金融英语翻译.doc

Part 1 Money and Credit
Section 1 Money and Money Supply
I. The Functions of Money
1. Medium of Exchange or Means of Exchange

货币作为交换媒介，有效地消除了要求
需求的双重巧合和克服困难的易货贸易。钱也
促进生产效率允许人们从事他们所做的最好。
在一个经济的钱是必要的：它是一种润滑剂，使经济
运行更平稳通过降低交易成本，从而鼓励
专业化与分工。在历史上，金钱第一促进交换，
使人们从事什么适合他们大多数又出现了
在各个行业的分工，这带来了一个伟大的生产增长。在
第十九个世纪以来，西方国家通过专业化和分工的方法
在生产劳动进行了大规模的。因此，有越来越丰富
商品的人可以选择和价格大幅下降。金钱的影响
经济是巨大的。
2。帐户或标准值的单位

　　　In a barter economy, money does not perform this function as unit of account. In a barter economy, double coincidence of wants is not only hard to find, but also difficult for two traders to agree upon an exchange ratio. For example, how many pounds of apples should be exchanged for a bag of wheat? When only two goods are traded, only one exchange ratio must be determined, but as the number of goods produced in the economy increases, the number of exchange ratios grows greatly. Negotiating the exchange ratios for goods exchanges is complicated in a barter economy because there is no common measure of value. People have to determine and keep in mind numerous exchange ratios of goods. Using money as a unit of account reduces transaction costs in an economy by reducing the number of prices that need to be considered. The benefits of this function of money grow as the economy becomes more complex.
在易货经济，钱不执行该函数作为记账单位。在易货经济，需求的双重巧合不仅是很难找到，但双方同意交换比率也难。例如，多少磅苹果应该换一袋小麦？当只有两种商品的交易，只有一个交换率必须被确定，但在经济生产的商品数量增加，交换率的数量急剧上升。谈判的商品交流的交换比率是复杂的以物易物因为没有共同的价值尺度。人们已经确定并记住大量货物的交换比率。使用货币作为记账单位通过减少需要考虑价格数量降低了经济中的交易成本。金钱的这个功能的好处作为经济增长变得更复杂。
3。商店的价值

　　　A store of value is used to save purchasing power from the time when income is
一个商店的值是用来保存购买力从时间收入时
received until the time when it is spent. That means money is used to defer the time
收到直到花。这意味着钱是用来延迟时间
of exchange of goods and services. This function of money is useful because most of
商品和服务的交换。钱这个功能是有用的因为大多数
us do not want to spend our income immediately upon receiving it but to wait until
我们不希望把我们的收入立即收到它而等待
we have the time or the desire to shop.
我们有时间或意愿店。
　　　The effectiveness of money as a store of value depends on two factors: one is
金钱，作为价值存储的有效性取决于两个因素：一是
the easiness that people can get goods with money when in need of them; the other
易，人们可以得到货物的钱时，需要他们；另
is the price level because the value of money is fixed in terms of the price level. A
是价格水平，因为货币的价值是固定的价格水平。一个
doubling of all prices implies that the value of money has dropped by half;
所有的价格翻了一番意味着金钱的价值已经下跌了一半；
conversely, a halving of all prices implies that the value of money has doubled. In
相反，减半的价格意味着金钱的价值已经翻了一番。在
inflation, when the price level is increasing rapidly, money does not serve the store-
通货膨胀，当价格水平迅速增加，钱不服务商店—
of-value function well because money loses value rapidly, the purchasing power of
因为钱的价值功能价值损失迅速，购买力
money declines and people will not be willing to hold their wealth in this form. So
钱下降，人们就不愿意在这种形式持有的财富。所以
money can function as store of value only when its value is stable as an asset.
钱可以充当价值储存只有当其价值稳定的资产。
II. The Meaning and Types of Money
1. The Meaning of Money
马克思将货币作为一种特殊的商品，永久作为
general equivalent. There are prerequisites for Marx’ s definition of money in three
一般等价物。在三中有对马克思的货币定义的先决条件
aspects: first, money is a commodity with value and value in use. Only in this case
方面：第一，钱是一种具有使用价值和价值的商品。只有在这种情况下
can money play various functions; second, money has the ability to display value of
钱可以发挥不同的功能；第二，钱已经显示值的能力
goods with its own value in use, i. e. money can serve as a general equivalent;
在使用自己的价值的商品，例如：钱可以作为一般等价物；
third, money itself is a commodity with value and value in use representing general
第三，货币本身是一个具有使用价值和价值的商品占总
purchasing power, so money becomes generally accepted. Obviously, Marx’s theory is based on the system of metallic money. When discussing paper money circulation,
购买力，因此货币成为普遍接受的。显然，马克思的理论是基于金属货币制度。当讨论货币流通，
Marx explains that paper money is the representative of metallic money and is a
马克思解释说，纸币是金属货币的代表是
symbol of value and functions as money indirectly. But in modern society, money in
符号的价值和功能作为货币间接。但在现代社会中，金钱
circulation in most countries has no relation with precious metal, such as gold and
在大多数国家，循环与贵金属如金，没有关系，
silver, so Marx’s theory cannot explain this phenomenon wholly.
银，所以马克思的理论无法解释这一现象完全。
Western economists define money (or, equivalently, the money supply) as anything that is generally accepted in payment for goods or services or in the repayment of debts. Currency, which is bank notes and coins, clearly fits this definition and is one type of money. When most people talk about“money”today, they are talking about currency.
西方货币（或者，等价地，货币供应量）为任何一般是在偿还债务支付商品和服务或接受。货币，这是银行的纸币和硬币，显然符合这种定义是一种货币。当大多数人谈论“钱”的今天，他们正在讨论货币。
Therefore, to define money merely as currency is much too narrow today because besides currency, payments can also be made by the transfer of deposit balance via checks or electronic transfer system. So accepted generally in payment for purchases of goods and services or in the repayment of debts, checking account deposits are important parts of money as well. Therefore an even broader definition of money is often needed because other items such as savings deposits can in effect function as money if they can be quickly and easily converted into currency. This is also true with time deposits. They are all items that are“generally acceptable” in making payment.
因此，定义的钱仅仅是货币是因为除了货币太窄的今天，付款，也可以通过存款余额通过支票或电子传递系统传递了。所以公认为偿还债务或购买的商品和服务的支付，支票存款账户的重要组成部分的钱一样。因此，一个更广泛的定义，是因为钱常常需要其他项目如储蓄存款可以影响货币功能，如果他们可以迅速和容易地转换成货币。这也是真实与定期存款。他们是“付款普遍接受的所有项目”。
2. Types of Money
2。类型的钱
　　　Since the primitive economy, money changed from commodity money to
从原始经济，钱从商品的钱
metallic money, from metallic money to representative money, from representative
金属货币，从金属货币的代表性的钱，从代表
money to credit money and finally electronic money. In economic life, the need for
货币信用货币和最后的电子货币。在经济生活中，需要
money is so strong that almost every society, except the most primitive one, invents
钱是如此强烈，几乎每个社会，除了最原始的一种，发明
it.
它。
(1) Commodity money or money in kind
（1）实物商品货币或货币
　　　A commodity that becomes a medium of exchange is called a commodity money
一种商品，成为交换媒介称为商品货币
or money in kind, when its value in the non-money use is equal to its value as
或金钱，当在非货币的价值等于它的价值
money. The commodity money is the oldest form of money, mainly used in a barter
钱。商品货币是最古老的形式的货币，主要用于易货
economy. Take diamond for example, it can be used both as money in exchange for
经济。以钻石为例，它可以用来作为交换货币
goods and services or discharge of debts and as a general commodity in
商品和服务，或债务的清偿和一般商品
consumption, and the value of diamond as money is equal to the value of it as
消费，和钻石的价值为钱等于它的价值
general commodity. Consequently diamond becomes commodity money. In history a
一般商品。因此钻石成为商品的钱。历史中的一个
lot of commodities were used as medium of exchange, such as stones, whale teeth,
很多商品作为交换的媒介，如石头，鲸鱼的牙齿，
sandal wood, tortoise shells, rice, salt, copper, silk, leather, diamonds, etc.
檀香木，龟壳，大米，盐，铜，丝绸，皮革，钻石，等。
With development of exchange of goods, such kinds of commodity money showed
随着商品交换的发展，这样的商品货币种类显示
their shortcomings, say, some of them were very large in size and indivisible so that
他们的缺点，说，他们中的一些人在大小和不可分割的，非常大的
they could not be carried around which impeded their serving as ideal medium of
他们不能携带，阻碍了他们为理想介质
exchange; others were not stable in value which hindered them from functioning as
交换；在价值，阻碍了他们作为人是不稳定的
standard of value and store of value. In practice, over the past 4,000 years, the
的价值储存标准。在实践中，在过去的4000年中，该
predominant commodity moneys have been precious metals: mostly silver and gold,
主要商品货币已贵金属：主要是金和银，
also called full-bodied money. Full-bodied money was one of stages of commodity
也被称为浓郁的钱。酒体丰满，钱是一个阶段的商品
money. At the stage of commodity money or money in kind there were a lot of
钱。在商品货币或货币阶段类有很多
commodities functioning as money which were often changing and not fixed; at the
作为货币是经常变化的，没有固定的商品；在
stage of full-bodied money the special commodity as money centered on only one
浓郁的货币的特殊商品作为货币中心只有一个阶段
kind of commodity, which was precious metals like gold or silver. Gold and silver
一种商品，这是金或银是贵重金属。金和银
are in great demand for ornamentation because they are durable, beautiful, and can
在装饰的需求很大，因为它们是持久的，美丽的，可
be shaped. The supply of these metals is so limited so that very small amounts have
塑造。这些金属的供应是有限的，非常小的数量
great value. This makes them easy to carry around as money. Furthermore, they can
伟大的价值。这使得他们容易随身携带的钱。此外，他们可以
be refined into the pure metal rather easily, making their quality uniform. Various
被提炼成纯金属更容易，使他们的质量一致。各种
quantities can also be weighed out so that exchanges of varying values can be made.
量也可以称出这样的交流不同的值可以用。
Almost all countries have passed the stage of precious metallic money which used to
几乎所有的国家都通过了贵金属的钱用于舞台
be a perfect form of money.
是一个完美的形式的货币。
(2)Representative money
（2）代表货币
　　　Representative money or representative full-bodied money refers to paper money
代表货币或代表浓郁的钱是指纸币
fully backed by a precious metal.
由贵金属的全力支持。
　　　Representative money first emerged in Britain. During the latter part of Middle
代表货币首先出现在英国。在后一部分中
Ages the earliest forerunners of private banks—Goldsmiths themselves had massive
年龄最早的先驱金匠自己庞大的私人银行
vaults and secure facilities for the safeguard of their precious metals. Thus
他们对贵金属的拱顶和安全设施的维护。因此，
individuals owning gold or other precious metals without secure facilities for their
个人拥有的黄金或其他贵金属无安全设施的
safeguar
维护
3。现代货币的延伸

　　　In an economy exist various kinds of money, not only currency. Money supply
在经济中存在着各种各样的钱，不仅货币。货币供应
refers to the collection of all kinds of money in an economy. Money issued in the
指一个经济的各种货币收藏。发出的钱
form of currency is only one part of money supply. So each country employs fairly
形式的货币，是货币供应的一部分。因此各个国家采用的比较
standard measures of money that include the volume of currency in circulation and
标准措施的货币包括流通中的货币量和
the volume of deposits at any point of time. Typically, several measures of money
在任何时间点的存款量。通常，钱的几项措施
are reported, differentiated by the types of deposits ( and close substitute for
据报道，在矿床类型和分化（代替
deposits) they include. One measure of money is known as narrow measure
他们包括存款）。一项被称为狭义货币
including currency and demand deposits used for everyday expenditures. Broader
包括现金和活期存款，用于日常开支。广泛的
measures of money add time deposits, savings account and certain other financial
措施的钱增加定期存款，储蓄账户和某些其他金融
assets. It is liquidity of money that is the most helpful in dividing our measures of
资产。这是资金的流动性，分离我们的措施的最有帮助的
the money supply.
货币供应。
（1）The general measure of money supply
（1）货币供给的一般措施
　　　Each country publishes several different measures of money supply to show the effects on economy. For example, money in circulation is defined as follows:
每个国家出版了几种不同的货币供应措施表现出对经济的影响。例如，流通中的货币的定义如下：
a. The narrow measure of money supply: M0 and M1
答：货币供给的狭义：M0和M1
　　　M0 is the currency or cash in circulation including bank notes and coins. M0 is
M0是流通中的纸币和硬币包括货币或现金。M0
also called base money that measures the quantity of currency issued by the central
也被称为基础货币的措施，由中央货币发行量
bank.
银行。
　　　　　　　　　　　M1 = M0 + Dd
M1，M0 + DD
　　　M1 comprises those assets which are themselves acceptable in exchange and
M1包括这些资产本身是可以接受的交换
normally held with the intention of spending them in the immediate future. M1
有意向的花费在不久的将来举行正常。M1
includes M0, plus Dd—checkable or demand deposits at banks. M1 measures
包括M0，加上DD支票或银行活期存款。M1的措施
transaction balances.
交易余额。
（2）The broader measure of money supply: M2 and M3
（2）货币供应M2和M3更广泛的措施：
　　　Although traditionally the majority of economists have preferred the M1 money
虽然传统上，大多数经济学家都喜欢货币
supply measure, others have preferred the broader measure of money supply. If one
供应量，其他人的首选货币供给的更广泛的措施。如果一个
is inclined to emphasize the store-of-value function of money rather than the
倾向于强调金钱的价值功能的存储区而不是
medium-of-exchange function, broader measures are appropriate.
交换功能的媒体，更广泛的措施是适当的。
　　　　　　　　　　　M2 = M1 + Ds + Dt
M2 = M1 + DS + DT
　　　M2 is a broader measure of purchasing power than M1. It includes all of M1
M2比M1更大的购买力的措施。它包括所有的M1
plus savings deposits and time deposits at banks. They are of highly liquid financial
加上在银行储蓄存款和定期存款。他们是高流动性的金融
assets. Most of these components of M2 are assets that provide their owners with a
资产。大多数这些组件M2的资产，提供他们的业主提供一个
higher rate of return than M1 components would. If the store-of-value function rather
比M1的部件将高回报率。如果价值函数的商店而
than the medium-of-exchange function of money is emphasized, broader measures
比金钱交换功能中强调的是，更广泛的措施
are appropriate.
是适当的。
　　　M3 = M2 + short-term government securities + commercial paper + life
M3 M2 +短期政府债券+商业票据+生活
　　　 Insurance policies
保险政策
　　　M3 here is the broadest measure of money that is available to the public. It
M3这里是钱的最广泛的措施，都是向公众开放。它
contains a variety of liquid assets based on M2, including the public’s holding of
含有多种基于M2的流动资产，包括公众持有的
short-term government securities, commercial paper, etc. All of these represent
短期政府债券，商业票据，所有这些代表等。
stored purchasing power of their owners and are thus potentially related to economic
存储他们的购买力和业主是经济因此可能相关
activities.
活动。
　　　Though money is defined as M1, M2, M3 worldwide, the IMF only calls M1 money, the other part in M2 beyond M1 quasi-money or near money. Money is so
虽然钱是定义为M1，M2，M3在世界范围内，国际货币基金组织称货币，另一部分在M1 M2准货币或附近的钱。钱是如此
defined because in the highly developed financial society, there are various financial
定义由于在金融发达的社会，有各种各样的金融
assets, among which savings deposits and time deposits have a certain degree of
资产，其中储蓄存款及定期存款中有一定程度的
liquidity. Holding savings deposits and time deposits are basically the same as
流动性。持有储蓄存款及定期存款基本上都是一样的
holding demand deposits as savings deposits and time deposits can be withdrawn
持有的活期存款和定期存款可以撤回
ahead of time though they can be cashed with checks.
提前，虽然他们可以兑现的支票。
　　　The reason why so many measures of money is defined is that economists have
为什么钱那么多的措施是明确的是，经济学家们
different opinions as to which measure is most consistently related to spending and
不同意见，措施是最相关的支出和
other economic activity and that the central banks can monitor the operation of
其他的经济活动，中央银行可以运行监测
macro-economy and conduct monetary policies. Since the middle-1970s when the
宏观经济和货币政策的行为。由于middle-1970s时
quantity of money supply instead of interest rates is seen as intermediate policy
而不是利率，货币供应量作为中间政策
target in some countries, the measuring of different levels of money supply has had
在一些国家目标，不同层次的货币供应量有
special meaning for policy operation, for example, when monetary authorities
例如，政策操作，特殊的意义，当货币当局
discuss how to control the target of money supply, they should be clear about
探讨如何控制货币供应量的目标，他们应该清楚
controlling which level of money supply and the difference between this level and
控制货币供应量和水平之间的差距
other levels of money supply. What’s more, they should answer such a question as
其他层次的货币供应量。更重要的是，他们要回答这样一个问题
to what extent the control of money supply can work. Otherwise, the formulation of
到什么程度，货币供给的控制工作。否则，制定
policy would be out of the question. Even if there were some policies drawn about
政策会出问题。