金融英语翻译6.5-9.1

6.5 Tools of Monetary Policy货币政策的工具

As we have already discussed,the central bank is responsible for controlling the supply of money in the economy.正如我们先前讨论的：中央银行负责经济中货币的供给。

When the central bank decides to change the money supply,it must consider how its actions will work through the banking system.央行在决定改变货币供给时就一定要考虑到它的行动会在银行体系中起到什么样的作用。

There are three tools in its monetary toolbox:open-market operations,reserve requirements,and the discount rate.货币工具箱中有三种工具：公开市场操作、法定准备金和贴现率。

6.5.1 Open-Market Operations公开市场操作

The central bank conducts open-market operations when it buys or sells government bonds from the public.中央银行向公众购买或出售政府债券时就是在实施公开市场操作。

To increase the money supply,the Bank instructs its bond traders to buy bonds in the nation’s bond markets.当需要增加货币供给时，央行指示她的债券交易人从全国债券市场中买入债券。

To reduce the money supply,the Bank does just the opposite:It sells government bonds to the public.若要减少货币供给，央行只需做出相反的举动：它向公众卖出政府债券。

The public pays for these bonds with its holdings of currency and bank deposits,directly reducing the amount of money in circulation.公众用他们所持有的现金和银行存款去购买债券，直接减少了货币在流通中的数量。

Open-market operations are easy to conduct.公开市场操作很容易进行。

In fact,the Bank’s purchases and sales of government bonds in the nation’s bond markets are simliar to the transactions that any individual might undertake for his own portfolio.事实上，央行在全国债券市场上对政府债券的买卖和每个个体在他们的证券投资组合中进行的交易十分相似。

(Of course,when an individual buys or sells a bond,money changes hands,but the amount of money in circulation remains the same.）（显而易见，当个体买卖债券时，

虽然会发生货币易手但流通中的货币总量还是保持不变的。）

In addition,the Bank can use open-market operations to change supply by a small or large amount on any day without major changes in laws or bank regulations.此外，央行通过公开市场操作在无需改变法律或是银行法律法规的情况下便可在任意一天大量或少量地改变货币供给。

6.5.2Reserve Requirements 法定准备金

The Bank also influences the money supply with reserve requirements,which are regulations on the minimum amount of reserves that banks must hold against deposits.法定准备金就是央行规定的银行必须持有的相对准备金的数量，央行也用它来影响货币供给。

An increase in reserve requirements means that banks must hold more reserves and,therefore,can loan out less of each dollar that is deposited;as a result,it raises the ratio,lowers the money multiplier,and decreases the money supply.法定准备金的增长意味着银行必须持有更多准备金，此外，每一美元的存款中可以贷出的数额减少。结果，法定准备金率增加，货币乘数降低并且货币供给减少。

Conversely,a decrease in reserve requirements lowers the reserve ratio,raises the money multiplier,and increases the money supply.反之，法定准备金减少使得法定准备金率降低，货币乘数升高并且货币供给增加。

The Bank uses changes in reserve requirements only rarely because frequent changes would disrupt the business of banking.央行很少使用法定准备金的变化是因为频繁的变化会破坏银行业务。

When the Bank increases reserve requirements,for instance,some banks find themselves short of reserves,even though they have seen no change in deposits.央行在提高法定准备金时，例如有些银行发现自己没有足够的准备金，即它们的存款没有改变。

As a result,they have to curtail lending until they build their level of reserves to the new required level.结果，它们不得不缩减贷款直到他们的准备金水平达到新的要求水平。

6.5.3The Discount Rate贴现率

The third tool in the Bank’s toolbox is the discount rate,the interest rate on the loans that the Bank makes to banks.央行工具箱中的第三种工具就是贴现率，即央行向其他银行贷款的利率。

A bank borrows from the Bank when it has too few reserves to meet reserve requirements.一个银行在其准备金少到不足以达到法定准备金是想央行借款。

This might occur because the bank made too many loans or because it has experienced recent withdrawals.这种情况发生是由于银行放出了过多的贷款或是它最近经历了客户提款。

When the Bank makes such a loan to a bank,the banking system has more reserves than it otherwise would,and these additional reserve allow the banking system to create more money.当央行放贷给一家银行时，银行体系中的准备金会多与没有放贷时的量，而那些多出来的准备金则允许银行体系去创造更多的货币。

The Bank can alter the money supply by changing the discount rate.央行能通过改变贴现率来改变货币供给。

A higher discount rate discourages banks from borrowing reserves from the Bank.一个较高的贴现率劝阻银行从央行借出准备金。

Thus,an increase in the discount rate reduces the quantity of reserves in the banking system,which in turn reduces the money supply.因此，贴现率的增长减少银行系统中的准备金，从而减少了货币供给。

Conversely,a lower discount rate encourages bank borrowing from the Bank,increases the quantity of reserves,and increases the monty supply.反之，一个较低的贴现率鼓励银行向央行借款，准备金数量增加则货币供给增加。

6.5.4 Comparison of Monetary Policy Tools货币政策工具的比较。

The Bank does not need to use all three tools simultaneously.央行无需同时使用全部的三种工具。

In fact,it typically chooses to use open market operations,although it does have the option of using the other tools if necessary,because they are convenient and the other tools have certain disadvantages.事实上，即使央行在需要时有其他选择，它也通常会使用公开市场操作，因为公开市场操作比较方便而且其他工具存在一些不足。

An adjustment in the discount rate will affect the money supply only if depository institutions respond(borrow more or less from the Bank than normal)to the adjustment.一个贴现率的调整会影响货币供给即使仅仅是存款机构回应（从央行借出比平时多或少的款项）这个调整。

In addition,borrowings through the discount window are for a very short term,so any adjustment in funds resulting from an increase or decrease in loans from the Bank is only temporary.此外，从贴现窗口接的钱都是用于非常短期的，所以任何由从央行贷款的增加或减少所引起的资金的调整也仅仅是暂时的。

An adjustment in the reserve requirement ratio can cause erratic shifts in the money supply.法定准备金率的调整会引起货币供给的不稳定的变动。

Thus,the probability of missing the target money supply level is higher when using the reserve requirement ratio.因此，当使用法定准备金率时偏离目标货币供给水平的可能性更高。

Open market operations do not suffer from these limitations.公开市场操作不会受到这些限制。

In addition,open market operations can be used without signaling the Bank’s intentions and can easily be reserved without the public’s knowing.此外，公开市场操作使用时在不需要中央银行的意图指示就可容易地被保留而且可以不为公众所知。

A reserve adjustment in the reserve requirement ratio or the discount rate could arouse more concern amoung the public and reduce the Bank’s credibility.通过法定准备金率或贴现率实现的准备金的调整会引起更多公众对此的关注同时会减少央行的可信度。

Because the rate by which injected funds will multiply is uncertain(even when leaving the reserve requirement ration unchanged ),there is no guarantee that open market operations will accomplish the money growth target.由于注入资金会使贴现率增加是不确定的（即使保持法定准备金率不变），所以也没法保证公开市场操作会达到货币增长的目标。

Even so,they can continuously over time to manipulate the money supply toward the desired target.即使如此，他们可以经过一段时间继续朝着理想的目标操纵货币供给

6.6 Targets of Monetary Policy货币政策的目标

The central bank’s problem is that it wishes to achieve certain goals,but it does not directly influence the goals.央行的问题在于它希望达到既定的目标却又不直接影响目标。

It has a set of tools to employ that can affect the goals indirectly after a period of time.有很多可以在一段时间之后简介影响目标的工具可用。

All central banks consequently pursue a different strategy for conducting monetary policy by aiming at variables that lie between its tools and the achievement of it’s goals.所有央行最终都在追求一种通过以针对工具和目标成就之间的变量来实施货币政策的不同的策略。

The strategy is as follows:after deciding on its goals for employment and the price level,the central bank chooses a set of variables to aim for,called intermediate target,such as the monetary aggregates (various measures of money supply denoted by M1,M2,or M3)or interest rate(short or long term),which have a direct effect on employment and the price level.这个政策如下所示：在确定目标就业率和价格水平以后，央行选择一系列目标变量，这被称为中介目标，比如货币总量（通过表示为M1，M2，M3的范围来测量货币供给）或是利率（短期或长期），这都是会对就业率和价格水平产生直接影想的。

However,even these intermediate targets are not directly affected by the central bank’s policy tools.然而，即使这些中介目标不直接受央行政策工具影响。

Therefore,it chooses another set of variables to aim for,called operationg targets,or alternatively called instruments,such as reserve aggragates(reserves,non-borrowed reserves,monetary base,or non-borrowed base) or interest rates (federal funds rate or treasury bill rate),which are more responsive to its policy tools.因此，它选择了另一系列的目标变量，这被称为操作目标，或是称作工具，正如储备总量（准备金、非借入储备、货币基数、非借入货币基数）或是利率（联邦基金利率或是国库券收益率），这些因素更能决定它所用的政策工具。

The central bank pursue this strategy because it is easier to hit a goal by aiming at targets than by aiming at the goal directly.因为这个策略是通过锁定目标比直接锁定最终目的更容易实现最终目标，所以央行一般采用这个政策。

Specifically,by using intermediate and operating targets ,it can more quickly judge whether its policies are not on the right track,rather than waiting until it sees the final outcome of its policies on employment and the price level.特别是通过中介目标和操作目标可以比从就业和物价水平上直接等到政策的最后结果更快地评判政策是否在正确的轨道上运行。

6.7 Lags in Monetary Policy货币政策的时滞

One of the main reasons that monetary policy is so complex is the lag between the time and economic problems arise and the time it will take for an adjustment in

money supply growth to solve it.使货币政策复杂的一个主要原因就是在经济问题发生和通过货币供给增长来解决问题而进行调整之间出现的时滞。

Three specific lags are involved.涉及到三种不同的时滞。

6.7.1 Recognition Lag认识时滞

Recognition lag--the lag between the time a problem arise and the time it is recognized.认识时滞——在发生问题和发现问题之间的时滞。

Most econimic problems are initially revealed by statistics, not actual observation.大多数经济问题起初都是从统计资料中而不是实际观测中被揭露的。

Because economic statistics are reported only periodically,they will not immediately signal a problem.因为经济统计资料都是被周期性报道的，它们不能直接反映问题。

And even through most economic variables are updated monthly,the recognition lag could still be longer than one month.并且即使大多的经济变量每个月都会被更新，认识时滞依旧会比一个月长。

6.7.2 Implementation Lag and Impact Lag操作时滞和影响时滞

The lag from the time a serious problem is recognized until the time the Bank implements a policy to resolve it is known as the implementation lag.从严重的问题被认识到开始到央行实施政策去解决问题的时滞被称为操作时滞。

Then,even after the Bank implements a policy ,there will be an impact lag until the policy has its full impact on the economy .此外，即使央行实施了政策，也还会存在一个影响时滞对经济有充分的影响。

For example,an adjustment in money supply growth may have an immediate impact on the econimy to some degree,but its full impact may not be manifested until a year or so after the adjustment.例如，也许一个使货币供给增加的调整可以马上对经济缠上一定程度的影响但在调整实施的一年半载以前是无法表现出充分影响的。

These lags hinder the Bank’s control of the econimy.这些时滞阻碍了央行对经济的控制。

Suppose the Fed uses a loose-money policy to stimulate the econimy and reduce unemployment. 假使美联储用宽松的货币政策去刺激经济并且降低失业率。

By the time the implemented monetary policy begins to take effects,the

unemployment rate may have already reserved itself as a result of some other outside factors (such as a weakened dollar that increased foreign demand for US goods and created US jobs).同时已经实施的货币政策开始产生影响，由于一些其他的外部因素（比如走弱的美元使外国对美国商品和劳动力的需求增加）失业率降低

Thus ,the more serious problem may now be inflation (because the econimy is heating up again ),which may be further ignited by the loose-money policy.因此，现在通货膨胀才是更严重的问题（因为经济又回温了）这是由宽松的货币政策进一步引发的问题。

Without monetary policy lagging,implemented policies would have a higher rate of success.除开货币政策的时滞，实施政策会有更高的成功率。

9.1 Money Market货币市场

9.1.1 Characteristics of the Money Market货币市场的特征

Money market securities have three basic characteristics in common:货币市场有三个基本的共同特点：

They are usually sold in large denominations.他们通常进行大面值交易

They have low default risk.它们的违约风险很低

They mature in one year or less from their original issue date.Most market instruments mature in less than 120 days.它们在最初发行的一年或一年以内到期。大部分货币市场工具在120天以内到期。

Money market transactions do not take place in any one particular location or building.货币市场的交易不在任何一个特定的场地或是建筑中发生。

Instead ,traders usually arrange purchase and sales between participants over the phone and complete them electronically.相反，交易者们安排买卖在参与者中通过电话进行并且用电子手段完成交易。

Because of this characteristic,money market securities usually have an active secondary market.由于这个特点，货币市场的证券一般都有一个活跃的次级市场。

A secondary market makes money market securities very flexible instrument to use to fill short-term financial needs.次级市场使货币市场证券成为灵活的货币市场工具以满足短期财政需要。

9.1.2 Money Market Instrument货币市场工具

Treasury Bills. 国库券

To finance the national debt, the treasury department issues a variety of debt securieties.为了给国债融资，财政部发行了多种债券。

Treasury bills are the most liquid of all the money market instrument because they have an active secondary market and relatively short term to maturity.国库券是在货币市场工具中最具流动性的，因为它们有活跃的二级市场和相对短的到期时间。

They also are the safest of all money market instruments because there is no possibility that the government will fail to pay back the amount owed when the security matures.它们也是所有货币市场工具中最安全的，因为当证券到期时政府不可能不能支付所欠的金额。

The government is always able to meet its financial commitments because of its ability to increase taxes or to issue currency in fulfillment of its scheduled payments.政府总能实现自己的财政承诺因为它有能力去增加税收或是发行现金来实现它的计划指出。

A certificate of deposit (CD) is a debt instrument sold by a depository institution that pays annual interest payment equal to a fixed percentage of the original purchase price.可转让存单是一种有储蓄机构出售的以原本售价的固定的百分比支付年利率的债务证券。

In adition,at maturity the original purchase price is also paid back.此外，最初购买价格也会得到偿还。

Most CDs have a maturity of 1~12 months.大部分可转让存单的到期时间是1~12个月。

Because a maturity date is specified ,a CD is a term security as opposed to a demand deposit:因为到期日是确定的，可转让存单是一种短期证券而不是活期存款。

Term securities have a specified maturity date;demand deposit can be withdrawn at any time.短期证券有一个特定的到期日；活期存款可以在任何时候被提走。

Commercial Paper.商业票据

Commercial paper securities are unsecured promissory notes,issued by corporations that mature in no more than 270 days.商业票据是由公司发行的、在270天以内到期的无担保的本票。

Because these securities are unsecured,only the largest and most creditworthy corporation issue commercial paper.由于这种证券时无担保的，所以只有最大的和最值得信任的公司才会发行商业票据。

The interest rate that the corporation is charged reflects the firm’s level of risk.公司的利率反映公司的风险等级。

Banker’s Acceptance.银行承兑汇票

Banker’s acceptances are money market instruments created in the course of financing international trade.银行承兑汇票是在为国际交易融资的过程中创造出的货币市场工具。

Bank’s acceptances have been in use since the twelfth century.银行承兑汇票在12世纪是就开始投入使用了。

They are used to finance goods that have not yet been transferred from the seller to the buyer.它们用于在赊欠那些还没有从卖家手中运送到买家手中的商品。

An acceptance is a financial instrument designed to shift the risk of internationsl trade to a third party willing to take on that risk for coast.承兑汇票是一种用于将国际交易中的风险转移给愿意承担运输途中的风险的第三方的金融工具。

Banks are willing to take on such a risk because they are specialists in assessing credit risk and spreading the risk over thousands of different loans.银行十分乐意承担这个风险，因为它们是评估信用风险的专家并且可以通过上千种贷款分散风险。

Repurchase Agreements.回购协议

Repurchase agreements(repos) are short-term agreements in which the seller sells a government security back on a later date at a higher price.回购协议是一种出售者在一个较晚的时间以较高的价格售出政府债券的短期协议。

In effect ,the seller has borrowed funds for a short term,and the buyer ostensibly has made a secured loan for which the government security serves as collateral.事实

上，这个出售者借了短期资金同时买方表面上为贷款做了担保

If the seller(borrower) fails to pay back the loan,the buyer(lender) keeps the government security.如果卖方（借方）不能偿付贷款，则买方（贷方）只有这张政府债券。