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全球偿付能力危机
添加时间:2016-09-29 12:42:24 浏览次数: 作者:未知
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  • Central banks have been engaged in unprecedented1 monetary2 experimentation3.

    全球各主要央行近年投入史无前例的货币实验。

    Unlike scientists developing drugs, fear of the unknown has had no moderating influence on their activities.

    不像科学家们开发药物,对未知的恐惧并未对央行活动产生抑制效果。

    That in itself is alarming.

    这本身就是令人震惊的。

    Nor is it possible to reverse recent policies.

    近年政策也是不可能逆转的。

    Now governments must accept responsibility for resolving an incipient4 global solvency5 crisis.

    现在,各国政府必须承担起责任,应对一场正在露头的全球偿付能力危机。

    The monetary stimulus6 provided repeatedly over the past eight years has failed to produce the expected expansion of aggregate7 demand.

    过去8年一再提供的货币刺激,未能像预期那样扩大总需求。

    Debt levels have risen, especially in emerging market economies, constraining8 expectations of future spending and current capital expenditures9.

    债务水平已上升,尤其是在新兴市场经济体,制约了有关未来消费和当前资本支出的预期。

    Consumers have had to save more, not less, to ensure adequate income in retirement10.

    消费者必须储蓄更多而非更少,以确保退休后有足够的收入。

    At the same time, easy money threatens two sets of undesirable11 side effects.

    另一方面,宽松货币可能产生两组不受欢迎的副作用。

    First, current policies foster financial instability.

    首先,当前政策助长了金融不稳定。

    By squeezing credit and term spreads, the business models of banks, insurance companies and pension funds are put at risk, as is their lending.

    通过挤压信贷息差和期限息差,银行、保险公司和养老基金的业务模式面临风险,它们的放贷也面临风险。

    The functioning of financial markets has also changed, with market anomalies indicating hidden structural12 shifts, and many asset prices bid up to dangerously high levels.

    金融市场的运作也发生了变化,市场异常现象预示着隐藏的结构性转变,许多资产价格被哄抬到危险的高水平。

    Second, current policies threaten future growth.

    其次,当前政策对未来增长构成威胁。

    Resources misallocated before the crisis have been locked in through zombie banks supporting zombie companies.

    危机之前错配的资源已被固化,因为僵尸银行支持着僵尸企业。

    And with neither financial institutions nor financial markets functioning properly, real misallocations since the crisis have been further encouraged.

    由于金融机构和金融市场的运转都不正常,自危机以来实际错配受到了进一步鼓励。

    Perhaps we need look no further for the cause of the alarming slowdown in global growth than the insidious13 effects of easy-money policies.

    要寻找令人吃惊的全球增长放缓的原因,也许我们只需要考察宽松货币政策的不良效果。

    Two vicious circles are at work with a wounded financial system contributing to both.

    两种恶性循环正发生作用,而受伤的金融体系对两者都起到推波助澜的作用。

    On the demand side, accumulating debt creates headwinds, leading to more monetary expansion and more debt.

    在需求侧,债务积累引发逆风,导致更多货币扩张和更多债务。

    This explanation contrasts sharply with the hypothesis of a savings14 glut15: little more than a tautology16 for slow demand growth.

    这种解释与储蓄过剩的假设形成了鲜明对比:那不过是需求增长缓慢的同义反复。

    On the supply side, misallocations slow growth which again leads to monetary easing, more misallocation and still less growth.

    在供应侧,错配拉低了增速,进而也导致货币宽松、更多错配和增长更加乏力。

    This explanation seems far more convincing than secular17 stagnation18 in an era of extraordinary technological19 advances.

    这种解释似乎远比非凡技术进步时代的长期停滞更令人信服。

    Accepting the importance of these varied20 effects also undercuts the popular argument that central banks must reduce the financial rate of interest whenever the natural rate of interest (the expected rate of return on capital) declines.

    接受这种种后果的重要意义,还削弱了这样一种流行说法:只要自然利率(预期的资本回报率)下降,央行就必须降低金融利率。

    If expected profits have collapsed21 as a side effect of past monetary policies, this hardly seems to justify22 maintaining such polices.

    如果预期利润大幅下滑是以往货币政策的副作用,这似乎很难为维持此类政策提供正当理由。

    If central banks should not continue doing what they are doing, what should they do? One tempting23 option is to say tighten24 up.

    如果央行不应该继续做它们正在做的事情,那么它们应该做什么?一个诱人的选项是说收紧。

    The problem is that damage cannot be undone25.

    问题在于,损害无法挽回。

    All the problems identified above have rendered both the real and financial side of the global economy enormously fragile.

    上面列举的所有问题,已使全球经济的实际和金融层面都变得极为脆弱。

    Fortunately there is a way forward, but it relies on government action rather than that of central banks.

    所幸有一条出路,但它依赖政府(而非央行)的行动。

    To please John Maynard Keynes, two sets of solutions are commonly suggested.

    为了取悦约翰•梅纳德•凯恩斯(John Maynard Keynes),经常有两套解决方案被提出来。

    First, governments with fiscal26 room for manoeuvre27 should use it.

    首先,具有财政回旋余地的政府应该使用它。

    That room could be increased through legislating28 medium-term fiscal frameworks to ensure debt sustainability over time.

    通过立法确立中期财政框架、确保随着时间推移债务具有可持续性,财政回旋余地还可以增大。

    Second, emphasis should be put on infrastructure29 investment with the private sector30.

    其次,应该注重让私营部门参与基础设施投资。

    To please Friedrich Hayek, two sets of solutions are also suggested.

    为了取悦弗里德里希•哈耶克(Friedrich Hayek),也有两套解决方案被提出来。

    Excessive debt must be solved by write-offs and restructuring.

    必须通过减记和重组来解决过高负债的问题。

    This might require recapitalisation or closure of financial firms that made bad loans.

    这或许会要求对持有不良贷款的金融公司重新注资,或者将其关闭。

    Second, structural reforms to raise growth potential and the capacity to service debt will pay longer-term dividends31.

    其次,实施结构性改革以提高增长潜力和偿债能力,这将带来长期红利。

    We must please both Keynes and Hayek.

    我们必须同时取悦凯恩斯和哈耶克。

    It is not an either/or world.

    这不是一个非此即彼的世界。

    Evidently, there will be obstacles.

    显然,前方会存在障碍。

    We need a paradigm32 shift in thinking about how the economy and policy works.

    在思考经济和政策如何运行方面,我们需要一次范式转换。

    Further, we need legislation to allow implementation33 of many of the policies suggested above.

    此外,我们需要通过立法,落实以上建议的许多政策。

    Finally, we need the political will to accept that central banks can only buy time for governments to act.

    最后,我们需要拥有这样的政治意志,即接受央行只能为政府行动赢得时间。

    That time is now up.

    这种时间现在到尾声了。

     12级    英语新闻 


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    1 unprecedented [ʌnˈpresɪdentɪd] 7gSyJ   第8级
    adj.无前例的,新奇的
    参考例句:
    • The air crash caused an unprecedented number of deaths. 这次空难的死亡人数是空前的。
    • A flood of this sort is really unprecedented. 这样大的洪水真是十年九不遇。
    2 monetary [ˈmʌnɪtri] pEkxb   第7级
    adj.货币的,钱的;通货的;金融的;财政的
    参考例句:
    • The monetary system of some countries used to be based on gold. 过去有些国家的货币制度是金本位制的。
    • Education in the wilderness is not a matter of monetary means. 荒凉地区的教育不是钱财问题。
    3 experimentation [ɪkˌsperɪmenˈteɪʃn] rm6x1   第8级
    n.实验,试验,实验法
    参考例句:
    • Many people object to experimentation on animals. 许多人反对用动物做实验。
    • Study and analysis are likely to be far cheaper than experimentation. 研究和分析的费用可能要比实验少得多。
    4 incipient [ɪnˈsɪpiənt] HxFyw   第9级
    adj.起初的,发端的,初期的
    参考例句:
    • The anxiety has been sharpened by the incipient mining boom. 采矿业初期的蓬勃发展加剧了这种担忧。
    • What we see then is an incipient global inflation. 因此,我们看到的是初期阶段的全球通胀.
    5 solvency [ˈsɒlvənsi] twcw5   第8级
    n.偿付能力,溶解力
    参考例句:
    • Fears about the solvency of the banks precipitated the great economic crash.对银行偿付能力出现恐慌更加速了经济的崩溃。
    • Their targets,including profitability ratios,solvency ratios,asset management ratios.其指标包括盈利比率、偿债能力比率、资产管理比率。
    6 stimulus [ˈstɪmjələs] 3huyO   第8级
    n.刺激,刺激物,促进因素,引起兴奋的事物
    参考例句:
    • Regard each failure as a stimulus to further efforts. 把每次失利看成对进一步努力的激励。
    • Light is a stimulus to growth in plants. 光是促进植物生长的一个因素。
    7 aggregate [ˈægrɪgət] cKOyE   第9级
    adj.总计的,集合的;n.总数;vt.&vi.合计;集合
    参考例句:
    • The football team had a low goal aggregate last season. 这支足球队上个赛季的进球总数很少。
    • The money collected will aggregate a thousand dollars. 进帐总额将达一千美元。
    8 constraining [kənˈstreinɪŋ] cc35429b91ea67e2478332bc4d1c3be7   第7级
    强迫( constrain的现在分词 ); 强使; 限制; 约束
    参考例句:
    • He was constraining his mind not to wander from the task. 他克制着不让思想在工作时开小差。
    • The most constraining resource in all of these cases is venture capital. 在所有这些情况下最受限制的资源便是投入资本。
    9 expenditures [ɪks'pendɪtʃəz] 2af585403f5a51eeaa8f7b29110cc2ab   第7级
    n.花费( expenditure的名词复数 );使用;(尤指金钱的)支出额;(精力、时间、材料等的)耗费
    参考例句:
    • We have overspent.We'll have to let up our expenditures next month. 我们已经超支了,下个月一定得节约开支。 来自《简明英汉词典》
    • The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》
    10 retirement [rɪˈtaɪəmənt] TWoxH   第7级
    n.退休,退职
    参考例句:
    • She wanted to enjoy her retirement without being beset by financial worries. 她想享受退休生活而不必为金钱担忧。
    • I have to put everything away for my retirement. 我必须把一切都积蓄起来以便退休后用。
    11 undesirable [ˌʌndɪˈzaɪərəbl] zp0yb   第8级
    adj.不受欢迎的,不良的,不合意的,讨厌的;n.不受欢迎的人,不良分子
    参考例句:
    • They are the undesirable elements among the employees. 他们是雇员中的不良分子。
    • Certain chemicals can induce undesirable changes in the nervous system. 有些化学物质能在神经系统中引起不良变化。
    12 structural [ˈstrʌktʃərəl] itXw5   第8级
    adj.构造的,组织的,建筑(用)的
    参考例句:
    • The storm caused no structural damage. 风暴没有造成建筑结构方面的破坏。
    • The North American continent is made up of three great structural entities. 北美大陆是由三个构造单元组成的。
    13 insidious [ɪnˈsɪdiəs] fx6yh   第8级
    adj.阴险的,隐匿的,暗中为害的,(疾病)不知不觉之间加剧
    参考例句:
    • That insidious man bad-mouthed me to almost everyone else. 那个阴险的家伙几乎见人便说我的坏话。
    • Organized crime has an insidious influence on all who come into contact with it. 所有和集团犯罪有关的人都会不知不觉地受坏影响。
    14 savings ['seɪvɪŋz] ZjbzGu   第8级
    n.存款,储蓄
    参考例句:
    • I can't afford the vacation, for it would eat up my savings. 我度不起假,那样会把我的积蓄用光的。
    • By this time he had used up all his savings. 到这时,他的存款已全部用完。
    15 glut [glʌt] rflxv   第10级
    n.存货过多,供过于求;v.狼吞虎咽
    参考例句:
    • The glut of coffee led to a sharp drop in prices. 咖啡供过于求道致价格急剧下跌。
    • There's a glut of agricultural products in Western Europe. 西欧的农产品供过于求。
    16 tautology [tɔ:ˈtɒlədʒi] UUVza   第12级
    n.无谓的重复;恒真命题
    参考例句:
    • Modern logicians regard it as little more than tautology. 现代的逻辑学家仅仅把它看作同义反复。
    • What's the first excellence in a lawyer? Tautology. What the second? Tautology. 律师最擅长的是什么?是同义反复。其次呢?同义反复。再其次呢?同义反复。
    17 secular [ˈsekjələ(r)] GZmxM   第8级
    n.牧师,凡人;adj.世俗的,现世的,不朽的
    参考例句:
    • We live in an increasingly secular society. 我们生活在一个日益非宗教的社会。
    • Britain is a plural society in which the secular predominates. 英国是个世俗主导的多元社会。
    18 stagnation [stæg'neiʃən] suVwt   第12级
    n. 停滞
    参考例句:
    • Poor economic policies led to a long period of stagnation and decline. 糟糕的经济政策道致了长时间的经济萧条和下滑。
    • Motion is absolute while stagnation is relative. 运动是绝对的,而静止是相对的。
    19 technological [ˌteknə'lɒdʒɪkl] gqiwY   第7级
    adj.技术的;工艺的
    参考例句:
    • A successful company must keep up with the pace of technological change. 一家成功的公司必须得跟上技术变革的步伐。
    • Today, the pace of life is increasing with technological advancements. 当今,随着科技进步,生活节奏不断增快。
    20 varied [ˈveərid] giIw9   第8级
    adj.多样的,多变化的
    参考例句:
    • The forms of art are many and varied. 艺术的形式是多种多样的。
    • The hotel has a varied programme of nightly entertainment. 宾馆有各种晚间娱乐活动。
    21 collapsed [kə'læpzd] cwWzSG   第7级
    adj.倒塌的
    参考例句:
    • Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
    • The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。
    22 justify [ˈdʒʌstɪfaɪ] j3DxR   第7级
    vt.证明…正当(或有理),为…辩护
    参考例句:
    • He tried to justify his absence with lame excuses. 他想用站不住脚的借口为自己的缺席辩解。
    • Can you justify your rude behavior to me? 你能向我证明你的粗野行为是有道理的吗?
    23 tempting ['temptiŋ] wgAzd4   第7级
    a.诱人的, 吸引人的
    参考例句:
    • It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
    • It was a tempting offer. 这是个诱人的提议。
    24 tighten [ˈtaɪtn] 9oYwI   第7级
    vt.&vi.(使)变紧;(使)绷紧
    参考例句:
    • Turn the screw to the right to tighten it. 向右转动螺钉把它拧紧。
    • Some countries tighten monetary policy to avoid inflation. 一些国家实行紧缩银根的货币政策,以避免通货膨胀。
    25 undone [ˌʌn'dʌn] JfJz6l   第7级
    a.未做完的,未完成的
    参考例句:
    • He left nothing undone that needed attention.所有需要注意的事他都注意到了。
    26 fiscal [ˈfɪskl] agbzf   第8级
    adj.财政的,会计的,国库的,国库岁入的
    参考例句:
    • The increase of taxation is an important fiscal policy. 增税是一项重要的财政政策。
    • The government has two basic strategies of fiscal policy available. 政府有两个可行的财政政策基本战略。
    27 manoeuvre [məˈnu:və(r)] 4o4zbM   第9级
    n.策略,调动;vi.用策略,调动;vt.诱使;操纵;耍花招
    参考例句:
    • Her withdrawal from the contest was a tactical manoeuvre. 她退出比赛是一个战术策略。
    • The clutter of ships had little room to manoeuvre. 船只橫七竖八地挤在一起,几乎没有多少移动的空间。
    28 legislating [ˈledʒɪˌsleɪtɪŋ] 71289ae25f131ce1dc174079a737cb50   第9级
    v.立法,制定法律( legislate的现在分词 )
    参考例句:
    • Why are the senators sitting there without legislating? 为什么那些议员们做在那里不立法? 来自互联网
    • From legislating and protecting peasant's interests organizationally. " 从立法和组织上保护农民利益。 来自互联网
    29 infrastructure [ˈɪnfrəstrʌktʃə(r)] UbBz5   第7级
    n.下部构造,下部组织,基础结构,基础设施
    参考例句:
    • We should step up the development of infrastructure for research. 加强科学基础设施建设。
    • We should strengthen cultural infrastructure and boost various types of popular culture. 加强文化基础设施建设,发展各类群众文化。
    30 sector [ˈsektə(r)] yjczYn   第7级
    n.部门,部分;防御地段,防区;扇形
    参考例句:
    • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
    • The enemy have attacked the British sector. 敌人已进攻英国防区。
    31 dividends ['dɪvɪdendz] 8d58231a4112c505163466a7fcf9d097   第8级
    红利( dividend的名词复数 ); 股息; 被除数; (足球彩票的)彩金
    参考例句:
    • Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
    • Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。
    32 paradigm [ˈpærədaɪm] c48zJ   第10级
    n.例子,模范,词形变化表
    参考例句:
    • He had become the paradigm of the successful man. 他已经成为成功人士的典范。
    • Moreover, the results of this research can be the new learning paradigm for digital design studios. 除此之外,本研究的研究成果也可以为数位设计课程建立一个新的学习范例。
    33 implementation [ˌimplimen'teiʃən] 2awxV   第7级
    n.实施,贯彻
    参考例句:
    • Implementation of the program is now well underway.这一项目的实施现在行情看好。

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