英国硕士论文:The Role of the Bank of England 英国央行的角色

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论文字数:1852 论文编号:sb2021072711254136583 日期:2021-10-13 来源:硕博论文网
英国硕士论文范文:英国央行的角色。本文是一篇英国留学生硕士论文范文,主要内容是通过文献资料的阅读,讲述英国央行的历史和发展过程,以及当前英国央行所扮演的角色及作用。同时还提到金融政策委员会,审慎监管局,货币政策委员会等机构的成立过程和发挥的作用。小编精选的这篇英国硕士论文范文,对于目前正在英国留学生的学生朋友们能起到参考作用,希望对您目前正在写作的英国论文有所帮助,下面就一起来看一下详细内容。
英国硕士论文范文
英国硕士论文范文
英国的中央银行是英格兰银行。它也被称为“针线街上的老太太”。英格兰银行成立于1694年,当时有一份创始合同,其中规定其原则是“促进公共利益和人民的利益”。
The United Kingdom’s central bank is the Bank of England. It is also known as the “Old Lady” of Threadneedle Street. The Bank of England was established in 1694 amid a founding contract that stated its principle was to “promote the public good and benefit of our people”. (About the Bank, 2015)
如今,英格兰银行的宗旨正是其创始人首次阐明的愿景或议程的标志。他们在官方网站上所说的使命是“通过维持货币和金融稳定来促进联合王国人民的福祉”。该银行最初是作为一个私营组织成立的。第二次世界大战后,英格兰银行被国有化,但保留了其广泛的,但基本上是非正式的,不受限制的或公共服务的使命。
Today, The Bank of England’s purpose is the sign of that vision or agenda first articulated by its founders. Their mission as stated in their official website is “to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.” The bank was originally founded as a privately-owned organization. After the Second World War, the Bank of England was nationalised, but kept hold of its broad though largely informal unrestricted or public service mission. (About the Bank, 2015)
这一重点在1997年有所改变,当时议会投票决定为银行的独立运作提供一个可理解的职权范围,以实现价格稳定,这是过去20年宏观经济政策制定者面临的最重要挑战。这场金融危机表明,英国有必要采取新的措施,调整金融参数。这一变化导致了世行职责和责任的重大扩展,自2013年4月开始实施。
This focus somewhat changed during 1997, when Parliament voted to provide the Bank functioning independence with a comprehensible remit to practise price stability, which was the most important challenge the macroeconomic policy makers were facing for the last two decades. This financial crisis revealed the necessity for a new move towards to financial parameter in the United Kingdom. This change has resulted in a foremost expansion in the Bank’s duties and responsibilities, which came into action since April 2013.
在某种程度上,这代表着银行回到了过去所执行的更广泛的任务。然而,尽管世行承诺提供公益服务的承诺得到了其17世纪组织者的认可,但其职责目前由议会确定。
In some way, this represented a come back to the broader task that the Bank practiced in the past. However, though the Bank’s pledge to providing the public good is recognisable by its seventeenth century organizers but its responsibilities are currently defined by the Parliament.
金融政策委员会:2012年《金融服务法》成立了一个独立的金融政策委员会(FPC),作为本行的子公司,将作为新的审慎监管机构。这为财政市场基础设施提供商的管理带来了新的职责。该特别委员会负责采取措施,减少或消除一般风险,并进行分析,以保护和增强国家金融体系的灵活性。金融政策委员会还有一个次要目的,就是维持政府的经济行动方针。
Financial Policy Committee: The Financial Services Act of 2012 founded an autonomous Financial Policy Committee (FPC) as a subsidiary of the Bank which will work as a new prudential regulator. This created new duties for the management of fiscal market infrastructure providers. This particular committee is responsible for taking steps to reduce or remove general risks with an analysis to protect and enhance the flexibility of the country’s financial system. The FPC also has a secondary purpose to maintain the economic course of action of the Government.
审慎监管局:审慎监管局(PRA)负责监管银行、信用合作社和建筑协会、保险公司和主要投资公司。这一监管机构控制着近1700家金融公司。它的作用可以定义为两个法律目标。它们是-(1)促进保险公司的安全和保障,(2)确保保险公司有助于确保投保人获得适当程度的保障。审慎监管机构在促进企业安全的同时,主要关注企业对国家金融体系稳定的影响。一个稳定的金融体系意味着企业可以继续为经济提供重要的货币服务,这是一个强大和成功的经济的先决条件。
Prudential Regulation Authority: The Prudential Regulation Authority (PRA) has the responsibility to supervise the banks, credit unions and building societies, insurers and key investment firms. This regulation authority controls almost 1,700 financial firms. Its role can be defined in two legal objectives. They are- (1) To promote the safety and security of the firms, (2) to ensure the insurers contribute in securing the proper degree of security to the policyholders. While promoting the safety of the firms, the Prudential Regulation Authority focuses mainly on the problem that the firms can create to the steadiness of the country’s financial system. A steady financial system means it is one in which firms can keep on providing significant monetary services to the economy which is a prerequisite for a strong and successful economy. (About the Bank, 2015)
货币政策委员会:拥有稳定的货币意味着稳定的价格和对货币的信心。稳定的物价可以由政府的通胀目标来定义,而通胀目标是银行通过货币政策委员会(MPC)所做的评估来实现的目标。在联合王国,货币政策一般是通过利率来运作的,利率是指货币的借贷价格。自2009年3月起,该委员会除制定银行利率外,还开始向经济直接投入资金。它通过购买通常被称为“量化宽松”的金融资产来注入资金。量化宽松(QE)是一种不寻常的货币政策,中央银行通过电子手段制造新的货币,购买政府债券等货币资产。这一进程的目的是直接增加私营部门在经济中的支出,使通货膨胀恢复到预期目标。             
Monetary Policy Committee: Having monetary stability means constant prices and confidence in the money or currency. Stable prices can be defined by the Government’s inflation objective which is what the Bank aims to meet by the assessments done by the Monetary Policy Committee (MPC). In the United Kingdom the monetary policy generally operates through the interest rate meaning the price at which money is lent. Since March 2009, this committee also started to input money directly into the economy in addition with setting Bank Rate. It injects money by buying financial assets which are often known as “quantitative easing”. Quantitative easing (QE) is an unusual type of monetary policy where a Central Bank makes new money by electronic means to purchase monetary assets, like government bonds. The aim of this process is to directly enhance the spending of the private sector in the economy and return the inflation to the intended target. (Monetary Policy, 2015)
 2013年8月,货币政策委员会就货币政策的未来表现给出了一些明确的指导。委员会计划至少维持高度刺激性的货币政策,直到经济滞后大幅减少,因为这不会给价格稳定或金融稳定带来任何实质性风险。
In August 2013, the Monetary Policy Committee gave some clear guidance regarding the future performance of monetary policy. The committee plans to at least maintain highly stimulative monetary policy until economic laggings have been reduced substantially given this will not put any material risks to price constancy or financial stability. (Monetary Policy, 2015)
外汇联合常务委员会:伦敦外汇联合常务委员会(FX JSC)成立于1973年,由英格兰银行支持。它主要是作为银行和经纪商谈论广泛市场话题的媒介而建立的。委员会定期工作的目的是处理外汇市场各成员经常关心的问题。该委员会的主席和秘书由英格兰银行提供,其高级职员来自伦敦外汇市场的许多主要银行、语音和电子经纪人、外汇市场的企业用户以及英国银行家协会的代表,批发市场经纪商协会和企业财务员协会。
Foreign Exchange Joint Standing Committee: The London Foreign Exchange Joint Standing Committee (FX JSC) was founded in 1973 under the support of the Bank of England. It was established mainly as a medium for banks and brokers to talk about broad market topics. The aim of the Committee’s regular work is concerned with issues of frequent concern to the diverse members in the foreign exchange market. The Chairman and Secretary of this committee is provided by The Bank of England and its senior staffs are from many of the key banks functioning in the foreign exchange market in London, as well as from voice- and electronic-brokers, corporate users of the foreign exchange market, as well as delegates from the British Bankers’ Association, the Wholesale Market Brokers’ Association, and the Association of Corporate Treasurers.
委员会的主要职责之一是遵守非投资产品守则。该代码是一种自愿代码,具有良好的市场功能,涵盖批发存款和外汇市场。
One of the main duties of the Committee is to keep up the Non-Investment Products Code. This code is a type of voluntary code of good market functionality that covers wholesale deposits as well as the Foreign Exchange market.
银行在外汇市场中的作用:银行在外汇市场中的作用主要有两个原因:
Bank’s function in the foreign exchange market: The Bank functions in the foreign exchange market mainly for two reasons:
代表政府经济财政部管理英国的外汇和黄金储备。
Managing the UK’s foreign currency and gold reserves on behalf of the government’s economic and finance ministry (HM Treasury).
组织货币政策委员会(MPC)相对较小的外汇储备。
Organizing the Monetary Policy Committee’s (MPC) comparatively smaller band of foreign currency reserves.
除了这些主要目标外,英格兰银行还为政府的许多部门和少量客户控制一般外汇交易。
In addition to these main objectives, the Bank of England also controls general foreign currency transactions for the many departments of the government and also a small quantity of its customers.
在过去的一年里,伦敦外汇联合常务委员会的一个小组,即所谓的首席交易商小组,有相当多的成员被其雇主停职,或被解雇,因为他们与全球可能操纵外汇市场的调查有关联(Albanese,2014)政府和跨国公司利用每天万亿美元的全球外汇市场买卖票据,以及对冲货币不稳定的风险。英国央行(bankofengland)作为市场的参与者和监管机构,在维持英国政府的货币交易方面发挥着重要作用。在市场上,他们使用一个被称为下午4点“固定”的基准。如果这一基准被交易员以任何方式操纵,那么它可能会让英国公司损失数百万英镑,并影响市场上从商业账户到投资价值的一切运作。
In the past year, quite a few members of a subgroup of the London Foreign Exchange Joint Standing Committee which is known as the Chief Dealers’ Subgroup, have either been suspended by their employers or dismissed because of having association with the global inquiry into probable manipulation of the currency market. (Albanese, 2014) The trillion-a-day worldwide foreign exchange market is used by governments and multinational companies to buy and sell notes, as well as hedge against the danger of currency instability. The Bank of England plays an important role as both the participant and regulator of the market as it maintains the UK government’s currency transactions. In the market they use a benchmark which is known as the 4pm “fix”. If this benchmark is by any way manipulated by traders then it can cost UK firms millions of pounds and affect everything operating in the market from business accounts to the worth of investments. (Quinn & John, 2014)
伦敦下午4点固定汇率制度(现在是一家合资企业)于1994年启动。该制度记录了下午4点收盘价的外币汇率,然后这些汇率被用于世界各地的外汇交易。这一基准测试在其启动之后迅速被许多寻找通用参考点的客户所采用。然而,通晓汇率和客户订单的货币交易者会有很大的优势。据外汇交易商Chris Towner称,“外汇交易商将在客户之前开始购买,然后以下午4点较高的价格完成客户的订单。”
The London 4pm fix which is now a joint venture was initiated in 1994. It notes down the exchange rate among foreign currencies at the 4pm closing value and then these rates are then used for transaction in the foreign exchange deals all over the world. This benchmark aster its initiation was rapidly followed by many clients looking for a universal reference point. However, the currency traders who have the knowledge of currency rates and their client orders can have a major advantage. According to Chris Towner, a foreign exchange dealer, “Currency dealers will start buying before the client and then complete the client’s order at the higher 4pm rate.” (Quinn & John, 2014)
因此,中央银行在保持外汇市场平衡方面起着至关重要的作用。如果货币的价格是预先分摊的,那么市场失衡是肯定的。最近,由于一名被雇主停职的交易员向英国金融行为管理局(Financial Conduct Authority of the United Kingdom)提供了一份私人会议上的手写照会,该私人会议于2012年4月在该行得到了帮助,因此该行正在对其基准政策进行猜测。该说明证明,央行官员得到的指示是,共享和收集客户订单的做法很普遍。
Thus, the central bank plays a vital role in keeping the foreign market in balance. If the price rates of currencies are shared beforehand then market imbalance is certain. Recently the bank is going through speculation on its benchmark policy as one trader who was suspended by his employer has provided the Financial Conduct Authority of the United Kingdom a handwritten note from a private meeting which was help on April, 2012 at the bank. The note proves that the central-bank officers were given the instruction that the practice of sharing and collecting client orders was common. (Albanese, 2014)
在伦敦银行同业拆借利率丑闻之后,最近有关英国操纵外汇市场的指控成为焦点。伦敦银行同业拆借利率是一种平均利率,由伦敦主要银行提交的利率计算得出。伦敦银行同业拆借利率丑闻指出,黄金和白银等其他金融市场可能受到操纵,因为在金融危机之前,这些市场大多受到宽松的监管。英国央行行长马克卡尼(markcarney)就外汇市场可能存在的操纵行为在法庭上面临听证。操纵外汇市场估计将成为刑事犯罪。
The recent allegations over the manipulation of currency markets in UK came into focus after the Libor scandal. The Libor (London Interbank Offered Rate) is an average interest rate which is calculated by submissions of interest rates by key banks in London. Libor scandal pointed out the possible manipulation of other financial markets such as gold and silver because they were mostly loosely monitored before the financial crisis. Mark Carney, the governor of the Bank of England has been facing hearings on the court regarding probably manipulation in the foreign exchange market. The manipulation of foreign exchange markets is estimated to become a criminal offence. (Treanor, 2014)
The central bank plays an important role in terms of maintaining the inflation and exchange rate of a country. Since, they have the responsibility to monitor the entire market and control the private banks; any manipulation by the central bank can cause serious damages in the national financial market as well as the foreign market. The recent financial crisis has put the Central Bank of England come under serious scrutiny.
英国硕士论文范文总结英国央行在维持一个国家的通货膨胀和汇率方面发挥着重要作用。因为,他们有责任监督整个市场,控制私人银行;英国论文范文中还提到中央银行的任何操纵都可能对国内金融市场以及国外市场造成严重损害。最近的金融危机使英国央行受到了严格的审查。本站提供各国各专业留学生论文写作指导服务,如有需要可咨询本平台。