English Reader. Мишустина В.Д. - 43 стр.

     11.1.4 Просмотрите текст и найдите предложения со следующими словами
и словосочетаниями, попытайтесь перевести эти предложения без словаря:

     In most cases; The international capital markets; These debt instruments; to pay
a higher interest rate; machinery and buildings; borrowers and lenders; the World
Bank; in the international global economy.

      Текст
      Instead of borrowing money directly from a bank, governments and other credit-
worthy borrowers such as companies and international agencies often use the world's
capital markets to borrow money by issuing bonds and other debt instruments. In
most cases, this allows them to raise funds at a lower cost than by borrowing directly
from the bank.
      The international capital markets are used for issuing and trading the world's
securities, pieces of paper representing value that could be anything from a bond to a
financial future. There is no one specific center for capital market trading, but a series
of electronically linked banks and trading floors located in cities all over the world,
from Tokyo and Singapore to London and New York, to name just a few. These
capital markets serve one purpose: they transfer money from those who have it to
those who need it and are willing to pay a price to get it.
      These debt instruments can then be bought and sold just like any other
commodity on the international markets. The price borrowers pay for money is its
interest rate, which is determined by supply and demand. When there is a shortage of
money to lend, borrowers have to pay a higher interest rate. When money is plentiful,
interest rates decline.
      Capital, accumulated wealth, forms the basis for all economic activity in market
- oriented, or capitalist, societies. Capital markets, therefore, should not be confused
with the machinery and buildings, also called capital, which a company uses to
produce goods and services.
      The international capital markets bring together borrowers and lenders from
around the world. Investors in the world's capital markets can be as large as a British
government employee pension fund or as small as a Swiss farmer with a securities
account at the local bank. Borrowers, including corporations, institutions, and
governments - the World Bank, or the Kingdom of Sweden - turn to the world capital
markets on a daily basis.
      When a Swiss investor buys bonds of the African Development Bank or a
Japanese pension fund invests in Australian government bonds, money is transferred
from one part of the world to another where it can be used for development or
growth. In the interlinked global economy, savings need not be kept under a mattress,
but can be invested through international capital markets to be used productively
throughout the world.

     11.1.5 Переведите текст на русский язык, используя словарь.



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