone can buy them (b) They are widely accepted in payment for goods and services (c) they are easy to usc (d) They can be replaced if stolen or lost 13 Which one of the foliowing people is the endorser of a check? The one who (a) writes his or her name ori the back of the check (b) originally wrote the check (c) makes payment 011 the check (d) printed the check 14 Electronic funđs transfer involved; (a) making and receiving payments via computers’ and other autơmated means (b) the a n o u n t of demand deposits held at banks (c) payment procedure involving the use of thè ợhecks (d) the transfer of funđs from the Pederal Reserve to member hanks 28 XUÂN THƠM TRUE OR FALSE Read the foUowing text carefully and then say if the statem ents th at follow are true or false Put T next to the true statem ent and F next to the fals" *^atement Put Nỉ (no in fo rm a tio n ) w h e r e you fin d t h e s ta te n n t is irre ỉe v a n t HOW EURODOLLARS ARE CREATED Eurodoỉlars are created when deposit h o ld e rs in the United States transfer th eừ deposits outside the country Hĩid m aintain therdenom inationjÌn the u s dollar Suppose the XYZ Corporation iii New York decides to transfer $50.000 of deposit from Citibank in New York to W estminster bank in London, If this deposit is m aintained in terms of the s dollar, the XYZ Corporation becomes the owner of 50,000 eurodollars As a result, W estmìnster in Loiidon becomes liable to th e XYZ Corporation, and Citibank to Westminster Note th a t EurtỉđoUars, despite being traded outside the United States, keeps th eừ origin with a bank.in this countrv Another characteristic of EurodoUars is th at they may continuously create more credit To illustrate, the Westmister bank in London may lend the 50, 000 Eurodollars obtaineđ in the above example to a rirm in or outside England Suppose the borrovving fưm is located in France, and it decides to keep the loan in the form of a deposit w ith Credit Lyonnais in Paris What happens in the U n ited states is simply a change in liability of the Citibank from W estm inster tó Credit Lyonnais As long as deposits ENGLISH FOR PINANCE AND BANKING 29 are m aintained in the u s dollar, Eurodollars may grow vvithout limit in the form of new loans The reason is th a t Kurodollar banks need not raaintain reserve requirements The absence of reserve requirements could be a major reason ■for ứie substantial CTowth of Eurodollar ỉoans in the last decade The beginning of the Eurodollar m arkets cân be traced to the late 1940s, after World War II Many scholars believe th at the (former) Soviet Union and some Eastern European governments were among the íĩrst active participants in tỉiis market.; the Soviet Union placed its dollar deposits with Soviet banks in Europe, and these banks (rechanneled) the ' depositSjJọ the form of loans to other European banks SubsVántial ^ o w th of the EÙrodollar and international bond markets occurred in the mid 1970s, when American and European comraercial banks(aggressivel^ starteđ to lend the deposits of the OPEC countK^es to both developed and dtìveloping courtries Although th e Eurodollar market has served the finanốial needs of bõtk Axnmcan and non-American íĩrms, some scholars ầTgue tb a t it was responsible for the đouble -digi^ inflation rates in the 197ỘS The spectacular growth of Eurodoilars leđ to a signiĩicant increase in 'the monếy supply in th at period, which, in turn, raised price levels both domestically and overseas Although this economíc reasoning makes sense to some extent, proof would require thorougầ \ empiricaì)rẹsearch XUÂN THƠM 30 Eurodollars were created in the miđdle of the 20tb' century Eurođollar can not be lent or borrowed outside the United States European banks are not mterest^d accepting , Eurodôllars The U nited States Ì8 iníluenced by the circulation of Eurodollai^ The fo m e r Soviet Union and some Eastern European governments were thought to be involved in the creation of the Eurodollar England is the only country has the right to turn USỊỗ dolỉars into Eurodollars ị Eurodollars ve no connection witb u s money suppìy 7„, The more Eiưodollars there are in circulation, the more powerful the economic status of the u s is 9 No corporatioQs are alÌoweđ to tra de m Eurođollars 10 Inter-govenuDeotal activities between the ưs and 10 Europe m a de it poBSÌble for the Burođollar to enter Europe POINTS FOR DISCUSSION Choose one or all of the following topics for your discussion Discuss the comraodity money ađvantages of token money over W hat you know about th e currency systems in Vietnam 31 ENGLISH FOR PINANCE AND BANKING before 1945? before 1975? after 1975? now? LISTENING FOR ENRĨCHMENT Source: *‘Economics” Unil 13 You are going lo listen to part of a lecture on banking As you listen, fii1 in the blanks provided with Nvords you hear THE ROLE AND PUNCTION F BANKING Goođ moroỉng, aiỉỉ Oh, well, this mạrning I just ve arrived to start one of the most impoKtant topics: bankhì(Ị Actuaỉỉy Tm goiỉig tọ make it seem (1) of a siory It*s a story tfaat has.som e basis in fact, although lilce all olđ stories, it’s not strictly true But I hope it’11 explain the (2) _of banks- It goes like th is;^ n ce upon a time, people used g o l ỉ gold buHion that is, as cnoney These were (3) _ tim es cnđ people wanted to have â safe place to keep their gold so they deposited it with gold sm iths  goldsuiith being so me one who worked with goỉd or for jeweLry and BO OQ and tbey also had got a kind of vauỉt to (4)J it safe in vault- V- A- - L- T And when peọpỉe wanted some gold íũ pay for things with, thev Íe^^íìed it fróm'á gọlảsgítíi? and íữ u v ? Now two important devebpm ents tiiT7^fifỉ thegẹ yQlíÌĂmíthR into bạnkers, The first was that people (6) it a lot éasier to giviỉ a seỉler a letter than it wa$ to ỉetch sorae gold and XUÂN THƠM 32 then physicaliy handed it (7) _ to Mm, T h u ktter traasíerred 8ome of the goìd they had at the goìdsmitb to the seller This letter we woulđ nowađays (8) a cheque Attđ of course ’w hen they had séen th is letter, it became an acceptable way of paying for goods Peopie (9, that the gold they had depoâited with the goldsmitbs Wfts just as good as gold in theừ own pockets And as (10) _or cheques were easier to carry around than golđ and a loĩ iess dangerous, people started to say that their (11; _ holding^ were wbat they had with them pỉus theứ deposiU< so a system of d ep osiu was ôtarted- The (12) dev€Ỉopment*,t5 and Tm sure you can see what’s comiỉìg, was tbatỉ goldsmiths realized they had a great deaỉ of unused ịoìầ lying in th eừ vaultB, doing DOthing- This (IS) was 13 actually of greater importance than the ũrst Now let’s turn to the fĨT8t bank-ioans ever and see what happens A íĩrm asked a goldsmith (14) loan The 14 goldâmitỉi realized that some of ỉùs gold in the vault couỉd be leixt to tỉie ũxm and of course he asked the fưm to (16) _ it back later witli a little int«re8t Well, letv 15 a^íumẹ tỉiat there*8 ooly a littỉe interest Of course 16 th at moment the goỉdổmith wạ$ short 0^ golđ, it wa8Dr't actuallỵ h ù Ẹolá^ but h e ợ ^ o n ^ ỉt^wa8 unlikeỉy that who had deposited gold with him would want it 17 back a t the sam e time At any rate, ũot before the ũ ĩm had (17^ repaid (18) with his little bit of interest, '*save euough” 18 he thought Ââ an economist, ỉet*â iook a t w hat actualỉy happened in th at sim ple transaction Ha ve a look at this table ÊNGLISH FOR PINANCE AND BANKING 33 T a b le 22.1: G o ld s m ith s a s b a n k e r s 08S G t s ỉ i a b i l i t ỉ c s J1 ) oỉd-ĩashioned goldAmith gold $100 deposits $100 Rolđ-lender gold $100 -*• loan SIO Ueposits $100 (3)deposit lenderrslep 1: step 2: ptoỉđ SlOO'^ ỉoan $ĩ0d«pO8ÌU $100 goỉd $100 * ĩoanSỈO cỉep08it9 SIOO The first row shows what our goldsmiths did before he made his loan He had 100 pounds of which he oweđ to peopìe who h a d deposited it w ith h im So his a sse ts and HabiHties were the same But when he , let’s say lO poimds o f goỉd to the ũ im , he actuâìly had only 90 pounds of gold in the vault pỉus the value of bis loan His aổsets stUl €qua!hsđ his liabilities, but h e s happy ( iy h e’8 going to get spme inlerest ^ 21 ^ Now it so happeneđ that the ũrm who took out the loan 'didn t really w ant to carry that 10 pounđs of goỉđ around 80 Ihe would ask the goldsmith if, (22), of taking the go l i 22 it could be given a deposìt Today we wouJd call thÌ8 an over^ an over-draft The thừd row of our table shows what hâppened then As you can see ( ) _ _ _ the goldsmith’s 23 aâsets and liabiỉitieB are the same but there were now 110 pounds, not 100 B ut of course as you cao eee in the 4th row, wheo the íĩrin ị z ) _ _ a cheque for 10 poundã, and that 24 persoD came in to collect h is ỈO pounds worth of gold, the goldsQiith^s assets fell but Sổ did his liabilities The importaDt point to notice (25) is that it made no 25 điiĩerence to oưr goỉdsn^ith whether his ÌBÌtiaỉ loan was iỉi actiial gold or in the form of a deposit or over-draft ^ Now let’s turn to tìie question of reserves If you origừially deposited 100 pọ-ụnds of gold, the (26) lent 10 poucds 26 XUÂN THƠM 34 leaving him seir with 90, A s a banker, which he now is, he is relving on the fact th at Qot everyone would want the gold back a t the sa m e tim e If they diđ, he couldn*t (27) it out His reserve of 90 pounđs is not enough- Note that|27 reserve is the am ouỉit o f goĩđ t h â t is immediĩỉ ăVâilabỉe; in the vau lt to m eet depositor's (28) >; ĩ ^\ Looiv at the old- 28 íashioned goldsm iths in the table agâin He had a ỉ 00 percent for reserve ratio The reserve ratio Ì5, of course, the ^ rati