金融英语1学习教材.docx
- 文档编号:7988939
- 上传时间:2023-01-27
- 格式:DOCX
- 页数:26
- 大小:90.36KB
金融英语1学习教材.docx
《金融英语1学习教材.docx》由会员分享,可在线阅读,更多相关《金融英语1学习教材.docx(26页珍藏版)》请在冰豆网上搜索。
金融英语1学习教材
Part1MoneyandCredit
Section1MoneyandMoneySupply
I.TheFunctionsofMoney
1.MediumofExchangeorMeansofExchange
Moneyasamediumofexchangeeffectivelyeliminatestherequirementof
doublecoincidenceofwantsandovercomesthedifficultyofbarter.Moneyalso
promotesproductionefficiencybyallowingpeopletospecializeinwhattheydobest.
Moneyisthereforeessentialinaneconomy:
Itisalubricantthatallowstheeconomy
torunmoresmoothlybyloweringtransactionscosts,therebyencouraging
specializationanddivisionoflabor.Inhistory,moneyfirstfacilitatedexchange,
whichmadeitpossibleforpeopletoengageinwhatfitthemmostandthenappeared
divisionoflaborineachtrade,whichbroughtaboutagreatgrowthofproduction.In
19thcentury,westerncountriesadoptedthemethodofspecializationanddivisionof
laborintheirproductiononalargescale.Asaresult,therewereincreasinglyample
goodspeoplecouldchooseandpricedroppedgreatly.Theimpactofmoneyon
economywasenormous.
2.UnitofAccountorStandardofValue
Inabartereconomy,moneydoesnotperformthisfunctionasunitofaccount.Inabartereconomy,doublecoincidenceofwantsisnotonlyhardtofind,butalsodifficultfortwotraderstoagreeuponanexchangeratio.Forexample,howmanypoundsofapplesshouldbeexchangedforabagofwheat?
Whenonlytwogoodsaretraded,onlyoneexchangeratiomustbedetermined,butasthenumberofgoodsproducedintheeconomyincreases,thenumberofexchangeratiosgrowsgreatly.Negotiatingtheexchangeratiosforgoodsexchangesiscomplicatedinabartereconomybecausethereisnocommonmeasureofvalue.Peoplehavetodetermineandkeepinmindnumerousexchangeratiosofgoods.Usingmoneyasaunitofaccountreducestransactioncostsinaneconomybyreducingthenumberofpricesthatneedtobeconsidered.Thebenefitsofthisfunctionofmoneygrowastheeconomybecomesmorecomplex.
3.StoreofValue
Astoreofvalueisusedtosavepurchasingpowerfromthetimewhenincomeis
receiveduntilthetimewhenitisspent.Thatmeansmoneyisusedtodeferthetime
ofexchangeofgoodsandservices.Thisfunctionofmoneyisusefulbecausemostof
usdonotwanttospendourincomeimmediatelyuponreceivingitbuttowaituntil
wehavethetimeorthedesiretoshop.
Theeffectivenessofmoneyasastoreofvaluedependsontwofactors:
oneis
theeasinessthatpeoplecangetgoodswithmoneywheninneedofthem;theother
isthepricelevelbecausethevalueofmoneyisfixedintermsofthepricelevel.A
doublingofallpricesimpliesthatthevalueofmoneyhasdroppedbyhalf;
conversely,ahalvingofallpricesimpliesthatthevalueofmoneyhasdoubled.In
inflation,whenthepricelevelisincreasingrapidly,moneydoesnotservethestore-
of-valuefunctionwellbecausemoneylosesvaluerapidly,thepurchasingpowerof
moneydeclinesandpeoplewillnotbewillingtoholdtheirwealthinthisform.So
moneycanfunctionasstoreofvalueonlywhenitsvalueisstableasanasset.
II.TheMeaningandTypesofMoney
1.TheMeaningofMoney
Marxdefinesmoneyasaspecialcommoditythatpermanentlyservesasa
generalequivalent.ThereareprerequisitesforMarx’sdefinitionofmoneyinthree
aspects:
first,moneyisacommoditywithvalueandvalueinuse.Onlyinthiscase
canmoneyplayvariousfunctions;second,moneyhastheabilitytodisplayvalueof
goodswithitsownvalueinuse,i.e.moneycanserveasageneralequivalent;
third,moneyitselfisacommoditywithvalueandvalueinuserepresentinggeneral
purchasingpower,somoneybecomesgenerallyaccepted.Obviously,Marx’stheoryisbasedonthesystemofmetallicmoney.Whendiscussingpapermoneycirculation,
Marxexplainsthatpapermoneyistherepresentativeofmetallicmoneyandisa
symbolofvalueandfunctionsasmoneyindirectly.Butinmodernsociety,moneyin
circulationinmostcountrieshasnorelationwithpreciousmetal,suchasgoldand
silver,soMarx’stheorycannotexplainthisphenomenonwholly.
Westerneconomistsdefinemoney(or,equivalently,themoneysupply)asanythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.Currency,whichisbanknotesandcoins,clearlyfitsthisdefinitionandisonetypeofmoney.Whenmostpeopletalkabout“money”today,theyaretalkingaboutcurrency.
Therefore,todefinemoneymerelyascurrencyismuchtoonarrowtodaybecausebesidescurrency,paymentscanalsobemadebythetransferofdepositbalanceviachecksorelectronictransfersystem.Soacceptedgenerallyinpaymentforpurchasesofgoodsandservicesorintherepaymentofdebts,checkingaccountdepositsareimportantpartsofmoneyaswell.Thereforeanevenbroaderdefinitionofmoneyisoftenneededbecauseotheritemssuchassavingsdepositscanineffectfunctionasmoneyiftheycanbequicklyandeasilyconvertedintocurrency.Thisisalsotruewithtimedeposits.Theyareallitemsthatare“generallyacceptable”inmakingpayment.
2.TypesofMoney
Sincetheprimitiveeconomy,moneychangedfromcommoditymoneyto
metallicmoney,frommetallicmoneytorepresentativemoney,fromrepresentative
moneytocreditmoneyandfinallyelectronicmoney.Ineconomiclife,theneedfor
moneyissostrongthatalmosteverysociety,exceptthemostprimitiveone,invents
it.
(1)Commoditymoneyormoneyinkind
Acommoditythatbecomesamediumofexchangeiscalledacommoditymoney
ormoneyinkind,whenitsvalueinthenon-moneyuseisequaltoitsvalueas
money.Thecommoditymoneyistheoldestformofmoney,mainlyusedinabarter
economy.Takediamondforexample,itcanbeusedbothasmoneyinexchangefor
goodsandservicesordischargeofdebtsandasageneralcommodityin
consumption,andthevalueofdiamondasmoneyisequaltothevalueofitas
generalcommodity.Consequentlydiamondbecomescommoditymoney.Inhistorya
lotofcommoditieswereusedasmediumofexchange,suchasstones,whaleteeth,
sandalwood,tortoiseshells,rice,salt,copper,silk,leather,diamonds,etc.
Withdevelopmentofexchangeofgoods,suchkindsofcommoditymoneyshowed
theirshortcomings,say,someofthemwereverylargeinsizeandindivisiblesothat
theycouldnotbecarriedaroundwhichimpededtheirservingasidealmediumof
exchange;otherswerenotstableinvaluewhichhinderedthemfromfunctioningas
standardofvalueandstoreofvalue.Inpractice,overthepast4,000years,the
predominantcommoditymoneyshavebeenpreciousmetals:
mostlysilverandgold,
alsocalledfull-bodiedmoney.Full-bodiedmoneywasoneofstagesofcommodity
money.Atthestageofcommoditymoneyormoneyinkindtherewerealotof
commoditiesfunctioningasmoneywhichwereoftenchangingandnotfixed;atthe
stageoffull-bodiedmoneythespecialcommodityasmoneycenteredononlyone
kindofcommodity,whichwaspreciousmetalslikegoldorsilver.Goldandsilver
areingreatdemandforornamentationbecausetheyaredurable,beautiful,andcan
beshaped.Thesupplyofthesemetalsissolimitedsothatverysmallamountshave
greatvalue.Thismakesthemeasytocarryaroundasmoney.Furthermore,theycan
berefinedintothepuremetalrathereasily,makingtheirqualityuniform.Various
quantitiescanalsobeweighedoutsothatexchangesofvaryingvaluescanbemade.
Almostallcountrieshavepassedthestageofpreciousmetallicmoneywhichusedto
beaperfectformofmoney.
(2)Representativemoney
Representativemoneyorrepresentativefull-bodiedmoneyreferstopapermoney
fullybackedbyapreciousmetal.
RepresentativemoneyfirstemergedinBritain.DuringthelatterpartofMiddle
Agestheearliestforerunnersofprivatebanks—Goldsmithsthemselveshadmassive
vaultsandsecurefacilitiesforthesafeguardoftheirpreciousmetals.Thus
individualsowninggoldorotherpreciousmetalswithoutsecurefacilitiesfortheir
safeguard,broughtthemtotheGoldsmithsinexchangefortheGoldsmiths’receipts
orIOUs.Itwasoftenmoreconvenienttoconductatransactionbysigningoverthe
receiptsratherthanhandingoverthegolditself.AsthereceiptsorIOUsthen
circulatedfreelytheybecamethefirstrepresentativefull-bodiedmoney.
Laterbankerswentintotheloanbusiness,lendingeithergolditselforissuing
additionalreceiptsornotes.Insodoingthebankersissuednotesformoregoldthan
theyactuallyhadintheirvaults.Thispracticenotonlyrepresentsoneoftheearliest
examplesofcreditmoneybutalsodescribestheoriginsofmodernfractionalreserve
systemofcommercialbankingandmoneycreation.Later,governmentsalsoissued
moneyintheformofpapertorepresentcertainquantitiesofgoldorsilverkepton
depositbythegovernmenttobacksuchpaperandalsoregulatedtheissuanceof
papermoneybybanks.
Thegeneralacceptanceofpapermoneyasameansofexchange,withno
intentionofredeemingitforthepreciousmetalsbehindit,madeitpossibleforthe
issuanceofpapermoneywithnosuchbacking.What’smore,thedownfallofthe
goldstandardorthesilverstandardinwesterncountriesin1930sbecauseof
economicandfinancialcrisisstoppedtheexchangeofpapermoneyformetals.Then
themajorwesterncountrieshadtobreakawayfromthemetalstandard,thuspaper
moneycouldbeconvertedintogoldnomore.Hencerepresentativemoneyexited
circulationandcreditmoneyemerged.
(3)Creditmoney
Creditmoneyisakindofcreditcertificatethatservesasmeansofexchangeand
meansofpaymentincirculationanddoesnotconsistoforrepresentaspecific
valuablecommodity.Thevalueofcreditmoneydependsonitsgeneralacce
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 金融 英语 学习 教材