商務(wù)英語閱讀第二版王關(guān)富Unit9EconBeyondbrettonwoods課后答案

1、unit 9beyond bretton woods 2exercises1. answer the questions on the text:1) according to the article, what is the essence of “quantitative easing” restarted by the fed?printing money to buy government bonds.2) why is no one satisfied with todays international monetary system?because: reason 1: domin

2、ance of the dollar as a reserve currency and americas management of it fail to reflect the realities of the world economy and leave others vulnerable to americas domestic monetary policy.reason 2: the system has fostered the creation of vast foreign-exchange reserves, particularly by emerging econom

3、ies, thus poor countries lend to rich ones and lose investment opportunities.reason 3: scale and volatility of capital flow render unsteadiness for emerging economies.3) what is “trilemma” according to the text?the independence of domestic monetary policies, stability of exchange rate and perfect ca

4、pital mobility cant be realized at the same time. one must give up one factor to uphold the other two.4) what is the reason for a freer capital flow in these days?globalization as much as to the removal of restrictions.5) why are countries unwilling to have their currency exchange rate to rise great

5、ly and how do they control it?because abrupt rise in exchange rate would cripple export and countries want an undervalued currency to encourage export-led growth, so they buy foreign exchange to stem the rise.6) how is “bretton woods 2”created, according to the author?emerging economies are coping t

6、he behavior of china, keeping their exchange rate at a low level so as to maintain their international competitiveness, thus they have to be tied to us dollars. this phenomenon then results in bretton woods 2.7) what is “triffin dilemma”?the conflict between the benefits and costs of a country with

7、a reserve currency running a large current account deficit. the reserve-currency country enjoys the consumption benefit of running a trade deficit, while the rest of the world benefits from the additional liquidity, which helps facilitate trade. the cost comes from the declining value and credibilit

8、y of any currency which runs a persistent trade deficit - eventually leading to a reluctance of creditors to hold the reserve currency.8) why cant sdrs become a central reserve asset?because as mr eichengreen writes: “no global government means no global central bank, which means no global currency.

9、9) according to the text, what is the measure that the g20 could possibly take to rebalance world economy?it can develop a plan with target ranges for current-account balances and real exchange rates and make it supported by peer pressure rather than explicit sanctions.10) what can be inferred from

10、the title “beyond bretton woods 2” in relation to the world economy?there are probably two results of the world economy: one is that if americas economy recovers and its medium-term fiscal outlook improves, the pace at which capital shifts to the emerging world will slow. and if china makes its curr

11、ency more flexible and its capital account more open in good time, the international monetary system will be better able to cope with continued financial globalisation and a wide growth gap between rich and emerging markets. the other is that if the worlds biggest economy stagnates and the second-bi

12、ggest does not change its monetary policy, a rigid monetary system will eventually buckle.)2.fill in each blank of the following sentences with one of the phrases in the list given below: 1) the latest statistics indicate that this regions economic recovery is tied to higher education.2) according t

13、o financial news, this nations currency will appreciate against euro in real terms.3) the couple described their narrow escape from the earthquake in new zealand as they were inside the church when it began to fall apart.4) if you never take initiative to make it happen, this scheme is only somethin

14、g on paper.5) at times of critical moment, one must subordinate passions to reasoning to avoid any possible blunders.6) over two million migrant workers flooded into beijing last year from all parts of china to seek potential opportunities for personal development.7) thousands of city school teacher

15、s stand to lose their jobs under a tough budget that is set to unveil this coming thursday.8) the car dealer guarantees that if customer is unhappy with the model he purchases, whether on a bill of sale or hire purchase, he can totally swap it for a new one.9) authorities in zimbabwe have issued a n

16、ew mega bank note in an attempt to cope with the troubled african countrys runaway inflation.10) economists use the term liquidity to describe the ease with which an asset can be converted into the economys medium of exchange.3. match the terms in column a with the explanations in column b:a b 1)res

17、erve currency a) ability of money to move across national boundaries freely in pursuit of higher returns. 42)treasury bond b)a government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. 73)currency war c) the actions

18、 of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply. 54) capital mobility d)a mechanism used by central banks to providefinancial institutions withaccess to funds tosatisfy reserve requirements and to increaseliquidity over

19、longer periods. 85)monetary policy e) a currency held by many governments and as part of their foreign exchange reserves and also used as the international pricing currency for products traded on a global market. 16) special drawing right (sdr) f)a condition in international affairs wherecountries c

20、ompete against each other toachieve a relatively low exchange rate for theirhome currency. 37)quantitative easing g)a marketable, fixed-interest u.s. governmentdebt security with a maturity ofmore than10years. 28) lending facility h) a period of time in which loans are lent by the government and ban

21、ks in an unrestrained way . 99)credit binge i) a situation where a countrys total import of goods, services and transfers are greater than its total export of goods, services and transfers.1010)current account deficit j)an international type of monetary reserve currency created by the international

22、monetary fund and used as a supplement to the existing reserves of member countries. 64. translate the following into chinese:如果國際組織間舉行一場全球性的聲望比賽，國際貨幣基金組織毫無疑問會是最后一名。在過去30年里，這家位于華盛頓的機構(gòu)以提供財政資助的方式給多個政府強加苛刻的條件，在非洲、亞洲和拉丁美洲地區(qū)激起了人們的恐懼和反感。隨著世界經(jīng)濟強勁增長，當它的作用在近十年早期削弱到接近無關(guān)緊要的地步時，幾乎沒人同情它。2007年當選為總裁的法國人卡恩（dominiqu

23、e strauss-kahn）警告它的董事們說：“國際貨幣基金組織的存在現(xiàn)在已經(jīng)到了生死攸關(guān)的時刻?！比欢?，國際貨幣基金組織突然間又成為了矚目的焦點，這次它扮演了一個人們不熟悉的新角色：這家機構(gòu)被認為是當今的救世主，有能力拯救正在崩潰的世界經(jīng)濟。4月2日在倫敦召開的20國首腦會議的主要成果就是達成了一項協(xié)議，將國際貨幣基金的資金額度提高三倍至七千五百億美元，并且同意其自行額外發(fā)行兩千五百億美元。這筆錢的一部分將用來資助那些突然陷入經(jīng)濟困難的國家，另一部分則為衰退的世界經(jīng)濟提供更廣泛更充裕的流動性。但是這些額外的錢只是整個事件的一部分。隨著新資金的注入，國際貨幣基金的運作方式至少在理論上將發(fā)生重

24、大變化。未來歐洲國家不再象現(xiàn)在一樣擁有推選總裁的自主權(quán)。同時通過對其秘密股權(quán)體制或配額體制的改革，美國和其他發(fā)達國家對其政策的支配將讓步于一個更為平衡的管理體系，其中如巴西，中國和俄羅斯等發(fā)展中國家有更多發(fā)言權(quán)。國際貨幣基金的關(guān)注范圍也待轉(zhuǎn)變，20國集團希望它能以全球經(jīng)濟警察的角色發(fā)揮更為積極的作用，監(jiān)管主要發(fā)達經(jīng)濟體及欠發(fā)達經(jīng)濟體的政策，當發(fā)現(xiàn)危險的行為時吹哨示警。從理論上講，國際貨幣基金組織應(yīng)能反映出全球經(jīng)濟秩序的變化和因危機而實施的更嚴格的金融監(jiān)管。5. fill in each of the following gaps with one of the sentences given

25、below:1) by importing savings from abroad, poor countries can invest more than they are able to set aside from their own meagre output.2) they also benefit from more sophisticated banking.3) foreign investors may have a better nose for boardroom shenanigans and a strong incentive to protect minority

26、 shareholders.4) in practice, open countries do seem to achieve lower inflation though there is scant evidence that they run smaller budget deficits.5) but if foreign capital promotes these three virtues, then the study may have inadvertently strained out much of the benefit of financial globalisati

27、on.supplementary readingweighed down1. it is considered to be the surest way to lend to states because _.a. they collect tax nationwide as sustainable revenueb. they administrate their countries and are less likely to collapsec. they wont close up shops and flee their creditorsd. both a and b 2. acc

28、ording to the text, government default is _.a. the absence of duty that a government should performb. the inability or refusal of a government to pay back money it has borrowed c. the admittance of debt that a government owesd. none of the above3. all of the following are the consequences of greek g

29、overnment debt except _.a. instabilities in global financial marketsb. depreciation of euroc. credit downgrade and major political problems d. stock markets elsewhere are impacted4. by quoting all these statistics of government debt by oecd in the third paragraph, the author mainly indents to _.a. d

30、isclose how these debts are shifted from private-sector to public-sectorb. signal the potential crisis that the world economy faces in the near future c. warn the impact caused by the great recession on global financial marketsd. reveal the current pressure rendered by unsustainable mountains of deb

31、t5. why is the result of mounting sovereign debt not automatically dangerous? a. different countries have different levels of tolerance and abilities to finance the debt. b. u.s. treasury bills is a safe haven to help finance the deficits.c. japans ample domestic sources of funds find no trouble financing its deficits.d. all of the above.6. what does economist carmen reinhart mean by saying, “growth prospects are really taking a hit” ? a. growth prospe