商務英語閱讀(第二版) 王關富 Unit9 Econ-Beyond bretton woods 課后答案

商務英語閱讀(第二版)王關富Unit9Econ-Beyondbrettonwoods課后答案商務英語閱讀(第二版)王關富Unit9Econ-Beyondbrettonwoods課后答案商務英語閱讀(第二版)王關富Unit9Econ-Beyondbrettonwoods課后答案資料僅供參考文件編號：2022年4月商務英語閱讀(第二版)王關富Unit9Econ-Beyondbrettonwoods課后答案版本號：A修改號：1頁次：1.0審核：批準:發(fā)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（DominiqueStrauss-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。同時通過對其秘密股權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。國際貨幣基金的關注范圍也待轉變，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.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