商务英语阅读(第二版) 王关富 Unit9 Econ-Beyond bretton woods 课后答案

商务英语阅读(第二版)王关富Unit9Econ-Beyondbrettonwoods课后答案商务英语阅读(第二版)王关富Unit9Econ-Beyondbrettonwoods课后答案商务英语阅读(第二版)王关富Unit9Econ-Beyondbrettonwoods课后答案资料仅供参考文件编号：2022年4月商务英语阅读(第二版)王关富Unit9Econ-Beyondbrettonwoods课后答案版本号：A修改号：1页次：1.0审核：批准:发布日期：Unit9BeyondBrettonWoods2ExercisesAnswerthequestionsonthetext:Accordingtothearticle,whatistheessenceof“quantitativeeasing”restartedbytheFed

Printingmoneytobuygovernmentbonds.Whyisnoonesatisfiedwithtoday’sinternationalmonetarysystem?

Because:Reason1:DominanceofthedollarasareservecurrencyandAmerica’smanagementofitfailtoreflecttherealitiesoftheworldeconomyandleaveothersvulnerabletoAmerica’sdomesticmonetarypolicy.Reason2:Thesystemhasfosteredthecreationofvastforeign-exchangereserves,particularlybyemergingeconomies,thuspoorcountrieslendtorichonesandloseinvestmentopportunities.Reason3:Scaleandvolatilityofcapitalflowrenderunsteadinessforemergingeconomies.Whatis“trilemma”accordingtothetext

Theindependenceofdomesticmonetarypolicies,stabilityofexchangerateandperfectcapitalmobilitycan’tberealizedatthesametime.Onemustgiveuponefactortoupholdtheothertwo.Whatisthereasonforafreercapitalflowinthesedays

Globalizationasmuchastotheremovalofrestrictions.Whyarecountriesunwillingtohavetheircurrencyexchangeratetorisegreatlyandhowdotheycontrolit

Becauseabruptriseinexchangeratewouldcrippleexportandcountrieswantanundervaluedcurrencytoencourageexport-ledgrowth,sotheybuyforeignexchangetostemtherise.Howis“BrettonWoods2”created,accordingtotheauthor

EmergingeconomiesarecopingthebehaviorofChina,keepingtheirexchangerateatalowlevelsoastomaintaintheirinternationalcompetitiveness,thustheyhavetobetiedtoUSdollars.ThisphenomenonthenresultsinBrettonWoods2.Whatis“Triffindilemma”

Theconflictbetweenthebenefitsandcostsofacountrywithareservecurrencyrunningalargecurrentaccountdeficit.Thereserve-currencycountryenjoystheconsumptionbenefitofrunningatradedeficit,whiletherestoftheworldbenefitsfromtheadditionalliquidity,whichhelpsfacilitatetrade.Thecostcomesfromthedecliningvalueandcredibilityofanycurrencywhichrunsapersistenttradedeficit-eventuallyleadingtoareluctanceofcreditorstoholdthereservecurrency.Whycan’tSDRsbecomeacentralreserveasset?

BecauseasMrEichengreenwrites:“Noglobalgovernment…meansnoglobalcentralbank,whichmeansnoglobalcurrency.Accordingtothetext,whatisthemeasurethattheG20couldpossiblytaketorebalanceworldeconomy

Itcandevelopaplanwithtargetrangesforcurrent-accountbalancesandrealexchangeratesandmakeitsupportedbypeerpressureratherthanexplicitsanctions.Whatcanbeinferredfromthetitle“BeyondBrettonWoods2”inrelationtotheworldeconomy

Thereareprobablytworesultsoftheworldeconomy:OneisthatifAmerica’seconomyrecoversanditsmedium-termfiscaloutlookimproves,thepaceatwhichcapitalshiftstotheemergingworldwillslow.AndifChinamakesitscurrencymoreflexibleanditscapitalaccountmoreopeningoodtime,theinternationalmonetarysystemwillbebetterabletocopewithcontinuedfinancialglobalisationandawidegrowthgapbetweenrichandemergingmarkets.Theotheristhatiftheworld’sbiggesteconomystagnatesandthesecond-biggestdoesnotchangeitsmonetarypolicy,arigidmonetarysystemwilleventuallybuckle.)2. Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:Thelateststatisticsindicatethatthisregion’seconomicrecoveryistiedtohighereducation.Accordingtofinancialnews,thisnation’scurrencywillappreciateagainsteuroinrealterms.ThecoupledescribedtheirnarrowescapefromtheearthquakeinNewZealandastheywereinsidethechurchwhenitbegantofallapart.Ifyounevertakeinitiativetomakeithappen,thisschemeisonlysomethingonpaper.Attimesofcriticalmoment,onemustsubordinatepassionstoreasoningtoavoidanypossibleblunders.OvertwomillionmigrantworkersfloodedintoBeijinglastyearfromallpartsofChinatoseekpotentialopportunitiesforpersonaldevelopment.ThousandsofcityschoolteachersstandtolosetheirjobsunderatoughbudgetthatissettounveilthiscomingThursday.Thecardealerguaranteesthatifcustomerisunhappywiththemodelhepurchases,whetheronabillofsaleorhirepurchase,hecantotallyswapitforanewone.AuthoritiesinZimbabwehaveissuedanewmegabanknoteinanattempttocopewiththetroubledAfricancountry'srunawayinflation.Economistsusethetermliquiditytodescribetheeasewithwhichanassetcanbeconvertedintotheeconomy'smediumofexchange.3.MatchthetermsincolumnAwiththeexplanationsincolumnB: AB1) reservecurrency a)Abilityofmoneytomoveacrossnationalboundariesfreelyinpursuitofhigherreturns.42) treasurybond b) Agovernmentmonetarypolicyoccasionallyusedtoincreasethemoneysupplybybuyinggovernmentsecuritiesorothersecuritiesfromthemarket.73) currencywar c) Theactionsofacentralbank,currencyboardorotherregulatorycommitteethatdeterminethesizeandrateofgrowthofthemoneysupply.54)capitalmobility d) Amechanismusedbycentralbankstoprovidefinancialinstitutionswith

accesstofundstosatisfyreserverequirementsandtoincreaseliquidityoverlongerperiods.85) monetarypolicy e)Acurrencyheldbymanygovernmentsandaspartoftheirforeignexchangereservesandalsousedastheinternationalpricingcurrencyforproductstradedonaglobalmarket.16)SpecialDrawingRight(SDR)f) Aconditionininternationalaffairswherecountriescompeteagainsteachothertoachievearelativelylowexchangeratefortheirhomecurrency.37) quantitativeeasing g) Amarketable,fixed-interestU.S.governmentdebtsecuritywithamaturityof

morethan

10years.28)lendingfacility h)Aperiodoftimeinwhichloansarelentbythegovernmentandbanksinanunrestrainedway.99) creditbinge i)Asituationwhereacountry'stotalimportofgoods,servicesandtransfersaregreaterthanitstotalexportofgoods,servicesandtransfers..1010) currentaccountdeficit j) AninternationaltypeofmonetaryreservecurrencycreatedbytheInternationalMonetaryFundandusedasasupplementtotheexistingreservesofmembercountries..6TranslatethefollowingintoChinese:如果国际组织间举行一场全球性的声望比赛，国际货币基金组织毫无疑问会是最后一名。在过去30年里，这家位于华盛顿的机构以提供财政资助的方式给多个政府强加苛刻的条件，在非洲、亚洲和拉丁美洲地区激起了人们的恐惧和反感。随着世界经济强劲增长，当它的作用在近十年早期削弱到接近无关紧要的地步时，几乎没人同情它。2007年当选为总裁的法国人卡恩（DominiqueStrauss-Kahn）警告它的董事们说：“国际货币基金组织的存在现在已经到了生死攸关的时刻。”然而，国际货币基金组织突然间又成为了瞩目的焦点，这次它扮演了一个人们不熟悉的新角色：这家机构被认为是当今的救世主，有能力拯救正在崩溃的世界经济。4月2日在伦敦召开的20国首脑会议的主要成果就是达成了一项协议，将国际货币基金的资金额度提高三倍至七千五百亿美元，并且同意其自行额外发行两千五百亿美元。这笔钱的一部分将用来资助那些突然陷入经济困难的国家，另一部分则为衰退的世界经济提供更广泛更充裕的流动性。但是这些额外的钱只是整个事件的一部分。随着新资金的注入，国际货币基金的运作方式至少在理论上将发生重大变化。未来欧洲国家不再象现在一样拥有推选总裁的自主权。同时通过对其秘密股权体制或配额体制的改革，美国和其他发达国家对其政策的支配将让步于一个更为平衡的管理体系，其中如巴西，中国和俄罗斯等发展中国家有更多发言权。国际货币基金的关注范围也待转变，20国集团希望它能以全球经济警察的角色发挥更为积极的作用，监管主要发达经济体及欠发达经济体的政策，当发现危险的行为时吹哨示警。从理论上讲，国际货币基金组织应能反映出全球经济秩序的变化和因危机而实施的更严格的金融监管。5.Fillineachofthefollowinggapswithoneofthesentencesgivenbelow:Byimportingsavingsfromabroad,poorcountriescaninvestmorethantheyareabletosetasidefromtheirownmeagreoutput.Theyalsobenefitfrommoresophisticatedbanking.Foreigninvestorsmayhaveabetternoseforboardroomshenanigansandastrongincentivetoprotectminorityshareholders.Inpractice,opencountriesdoseemtoachievelowerinflationthoughthereisscantevidencethattheyrunsmallerbudgetdeficits.Butifforeigncapitalpromotesthesethreevirtues,thenthestudymayhaveinadvertentlystrainedoutmuchofthebenefitoffinancialglobalisation.SupplementaryReadingWeighedDownItisconsideredtobethesurestwaytolendtostatesbecause__________.theycollecttaxnationwideassustainablerevenuetheyadministratetheircountriesandarelesslikelytocollapsetheywon’tcloseupshopsandfleetheircreditorsBothAandB∨Accordingtothetext,governmentdefaultis__________.theabsenceofdutythatagovernmentshouldperformtheinabilityorrefusalofagovernmenttopaybackmoneyithasborrowed∨theadmittanceofdebtthatagovernmentowesNoneoftheaboveAllofthefollowingaretheconsequencesofGreekgovernmentdebtexcept__________.instabilitiesinglobalfinancialmarketsdepreciationofeurocreditdowngradeandmajorpoliticalproblems∨stockmarketselsewhereareimpactedByquotingallthesestatisticsofgovernmentdebtbyOECDinthethirdparagraph,theauthormainlyindentsto_________.disclosehowthesedebtsareshiftedfromprivate-sectortopublic-sectorsignalthepotentialcrisisthattheworldeconomyfacesinthenearfuture∨warntheimpactcausedbytheGreatRecessiononglobalfinancialmarketsrevealthecurrentpressurerenderedbyunsustainablemountainsofdebtWhyistheresultofmountingsovereigndebtNOTautomaticallydangerousDifferentcountrieshavedifferentlevelsoftoleranceandabilitiestofinancethedebt.∨U.S.Treasurybillsisasafehaventohelpfinancethedeficits.Japan'sampledomesticsourcesoffundsfindnotroublefinancingitsdeficits.Alloftheabove.WhatdoeseconomistCa