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III. Financing the Deficit
a) Fill each gap with a suitable word from the box. b) Sum up the text in 5-7 sentences and present your summary in class.
132 PART II. FINANCE Since the early 1970s quite a number of countries have been experiencing serious Trying to find solutions to swollen budget deficits, governments undertake austerity programmes (програма жорсткої економії), work out harsh (жорсткий) budgets, implement macroeconomic stabilization, establish priorities for government (2) ___________, analyse effects of different ways of financing their budget deficits. In principle, budget deficits may be (3) ______ by borrowing from domestic bank and non-bank sources, and from the rest of the world. Excessive (4) _________ on any of these methods of finance may be dangerous because: • Government borrowing from the central (5)_______ directly affects the monetary base and the money (6)____. Excessive growth in the money supply leads to high (7)_______ rates and balance-of-payments problems. • Substantial borrowing from the non-bank sector may (8)_______ affect the structure of demand and growth potential. In particular, this borrowing may (9) ___________ the availability of resources to finance private investment. Such 'crowding out' of private • Reliance on external finance (11)_____ to the accumulation of debt, which needs to be serviced and eventually (12)____. A prudent fiscal policy permits a public deficit, but it must be maintained at a level consistent with other macroeconomic objectives: controlling inflation, promoting private investment, and maintaining external creditworthiness. IV a) Supply the articles where necessary. b) Write down 3-5 questions about the text. c) Name the problems of emerging markets mentioned in the text and say which of them are typical of Ukraine. In 1990 the fastest rising stock markets in _______ world were those emerging in the developing countries. There are now more than 5 stock exchanges in __________ developing world: some are insignificant or dormant, others are active and growing. It was once widely presumed that poor demand for security would be the biggest handicap to____ emergence of stock markets in the developing world. There were not enough potential buyers in developing countries. However, it is now evident that there is generally ____ adequate demand for securities, in both the primary and secondary markets, arising both from speculative interest and from______ portfolio needs of financial institutions. Even if the emerging stock markets have some demand-side difficulties,_________ more general, continuing and severe problem has been_____ insufficient supply of securities. The chief markets problem in developing countries is that the secondary market for bonds an shares is often inactive. There are often not enough buyers and seller to make_______ steady market. Quite often institutional stockholders hold securities firmly matched against their future liabilities rather than engaging in frequent trade. When institutions do enter__________ secondary market they may try to buy or sell in large lots, thus making a big price Speculation has been common in most of the emerging stock markets and very noticeable because of____ thinness of the markets. While the opportunity for speculation is one of the chief attractions of any stock market, the line between speculation and sharp practices if something hard to draw. Priviliged placements, insider trading, short selling and other questionable practices have occurred throughout the developing world. In these circumstances. _____ pure theory of international trade suggests that stock markets would not be viable in all countries but would cluster at a few points of______ globe, determined by the location of factor skills and time zones.
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