资源简介：对外经济贸易大学金融学院金融专业英语2002年(含答案)考研真题考研试题    

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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）
1.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 economy. 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 as possible to banks in the 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 legal and regulatory changes is a state of confusion in the public’s 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 are those financial institutions that offer
the widest range of financial 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“financial department store”.
2. The Adoption of Indirect Instruments of Monetary Policy
In 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 credits-and began moving toward full reliance on indirect instruments, such as open
market operations, rediscount facilities, and reserve requirement. In more recent years, there has
been also an increasing tendency for the developing countries and the economies in transition to
adopt such instruments.
The greater use of indirect monetary instruments can be seen as the counterpart 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 are taking place in an increasingly more open
economic environment, 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 unable 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, banks are among the leasing repositories of the public’s savings especially the saving of
individuals and families. While most of the public’s 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 loss 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

 

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