Деньги - Money. Невежина С.Б - 54 стр.

       4. The period for which the money is borrowed is long. The           strength or weakness of balance of payments position in the economy
possibility for the loan to be repaid is small.                             in question.
       5. Minimum wages for workers with little human capital are                  Most currencies have continued to float although there have been
high. It often actually results in unemployment for those workers.          exceptions. Fixed exchange rates are known to have been imposed on
                                                                            a limited basis, as in the European Community.
      7. Прочитайте и ответьте на вопросы.                                         Nowadays, fixed exchange rates are believed to be preferred to
        1. Before 1999 the Common Market (Общий рынок) member               floating ones, since they are said to provide more convenient and less
states had the common currency called ECU (European Common                  risky conditions for foreign trade.
Unit). In 1999 the Common Market introduced a new currency, –                      What systems of determining exchange rates can you name?
Euro, – used temporally only in bank operations. Euro was more                     Which of them is preferred now? Why?
expensive than US dollar in January 1999. Since 2003 Euro is expected
to be used not only in the banks.                                                 8. Определите, в каких значениях употреблено слово
        What do you know about the history of the European common           for. Переведите предложения на русский язык.
currency?                                                                          1. Information resources are too scarce (скудный) for statistics
        2. The International Monetary Fund (IMF) is expected to expand      to avoid (избегать) compromises.
international trade, stabilize exchange rates, and help countries having           2. Smaller firms have for some time been believed to be at a
temporary balance of payments difficulties maintain their exchange          disadvantage compared with large firms when they need to borrow.
rates. The IMF supplies the member country with the amount of foreign              3. Present-day economists do not distinguish profit from rent,
currency it wishes to purchase in exchange for the equivalent amount        for they think capital to comprise various kinds of property, land in
of its own currency. The member country must repay the amount buying        particular.
back its own currency with a currency accepted by the Fund, usually                4. Many economists specialize in a particular branch of the
within three to five years.                                                 subject, for instance, urban economics studies city problems, land use,
        How does the IMF help maintain exchange rates of its member         transport and housing.
countries' currencies?                                                             5. People can hold money (держать деньги в наличности или
                                                                            на расчетном счете в банке) to finance some future purchase without
       3. Up to the 1970s the IMF used a fixed exchange rate system         loss of purchasing power, for money serves as a store of value.
which is a means for synchronizing and coordinating the exchange
rates of member countries. The exchange rate of a currency is fixed               Block 8
against other countries' currencies, for instance, one US dollar = 260            THE ROLE OF MONEY15
Japanese yen. When fixed, the exchange rate is expected to be
maintained over long periods, though countries may also choose to                 READING ONE
devalue or revalue their currencies.
       In the early 1970s, however, a weakening of the US dollar made a            All values in the economic system are measured in terms of
large number of currencies 'float' (плавать) to provide a greater degree    money. Our goods and services are sold for money, and that money is
of exchange rate flexibility (гибкость). With a floating exchange rate      in turn exchanged for other goods and services. Coins are adequate for
system, the value of each country's currency in terms of other currencies   small transactions, while paper notes are used for general business.
was determined by supply of and demand for it depending on the              here is additionally a wider sense of the word 'money', covering
                                                                            anything which is used as a means of exchange, whatever form it may

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