Английский язык для экономистов - Малюга Е.Н.
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Английский ЯЗЫК ДЛЯ экономистов
Electronic Money
Technological progress has also led to a new form of money: electronic cash and "smart cards." Although still in their infancies, these innovations potentially are of great significance to commercial banks, thrifts, and central banks.
Electronic money, dubbed E-cash, is simply an entry in an electronic file stored in a computer. The Internet and the widespread availability of personal computers have made it possible for individuals to use E-cash instead of checks or currency in making transactions. E-cash is deposited, or "loaded," into the account through Internet payments such as a paycheck, retirement benefit, or stock dividend. It is withdrawn, or "unloaded," from the account through Internet, easing payments to others for a wide variety of goods and services.
In the future, account holders will he able to load sums from their E-cash accounts onto so-called stored-value cards. These smart cards are plastic cards containing computer chips which store information, including the amount the consumer has loaded. The amount of each purchase or other payment is then automatically deducted from the balance in the card's memory. Consumers will be able to transfer traditional money to their smart cards through their computers or telephones or at automatic teller machines. Thus, nearly all payments could be made with a personal computer or a smart card.
C.l. Decide whether these statements are True (T) or False (F).
1. Sweeping changes in the banking industry result from the lack of competition between banks and other financial institutions.
2. Banks spur housing developments, construction of apartments and offices.
3. Recently the number of automatic teller machines have dramatically decreased.
4. After a 1996 reform banks are allowed to obtain more than one-fourth of their revenues from security transactions.
5. Competition for deposits and loan customers has become tougher as a result of the increased integration of world financial markets.
D, Vocabulary
D.I. Learn the vocabulary and make up your own sentences, sweeping changes — changes that affect many people and make
a big difference
spur (v) — to urge or encourage forcefully to work harder, perform better, etc. Unit 7. Banking
123
thr\it(n) — in the US, a savings and loan association or savings bank rate of return — the amount of profit that a particular investment will make, expressed as a percentage real estate — land or buildings
housing development — a piece of land on which houses have been built, usually close together, in a planned way
home-equity loan — an additional loan that a borrower takes out on a particular property, as a way to obtain money
down payment — the first payment made in the repayment of a large debt such as a mortgage
money market deposit account — an account held on the money market
flurry (n) — sudden confusion or excitement latitude (n) — freedom to do, say, etc. what one likes money market mutual fund — fund that invests in certificates of deposit (= money put into banks for a particular period of time), commercial paper (= money lent to companies for short periods of time), and treasury bills (= government borrowing over short period of time) rather than shares, company bonds, etc.
encroachment (n) — gradually taking more control of someone's rights, property, responsibility, etc.
undermine (v) — to weaken or destroy gradually overstate (v) — to state too strongly, making things appear better, worse, or more important than they really are
smart card — a small plastic card with an electronic chip that records and remembers information
dub (v) — to name humorously or descriptively
pay check — a check that pays someone's wages
D.2. Give English equivalents to the following words and expressions:
¦ смарт-карта; интеллектуальная карта;
¦ сберегательное учреждение (сберегательный банк или ссудо-сберегательная ассоциация);
¦ кредит, обеспеченный жилым домом по рыночной стоимости минус сумма первой ипотеки;
¦ окрестить, дать прозвище;
¦ радикальные/разительные перемены;
¦ чек на получение заработной платы;
¦ волнение; суета, суматоха; 124
Английский ЯЗЫК ДЛЯ экономистов
¦ побуждать, подстрекать;
¦ свобода; самостоятельность;
¦ жилая застройка, жилищное строительство;
¦ преувеличивать;
¦ недвижимое имущество, недвижимость;
¦ вторжение, захват (постепенный), посягательство;
¦ норма прибыли;
¦ инвестиционный фонд открытого типа;
¦ первая выплата, аванс;
¦ подрывать;
¦ депозитный счет денежного рынка.
D.3. Choose an appropriate word or expression from the box to complete the following sentences.
flurry encroachments rates of return undermine
spurred latitude home-equity loans
1. Sweeping changes in the banking industry have been ... by competition from other financial institutions.
2. Other financial institutions generally offer higher ... than do banks and thrifts.
