商務(wù)英語(yǔ)閱讀第二版王關(guān)富unit9econbeyondbrettonwoods課后答案

Unit9BeyondBrettonWoods2ExercisesAnswerthequestionsonthetext:Accordingtothearticle,whatistheessenceof“quantitativeeasingrestarted”bytheFedPrintingmoneytobuygovernmentbonds.Whyisnoonesatisfiedwithtoday’sinternationalmonetarysystemBecause:Reason1:DominanceofthedollarasareservecurrencyandAmerica’smanagementofitfailtoreflecttherealitiesoftheworldeconomyandleaveothersvulnerabletoAmerica’sdomesticmonetary.policyReason2:Thesystemhasfosteredthecreationofvastforeign-exchangereserves,particularlybyemergingeconomies,thuspoorcountrieslendtorichonesandloseinvestmentopportunities.Reason3:Scaleandvolatilityofcapitalflowrenderunsteadinessforemergingeconomies.Whatis“trilemmaaccording”tothetextTheindependenceofdomesticmonetarypolicies,stabilityofexchangerateandperfectcapitalmobilitycan’tberealizedatthesametime.Onemustgiveuponefactortoupholdtheothertwo.WhatisthereasonforafreercapitalflowinthesedaysGlobalizationasmuchastotheremovalofrestrictions.WhyarecountriesunwillingtohavetheircurrencyexchangeratetorisegreatlyandhowdotheycontrolitBecauseabruptriseinexchangeratewouldcrippleexportandcountrieswantanundervaluedcurrencytoencourageexport-ledgrowth,sotheybuyforeignexchangetostemtherise.Howis“BrettonWoods2created,”accordingtotheauthorEmergingeconomiesarecopingthebehaviorofChina,keepingtheirexchangerateatalowlevelsoastomaintaintheirinternationalcompetitiveness,thustheyhavetobetiedtoUSdollars.ThisphenomenonthenresultsinBrettonWoods2.7)Whatis“Triffindilemma”Theconflictbetweenthebenefitsandcostsofacountrywithareservecurrencyrunningalargecurrentaccountdeficit.Thereserve-currencycountryenjoystheconsumptionbenefitofrunningatradedeficit,whiletherestoftheworldbenefitsfromtheadditionalliquidity,whichhelpsfacilitatetrade.Thecostcomesfromthedecliningvalueandcredibilityofanycurrencywhichrunsapersistenttradedeficit-eventuallyleadingtoareluctanceofcreditorstoholdthereservecurrency.Whycan’tSDRsbecomeacentralreserveassetBecauseasMrEichengreenwrites:“Noglobalgovernment?meansnoglobalcentralbank,whichmeansnoglobalcurrency.Accordingtothetext,whatisthemeasurethattheG20couldpossiblytaketorebalanceworldeconomyItcandevelopaplanwithtargetrangesforcurrent-accountbalancesandrealexchangeratesandmakeitsupportedbypeerpressureratherthanexplicitsanctions.Whatcanbeinferredfromthetitle“BeyondBrettonWoods2in”relationtotheworldeconomyThereareprobablytworesultsoftheworldeconomy:OneisthatifAmerica’economysrecoversanditsmedium-termfiscaloutlookimproves,thepaceatwhichcapitalshiftstotheemergingworldwillslow.AndifChinamakesitscurrencymoreflexibleanditscapitalaccountmoreopeningoodtime,theinternationalmonetarysystemwillbebetterabletocopewithcontinuedfinancialglobalisationandawidegrowthgapbetweenrichandemergingmarkets.Theotheristhatiftheworld’biggesteconomystagnatesandthesecond-biggestdoesnotchangeitsmonetarypolicy,arigidmonetarysystemwilleventuallybuckle.)Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:Thelateststatisticsindicatethatthisregionseconomic’recoveryistiedtohighereducation.Accordingtofinancialnews,thisnation’scurrencywillappreciateagainsteuroinrealterms.ThecoupledescribedtheirnarrowescapefromtheearthquakeinNewZealandastheywereinsidethechurchwhenitbegantofallapart.Ifyounevertakeinitiativetomakeithappen,thisschemeisonlysomethingonpaper.Attimesofcriticalmoment,onemustsubordinatepassionstoreasoningtoavoidanypossibleblunders.OvertwomillionmigrantworkersfloodedintoBeijinglastyearfromallpartsofChinatoseekpotentialopportunitiesforpersonaldevelopment.ThousandsofcityschoolteachersstandtolosetheirjobsunderatoughbudgetthatissettounveilthiscomingThursday.Thecardealerguaranteesthatifcustomerisunhappywiththemodelhepurchases,whetheronabillofsaleorhirepurchase,hecantotallyswapitforanewone.AuthoritiesinZimbabwehaveissuedanewmegabanknoteinanattempttocopewiththetroubledAfricancountry'srunawayinflation.Economistsusethetermliquiditytodescribetheeasewithwhichanassetcanbeconvertedintotheeconomy'smediumofexchange.MatchthetermsincolumnAwiththeexplanationsincolumnB:AB1)reservecurrencya)Abilityofmoneytomoveacrossnationalboundariesfreelyinpursuitofhigherreturns.42)treasurybondb)Agovernmentmonetarypolicyoccasionallyusedtoincreasethemoneysupplybybuyinggovernmentsecuritiesorothersecuritiesfromthemarket.73)currencywarc)Theactionsofacentralbank,currencyboardorotherregulatorycommitteethatdeterminethesizeandrateofgrowthofthemoneysupply.54)capitalmobilityd)Amechanismusedbycentralbankstoprovidefinancialinstitutionswithaccesstofundstosatisfyreserverequirementsandtoincreaseliquidityoverlongerperiods.85)monetarypolicye)Acurrencyheldbymanygovernmentsandaspartoftheirforeignexchangereservesandalsousedastheinternationalpricingcurrencyforproductstradedonaglobalmarket.1SpecialDrawingRight(SDR)f)Aconditionininternationalaffairswherecountriescompeteagainsteachothertoachievearelativelylowexchangeratefortheirhomecurrency.37)quantitativeeasingg)Amarketable,fixed-interestU.S.governmentdebtsecuritywithamaturityofmorethan10years.28)lendingfacilityh)Aperiodoftimeinwhichloansarelentbythegovernmentandbanksinanunrestrainedway.99)creditbingei)Asituationwhereacountry'stotalimportofgoods,servicesandtransfersaregreaterthanitstotalexportofgoods,servicesandtransfers..1010)currentaccountdeficitj)AninternationaltypeofmonetaryreservecurrencycreatedbytheInternationalMonetaryFundandusedasasupplementtotheexistingreservesofmembercountries..6TranslatethefollowingintoChinese:若是國(guó)際組織間舉行一場(chǎng)全球性的聲譽(yù)比賽，國(guó)際錢幣基金組織毫無(wú)疑問(wèn)會(huì)是最后一名。在過(guò)去30年里，這家位于華盛頓的機(jī)構(gòu)以供應(yīng)財(cái)政資助的方式給多個(gè)政府強(qiáng)加苛刻的條件，在非洲、亞洲和拉丁美洲地區(qū)激起了人們的害怕和反感。隨著世界經(jīng)濟(jì)激烈增添，當(dāng)它的作用在近十年早期削弱到湊近沒(méi)關(guān)緊迫的地步時(shí)，幾乎沒(méi)人同情它。2007年當(dāng)選為總裁的法國(guó)人卡恩（DominiqueStrauss-Kahn）警告它的董事們說(shuō)：“國(guó)際錢幣基金組織的存在現(xiàn)在已經(jīng)到了生死攸關(guān)的時(shí)刻。”但是，國(guó)際錢幣基金組織突然間又成為了矚目的焦點(diǎn)，此次它扮演了一個(gè)人們不熟悉的新角色：這家機(jī)構(gòu)被認(rèn)為是現(xiàn)在的救世主，有能力拯救正在崩潰的世界經(jīng)濟(jì)。4月2日在倫敦召開(kāi)的20國(guó)領(lǐng)袖會(huì)議的主要成就就是達(dá)成了一項(xiàng)協(xié)議，將國(guó)際錢幣基金的資本額度提高三倍至七千五百億美元，并且贊成其自行額外刊行兩千五百億美元。這筆錢的一部分將用來(lái)資助那些突然墜入經(jīng)濟(jì)困難的國(guó)家，另一部分則為衰落的世界經(jīng)濟(jì)供應(yīng)更廣泛更充裕的流動(dòng)性。但是這些額外的錢可是整個(gè)事件的一部分。隨著新資本的注入，國(guó)際錢幣基金的運(yùn)作方式最少在理論大將發(fā)生重要變化。未來(lái)歐洲國(guó)家不再象現(xiàn)在相同擁有選舉總裁的自主權(quán)。同時(shí)經(jīng)過(guò)對(duì)其奧秘股權(quán)系統(tǒng)或配額系統(tǒng)的改革，美國(guó)和其他發(fā)達(dá)國(guó)家對(duì)其政策的支配將退步于一個(gè)更為平衡的管理系統(tǒng)，其中如巴西，中國(guó)和俄羅斯等發(fā)展中國(guó)家有更多發(fā)言權(quán)。國(guó)際錢幣基金的關(guān)注范圍也待轉(zhuǎn)變，20國(guó)企業(yè)希望它能以全球經(jīng)濟(jì)警察的角色發(fā)揮更為積極的作用，看守主要發(fā)達(dá)經(jīng)濟(jì)體及欠發(fā)達(dá)經(jīng)濟(jì)體的政策，當(dāng)發(fā)現(xiàn)危險(xiǎn)的行為時(shí)吹哨示警。從理論上講，國(guó)際錢幣基金組織應(yīng)能反響出全球經(jīng)濟(jì)序次的變化和因危機(jī)而推行的更嚴(yán)格的金融看守。Fillineachofthefollowinggapswithoneofthesentencesgivenbelow:Byimportingsavingsfromabroad,poorcountriescaninvestmorethantheyareabletosetasidefromtheirownmeagreoutput.Theyalsobenefitfrommoresophisticatedbanking.Foreigninvestorsmayhaveabetternoseforboardroomshenanigansandastrongincentivetoprotectminorityshareholders.Inpractice,opencountriesdoseemtoachievelowerinflationthoughthereisscantevidencethattheyrunsmallerbudgetdeficits.Butifforeigncapitalpromotesthesethreevirtues,thenthestudymayhaveinadvertentlystrainedoutmuchofthebenefitoffinancialglobalisation.SupplementaryReadingWeighedDownItisconsideredtobethesurestwaytolendtostatesbecause__________.theycollecttaxnationwideassustainablerevenuetheyadministratetheircountriesandarelesslikelytocollapsetheywon’tcloseupshopsandfleetheircreditorsBothAandB∨Accordingtothetext,governmentdefaultis__________.theabsenceofdutythatagovernmentshouldperformtheinabilityorrefusalofagovernmenttopaybackmoneyithasborrowed∨theadmittanceofdebtthatagovernmentowesNoneoftheaboveAllofthefollowingaretheconsequencesofGreekgovernmentdebtexcept__________.instabilitiesinglobalfinancialmarketsdepreciationofeurocreditdowngradeandmajorpoliticalproblems∨stockmarketselsewhereareimpactedByquotingallthesestatisticsofgovernmentdebtbyOECDinthethirdparagraph,theauthormainlyindentsto_________.disclosehowthesedebtsareshiftedfromprivate-sectortopublic-sectorsignalthepotentialcrisisthattheworldeconomyfacesinthenearfuture∨warntheimpactcausedbytheGreatRecessiononglobalfinancialmarketsrevealthecurrentpressurerenderedbyunsustainablemountainsofdebtWhyistheresultofmountingsovereigndebtNOTautomaticallydangerousDifferentcountrieshavedifferentlevelsoftoleranceandabilitiestofinancethedebt.∨B..Treasurybillsisasafehaventohelpfinancethedeficits.Japan'sampledomesticsourcesoffundsfindnotroublefinancingitsdeficits.Alloftheabove.WhatdoeseconomistCarmenReinhartmeanbysaying,“?growthprospectsarereallytaki