金融英语-4-Economics and trade

发布时间:2021-08-05 05:03:13

Part 4 Economics and trade
?4.1 International trade ?4.2 Exchange rates ?4.3 Financing international trade ?4.4 Incoterms ?4.5 Insurance ?4.6 The business cycle ?4.7 Taxation ?4.8 Business plans

4.1 International trade
?Free trade(自由贸易) is the trade all over the word without any barriers when they cross frontiers. ?Comparative cost principle(比较优势原则) is that countries produce whatever they can to make the most cheaply. ?If countries specialize in the production of the goods and services in which they have the highest relative productivity(生产力), they can get wealth and raise the nation’s living standards(生活水*).

?Absolute advantage(绝对优势): an ability to produce the cheapest goods in the world. ?Comparative advantage(比较优势): an ability to produce certain goods or services more efficiently than the other countries.
? Raw materials, a particular climate, qualified labor; ? Economies of scale: reduced production costs because of large-scale production.

4.1.1 balance of payments
?Imports(进口) are goods or services bought from a foreign country. ?Exports (出口) are goods or services sold to a foreign country. ?If the exports of goods are more than imports, the country has a positive balance of trade, or the country is in a trade surplus (贸易顺差). ?The opposite is a negative balance of trade, or a trade deficit (贸易逆差).

?Trade in goods is called visible trade(有形 贸易). ?Services such as banking, insurance and tourism are called invisible(无形) imports and exports. ?Adding invisibles to the balance of trade gives a country’s balance of payments(国 际收支*衡表).

4.1.2 Protectionism
?Protectionism(保护主义) is a kind of government activity to restrict imports in order to help local products. The protection include:
? Agriculture; ? Some strategic industries, which would be necessary if there was a war and international trade became impossible. ? Other industries that provide a lot of jobs.

?However, the World Trade Organization (WTO,世界贸易组织) tries to encourage free trade and reduce protectionism. According to the WTO agreements,
? The only way allowed to protect the native economy is to impose tariffs(关税) or import taxes on goods from abroad; ? Countries should offer the same conditions to all trading partners; ? Countries should not use import quotas(配额); ? Forbid dumping(倾销)--goods price is lower than the cost to weaken competitors’ strength

4.2 Exchange rates
?An exchange rate is the price at which one currency can be exchanged for another. ?In theory, exchange rates should be in accord with purchasing power parity (PPP, 购买力*价理论). ?If the price level in a country increases because of inflation, its currency should depreciate(贬值).

4.2.1 Fixed and floating rates
?For 25 years after World War Ⅱ, the levels of most major currencies were determined by governments. ?They were fixed or pegged against the US dollar(与美元挂钩), and the dollar was pegged against gold (与*鸸夜常. ?It was ended in 1971, because of the following inflation in the USA, the Federal Reserve did not have enough gold to guarantee the American currency.

?Today, a country can fix its value to another country’s currency. ?A country can fix its currency to a “basket” of other currencies.
? Same as diversifying a portfolio (Not putting all your eggs in one basket) ? Special Drawing Right (SDR):A basket of four major world currencies. ?Governments attempt to keep the value fixed for relatively long periods of time to reduce trade uncertainties.

?Floating exchange rates means that exchange rates are determined by people buying and selling currencies in the foreign exchange markets. ?Freely floating exchange rate(自由浮动): fully determined by market forces: the level of supply and demand. ?with government’s intervention

4.2.2 Government intervention
?Managed floating exchange rates(有管理 的浮动汇率制): Governments and central banks sometimes intervene in exchange markets, using foreign currency reserves to buy their own currency—in order to raise its value-or selling to lower it. ?However, speculators also have a lot of money in its reserve of foreign currency to influence exchange rates.

?Exercises ?Page 95 ?44.1

4.3 Financing international trade
?4.3.1 Documentary credits ?Payment for imported products is usually by documentary credit, also called a letter of credit(信用证). ?It’s a written promise(书面承诺) by a bank to pay a certain amount to the seller, within a fixed period, when the bank receives instructions from the buyer.

?Documentary credits have a standard form(标准格式), which usually contains:
? A short description of the goods; ? A list of shipping documents required to obtain payment; ? A final shipping date ? A final date for presenting the documents to the bank.

4.3.2 Bills of exchange
?A bill of exchange, or draft is another method of payment. ?It’s a payment demand(付款命令), written or drawn up by an exporter, instructing an importer to pay a specific sum of money at a future date. ?A bank may agree to endorse or accept(承 兑) a bill of exchange before it matures. ?To endorse a bill is to guarantee(保证) to pay it if the buyer of goods does not.

?If a bill is endorsed by a well-known bank, the bearer(持有者) can sell it at a discount in the financial markets to get most of the money back in advance. ?When the bill matures, the buyer receives the full amount.

4.3.3 Export documents
?Exporters have to prepare a number of documents to go with the shipment(运输) or transportation of goods. ?The commercial invoice (商业发票) ?The bill of lading (提单) ?The insurance certificate (保险单) ?The certificate of origin (原产地证书) ?Quality and weight certificates (检验证书) ?An export licence (出口许可证)

4.4 Incoterms
?Incoterms(贸易术语): short for international commercial terms(国际贸易条 件), established by the international chamber of commerce(国际商会) to sate the responsibility of the buyer and the seller for some additional costs(附加费用), such as the shipment, documentation, customs clearance(清关费用).

4.4.1 The E and F terms
?EXW, Ex Works(工厂交货), means the buyer collects the goods at the seller’s own premises(工厂). ?FCA, Free Carrier 货交承运人 ?FAS, Free Alongside Ship 货交船边 ?FOB, Free On Board 货交甲板

4.4.2 The C and D terms
?Used only for ocean freight:
? CFR, Cost and Freight 成本加运费 ? CIF, Cost, Insurance and Freight 成本、保 险加运费

?Used for air and land freight:
? CPT, Carriage Paid To 运费付至 ? CIP, Carriage and Insurance Paid To运费保 险付至

?DAF, Delivered At Frontier, 货交边境 ?Goods delivered by ship:
? DES, Delivered Ex Ship, 货交船上 ? DEQ, Delivered Ex Quay, 货交码头

?Goods go through customs:
? DDU, Delivered Duty Unpaid 买方付税 ? DDP, Delivered Duty Paid 卖方付税

?Exercises ?Page 99 ?46.1

4.5 Insurance
?4.5.1 Insuring against risks ?Insurance(保险) is protection against possible financial losses (损失), with the premiums (保险费) paid to insurance company. ?The Insurance policy (保险单) promises that the company will pay you if you suffer loss of or damage to property (财产 损坏), or sickness (疾病) or personal injury (受伤).

?The areas of insurance: ? Theft(偷窃) -- someone stealing the goods ? Damage from fire or other natural disasters (自然灾害) such as floods,
earthquakes and hurricanes.

?If the property is stolen or damaged, the policy holder can make a claim (申请理赔) for the losses. ?Then the insurer will indemnify or compensate(赔偿) according to the fact.

4.5.2 Life insurance and saving
?Life insurance (人寿保险) will pay an agreed sum to someone else, for example your husband or wife, if you die before a certain age. ?Life insurance is also used for a save (储 蓄) for the future as a pension plan, which has the function of tax shelters (避税).

4.5.3 Insurance companies
?Insurance companies have to invest the money they receive from premiums. Like pension funds, they are large institutional investors that invest huge sums in securities, especially low-risk ones like government bonds. ?If Insurance companies consider they have underwritten(承保) too many risks, they can sell some of their risk to reinsurance company(再保险公司).

4.6 The business cycle
?4.6.1 Expansion and contraction ?Business cycle(商业周期) refers to the periods followed by the up and down of consumption(消费), investment and unemployment (失业率).

?Upturn, or upswing (好转) : a period during which economic activity increases and the economy is expanding. ?If it lasts a long time, it is called a boom(繁 荣). ?The highest point of the business cycle is a peak (顶点), which is followed by a downturn (低迷时期), during which the amount of economic activity decreases.

?If the economy keeps contracting for more than six months, the downswing is called a recession (不景气). ?A serious, long-lasting recession is called a depression or a slump (衰退). ?The lowest point of the business cycle is a trough (底点), which is followed by a recovery (恢复期), when economic activity increases again, and a new cycle begins.

4.6.2 Fiscal policy
?Fiscal policy (财政政策) involves changing the levels of government expenditure(政府 支出) and taxation(税收) to try to limit the extent of the business cycle. ?Reflationary fiscal policy(扩张财政政策) is made to stimulate the economy(刺激经济) when the economy moves into a recession.
? Increase the government spending ? Cut levels of direct or indirect tax.

?A deflationary fiscal policy(紧缩的财政政策) is made to cool down(给…降温) the economy when the industry is working at full capacity(满负荷) and producing as much as it possibly can. ?The measures:
? raise tax rates ? cut government expenditure

?To reduce the level of demand in the economy and helps to reduce inflation.

4.6.3 Monetary policy
?A monetary policy (货币政策) is made to boost the economy when the economy is in a downturn, or slow it down when the economy is overheated(过热).
? Change the discount rate of short-term funds that is lent to commercial banks. ? Change commercial banks’ reserve-asset ratio. ? Buy or sell T-bills in open-market operations(公开市场业务) with commercial banks.

?A political business cycle(政治商业周期): a cycle that will be at a high point at the time of the next election. ?Governments can do this by beginning their periods of office with a couple of years of policies designed to stop the economy from growing, followed by tax cuts and monetary expansion in the two years before the next election. This policy sometimes called boom and bust(繁荣与萧 条循环政策).

4.7 Taxation
?4.7.1 Direct taxes ?Governments finance most of their expenditure by taxation. ?Direct taxes are collected by the government from the income of individuals and businesses.
? Income tax(个人所得税), for Individuals on their wages or salaries, and other money they receive. ? Capital gains tax (资本收益税), on profits made from the sale of assets such as stocks or shares, which is lower than income tax.

? A capital transfer tax, usually imposed on inherited money or property, which is also named inheritance tax or estate tax. ? Corporation tax, paid by companies on their profits. ? National insurance tax, used to finance social security spending—unemployment pay, sick pay

4.7.2 Indirect taxes
?Indirect taxes are levied on the production or sale of goods and services.
? Value-added tax(商品增值税), which is added to the final price by the consumer. ? Sales taxes(营业税), collected by the retailers, levied on the retail price of goods. ? Excise taxes(附加税), additional sales taxes on commodities like tobacco products, alcoholic drinks and petrol. ? Tariffs

4.7.3 Non-payment of taxes
?Some employers give their staff advantages instead of taxable money, called perks, such as company cars and free health insurance, to reduce the amount of income tax. ?Tax avoidance(避税), is to use legal methods to minimize your tax burden(税收负担).
? Loopholes(钻空子):ways of getting around the law; ? Tax evasion(逃税): using illegal methods

4.8 Business plans
?4.8.1 Market opportunities ?Business plans begin with an Executive Summary, to explain your brilliant idea for some new areas.
? What sort of company it is ? What the product or service is, and what is special about it ? Who the managers are ? How much money you need, and what you will use it for

4.8.2 Company, product, market
?The first chapter describes the company today, and the plans for the future. ?The second chapter focuses on the benefits or advantages for customers. ?The chapter on the market gives details about your marketing strategy(市场战略), including sales tactics(销售策略) and sales promotions(销售途径). ?The chapter on the management team gives details about the most important staff.

4.8.3 The financial analysis
?This part describes why the business needs funds, and gives sales forecasts(销 售预测), projected or expected financial statements, and projections(计划) for future income. ?Various appendices(附录) can come at the end of the business plan, including the curriculum vitae (CV, 简历) of each top managers and promotional materials for your products.


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