第一篇：金融專業(yè)英語考題總結(jié)-

一、China’s Financial System 1.Describe the financial system of China.(Write down three institutions’ name of each sector optionally.)簡單描述中國的金融體系。

China’s financial system consists of banking, non-banking financial sectors, financial markets and regulatory commissions.Banking includes PBC(The People’s Bank of China), policy banks, state-owned banks and other commercial banks.And among them, policy banks contain CDB(China Development Bank), EXIMBC(The Import-Export Bank of China), ADBC(Agricultural Development Bank of China);State-owned banks contain BC(Bank of China), ICBC(Industrial and Commercial Bank of China), ABC(Agricultural Bank of China),CCB(China Construction Bank);Other commercial banks contains BComm, Citic Bank, Everbright, Huaxia, Minsheng, Guangdong D(Guangdong Development Bank), Shenzheng D, Merchants, Xingye, Pudong D, Hengfeng, Zheshang, Urban Commmercial, Rural Commercial, and so on.Non-banking financial sectors includes Financial Asset Management CO.which manage non-performing assets of the big 4 banks: ICBC’s Huarong, ABC’s Changcheng, BC’s Dongfang, CBC’s Xinda;Insurance Co.;Trust Invest.;Securities Co.;Financial Leasing;Urban CC;Rural CC;Investment fund;Postal savings and other institutions.Financial markets include money market, stock market, band market, futures market, VC/PE and real estate.Regulatory commission includes CBRC（China Banking Regulatory Commission）, CSRC（China Securities Regulatory Commission）, CIRC（China Insurance Regulatory Commission）, SAFE(State Administration of Foreign Exchange), and son on.二、Short History of Modern Finance 1.When is the watershed year of modern finance? Nineteen fifty-two is the watershed year for modern finance.現(xiàn)代金融的分水嶺是1952年。

2.Who is the founder/ Milestone Character of modern finance? Harry Markowitz（哈里﹒馬克維茨）.現(xiàn)代金融的鼻祖是哈里﹒馬克維茨。

3.Before 1945, the macro finance is concerned with the monetary system, and after 1945, it pays more attention to finance market.1945年以前宏觀金融關(guān)注的是貨幣制度，1945年以后更多關(guān)注的是金融市場。

4.What is the common characteristic of macro finance and micro finance? 宏觀金融和微觀金融的共同特點是什么？ Spiral of silence and epidemiology.5.Key words：

Monetarist 貨幣主義學派

New Keynesian school 新凱恩斯主義學派 Spiral of silence 沉默的螺旋 Asset mispricing 資產(chǎn)誤定價 Media sentiment 媒體情感 Animal spirit 非理性的動物精神 Epidemiology 流行病學 Inflation expectation 通脹預(yù)期 Media 媒體

三、Money Market 1.What is money market? 什么是貨幣市場？

The money market is actually a collection of financial markets in which investors trade financial instruments that are considered to be “just as good” as money.2.How many types of instruments in money market? Please list three items at least.在貨幣市場中有幾種操作工具？至少寫出三種。-United States Treasury bills(T-bills)（國債）

-Federal agency securities(from agencies like the Federal National Mortgage Association—Fannie Mae)（聯(lián)邦機構(gòu)證券）

-Commercial paper（商業(yè)匯票）

-Repurchase agreements(Repos)（回購）

-Negotiable certificates of deposit(CDs,可轉(zhuǎn)讓定期存單)

-Federal funds（銀行間拆借資金）

-Short-term municipal securities(短期市政證券)3.Why are those financial instruments as good as money?

為什么金融工具可以發(fā)揮與貨幣一樣的效能？

Because they meet the following three requirements:(1)They are generally extremely liquid——you can easily buy and sell them;(Why are they liquid)(2)They are considered to be quite safe because they are issued by strong, credit-worthy institutions(Like the U.S.Government);(Why are they safe?)(3)They carry very little price risk because of their short-term expirations；（Why are they low price risk?）

4.How many funding institutions that involved in the money market? 卷入貨幣市場的融資機構(gòu)有哪些？ For example，government

agency，U.S.Treasury，banks，GSE（Government-sponsored entities）, large corporations, and so on.5.What is money market funds? 什么是貨幣市場基金？

Money market funds are like mutual funds.When you invest in a money market fund, you are actually buying shares in that fund.Typically, money market fund managers try to keep the price of each share in the fund equal to $1.So if you are looking to invest $1,000 in a money market fund, you are most likely going to own 1,000 shares in that fund.6.What are the money market accounts? 什么是貨幣市場賬戶？

Money market accounts are just like any other savings or checking account you might open at your bank.When you put money into a money market account, you are depositing it with your bank, or other financial institution.You are not buying shares in a fund or investing directly in any money-market assets.四、LIROR 1.What does LIBOR stand for? LIBOR的全拼是什么？

LIBOR stands for London Interbank Offered Rate.2.What’s the definition of LIBOR? LIBOR的定義？

LIROR is the average interest rate that banks charge when they make short-term unsecured loans to other banks.3.Who is responsible for and undertake the calculation of LIBOR? And what is the working process of calculation? 誰負責計算LIBOR利率？怎么計算？

The LIBOR is calculated by the British Bankers’ Association(BBA,英國銀行家協(xié)會)who surveys 16 different major banks and asks them what rate they are charging other banks to borrow money.Once they have compiled the results, they take an approach similar to the judges who score Olympic diving take---they throw the four high scores(or rates)and throw out the four low scores and then find the average of the remaining eight scores.(Concise expression: The British Bankers’ Association is responsible for calculating LIBOR.And they calculate the average of the middle eight scores.)4.What does a rise LIBOR tell us? LIBOR利率上升意味著什么？ When LIBOR is rising, it tells us one of two things: 1)it tells us that interest rates in general are rising and thus LIBOR is also rising, and/or 2)it tells us that lending banks believe the banks they are lending to have a higher risk of defaulting on the loan so the lending bank has to charge a higher interest rate to offset this risk.（Concise expression: 1）in generally, the interest rates are rising;2)higher defaulting risk.)

五、TED Spread 泰德利差

1.Where is the name of TED come from? TED的名字是怎么得來的？

The TED spread consists of two financial instruments: the 3-month Treasury Bill and the Eurodollar futures contract.Investors simply took the “T” from T-bill and combined it with “ED”, which is the ticker symbol for the Eurodollar futures contract on the Chicago Mercantile Exchange(CME,芝加哥商品交易所)，and they came up with “TED”.2.What does TED measure? And how TED Spread is calculated? TED度量了什么？它是怎么計算出來的？s The TED spread measures the difference between the yield on the 3-month Treasury Bill(T-bill)and the value of the Eurodollar futures contract----which is based on the 3-month LIBOR rate.To calculate the TED spread, you simply subtract the yield on the 3-month T-bill(which is unsecure)loans from the value of the Eurodollar contract(which is risk free).3.When TED spread increasing，what does it tell us? 當TED利差增大時，說明了什么？

When the TED spread is increasing, it tells us either that banks believe the other banks they are lending to have a higher risk of defaulting on the loans so they are charging a higher interest rate to offset this risk or that investors are flocking to buy T-bills because they believe the stock market is faltering.It also tells us that the credit markets are not functioning as smoothly as they could be—which is sign of potential economic contraction.(Concise expression: a higher defaulting risk;sign of potential economic contraction.)

六、Overnight Index Swaps(OIS)1.Please write out the full name of OIS.請全拼OIS.Overnight Index Swap.2.What’s the working process of the OIS? OIS的運作機制是什么？

To create an OIS, we need to have two financial institutions.One institution has an overnight interest rate and the other institution has a fixed short-term interest rate.The two institutions agree to swap each other’s obligations.So at the end of a specified period, whoever ends up paying less interest will make up the difference to the other institution.(Concise expression: whoever ends up paying less interest will make up the difference to the other institution.)3.What does LIBOR-OIS tell us? LIBOR-OIS告訴我們什么信息？ Liquidity risk premium.(流動性風險溢價)4.What does the overnight index swap tell us? 隔夜指數(shù)掉期說明什么？

By itself, the overnight index swap rate doesn’t tell us much---other than what the overnight rate is.However, when you combine the overnight index swap rate with another indicator, like LIBOR, and create a spread like the LIBOR OIS spread, you can get a glimpse into the health of the global markets.七、The Fed in Post Subprime Crisis(無考題)

八、The Economic of Structured Finance 1.What is the essence of structured finance activities? 結(jié)構(gòu)性融資活動的本質(zhì)是什么？

The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known as tranches, against these collateral pools.2.What is tranche? 什么是分層？

A prioritized capital structure of claims.3.What are the features of structured finance products?

結(jié)構(gòu)性金融產(chǎn)品的特點是什么？

We argue that both of these features of structured finance products—the extreme fragility of their ratings to modest imprecision in evaluating underlying risks and their exposure to systematic risks—go a long way in explaining the spectacular rise and fall of structured finance.（注：紅色題目為第一次上課時老師說的考題，但是最后講考題時沒講到，可以大概復(fù)習一下。）

第二篇：金融專業(yè)英語

金融專業(yè)英語

1、Financial System

見photo1和photo2，監(jiān)管機構(gòu)要把一行三會、發(fā)改委、財政部、外管局、統(tǒng)計局的全稱寫上，其他三個部分也要寫全稱。

2、Money Market（定義、金融工具及特點）

從P57第二段第三行the money market is actually…開始，一直到P57倒數(shù)第四行的expirations。

Money market funds & Money market accounts的區(qū)別

P58-59,老師重點劃了P59倒數(shù)第七行Money market accounts typically offer…carry additional restrictions。

3、LIBOR（定義，上升、下降會帶來什么）

P18第二段和P19倒數(shù)第三段、第二段

4、TED（定義，增大、縮小會帶來什么）

P20第二段、第四段、第五段

5、OIS（這部分記得有點混亂。。）

P21第二段第一句話Overnight…other financial institutions。

P21最后一句話To set up the swap…the other institution。P22第十行One of the key…are paying。第十六行To resolve this issue…each day。

P23第十六行As usual…the gears of expansion。

這個知識點老師一直講到P25的第三段，后面的就不考了，上課打瞌睡，這部分記得不全，歡迎大家補充哈~O(∩_∩)O~

第三篇：金融專業(yè)英語

lessee 租單人

lessor租賃人

heirs繼承人

successor繼任人

assigns受托人，代理人

paymaster收款方，出納

principal委托人

beneficiary 受益人

undersigned 簽字人

authorized signatory授權(quán)簽字人

issued country簽發(fā)國

issued date簽發(fā)日期

bank guarantee銀行保函（BG）

documentary letter of credit跟單信用證（DLC）

standby letter of credit 備用信用證（SBLC）

fees protection agreement 傭金保護協(xié)議（FPA）

irrevocable master fees protection agreement 不可撤銷的傭金保護協(xié)議（IMFPA）

hard copy 正本

bank bonded courier 銀行保價專遞

unencumbered 無抵押

free of liens無留置

borrower's initials借方名稱首字母縮寫

details of secuties 有價證券說明

be no callable prior to maturity 到期前不能支取

operating bank營業(yè)銀行

contract quantity 合同總額

tranche schedule分期日程

tentative schedule臨時計劃表

withdraw slip 提款單

institutional costs手續(xù)費

sign and seal簽字蓋章

restrictions限制條件

imposts間接稅

liens留置

tranching分期

memorandum of understanding 諒解備忘錄（MOU）

physical gold實物黃金

paper gold紙黃金

ingots金錠

tax incentive稅收優(yōu)惠

quote引文開始

unquote引文結(jié)束

rolls & extension 可滾動可展期（R&E）

performance bond 履約保函（PB）

specimen draft樣本

letter of instruction委托購買書

letter of intent意向書（LOI）

letterhead公用信箋

bridge channel牽線人

power of attoney委托書

regional centre經(jīng)濟特區(qū)

pro forma invoice形式發(fā)票

irrevocable corporate purchase/pay order不可撤銷購買/支付訂單（ICPO）

permissory note本票，期票（PN）

assignment of agreement;deed of agreement轉(zhuǎn)讓協(xié)議

pre-advice預(yù)通知

due dilligence盡職調(diào)查（DD）

IBAN國際銀行賬號（International bank Account Number）

SWIFT 全球銀行間金融通信社（Society for Worldwide Financial Telecommunication）FATF金融行動特別工作組（Financial Action Task Force）

MTN中期票據(jù)（medium term note）

POF資金證明（proof of funds）

bank coordinates 銀行坐標

payment order 支付令，付款通知

treasury bill國債，國庫券

call option購買選擇權(quán)，看漲期權(quán)，買入期權(quán)，延買期權(quán)

legal advisor 法律顧問

legal firm律師事務(wù)所

penalty of perjury 偽證罪

tear sheet銀行聲明；樣張(尤指有廣告的一頁，送給廣告客戶以證明廣告已登出)force majeure 不可抗力

international chamber of commerce國際商會（ICC）

non-circumvention and non-disclosure 保密原則（NCND）

hongkong and shanghai banking corporation 匯豐銀行（HSBC）

non-solicitation letter誠信契約書

board of directors corporate resolution董事會決議

whereas鑒于（這個詞在合同中會大寫）

in witness whereof 茲證明

issuing bank發(fā)證行

indemnity letter賠償保證書

wire transfer電匯

minute book會議記錄簿

request for proposals標書（RFP）

registered financial planner注冊金融策劃師（RFP）credit enhancement增強信貸

soft probe軟調(diào)查

bank reference資信證明

第四篇：環(huán)境工程專業(yè)英語考題

life expectancy：耐用期限，平均壽命 poverty-stricken：貧窮的，貧困的，貧乏的smog-laden air：煙霧彌漫的天空global conditions ：全球狀況 haves and have-nots：

富人和窮人 underprivileged ：社會地位低下的，相對貧困的，生活水平低下的，弱勢的savanna：熱帶大草原，稀樹草原 predator：食肉動物，捕食者 environmental disruptions：

環(huán)境破壞，環(huán)境失調(diào) primary pollutant一次大氣污染物 secondary pollutant 二次大氣污

染物 Air nitrous oxide一氧化二氮(N2O)nitric oxide一氧化氮NOnitrogen dioxide

二氧化氮(NO2)soot煤煙 dust 灰塵smog煙霧 ozone 臭氧 herbicide 除草劑 pesticide殺蟲劑 / 農(nóng)藥 VOC 揮發(fā)性有機化合物APC 大氣污染控制 Regulatory program調(diào)整項目Financial support財政支持 Operating cost操作成本 Biodegradation capacity

生物降解能力Environmental media 環(huán)境介質(zhì) Biological生物學的 Technologies技術(shù)、工藝 Inorganic air pollutants無機大氣污染物treatment facilities處理設(shè)備

per capita per day每人每天 municipality市政當局,自治市 population equivalent人口當量 basement flooding地下室浸水 runoff排水 domestic sewage生活

污水 type of terrain地形種類 land disposal掩埋處置 fecal coliform糞大腸菌群

stringent effluent requirement嚴格的廢水排assimilation capacity同化能力

practical outlets可行的排出途徑，現(xiàn)實出aquatic life水生生物 detrimental to human

health 對人體健康有endogenous phase內(nèi)源〔生長〕期 flow monitoring流量監(jiān)測

equipment age and reliability裝備老化及其可靠性 mechanistic facilities機械設(shè)備

microbial activity微生物活性 activated sludge活性污泥 controlling respiration控制呼

吸 oxidation ditches氧化溝 on-line automation在線自動〔監(jiān)測〕Precision and accuracy

精密度和準確度Bulk collection 大量收集Matrix material 原材料Analysis sequence 分析序

列Multivariate statistics 多元統(tǒng)計Interactive effect 相互影響

農(nóng)藥—pesticide化肥—chemical fertilizer有機廢物—organic wastes 微生物

—microorganism / microbe衰減—attenuation阻滯的—retardant / blocking稀釋—dilution添加劑—additive合成塑料—synthetic plastic再生--regeneration

出口outlet多管高效旋風分離器multitube high-efficiency cyclone 合成纖維 synthetic

fabric 捕集效率collection efficiency 機械洗滌mechanical scrubbing 壓力降pressure

drop 焚化爐 incinerator 氣體離子gas ion 捕集板collection surface 碳黑carbon

black 尾氣off-gas 可應(yīng)用性applicability工業(yè)規(guī)模full-scale 土壤床soil bed 生物

過濾biofilter 固定資本fixed capital易生物降解的 easily biodegraded手動控制operator

control/ manual control 最優(yōu)化minimize the effects 微處理器microprocessor 統(tǒng)計分析

statistical analysis 質(zhì)量衡算mass balance 動力學dynamics 氧化還原oxidation and

reduction /redox 停留時間residence time 模擬simulation 參數(shù)parameter 水解

hydrolysis 積分integral

第五篇：金融專業(yè)英語參考

金融專業(yè)英語

一、選擇題（一共10題，每題2分，共20分）

第8題和第16題替補再后面。

1.Only what happens if the supply is less than demand?（actual price is higher than the equilibrium price）2.When the Consumer income and established conditions for commodity prices is still, consumers can buy the two commodities to the greatest number of combinations.What did the Line call?

（consumption may Line）

3.Opportunity cost:（Measures the cost of doing “x” in terms of what else might be done）4.The normal downward slope of demand curves is necessarily explained by:（Limited spending power）5.For a closed two-good economy, the output of the two goods should be at the point where:（The highest indifference curve touches the production possibility curve）.The “J-curve” shows that following depreciation:（The cost of imports rises immediately from the price effect, worsening the current account bal-ance, but later quantities of imports and exports respond and the current account balance im-proves）

7.Which of the following statements about standby letters of credit is true? :（They can serve as a guarantee to a buyer against a seller defaulting）8.What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements?（Total liabilities due to creditors at the end of the period）*8&16.Which of the following is not a characteristic of a competitive industry?(There is a fierce price war among rivals.)9.Which of these best describes the U.S.Federal Reserve?（Responsible for monetary policy/money supply）10.What is the basic purpose of profits in our market economy?（Lead businesses to produce what consumers want）

11.Which of the following will NOT cause a shift in the demand for baseballs?(An increase in the price of baseballs)12.Decreasing returns to scale may arise from(Inefficiencies in management)

13.If the marginal rate of technological substitution(MRTS)is more than the price ratio of labor over capital(w/r), then to minimize cost the firm should Decrease the input of capital and increase the input of labor.14.The price of a good changes, both the substitution effect and the income effect reinforce each other, then the good is a(n)(Normal good)15.What market is the Most in need of the advertising?(Competitive monopoly market)16.American economist Modigliani’s life-cycle hypothesis is that:(Work time after retirement savings for the consumer finance)17.According to the rules of debit and credit for balance sheet accounts:(Decreases in asset and liability accounts are recorded by credits)18.Individuals will accept the medium of exchange in return for goods and services only if they are confident that:(They can exchange it for gold)

19.The prices of meat products in a competitive market are determined by:(Supply and demand)20.Which one of the following is most likely to improve the wages of American workers?(An increase in productivity)

二、閱讀題（一共5題，每題4分，共20分）

Reading A:Laura James is the head portfolio manager for national Fund 1.Assume an industry exhibits tendencies of “regression toward the mean.”This could mean all of the following EXCEPT:（Profits increase as firms enter the industry）2.In a recessionary environment, an automaker such as Ford would be expected to:（Produce lower end vehicles）

3.Assume domestic automakers are growing at a rate of –2%.Ford expects to increase its market share by 0.5%.What is Ford’s growth rate?（–1.51%）(1 + growth of firm sales)=(1 + growth of industry sales)x(1 + fractional change of market share)= 0.98 x 1.005

= 0.9849

Growth of firm sales = –1.51%

4.Suppose instead that Ford’s growth of firm sales is expected to be –3% and the growth of industry sales is 1%.What is Ford’s expected change in market share?（-4%）0.97 = 1.01 x(1 + x)

0.9604 = 1 + x

–3.96% = x

5.Which of the following scenarios would be most likely to have a positive impact on Ford’s market share?（An increase in its marketing budget）Reading B:Liquidity is a measure of how quickly an item may be converted to cash.1.Long-term assets are all assets other than current assets.(Doesn’t say)2.Supplies are less liquid than accounts receivable, and furniture and buildings are even less so.(Right)

3.People are interested in liabilities on the balance sheet because it is relatively liquid.(Wrong)Reading C:Whereas the money markets provide very short-term loans, the capital market takes account of medium and long-term loans.4.An industrial corporate can meet its financial needs by seeking funds from the capital markets.(Right)

5.Nowadays a private business usually obtains its working capital through a commercial bank.(Wrong)6.In the UK commercial banks often raise funds by issuing bands and stocks.(Doesn’t say)

三、簡答題（一共8題，每題5分，共40分）

需要先把題目翻譯成中文，用英語回答內(nèi)容。

1.What is finance? 什么叫金融？ The word “finance” signifies capital in monetary form, that is, in the form of funds lent or borrowed, normally for capital purposes, through financial markets or financial institutions.When finance goes international, it is then an international finance.2.What is financial market?什么是金融市場？

It is a place where financial transactions take place.Financial markets facilitate the lending of funds from savers to those who wish to undertake investments.Those that wish to borrow to finance investment projects sell financial instruments to savers.3.what is primary market? 什么是初級市場？ A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to initial buyers by the corporation or government agency borrowing the funds.4.What is secondary market? 什么是二級市場？ A secondary market is a financial market in which securities that have been previously issued(and are thus secondhand)can be resold.5.Which methods could be used to balance the international payment deficit? 哪些方法可以用來平衡國際收支逆差？

The methods will be used as following:

a.import restrictionb.export promotion c.tighten monetary policy

d.tighten fiscal policy e.devaluation

6.What are the major functions of modern commercial bank?現(xiàn)代商業(yè)銀行的主要功能是什么？ a.They are medium of credit.b.They are medium of payment.c.They change money into capital.d.They are creation of credit.7.先解釋貨幣市場再說特征

businesses have aggressively pursued alternatives to low-interest-rate bank accounts.One such alternative is provided by the money markets.Money market have three basic characteristics in common:

a.They are usually sold in large denominations.b.They have low default risk.c.They mature in one year or less from their original issue date.Most money market instruments mature in less than 120 days.8.Participants of Money Market 貨幣市場的參與者（選擇其中兩個解釋即可）a.The Government In money market, the government is unique because it is always a supplier and demander of money market funds.The U.S.Treasury is the largest of all money market borrowers worldwide.It issues Treasury bills(often called T-bills)and other securities that are popular with other money market participants.Short-term issues enable the government to raise the maturing issues.b.The Central Bank The Central Bank is the Treasury’s agent for the distribution of government securities.The central bank holds vast quantities of Treasury securities that it sells if it believes that the money supply should be reduced.Similarly, the central bank purchases Treasury securities if it believes that the money supply should be expanded.The central bank’s responsibility for the money supply makes it the single most influential participant in the money market.c.Commercial BanksCommercial banks hold a larger percentage of government securities than any other group of financial institutions.This is partly because of regulations that limit the investment opportunities available to banks.Specifically, banks are prohibited from owning risky securities, such as stocks or corporate bonds.There are no restrictions against holding Treasury securities because of their low risk and high liquidity.Banks are also the major issuer of negotiable certificates of deposit(CDs), banker’s acceptances, and repurchase agreements.In addition to money market securities to help manage their own liquidity, many banks trade on behalf of their customers.Not all commercial banks deal for their customers in the secondary money market.The ones that do are among the largest in the country and are often referred to as money center banks.d.Businesses

Many businesses buy and sell securities in the money market.Such activity is usually limited to major corporations because of the large transactions involved.As discussed earlier, the money market is used extensively by businesses both to warehouse surplus funds and to raise short-term funds.e.Investment Companies Large diversified brokerage firms are active in money markets.The primary function of these dealers is to “make a market” for money market securities by maintaining an inventory from which to buy or sell.These firms are very important to the liquidity of the money market because they help ensure that both buyers and sellers can readily market their securities in the primary market as well as in the secondary market.f.Insurance Companies Property and casualty insurance companies must maintain liquidity because of their unpredictable need for funds.To meet this demand, the insurance companies sell some of their money market securities to raise cash.As to the life insurance companies, because their obligations are reasonably predictable, large money market security holdings are unnecessary.However, it is a common practice that an individual can have his/her money invested in the money market through the agent department of banks and investment companies, to earn a higher interest rate than otherwise deposited in the banks.9.Inter-bank Markets 銀行同業(yè)拆借市場 Inter-bank markets are money markets in which short-term funds transferred(loaned or borrowed)between financial institutions, usually for a period of one day, that is, they are usually overnight investment.The interest rate for borrowing these funds is close to, but always slightly higher than rate that is available from the central bank.10.Bank’s Acceptances 銀行承兌

A bank’s acceptance is an order to pay a specified amount of money to the bearer on a given date.Banker’s acceptances have been in use since the twelfth century, and are commonly used for international trade transactions.四、綜合運用題（共20分）

1.What is financial crisis?金融危機是什么 A financial crisis is a disruption to financial markets in which adverse selection and moral hazard problems become much worse, so that financial markets are unable to efficiently channel funds to those who have the most productive investment opportunities.As a result, a financial crisis can drive the economy away from an equilibrium with high output in which financial markets perform well to one in which output declines sharply.2.The effects of financial crisis?金融危機的影響 ①Many financial institutions went broke or recombined

②Global income redistribution is appearing

③The development of financial liberation has been inhibited

④International currency system is forced to be changed