金融英语课件8

1、Chapter 8International Monetary Fund (IMF)The teaching purpose of this chapterBy the end of this chapter, students should be able to know about:the original objective of the IMFthe functions performed by the IMFthe objective of the IMFthe world debt crisischanges in the IMFCopyright 2010 Pearson Edu

2、cation, Inc. Publishing as Prentice Hall2Established by the Bretton Woods Conference in 1947, the purpose of the IMF is to foster international monetary cooperation through the stabilization of exchange rates, the removal of foreign exchange restrictions and the facilitation of international payment

3、s and of international liquidity.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall3However, following the breaking of the dollars link with gold, and the abandonment of national fixed parties, the IMF rule was abolished in 1976.Copyright 2010 Pearson Education, Inc. Publishing as Pr

4、entice Hall4Special Drawing Right（SDR）：特别提款权，亦称纸黄金，是国际货币基金组织创设的一种储备资产和记账单位，亦称“纸黄金(Paper Gold)”。它是基金组织分配给会员国的一种使用资金的权利。会员国在发生国际收支逆差时，可用它向基金组织指定的其他会员国换取外汇，以偿付国际收支逆差或偿还基金组织的贷款，还可与黄金、自由兑换货币一样充当国际储备。但由于其只是一种记帐单位，不是真正货币，使用时必须先换成其他货币，不能直接用于贸易或非贸易的支付。它是国际货币基金组织原有的普通提款权以外的一种补充，所以称为特别提款权。Copyright 2010 Pearso

5、n Education, Inc. Publishing as Prentice Hall5Bretton Woods Conference: The alias of United Nations Monetary and Financial conference which was held in July 1944 Bretton woods in New Hampshire in America. The participating countries agreed to establish an international monetary system and empowered

6、the newly-established International Monetary Fund and International Bank for Reconstruction and Development for its management. The Bretton Woods Conference has a historical meaning in the international economic cooperation. Bretton Woods Conference: 布雷顿森林会议Copyright 2010 Pearson Education, Inc. Pub

7、lishing as Prentice Hall6International Bank for Reconstruction and Development（国际复兴开发银行）:An international finance institution established in July 1944 on the UN Monetary and Financial Conference and its members must be the member of IMF.Copyright 2010 Pearson Education, Inc. Publishing as Prentice H

8、all7Floating exchange rate system: It helps to prevent the great drain of foreign exchange reserve, save international reserve and adjust balance of payment automatically, etc.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall8OPEC Organization of Petroleum Exporting Countries (OPEC)

9、: A multinational organization established to coordinate its members and to provide member countries with technical and economic aid. The organization was established in September, 1960 by Iran（伊朗）, Iraq（伊拉克）, Kuwait（科威特）, Saudi Arabia（沙特阿拉伯） and Venezuela（委内瑞拉）. The headquarters of OPEC, initially

10、in Geneva（日内瓦）, were moved to Vienna（维也纳） in 1965.Headquarters: 总部Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall9The Group of Seven (G7): A group of seven industrial powers, including Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In recent years

11、 they held summit talks annually to consult on the global economic situation and trade problems.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall10Interpretation of the conceptconvertible currency 可兑换货币par value 面值bank failure 银行倒闭，破产debt rescheduling 债务重组firm surveillance 公司监管struc

12、tural adjustment facilities 结构调整贷款Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall11quota 配额, 限额debt crisis 债务危机debt default 债务拖欠sustainable economic growth 可持续经济增长Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall12key sentences1. One of the Fund original objective

13、s, since abandoned, was the maintenance of fixed exchange rates among member-countries currencies, with par value related to the US dollar, which was valued at $35 per ounce of gold.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall132. The IMF agreement was entered prior to the foun

14、ding conference of the United Nations, and when the UN was formed, the Fund was brought into relationship with the UN by an agreement.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall143. IMF abandoned the objective of maintaining the fixed exchange rate system. More accurately stat

15、ed, the obligation of maintaining such a system remained in the Funds Articles of Agreement, but the IMF was powerless to uphold it in the face of a situation in which all major currencies were floating rather than fixed in value.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall154.

16、 The debts of the non-OPEC developing countries totaled some $ 520 billion at the end of 1982, and the disaster scenario had all of them defaulting at onceperhaps after forming a “debt OPEC” to coordinate their debt repudiation.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall165. T

17、he some 1400 large and small creditor banks of Mexico wanted no more to do with Mexico, so he called a creditors meeting in New York, at which he bluntly warned them that unless they came up with $ 5 billion more for Mexico, the IMF would pull out.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall176. Such aggressiveness by the IMF was a sharp departure from its previous low-k