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Today the standard measures of money in all developed countries include the volume of currency and the volume of deposits at a point in time. Usually there are narrow and broad measures, distinguished by the type of deposits included in the definition of money. In the United States, the central bank tracks and reports on three measures of money, Ml, M2, and M3.

The narrowest measure of money,Ml, consists of currency, traveler's checks, non-interest-bearing checking accounts (called demand deposits), and interest-bearing check­ing accounts (called other checkable deposits). All the components of Ml are funds that are generally acceptable immediately for transactions and are naturally referred to by the Fed astransactions balances. They are pure media of exchange; in other words. Ml consists of perfectly liquid assets. The termliquidity refers to the ease and convenience with which an asset can be converted to a medium of exchange. Currency and checking accounts do not need to be converted to anything else to be used as a medium of exchange. They are already the medium of exchange.

A broader measure of money is M2, which consists of Ml plus savings deposits, small-denomination time deposits, (private) money market mutual funds (MMMFs), money market deposit accounts, and two smaller items used primarily by businesses: overnight repurchase agreements and overnight Eurodollars. All the non-M1 components of M2, callednontransactions balances, can be used for payments but usually with some delay. Certainly that is the case with savings and time deposits. Funds in other accounts, such as the money market deposit accounts and money market mutual funds, can be transferred by check, but there are limits on either the number or the size of checks that can be written against these accounts. Typically very few checks are written on these accounts, and the checks that are written are for major payments. Thus, the broader measure emphasizes the store-of-wealth (value) function more than the medium-of-exchange function.

Finally,M3 equals M2 plus balances of less-liquid accounts that are even less likely to be used for payments. These balances are large-denomination time deposits and institutional money market mutual funds as well as term Eurodollars and term repurchase agreements.


  1. Explain what M1, M2 and M3 mean.


T E X T 4




The currencies of the world’s major economies have names and backgrounds that are as diverse as the countries themselves.

The dollar, used in many countries including the USA, Canada, Australia, gets its name from a silver coin minted during the Middle Ages in a small valley, or “Thal”, in Bohemia called

Joachimsthal. Just as a sausage from Frankfurt came to be called a frankfurter, the coins from Joachimsthal were called "Joachimsthaler" or simply "Thaler," and came to be called "dollar" in English.

The pound, used in Britain, Egypt, and Lebanon among others, refers to the weight used in determining the value of coins, based on precious metals such as gold or sterling. The penny has the same origin as the word pawn, found in terms such as pawn shop, and originally meant "to pledge." A penny, like any currency, is a "pledge" of value. In Italy and Turkey, the currency is called lira. The word is based on the Latin libra, meaning "pound," and once again refers to the weight of the original coins.

In Spanish, the word meaning "weight," peso, is used to describe the coins that were based on a certain weight of gold or silver. Origi­nally, there were gold coins called peso de ото and silver ones called peso de plata. In Spain, the currency is called peseta, meaning "small peso." The word peso is used to describe the currency in many Span­ish-speaking countries in Latin America.

In Denmark, Norway, and Sweden, the word for crown—krone in Denmark and Norway, krona in Sweden—is used to describe the currency that was originally minted by the king and queen, with royal crowns stamped on the earlier coins. Today, the crown has been replaced by other symbols, but the name remains.

The franc, used in France, Switzerland, Belgium, and other coun­tries and territories, is based on the early coins used in France that bore the Latin inscription franconium rex, meaning "king of the Franks." The coin, as well as the country, took its name from one of the original tribes that settled in the area, the Franks.

The German mark and Finnish markka derive their names from the small marks that were cut into coins to indicate their precious metal content. The German mark, deutsche mark in German, is often called by its shortened name, D-mark.

The riyal, in Saudi Arabia and Qatar, and the rial in Iran, are based on the Spanish word real—which, in turn, was derived from the Latin regal(is)—referring to earlier "royal" coins. The dinar, used in Iraq and Kuwait among others, derives its name from "denarius," a Roman coin that was worth "ten bronze asses," an item of considerable value in days of old. In India, Pakistan, and other countries of the subcontinent, the currency is called rupee (in Indonesia, rupiah), based on the Sanskrit word rupya, meaning "coined silver."

The ancient Chinese wordyiam meant "round," or "small round thing." The name of the Japanese currency, the yen, and the name of the Chinese currency, the yuan, both derived from the old Chinese word, refer to the round shape of the original coins.


1.What other names and backgrounds of the national currencies do you know?

2.What are the backgrounds of the national currency in your country?

Ex. 5. What is the English for?


a) деньги – мера стоимости; деньги – наиболее ликвидный из всех активов; наличные денежные средства; чековые депозиты; сберегательные счета; мелкие срочные депозиты; взаимные фонды денежного рынка; обратить в наличность; индивидуальные счета взаимных фондов денежного рынка; крупные срочные депозиты; чековый депозит; бессрочный вклад; средство сбережения.

b)1.Деньги служат средством обращения. 2.Деньги используются для купли-продажи товаров и услуг. 3.Деньги помогают избежать неудобств бартерного обмена. 4. Мы оцениваем стоимость товара в денежном выражении. 5. Деньги используются для выполнения любого финансового обязательства. 6. Деньги – это все, что выполняет функцию денег. 7. Это позволяет покупателям и продавцам сравнивать стоимость различных товаров и ресурсов. 8. Долговые обязательства также измеряются в денежном выражении. 9. Деньги являются удобной формой хранения богатства. 10. Текущие счета (чековые депозиты) представляют собой обязательства коммерческих банков и сберегательных учреждений. 11. При необходимости люди могут обратить свои чековые вклады в бумажные и металлические деньги.


Ex. 6. Join the parts to make up a sentence.


A) A medium of exchange

B) we can express the price of each of

C) in the future it will not to be

D) distinguished by the type of deposits

E) can be converted to a medium of exchange

F) The reason for the divorce of

G) the store-of-wealth function more than


1. There are narrow and broad measures

2. to buy goods and services

3. the medium of exchange from the unit of account is a deterioration of

4. Having chosen the good

5. is anything generally acceptable as a

6. The term liquidity

7. the medium-of-exchange function.


a) the currency as a store of value.

b) included in the definition of money.

c) means of payment in the exchange of good and services.

d) When wealth is held in money,

e) refers to the ease and convenience with which an asset

f) The broader measure emphasizes

g) the rest of the goods in units of that good.

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