In each part fill in the gas with the right words from the list by typing the words. If you open this page in Yandex browser, it will translate each word for you on a right mouse click.
Part 1:
a. financial crisis b. launched c. to revise d. affected e. remake f. originated g. financed
After Asia's financial crisis, the world's leading economies a major effort to the international financial system. Ten years later, they decided to try again. The 1998 effort the world's “financial architecture” followed a crisis that had in the growing of the external deficits in the emerging world—deficits that were for a time willingly by banks and private investors in the world's wealthy economies. The second effort will follow a systemic that started in the United States and then most of the world economy.
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What is an external deficit? What are it advantages and disadvantages for an emerging economy (i.e. developing country)? Find real life examples illustrating the pluses and minuses.
Part 2:
a. financial assistance b. monetary policy c. faced d. response e. recapitalize f. providing g. to bolster
Policymakers have already taken unprecedented action in to the deepening financial and economic crisis. Central banks, including the European Central Bank, have been liquidity support and easing , while governments have committed large resources to guarantee, and resolve financial institutions. Fiscal policy has been used demand. with financing difficulties, a number of countries in central and eastern Europe have undertaken adjustment programs supported by from the IMF, the European Union (EU), and other bilateral and multilateral sources.
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how demand can be bolstered through fiscal policies. And how is it bolstered through monetary policies?
Part 3:
a. tighter b. eased c. extension d. liquidity e. fundamentals f. rates g. pushed up
Despite the extraordinary nature of the measures taken so far, the financial sector has not returned to normal. The stress in the money market has in advanced and some emerging economies, but credit is slowing down or falling, and corporate bond spreads remain elevated. Deteriorating economic have resulted in rising loans and lending standards. For emerging economies, access to foreign currency is a key challenge. All this uncertainty has raised private savings , while concerns about fiscal sustainability have sovereign spreads.
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What is corporate spreads, and how can they be elevated, and what is bad about that?
Part 4:
a. fiscal stimulus b. preserving c. creditworthiness d. intervene e. contraction f. undermine g. debt-to-GDP
Governments have had little choice but to to save the financial system from collapse, and to provide to stop the sharp in private sector demand. It is not difficult to imagine a scenario in which higher interest costs and lower economic growth increasingly lead to higher ratios, ultimately leading investors to raise questions about the sustainability of government finances around the world. So far this has not happened. But because investor confidence in governments’ has been key in preventing a complete meltdown of the financial and economic system, such confidence is of paramount importance. Pushing interest rates up as debt holders demand a higher risk premium, would also the effectiveness of fiscal stimulus measures.
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What is a debt-to-gdp ratio and in what countries is it the most adequate?
Part 5:
a. financial linkages b. weaknesses c. developed d. underline e. instruments f. hindered
Every crisis exposes , and the current global financial crisis is no exception. The speed at which the crisis underlines the importance of indicators that could support early warning efforts and the analysis of cross-border . While the analysis of the spread and transfer of risk has been by the complexities created by new financial , the crisis has also helped the need to keep a better eye on off-balance-sheet operations, often created specifically because they were “off the radar.”
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Think of an answer to the following task:
Give examples of off-balance sheet operations