Grammar notes

The Gerund

§ 1. Form. The gerund has exactly the same form as the present participle: changing, slowing, convening. The -ing form is usually called a gerund when it behaves like a noun and a participle when it behaves like an adjective.

However, there is some overlap between these two main functions and it is often difficult to make formal distinction. In broad terms, the gerund can take the place of a noun, though it can, like a verb, have an object: She doesn’t mind working overtime. They postponed launching the new model.

§ 2. Functions:

  • the gerund often functions in general statements as an uncountable noun with no article. It can also be replaced by it. Leading a team is a key management function. It is very important;
  • sometimes the gerund functions as a countable noun which can be replaced by it (singular) or they (plural). Shaw often gave readings of his plays. They were very popular~
  • we can use a gerund after determiners like a, the, this, a lot of and some, or after possessives and adjectives: Your quick thinking saved us all;
  • the gerund also has some of the characteristics of a verb: e. g., it can be followed by an adverb or adverbial phrase: Working effectively is difficult. It can take an object: We risk losing our position as market leader. It can have a perfect form and even a passive: I am sorry for having wasted у our time. I can’t forgive myself for having been taken by surprise.

§ 3. Use. The gerund can be used in the following ways:

  • as a subject of a sentence when action is being considered in a general sense. Advertising in trade journals has created a lot of interest in our products;
  • in short prohibitions: No smoking;
  • in compound nouns: waiting list. The gerund here carries the main stress;
  • as a complement of a verb: Her duty is handling problems with customers.

Gerunds after prepositions.

When a verb is placed immediately after a preposition the gerund form must be used: He is thinking of investing. What else can we do besides buying bonds?
  • A number of verb + preposition/adverb combinations (“phrasal verbs”) take the gerund. The most common are be accustomed to, be for/against, care for, give up, keep on, leave off, look forward to, put off, see about, take to, be used to. We are looking forward to hearing from you. He is used to controlling his company.
  • The most important verbs followed by the gerund are: admit, anticipate, appreciate, avoid, consider, defer, delay, deny, detest, dislike, dread, enjoy, escape, fancy = imagine, finish, forgive, imagine, involve, keep = continue, loathe, mean, mind = object, miss, pardon, postpone, practise, prevent, propose = suggest, recollect, remember = recollect, resent, resist, risk, save, stop, suggest, understand. She admitted taking the money.
  • The gerund is also used after the expressions can’t stand (= endure), can’t help (= prevent/avoid), it’s no use/good and after the adjective worth. It’s no use arguing.
  • Verbs + possessive adjective/pronoun object + gerund. Compare: He insisted on doing it. He insisted on my doing it. Verbs and expressions which can take either construction are: dislike, dread, fancy, involve, like, mean, mind, propose, recollect, remember, resent, save, stop, suggest, understand, approve/disapprove of, insist on, it’s no good/use, object to, there is no point in, what’s the point of. What’s the point of trying so hard? What’s the point of your trying so hard?
  • ‘Excuse’, ‘forgive’, ‘pardon’ and ‘prevent’ are not followed directly by the gerund but take either possessive adjective/pronoun + gerund or pronoun + preposition + gerund: I can’t prevent him spending his own money.
  1. l. Identify all the gerund forms in the text “Effectiveness of Monetary Policy” and translate the sentences into Russian.
  1. 2. Choose a word from the box to complete the spaces in the article.
    After that write down each ‘-mg’ form into the appropriate column: the gerund or the present participle.

willing              multiplying              rising              spending              easing

slashing              citing              falling              strengthening              allowing

treating              causing              lending              eversing

Bank of Japan Eases Monetary Policy

David Pilling, “Financial Times99

The Bank of Japan on Wednesday surprised markets by (1) ... monetary policy sharply, (2) ... uncertainty in Japan’s financial markets and the possible negative impact on the economy of the Sars crisis.

The central bank said it would raise the target for current accounts held at the central bank to ? 22,000 bn — ? 27,000 bn ($ 184 bn — $ 225 bn), from the previous level of ? 17,000 bn — ? 22,000 bn. Under the bank’s quantitative (3) ... policy, begun in March 2001, the BoJ has flooded the market with enough liquidity to drive interest rates down to virtually zero.

Because of “uncertainty regarding the economic and financial situation, the bank thought it appropriate to raise the target balance of current accounts held at the bank to maintain financial market stability, thereby (4) ... support for economic recovery,” the BoJ said in a statement.

Analysts said the announcement showed that Toshihiko Fukui, who became BoJ governor in March, was (5) ... to be more aggressive than his predecessor, Masaru Hayarni. In his short time at the helm, Mr. Fukui has called an unprecedented emergency meeting, raised the amount of shares the BoJ can buy from banks and initiated a scheme for the bank to buy asset-backed securities from small and medium companies.

Even so, Mamoru Yamazaki, chief economist at Barclays Capital, said the policy moves would have almost no effect on the real economy or on prices, which have been (6) ... for seven years. He said the supply of more liquidity would, however, reassure the edgy financial markets, which have been battered by a sharply (7) ...

stock market.

On Wednesday, the Nikkei average responded to the news by (8) ... 2.9 per cent to 7,831.4. Bank shares, which have been battered recently, rallied sharply. Of the big four, Mizuho rose 8.5 per cent, UFJ 11.6 per cent, Sumitomo Mitsui Financial Group 14 percent and Mitsubishi Tokyo Financial Group 14.1 percent.

The BoJ also signalled its intention to help in the workout of bad loans, which have paralyzed the banks, by (9)... loans to the Industrial Revitalization Corporation (IRC) as collateral in its money market operations. The IRC, which begins business next month, is due to buy up to ? 10,000 bn of loans owed by weak, but salvageable, companies in an effort to get them off banks’ books and clear them through the market.

The BoJ has long argued that its monetary policy cannot work properly unless commercial banks are restored to health, (10) ... them to fulfill their function of (11) ... base money into credit. Risk averse-banks have been (12)... their loan books in an attempt to bolster their precarious capital-adeq- uacy ratios, (13)... bank (14) ... to fall for more than 60 straight months.

Mr. Yamazaki said that, until bad loans had worked through the system, BoJ policy was likely to prove impotent in terms of (15)... deflation. Only if the government asked the bank to directly fund more (16) ... could the price fall be halted he said. “Without such a big policy change, it’s very difficult to alter the current price situation.”

The gerund The present participle

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Источник: Е. Н. Малюга. Английский язык для экономистов: Учебник для вузов / Е. Н. Малюга, Н.              В. Ваванова, Г. Н. Куприянова, И. В. Пушнова. — СПб.: Питер,2005. — 304 с.: ил.. 2005

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