商務(wù)英語閱讀(第二版) 王關(guān)富 Unit9 Econ-Beyond bretton woods 課后答案

商務(wù)英語閱讀(第二版)王關(guān)富Unit9Econ-Beyondbrettonwoods課后答案商務(wù)英語閱讀(第二版)王關(guān)富Unit9Econ-Beyondbrettonwoods課后答案商務(wù)英語閱讀(第二版)王關(guān)富Unit9Econ-Beyondbrettonwoods課后答案資料僅供參考文件編號(hào)：2022年4月商務(wù)英語閱讀(第二版)王關(guān)富Unit9Econ-Beyondbrettonwoods課后答案版本號(hào)：A修改號(hào)：1頁次：1.0審核：批準(zhǔn):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(guó)際組織間舉行一場(chǎng)全球性的聲望比賽，國(guó)際貨幣基金組織毫無疑問會(huì)是最后一名。在過去30年里，這家位于華盛頓的機(jī)構(gòu)以提供財(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)激起了人們的恐懼和反感。隨著世界經(jīng)濟(jì)強(qiáng)勁增長(zhǎng)，當(dāng)它的作用在近十年早期削弱到接近無關(guān)緊要的地步時(shí)，幾乎沒人同情它。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：“國(guó)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(shí)刻?！比欢?，國(guó)際貨幣基金組織突然間又成為了矚目的焦點(diǎn)，這次它扮演了一個(gè)人們不熟悉的新角色：這家機(jī)構(gòu)被認(rèn)為是當(dāng)今的救世主，有能力拯救正在崩潰的世界經(jīng)濟(jì)。4月2日在倫敦召開的20國(guó)首腦會(huì)議的主要成果就是達(dá)成了一項(xiàng)協(xié)議，將國(guó)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(jì)困難的國(guó)家，另一部分則為衰退的世界經(jīng)濟(jì)提供更廣泛更充裕的流動(dòng)性。但是這些額外的錢只是整個(gè)事件的一部分。隨著新資金的注入，國(guó)際貨幣基金的運(yùn)作方式至少在理論上將發(fā)生重大變化。未來歐洲國(guó)家不再象現(xiàn)在一樣擁有推選總裁的自主權(quán)。同時(shí)通過對(duì)其秘密股權(quán)體制或配額體制的改革，美國(guó)和其他發(fā)達(dá)國(guó)家對(duì)其政策的支配將讓步于一個(gè)更為平衡的管理體系，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)際貨幣基金的關(guān)注范圍也待轉(zhuǎn)變，20國(guó)集團(tuán)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，監(jiān)管主要發(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)際貨幣基金組織應(yīng)能反映出全球經(jīng)濟(jì)秩序的變化和因危機(jī)而實(shí)施的更嚴(yán)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