Английский язык. Практический курс для решения бизнес-задач

3. International Finance Corporation (IFC) – Международная финансовая корпорация (МФК)

4. Gross National Product (GNP) – валовой национальный продукт (ВНП)

5. per capita – на душу населения

6. devaluation n – девальвация, обесценение

devalue v – обесценивать

7. contagion n – заражение (риск распространение финансового кризиса из одной страны в другую или риск того, что проблемы дочерних компаний перекинутся на материнскую)

8. default n – дефолт, невыполнение денежных обязательств, неплатеж, отказ от уплаты долга

defaulter n – сторона, не выполняющая обязательства, неплательщик, банкрот

default v – объявлять дефолт

9. systemic risk – системный риск

10. bull market – рынок «быков»

11. S&P 500 index – индекс 500 акций «Стэндард-энд-Пурс»

12. bubble n – пузырь (ситуация, когда конъюнктура поднимается до уровня, не имеющего объективной основы)

13.outlook n – вид, перспектива, вид на будущее, прогноз

14. downturn n – начало спада деловой активности или спада на рынке

15. risk premium – премия за риск

16. Morgan Stanley Capital International (MSCI) – Международные индексы капитала банка «Морган Стэнли»

17. pivot n – основа, опора

pivotal a – основной, опорный

18. policymaker n – лицо, разрабатывающее или претворяющее в жизнь политику

19. saving n

– зд. сбережение

save v – зд. сберегать

20. fiscal policy – финансовая политика (бюджетная и налоговая)

21. monetary policy – денежно-кредитная и в некоторых случаях валютная политика

22. fundamental n – фундаментальный (базовый) фактор

fundamental a – фундаментальный

23. current account – текущий платежный баланс, текущий счет

24. propensity n – склонность

Exercise 1. Answer the following questions.

1. What are the emerging markets? 2. What were the main trends in their development over the last two decades? 3. Why are the emerging market equities attractive for investors? 4. What emerging economies have the potential for strong growth? 5. What are the prospects of the emerging markets volatility? 6. What long-term economic and political developments may be laying the foundation for sustainable performance from the emerging markets? 7. Why could free markets stimulate the development of the emerging economies? 8. What are the long-term fundamental positive factors in the emerging markets’ development?

Exercise 2*. Find terms in the text that match definitions given below and make sentences with each term.

1. a period of time during which stock market prices are rising

2. that part of the balance of payments recording current, i.e. non-capital, transactions

3. failure to make payments or repayments of interest or principal on the due date

4. security markets in newly industrialized countries with capital markets at an early stage of development

5. the process of opening and integrating markets across national borders

6. the private-sector lending arm of the World Bank

7. the policy of a government or central bank in monetary affairs, having regard to broad goals such as economic growth and restraint of inflation

8. a situation where problems in any one financial institution or market may spread, widely endangering the whole system

9. the primary financer of development projects in emerging-market nations that was created with the IMF at the Bretton Woods conference in 1944

Exercise 3*. Name all risks associated with doing business in Russia as an emerging country and describe what they entail.

Exercise 4*. Fill in the blanks using terms given below.

Dreaming with the BRICs

Over the next 50 years, Brazil, Russia, India and China – the BRICs – could become a much larger force in the world…… If things go right, in less than 40 years, the BRIC economies together could be larger than the G6 in……. By 2025 they could…….. over half the size of the G6. Currently, they are…….. less than 15%.

About two-thirds of the increase in US dollar……. from the BRICs should come from higher real growth, with the balance through currency…….. The BRICs’ real……… could appreciate by up to 300% over the next 50 years (an…… of 2.5% a year).