对外经济贸易大学考研真题金融专业英语2002.docx
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1、对外经济贸易大学2002年攻读硕士学位研究生入学考试金融学院金融专业英语试题(英译中,五段,每段20分,共100分)l.What is a bank?As important as banks are to the economy as a whole and to local communities, there is much confusion about exactly what a bank is. Certainly banks can be identified by the functions (services or roles) they perform in the ec
2、onomy. The problem is that not only are the functions of banks changing, but the functions of their principal competitors are changing as well. Indeed, many financial institutions including leading security dealers, brokerage firms, mutual funds, and insurance companies arc trying to be as similar a
3、s possible to banks in (he services they offer. Bankers, in turn, are challenging these nonblank competitors by lobbying for expanded authority to offer real estate and full-service security brokerage, insurance coverage, investments in mutual funds, and many other new services.The result of many le
4、gal and regulatory changes is a state of confusion in the publics mind today over what is or is not a bank. The safest approach is probably to view these institutions in terms of what types of services the offer the public. Banks arc those financial institutions that offer the widest range of financ
5、ial services especially credit, savings, and payment services and perform the widest range of financial functions of any business form in the economy. This multiplicity of bank services and functions has led to banks being labeled u financial department store.2. The Adoption of Indirect Instruments
6、of Monetary PolicyIn the late 1970s, industrial countries began phasing out the direct instruments some of them used to operate monetary policy-including credits controls, interest rate ceilings, and sometimes directed crcdits-and began moving toward full reliance on indirect instruments, such as op
7、en market operations, rediscount facilities, and resene requirement. In more recent years, there has been also an increasing tendency for the developing countries and the economics in transition to adopt such instruments.The greater use of indirect monetary instruments can be seen as the counterpart
8、 in the monetary area to the widespread movement toward enhancing the role of price signals in the economy more generally. Both have the same objective of improving market efficiency. Perhaps even more critically, moves to indirect instruments arc taking place in an increasingly more open economic e
9、nvironment, with widespread adoption of current account convertibility. In such an environment, direct instruments have become increasingly ineffective, leading to inefficiencies and disintermediation. In the absence of indirect instruments of monetary policy, the authorities would, therefore, be un
10、able to counter any problems of excess liquidity, which would impede their efforts to stabilize the economy.3. Why banks are so heavily regulated?Why are banks so closely regulated? There are number of reasons for this heavy burden of government supervision, some of them centuries old.First, hanks a
11、rc among the leasing repositories of the publics savings especially the saving of individuals and families. While most of the publics saving are placed in relatively short-term, highly liquid deposits, banks also hold large amounts of long-term savings in individual retirement accounts (IRAs). The l
12、oss of these funds due to bank failure or bank crime would be catastrophic to many individuals and families. But, many savers lack the financial expertise and depth of information needed to correctly evaluate the riskiness of a bank. Therefore, regulatory agencies are charged with the responsibility
13、 of gathering and evaluating the information needed to assess the true financial condition of banks in order to protect the public against loss.Banks are also closely watched because of their power (o create money in (he form of readily spendable deposits by making loans and investments. Changes in
14、the volume of money created by banks appear to be closely correlated with economic conditions, especially the growth of jobs and the presence or absence of inflation.Banks are also regulated because they provide individuals and businesses with loans that support consumption and investment spending.
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