金融學英語期末考試的詞語翻譯范圍

I. Translatethefollowingterms(共20題，每小題1分，共20分):Quantitativeeasing量化寬松fiscalpolicybudgetdeficit（surplus）財政赤字，盈余currentaccountsurplus國際收支經(jīng)常賬戶順差tradebalance貿(mào)易平衡favorabletradebalance=tradesurplusunfavorabletradebalance=tradedeficitbalanceofpayments國際收支平衡cashbalance現(xiàn)金結(jié)余creditbalance貸方余額debitbalance借方余額Purchasingpowerparity(PPP)購買力平價Financialregulation金融監(jiān)管Deregulation放松監(jiān)管competitiveedge競爭優(yōu)勢comparativeadvantage相對優(yōu)勢theGreatDepressionJunkbonds垃圾債券gilt-edgedbonds金邊債券creditratingagencies(Standard&Poor’s標普,Moody’s穆迪,FitchRating惠譽)信用評級機構(gòu)Speculators投機者hedgefunds對沖基金currencyrevaluationcurrencydevaluation 貨幣貶值futuresmarket期貨市場stockexchange證券交易所Derivatives金融衍生品marketcapitalization:marketvalue市值producerpriceindex(PPI)生產(chǎn)者物價指數(shù)consumerpriceindex(CPI)消費者物價指數(shù)Creditline信用額度debtrestructuring債務調(diào)整corporaterestructuring集團重組theDowJonesIndustrialAverage道瓊斯工業(yè)指數(shù)TheS&P500IndexTheNASDAQCompositeTheNikkei225Index日經(jīng)225指數(shù)corporategovernance 公司管理mergersandacquisitions(M&A)并購insidertrading內(nèi)線交易Economicrecession經(jīng)濟衰退tradeliberalization貿(mào)易自由financialliberalization金融自由化theInternationalBankforReconstructionandDevelopment(IBRD)世界銀行=theWorldBanknon-performingloans不良貸款holdingcompany控股公司theSecuritiesandExchangeCommission(SEC)證監(jiān)會Balancesheet資產(chǎn)負債表incomestatement利潤表statementofcashflows現(xiàn)金流量表initialpublicoffering(IPO)首次公募Retailbanking零售銀行privatebankingventurecapital風險投資Leveragedbuyout(LBO)杠桿收購Pensionfunds養(yǎng)老基金GDPpercapitaGNPpercapitabluechipstockjunkstockcapitaladequacyratio資本充足率marketshare市場占有率verticaltakeovers縱向收購horizontaltakeovers橫向收購conglomeratetakeovers集團收購Laissez-fairecapitalism自由資本主義laissez-faireeconomicsvsKeynesianeconomicsMercantilism重商主義fiscaltightening:fiscalausterity財政緊縮carrytrading套利交易capitalcontrol資本管制riskpremium風險溢價fairdisclosure公平披露fulldisclosuretheGlass-SteagallActTheFederalDepositInsuranceCorporation(FDIC)聯(lián)邦存款保險公司stockbubblesSovereigndebtdefault主權(quán)債務違約IMFJohnMaynardKeynesDavidRicardomarginalanalysis邊際分析cost-benefitanalysis成本效益分析corporateincometax企業(yè)所得稅singleproprietorship獨資Limitedpartnership有限責任合伙Franchising特許經(jīng)營權(quán)jointventure 合資企業(yè)II.TranslatethefollowingpassagesintoChinese(50%)IgnoringtheUSConstitutionandthinkingofmoneyasababy'stoy,Bernankeruledwithabsolutepowerinmoneydestruction.Comparing2000,justbeforeBernankejoinedtheFedboardofgovernorsin2002,and2013,wecansaythatBernankedeservedlywonthetitle"HelicopterBen".FedcreditrosefromUS$0.5trillionto$4trillion,amultipleofeight.USgovernmentdebtisnowat$17trillion,comparedwith$3.4trillionbeforehismovetotheFed.Crudeoilisat$100/barrelcomparedwith$18/barrel;goldrosefrom$250anounceto$1,300anounce.Foodpricesareatleastfourtimeshigher.Stockpriceindicesshatteredallrecordsin2013.YetUSrealper-capitaincomesarefarlessthanin2000.ThatisBernanke'slegacyofdisorder.Themonetarystimulushasmoreorlessworkedasintended.Theyenhasfallenfrom80tothedollarbeforetheprogramstartedto102tothedollartoday.Inflationisrunningat1.4%inthelast12months,wellonthewaytotheBankofJapan'stargetof2%.Theeconomyhasrecoveredintomoderategrowth.YetpossiblybecauseoftheBOJ'sbondpurchases,theyieldonthe10-yearJGBhasfallenslightly,to0.65%,wellbelowtherateofinflation.Thisfitsanhistoricalpattern.Asouressaythisweekshows,regulationhasrespondedtoeachcrisisbyprotectingevermoreoffinance.Fivedisasters,from1792to1929,explaintheoriginsofthemodernfinancialsystem.Thisincludeshugelysuccessfulinnovations,fromjoint-stockbankstotheFederalReserveandtheNewYorkStockExchange.Butithasalsomeantacorrosivetrend:agradualincreaseinstateinvolvement.Depositinsuranceisagoodexample.IntroducedinAmericain1934,itprotectedthefirst$2,500ofdeposits,asmallmultipleofaverageearningsthen,reducingtheriskofbankruns.TodayAmericaisanextremecase,butinsuranceofover$100,000iscommonintheWest.Thisprotectswealth,andincome,andmeansinvestorsignorecreditworthiness,worryingonlyabouttheinterest-rateoffer,sendingdepositsflockingtoflimsyIcelandicbanksandotherswithpitifulequitybuffers.Thefirmssaytheyhavediversifiedintodifferentproductlinesjustasanyotherbusinesswould.Somedoubtwhethertraditionalbuy-outsofferthebestrisk-adjustedreturns.Theindustryhasmatured:fatprofitsinpastdecadeshaveattractedover5,000rivalscompetingforthesamedeals.Togethertheyhaveraisedmoremoneyfrominvestorsthantheyknowwhattodowith.Manybuy-outfirmshaveresortedtobuyingandsellingstufftoeachother.Andpricesforcompanies(asmultiplesofprofits)arehigherthanevenattheheightofthecreditboom.Ekingoutgainsishardwhenpayingovertentimesafirm’searnings,asisnowtypical,comparedwithlessthaneighttimesincalmerperiods.Inthelastfourmonthsof2008Americaattractednetcapitalinflowsofhalfatrilliondollars.Thedollarwasahavenintumultuoustimes,evenwhenthetumultoriginatedinAmericaitself.Thecrisisalso“shatteredconventionalviews”abouttheadequatelevelofforeign-exchangereserves,promptingemergingeconomieswithlargedollarhoardstohoardevenmore.Finally,America’sslumpforcedtheFedtoeasemonetarypolicydramatically.Inresponse,centralbanksinemergingeconomiesboughtdollarstostoptheirowncurrenciesrisingtoofast.Investorshavedecidedthattheycanlivewiththeirony:sharesinthebiglistedprivate-equityfirmsareupbybetween48%and131%sinceMay2012,whenCarlylebecamethelastofthemtofloat.ThevaluationsarepartlyareflectionofAmerica’sbubblystockmarket,upby33%inthesameperiod.Inmuchthesamewaythatanenergycompany’ssharesriseintandemwithoilprices,private-equityfirmsareboostedwhenstockmarketsarehigh,asthevalueofthecompaniestheyownrises.Abenomicsconsistofthreeinterlinkedpolicies,thecombinationofwhichissupposedtorevivetheJapaneseeconomy.Thefirstisamassivemonetary"stimulus,"withJapanGovernmentBond(JGB)purchasesofsome7trillionyen(aboutUS$70billion)permonth,aboutthreetimesthesizeintermsoftheJapaneseeconomyasBenBernanke'sQE3programatitsgreatest.Thiswassupposedtorevivetheeconomygenerallyand,moreparticularly,toweakentheyenagainstthedollar.Thesecondisaprogramoffiscal"stimulus,"thelatestsupposedtooffsetthedeflationaryeffectofa3%riseinconsumptiontaxto8%,tobeintroducedinMay2014.ThethirdwasaprogramofreformsandopeningupofJapaneseinstitutionsandtraderestrictions,whichtogetherwouldincreaseoutput,aswellasmakingtheJapaneseeconomymorecompetitive.TheUnitedStateswasenjoyinggreatprosperitybeforeBernanketurneditintoacountryofdesolation.HistenureasapolicymakerandFedchairmanwillbeseenbyhistoryasaneraoffallaciesandanarchy.Hisunorthodoxmoneypoliciesandnear-zerointerestrateshelpedtobringabouttheworstfinancialnightmaresinthepost-WorldWarIIperiod,destroyedUSbanks,andsetoffcurrencydevaluationinotherindustrializedcountries.EVERsinceLehmanBrotherswentbankruptin2008acommonassumptionhasbeenthatthecrisishappenedbecausethestatesurrenderedcontroloffinancetothemarket.Theanswer,itfollows,mustbemorerules.ThelatesttargetisAmericanhousing,thesourceofthedodgyloansthatbroughtdownLehman.Plansareafoottosetupapermanentpublicbackstoptomortgagemarkets,withthegovernmentinsuring90%oflossesinacrisis.Whichmightbecomforting,exceptfortwothings.First,itishardtoseehowentrenchingstatesupportwillpreventexcessiverisk-taking.And,second,whateverwaswrongwiththeAmericanhousingmarket,itwasnotlackofgovernment:farfromafreemarket,itwasoneofthemostregulatedindustriesintheworld,fundedbytaxpayersubsidiesandwithlendingdecisionstakenbythestate.Money-marketfunds(MMFs)areanotherworry.Thesefirmscollectdeposits,investingthecashinshort-termliquidassetssuchasTreasurybills.Butthereturnsontheseassetstendtotrackcentral-bankrates—theyaresolowthattheMMFs’servicechargesmightoutweightheircustomers’gain.TheconcernisthatMMFsmightswitchintoriskierassetstoliftreturnsandjustifytheirfees.Butanexaminationofover500MMFsshowstheyaretakingasaferoption,cuttingtheirfeesratherthanincreasingriskinanefforttomaintainthem.Ananalysisofbalance-sheetdataofover4,000pensionfundsconcurs:despiteextendedQEandlowinterestrates,thereisnosignofadangeroussearchforyield.III.Readingcomprehension(共15題，每小題2分，共30分):Directions:choosethebestanswertoeachofthequestions.Passage1Thepaceofinternationaleconomicintegration(一體化)viatheGATTandWTOroundsofmultilateral（多變）tradenegotiationshasbeenslowerandlesscomprehensivethansomememberswouldprefer.Somehavesuggestedthatthereshouldbeadditionalintegrationamongsubgroupsof(oftenneighbouring)membereconomies–e.g.thosepartiestotheEuropeanUnion,theNorthAmericanFreeTradeAgreement,andtheAsia-PacificEconomicCooperation–forpolitical,military,orotherreasons.Beginninginthelate1990s,theWTOwasthetargetoffiercecriticism.Opponents（反對者）ofglobalization,andinparticularthoseopposedtothegrowingpowerofmultinationalcorporations,arguedthattheWTOinfringes（侵犯）uponnationalsovereignty（主權(quán)）andpromotestheinterestsoflargecorporationsattheexpenseofsmallerlocalfirmsstrugglingtocopewithimportcompetition.Environmentalandlabourgroups(especiallythosefromwealthiercountries)haveclaimedthattradeliberalization（自由化）leadstoenvironmentaldamageandharmstheinterestsoflow-skilledunionized（工會化）workers.ProtestsbytheseandothergroupsatWTOministerial（部長的）meetings–suchasthe1999demonstrationsinSeattle,Washington,U.S.,whichinvolvedapproximately50,000people–becamelargerandmorefrequent,inpartbecausethedevelopmentoftheInternetande-mailmadelarge-scaleorganizingandcollectiveactioneasier.Inresponsetosuchcriticism,supportersoftheWTOclaimedthatregulatingtradeisnotanefficientwaytoprotecttheenvironmentandlabourrights.Meanwhile,someWTOmembers,especiallydevelopingcountries,resisted（抵制）attemptstoadoptrulesthatwouldallowforsanctions（制裁）againstcountriesthatfailedtomeetstrictenvironmentalandlabourstandards,arguingthattheywouldamounttoveiled（披上面紗的）protectionism.Despitethesecriticisms,however,WTOadmissionremainedattractivefornonmembers,asevidencedbytheincreaseinthenumberofmembersafter1995.Mostsignificantly,ChinaenteredtheWTOin2001afteryearsofaccession（準入）negotiations.TheconditionsforChinesemembershipwereinsomewaysmorerestrictive（限制的）thanthosefordevelopingcounties,reflectingtheconcernsofsomeWTOmembersthattheadmissionofsuchalargeandstillsomewhatplannedeconomymighthaveanoverallnegativeeffectonfreetrade.Passage2Withanincreasinglysophisticated（高級的，復雜的）andwealthycustomerbase,Chineseconsumer-goodsmakersarestartingtopayattentiontobrand-building.Thesmartestaremovingbeyondsimpleproductadstomarketinganentirelifestyle.InanechoofNike’sfamous“Justdoit”campaign（攻勢）,Li-Ning,thelargestproducerinChina’ssportswearmarket,hasjustlaunchedanadvertisingblitz（閃電戰(zhàn)）underthemottos（箴言）“Goodbye”and“Anythingispossible”.Costing15millionyuan($1.8million),eighttimesthecompany’susualadspend,ittapsintotheChinesebeliefthattheycansafelywavegoodbyetotheirhardlivesofthepast,andthatthefutureisfilledwithunlimitedopportunities.Oneofthoseopportunities,ifyouaskWilsonXu,Li-Ning’smarketingmanager,isanew-foundfreedomtoseekamorebalancedlife.Puttingitplainly,consumersshouldstopchasing（追求）academic（學術(shù)的）andcommercialsuccessandgetoutmoreoftentoparticipateinmoresport.Onlyaround15%ofChinesemainlandersaged15-35activelyplayasport,comparedwith50%inAmerica.“MostChinesepeoplebelievethatsuccessisaboutacademicachievementandmakingmoney.Theydon’tcareabouttheirhealth,”saysMr.Xu.Thesophisticatedads,whichfeatureordinarypeopleovercomingfailure(oneshowsaboywhosmilesdespitehurtinghishandskateboarding（滑板運動）;anotheragirlkick-boxing（自由搏擊）andthenashotofherbandagedknuckles關節(jié)),aresupposedtopuncture（削弱）theself-consciousnessthatkeepsmanyChineseonthesidelinesunlesstheyarealreadygoodatagivenactivity,saysKelvinCheng,managingdirectorofLeoBurnettBeijing,theagencybehindthecampaign.Mr.ChengsaysthatthestyleisanewwayofadvertisingforChinesecompanies,whichusuallysellonpricealone.Ofcourse,appealing（喚起）toanewfad（時尚）forspiritualwell-beingandforsportsaheadofthe2008OlympicsinBeijingisalsoagoodwaytogetmodernChineseconsumerstopartwiththeirmoney.Afteryearsoffocusingoncheapprices,Li-Ning,likemanyChinesecompanies,hasspentthepasttwoyearslearningthatbrandingpays.Thecompanyisinvestingaround10%ofits1billionyuanrevenuesinmarketing,comparedwith5%twoyearsago,andtheproportion（比例）isduetogrow.Thatinvestment,whichincludeshiringaforeignadagency,hasenabledLi-Ningtoholdontoitsleadershipdespitetheencroachment(侵犯)offoreignfirms.Li-NingleadsbothAmerica’sNike,whichhasabout800myuaninsalesinmainlandChina,andGermany’sAdidas.TheprospectoftheOlympicsishelpingtoexpandthemarketbymorethan25%ayear.Mr.XureckonsthenewbrandingcampaignshouldenableLi-Ningtodoubletheretailpricesofitsmostexpensiveproducts(shoes)toaround1,000yuaninafewyears,roughlywhatNike’smostexpensiveshoescostnow.WillChineseconsumerscontinuetochooseahome-grownbrandoveraglamorous（迷人的）foreignonesuchasNike,whichusessportscelebrities（名人）withglobalappealastheadvertisingspokespersonsofitsproducts?AsChinagainsinself-confidence,theymight.AndLi-Ningunderstandsthedangerofrelyingontoomuchoncelebrities.ItsfounderwasLiNing,whowonthreegoldmedalsforgymnasticsinthe1984LosAngelesOlympics,butisnowregardedasabitpassébyyoungerconsumers.Mr.Li’sdayasasportingheromaybeover,buthisbrandmayyetbringmoreglory.Passage3NextmonthalargegroupofBritishbusinesspeoplearegoingtoAmericanonaventure（商業(yè)冒險）whichmaygenerateexportearningsfortheircompanies’shareholdersinyearstocome.Alonglistofsponsors（贊助者）willsupporttheinitiative（倡議）,whichwillinvolvea￡3-millionmediacampaignandafortnight（兩星期）ofeventsandexhibitions.Theultimate（最終的）goalistopersuademoreAmericansthatBritishcompanieshavesomethingtointerestthem.Whiletherehavebeenplentyoftradeinitiativesinthepast,thedifferencethistimeroundisthatconsiderablethinkingandplanninghavegoneintotryingtoworkoutjustwhatitisthatAmericanslookforinBritishproducts.Insteadofexclusivelypromotingthemajorcorporations,thistimethereismoreemphasisonsupportingthesmaller,moreunusual,nichebusiness.FreshinthememoriesofallthoseconcernedistheknowledgethatAmericanhasbeentheendofmanyalargeandapparentlysuccessfulbusiness.ForCarringtons,aretailgroupmuchrespectedbyEuropeancustomersandinvestors,AmericaturnedouttobeacommercialdisasterandthebeliefthattheycouldevenshowsomeofthegreatAmericanstoresaretailingtrickortwowashopelesslyover-optimistic.PollyBrown,anotherveryBritishbrandthatrodehighforyearsongoodprofitsandhugecityconfidence,alsofoundthatconqueringAmerica,incommercialandretailingterms,wasnotaseasyasithadimagined.WhenitpositioneditselfintheUSasaniche（利基）,luxurybrand,sellingshirtsthatwerepricedat$40intheUKfor$125intheStates,thestrategyseemedtowork.Butonceitsmanagementdecideditshouldtakeonthemiddlemarket,thissuccessrapidlydrainedaway.Itwasadisastrous（災難性的）mistakeandthehighcostofthefailedAmericanexpansionplansplayedalargeroleinitsdecliningfortunesinthemid-nineties.SarahScott,managingdirectorofSmythson,theupmarket（高端）stationer,hashadtothinklongandhardaboutwhatittakestosucceedinAmericaandshetakesitveryseriouslyindeed.“ManyBritishfirmsarequitepatronizing（做派）abouttheUS,”shesays.“Theythinkthatwe’resomuchmoresophisticatedthantheAmericans.Theyobviouslyhaven’tnoticedRalphLauren,anAmericanwhohasbeenmuchmoreskilledattappingintoanidealized（理想化的）EnglishnessthananyEnglishcompany.Also,manycompaniesdon’tbothertostudythemarketproperlyandthinkthatbecausesomething’ssuccessfulintheUK,it’sboundtobesuccessfuloverthere.Youhavetolookatwhatyoucanbringthemthattheyhaven’talreadygot.Onthewhole,Americancompaniesarebrilliantatthemass,middlemarketandpeoplewhohavetriedtotakethemonatthislevelhavefounditverydifficult.”ThistimerounditisjustpossiblethatchangingtastesarerunninginBritain’sfavour.Theenthusiasmformassive,centralizedretailchainshasdecreased.Peoplewantthingswithsomesortofindividuality（個性）;theyarefedupwiththebanal（平庸的）,middle-ofthe-roadtastethatAmericadoessowell.Theyarenowlookingforthesmall,theprecious,the“realthing”,andthisispreciselywhatmanyofthecompaniesparticipatingintheinitiativedobest.PassagefourOverthepastdecade,Americancompanieshavetriedhardtofindwaystodiscourageseniormanagersfromfeatheringtheirownnestsattheexpenseoftheirshareholder.Thethreemostpopularreformshavebeenrecruitingmoreoutsidedirectorsinordertomakeboardsmoreindependent,linkingbosses'paytovariousperformancemeasure,andgivingbossesshareoptions,sothattheyhavethesamelong-terminterestsastheirshareholders. ThesereformshavebeenwidelyadoptedbyAmerica'slargercompanies,andsurveyssuggestthatmanymorecompaniesarethinkingoffollowingtheirlead.Buthavetheydoneanygood?ThreepaperspresentedattheannualmeetingoftheAcademyofManagementinBostonthisweeksuggestnot.Asisusuallythecasewithboardroomtinkering,theconsequenceshavedifferedfromthoseintended. Startwiththoseindependentboards.Onthefaceofit,dismissingtheboss'sfriendsfromtheboardandreplacingthemwithoutsiderslooksaperfectwaytomakeseniormanagersmoreaccountable.ButthatisnottheconclusionofastudybyProfessorJamesWestphal.Instead,hefoundthatbosseswithaboardroomfullofoutsidersspendmuchoftheirtimebuildingalliances,doingpersonalfavorsandgenerallypleasingtheoutsiders. Alltoooften,theseseductionssucceed.Mr.Westphalfoundthat,toaremarkabledegree,"independent"boardspursuestrategiesthatarelikelytofavorseniormanagersratherthanshareholders.Suchcompaniesdiversifytheirbusiness,increasethepayofexecutivesandweakenthelinkbetweenpayandperformance.Toassesstheimpactofperformance-relatedpay,Mr.Westphalaskedthebossesof103companieswithsalesofover$1billionwhatmeasurementswereusedtodeterminetheirpay.Themeasurementsvariedwidely,rangingfromsalestoearningspershare.Buttheresearcher'sbigdiscoverywasthatbossesattendtomeasuresthataffecttheirownincomesandignoreorplaydownotherfactorsthataffectacompany'soverallsuccess. Inshort,bossesarequicktoturneveryimaginablesystemofcorporategovernmenttotheiradvantage-whichisprobablywhytheyarethepeoplewhoareputinchargeofthings.Hereisparadoxforthemanagementtheorists:anybosswhocannotbeatasystemdesignedtokeephimundercontrolisprobablynotworthhavingnotbeatasystemdesignedtokeephimundercontrolisprobablynotworthhaving.PassagefiveInancienttimeswealthwasmeasuredandexchangedtangibly,inthingsthatcouldbetouched:foods,tools,andpreciousmetalsandstones.Thenthebartersystemwasreplacedbycoins,whichstillhadtealvaluesincetheywerepiecesofraremetal.Coinswerefollowedbyfiatmoney（不兌換的紙幣）,papernotesthathavevalueonlybecauseeveryoneagreestoacceptthem.Todayelectronicmonetarysystemsaregraduallybeingintroducedthatwilltransformmoneyintoevenlesstangibleforms,reducingittoarraysof“bitsandbytes”,orunitsofcomputerizedinformation,whizzingbetweenmachinesatthespeedoflight.Already,electronicfundtransferallowsmoneytobeinstantlysentandreceivedbydifferentbanks,companiesthroughcomputersandtelecommunicationsdevices.PassagesixPricesdeterminehowresourcesaretobeused.Theyarealsothemeansbywhichproductsandservicesthatareinlimitedsupplyarerationedamongbuyers.ThepricesystemoftheUnitedStatesisaverycomplexnetworkcomposedofthepricesofalltheproductsboughtandsoldintheeconomyaswellasthoseofamyriadofservicesincludinglabour,professionaltransportation,andpublic-utilityservices.Theinterrelationshipsofallthesepricesmakeupthe“system”ofprices.Thepriceofanyparticularproductorserviceislinkedtoabroad,complicatedsystemofpricesinwhicheverythingseemstodependmoreorlessuponeverythingelse.Ifoneweretoaskagroupofrandomlyselectedindividualstodefine“price”,manywouldreplythatpriceisanamountofmoneypaidbythebuyertothesellerofaproductorserviceor,inotherwords,thatpriceisthemoneyvalueofaproductofserviceasagreeduponinamarkettransaction.Thisdefinitionis,ofcourse,validasfarasitgoes.Foracompleteunderstandingofapriceinanyparticulartransaction,muchmorethantheamountofmoneyinvolvedmustbeknown.Boththebuyerandthesellershouldbefamiliarwithnotonlythemoneyamount,butwiththeamountandqualityoftheproductorservicetobeexchanged,thetimeandplaceatwhichtheexchangewilltakeplaceandpaymentwillbemade,theformofmoneytobeused,thecredittermsanddiscountsthatsupplytothetransaction,guaranteesontheproductorservice,deliveryterms,returnprivileges,andotherfactors.Inotherwords,bothbuyerandsellershouldbefullyawareofallthefactorsthatcomprisethetotal“package”beingexchangedfortheasked-foramountofmoneyinorderthattheymayevaluateagivenprice.Passageseven“Moneytalk”isafamiliarobservation.Longago,WilliamShakespeareexpressedthesamethoughtpoetically:“Ifmoneygoesbefore,allwaysdolieopen.”Cynically,andabitsuperficially,theseaphorismsconveytheideathatthepossessionofmoneymeanspowerandinfluence.Morefundamentally,moneyanditsownershiprepresentcommandovereconomicresources:goodsandservices.Puttingitthiswaymayremovesomeoftheauraofmystiquethatsurroundsthesubjectofmoney,butitisnonethelesstrueandfamiliar.Everyoneknowsthatweneedmoneytobuythegoodsandserviceswedesire.Whatandhowmuchwebuyisintimatelyrelatedtohowmuchmoneywepossess.Byitself,moneymaynotbethesourceofhappinessandhealth,butifoneisunhappyorill,ithelpstobesoincomfort.Orasawiseacrehassaid,“Ifmandoesnotlivebybreadalone,atleastitcanbeusedtobuythemissingitems”.“Moneymatters”isanotherpopularsaying.Butherethereferenceisnottothewelfareofindividualsandhouseholdsbutrathertothehealthandwealthoftheeconomyasawhole.Foritturnsoutthatmoneyplaysabasicroleindeterminingsuchthingsasthevolumeofemploymentandproduction,thelevelofpricesandbuyingpowerofmoney,andtherateofeconomicgrowthandthusthelevelandrateofincreaseofourlivingstandards.Atothertimes,wehavewitnessedtoolittlemoneyincirculationandwithitdepressedlevelsofemploymentandoutput.Thusitisevidentthatmoneyaffectsnotonlythewelfareofindividualsbutalsothatofthewholeeconomy.Andtheseinterestsmaynotalwayscoincide.Anindividualusuallyfeelsbetteroffthemoremoneyheorshehas,buttheimprovementmayoccurattheexpenseofthewell-beingoftheeconomyasawholeandhencetothedetrimentofthewelfareofotherindividuals.Moneygrowthisindispensabletoagrowingeconomybutisnopanacea,elsetheless-developedeconomiesoftheworldcouldsolvetheirpovertyproblemsbythesimpleexpedientofprintingmoremoney.PassageeightWhenLiamMcGeedepartedaspresidentofBankofAmericainAugust,hisexplanationwassurprisinglystraightup.Ratherthancloakinghisexitintheusualvagueexcuses,hecamerightoutandsaidhewasleaving“topursuemygoalofrunningacompany.”Broadcastinghisambitionwas“verymuchmydecision,”McGeesays.Withintwoweeks,hewastalkingforthefirsttimewiththeboardofHartfordFinancialServicesGroup,whichnamedhimCEOandchairmanonSeptember29.McGeesaysleavingwithoutapositionlinedupgavehimtimetoreflectonwhatkindofcompanyhewantedtorun.Italsosentaclearmessagetotheoutsideworldabouthisaspirations.AndMcGeeisn’talone.InrecentweekstheNo.2executivesatAvonandAmericanExpressquitwiththeexplanationthattheywerelookingforaCEOpost.Asboardsscrutinizesuccessionplansinresponsetoshareholderpressure,executiveswhodon’tgetthenodalsomaywishtomoveon.Aturbulentbusinessenvironmentalsohasseniormanagerscautiousoflettingvaguepronouncementscloudtheirreputations.Asthefirstsignsofrecoverybegintotakehold,deputychiefsmaybemorewillingtomakethejumpwithoutanet.Inthethirdquarter,CEOturnoverwasdown23%fromayearagoasnervousboardsstuckwiththeleaderstheyhad,accordingtoLiberumResearch.Astheeconomypicksup,opportunitieswillaboundforaspiringleaders.Thedecisiontoquitaseniorpositiontolookforabetteroneisunconventional.ForyearsexecutivesandheadhuntershaveadheredtotherulethatthemostattractiveCEOcandidatesaretheoneswhomustbepoached.SaysKorn/FerryseniorpartnerDennisCarey:”Ican’tthinkofasinglesearchI’vedonewhereaboardhasno