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当前位置:首页 -> 12级英语阅读 - > 让“新兴市场”成为历史(双语)
让“新兴市场”成为历史(双语)
添加时间:2019-02-27 08:51:59 浏览次数: 作者:未知
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  • “As we are?.?.?.?prisoners of the words we pick, we had better pick them well,” said Giovanni Sartori, the Italian political scientist. For a long time since they were first coined in the 1980s, the words “emerging markets” appeared to have been well-chosen, such was their popularity as a description for a big chunk1 of the planet. As the world evolves, the term is progressively losing its purchase over the collective consciousness because it imprisons2 perceptions within parameters3 that are increasingly false or unhelpful. “由于我们……是自己所挑选的词语的囚徒,因此我们得好好遣词,”意大利政治学家乔万尼?萨托利(Giovanni Sartori)如此说道。“新兴市场”这个表述自上世纪80年代出炉以来,在很长一段时间内似乎很贴切,人们很喜欢用它来描述地球上相当大一部分地区。随着世界发展变化,这个词逐渐失去了其对世人集体意识的影响力,因为它把人们的观感桎梏在日益虚假或无益的参数中。

    For one thing, several “emerging markets” — particularly recession-hit Brazil and Russia — are no longer emerging in an economic sense but rather regressing at a rapid clip. For another, the sense of equivalence that the term bestows4 on the countries under its umbrella is entirely5 bogus. Qatar, the United Arab Emirates and Taiwan all boast a gross domestic product per capita that is higher than that of the UK, but find themselves occupying the same definitional space as India, the Philippines and Indonesia. 比如,数个“新兴市场”——尤其是受到经济衰退打击的巴西和俄罗斯——在经济意义上已经不再崛起,反而是在快速倒退。再比如,这个词赋予其群体内所有经济体的“均等感”完全是虚假的。卡塔尔、阿联酋和台湾地区都拥有比英国更高的人均国内生产总值(GDP),但它们发现自己与印度、菲律宾和印尼处于同一个定义空间。

    Most of all though, the longstanding hierarchy6 that put “emerging markets” at the periphery7 and “developed markets” at the core of global affairs may be unravelling8. In purchasing power parity9 terms, developed countries contribute less to global output than their emerging counterparts, after their share of world GDP dwindled10 to 43 per cent in 2014 from 54 per cent in 2004. 但最重要的是,长期以来在全球事务中把“新兴市场”置于外围、把“发达市场”置于核心的等级体系也许正在解体。按购买力平价计算,发达国家对全球产出的贡献已经少于新兴经济体的贡献,占世界GDP的比重从2004年的54%降至2014年的43%。

    Such inconsistencies not only make for a flawed definition that can misdirect analysis and entrench11 prejudice, they also exert a deleterious impact on portfolio12 investment returns. The collection of emerging market stock and bond indices that have grown up over the past three decades influence how fund managers in the west allocate13 their money. Because their performance is judged against the dominant14 index in their asset class, such managers generally try to invest in most or all of the assets included in the index. In emerging markets, this presents problems; several of the key indices pool a jumble15 of incongruous assets with wildly different risk profiles. For example, although 70 to 90 per cent of the JPMorgan EMBI, CEMBI, GBI-EM and ELMI+ are composed of investment grade bonds, the remainder in the words of Peter Marber, fund manager at Loomis Sayles, are “garbage”. Thus a fund manager who tries to mirror any of these indices is in effect being invited to add junk to his portfolio. 这种不一致不仅造成有缺陷的定义,进而误导分析,固化偏见,而且会对投资组合的回报产生有害影响。过去30年里逐渐发展起来的新兴市场股票和债券指数,影响着西方基金经理配置资金的方式。由于他们的表现是根据所在资产类别的主要指数来评定的,这些经理一般会试图投资于指数所含的多数甚至全部资产。这种做法在新兴市场带来问题,因为多个关键指数只是把一些不协调的、风险状况大相径庭的资产拼凑在一起。举例来说,摩根大通(JPMorgan) EMBI,CEMBI,GBI-EM和ELMI+指数虽然70%至90%由投资级债券构成,但是借用Loomis Sayles基金经理彼德?马伯尔(Peter Marber)的话来说,其余标的资产都是“垃圾”。因此,试图以这些指数中的任何一个为参照的基金经理,实际上是被邀请往他的投资组合添加垃圾。

    Over the next two weeks, the Financial Times will publish alternatives to the “emerging markets” definition and host a debate on which of these seems most helpful. It would be foolish to prejudge that debate, but it may transpire16 that no single term can encapsulate the diversity of 152 countries identified by the International Monetary17 Fund as “emerging and developing economies”.

    今后两周,英国《金融时报》将发表“新兴市场”这一定义的几个替代词语,并主持一场辩论,看哪一个定义最有帮助。提前评判这场辩论将是愚蠢的,但可能出现的情况是,没有一个表述足以概括被国际货币基金组织(IMF)认定为“新兴和发展中经济体”的152个国家的多样性。

    People are likely to perceive different characteristics according to their perspectives. A development economist18 might think, for example, that key criteria19 should include per capita GDP, educational coverage20, health indices and the diversity of a country’s economic base. A fund manager would think that the access of international capital to a country’s financial markets is key. A strategist at a multinational21 company may think that a country’s openness to direct investment combined with its position on competitiveness rankings and corruption22 tables would be important determinants. 人们可能从自己的视角出发而特别注意某些特性。比如发展经济学家可能会认为,关键标准应当包括人均GDP、教育普及度、健康指数以及一个国家经济基础的多样性。基金经理会认为,国际资本进入一国金融市场的能力是关键。跨国公司的策略师可能会认为,一个国家对直接投资的开放程度,加上其在竞争力和清廉榜单上的排名,将是重要的决定因素。

    All this remains23 to be decided24. At this stage it is becoming increasingly evident that the term “emerging markets” is less and less helpful. It should be scrapped25, thus freeing us to imagine a more nuanced matrix through which to understand the world.

    一切都有待定夺。就现阶段而言,越来越明显的是“新兴市场”这个表述已越来越不合用。不如放弃它,以释放我们的想象力,让我们构思一个更为精细的模型,通过它来理解世界。

     12级    双语 


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    1 chunk [tʃʌŋk] Kqwzz   第8级
    n.厚片,大块,相当大的部分(数量)
    参考例句:
    • They had to be careful of floating chunks of ice. 他们必须当心大块浮冰。
    • The company owns a chunk of farmland near Gatwick Airport. 该公司拥有盖特威克机场周边的大片农田。
    2 imprisons [ɪmˈprɪzənz] 061cdfda138d2df09735cfefec786f57   第8级
    v.下狱,监禁( imprison的第三人称单数 )
    参考例句:
    • Gatsby was overwhelmingly aware of the youth and mystery that wealth imprisons and preserves. 盖茨比深切地体会到财富怎样禁锢和保存着青春与神秘。 来自辞典例句
    • And he who defines his conduct by ethics imprisons his song-bird in a cage. 那用伦理道德界定他行为的人就像将他歌唱的鸟儿关进了笼子。 来自互联网
    3 parameters [pə'ræmɪtəz] 166e64f6c3677d0c513901242a3e702d   第7级
    因素,特征; 界限; (限定性的)因素( parameter的名词复数 ); 参量; 参项; 决定因素
    参考例句:
    • We have to work within the parameters of time. 我们的工作受时间所限。
    • See parameters.cpp for a compilable example. This is part of the Spirit distribution. 可编译例子见parameters.cpp.这是Spirit分发包的组成部分。
    4 bestows [biˈstəuz] 37d65133a4a734d50d7d7e9a205b8ef8   第9级
    赠给,授予( bestow的第三人称单数 )
    参考例句:
    • Second, Xie Lingyun bestows on basic subject and emotion connotation. 谢灵运赋的基本主题及情感内涵。
    • And the frigid climate bestows Heilongjiang rich resources of ice and snow. 寒冷的气候赋予了其得天独厚的冰雪资源。
    5 entirely [ɪnˈtaɪəli] entirely   第9级
    ad.全部地,完整地;完全地,彻底地
    参考例句:
    • The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
    • His life was entirely given up to the educational work. 他的一生统统献给了教育工作。
    6 hierarchy [ˈhaɪərɑ:ki] 7d7xN   第7级
    n.等级制度;统治集团,领导层
    参考例句:
    • There is a rigid hierarchy of power in that country. 那个国家有一套严密的权力等级制度。
    • She's high up in the management hierarchy. 她在管理阶层中地位很高。
    7 periphery [pəˈrɪfəri] JuSym   第9级
    n.(圆体的)外面;周围
    参考例句:
    • Geographically, the UK is on the periphery of Europe. 从地理位置上讲,英国处于欧洲边缘。
    • The periphery of the retina is very sensitive to motion. 视网膜的外围对运动非常敏感。
    8 unravelling [ʌnˈrævəlɪŋ] 2542a7c888d83634cd78c7dc02a27bc4   第10级
    解开,拆散,散开( unravel的现在分词 ); 阐明; 澄清; 弄清楚
    参考例句:
    • Nail head clamp the unravelling of nail exteriorize broken nails and clean. 钉头卡钉,拆开钉头取出碎钉并清洁。
    • The ends of ropes are in good condition and secured without unravelling. 缆绳端部状况良好及牢固,并无松散脱线。
    9 parity [ˈpærəti] 34mzS   第8级
    n.平价,等价,比价,对等
    参考例句:
    • The two currencies have now reached parity. 这两种货币现已达到同等价值。
    • Women have yet to achieve wage or occupational parity in many fields. 女性在很多领域还没能争取到薪金、职位方面的平等。
    10 dwindled [ˈdwindld] b4a0c814a8e67ec80c5f9a6cf7853aab   第8级
    v.逐渐变少或变小( dwindle的过去式和过去分词 )
    参考例句:
    • Support for the party has dwindled away to nothing. 支持这个党派的人渐渐化为乌有。
    • His wealth dwindled to nothingness. 他的钱财化为乌有。 来自《简明英汉词典》
    11 entrench [ɪn'trentʃ] hZPzV   第12级
    vt. 确立,牢固;用壕沟围住;挖掘 vi. 侵犯;挖掘壕沟 n.壕沟;防御设施
    参考例句:
    • A series of measures were designed to entrench democracy and the rule of law. 采取一系列措施旨在巩固民主和法制。
    • These dictators have entrenched themselves politically and are difficult to move. 这些独裁者在政治上已经站稳了脚跟,很难推翻他们。
    12 portfolio [pɔ:tˈfəʊliəʊ] 9OzxZ   第9级
    n.公事包;文件夹;大臣及部长职位
    参考例句:
    • He remembered her because she was carrying a large portfolio. 他因为她带着一个大公文包而记住了她。
    • He resigned his portfolio. 他辞去了大臣职务。
    13 allocate [ˈæləkeɪt] ILnys   第7级
    vt.分配,分派;把…拨给;把…划归
    参考例句:
    • You must allocate the money carefully. 你们必须谨慎地分配钱。
    • They will allocate fund for housing. 他们将拨出经费建房。
    14 dominant [ˈdɒmɪnənt] usAxG   第7级
    adj.支配的,统治的;占优势的;显性的;n.主因,要素,主要的人(或物);显性基因
    参考例句:
    • The British were formerly dominant in India. 英国人从前统治印度。
    • She was a dominant figure in the French film industry. 她在法国电影界是个举足轻重的人物。
    15 jumble [ˈdʒʌmbl] I3lyi   第9级
    vt.使混乱,混杂;n.混乱;杂乱的一堆
    参考例句:
    • Even the furniture remained the same jumble that it had always been. 甚至家具还是象过去一样杂乱无章。
    • The things in the drawer were all in a jumble. 抽屉里的东西很杂乱。
    16 transpire [trænˈspaɪə(r)] dqayZ   第10级
    vi. 发生;蒸发;泄露 vt. 使蒸发;使排出
    参考例句:
    • We do not know what may transpire when we have a new boss. 当新老板来后,我们不知会有什么发生。
    • When lack of water, commonly plants would transpire as a way for cool. 在缺乏水分时,植物一般用蒸发作为降温的手段。
    17 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。
    18 economist [ɪˈkɒnəmɪst] AuhzVs   第8级
    n.经济学家,经济专家,节俭的人
    参考例句:
    • He cast a professional economist's eyes on the problem. 他以经济学行家的眼光审视这个问题。
    • He's an economist who thinks he knows all the answers. 他是个经济学家,自以为什么都懂。
    19 criteria [kraɪ'tɪərɪə] vafyC   第12级
    n.标准
    参考例句:
    • The main criterion is value for money. 主要的标准是钱要用得划算。
    • There are strict criteria for inclusion in the competition. 参赛的标准很严格。
    20 coverage [ˈkʌvərɪdʒ] nvwz7v   第8级
    n.报导,保险范围,保险额,范围,覆盖
    参考例句:
    • There's little coverage of foreign news in the newspaper. 报纸上几乎没有国外新闻报道。
    • This is an insurance policy with extensive coverage. 这是一项承保范围广泛的保险。
    21 multinational [ˌmʌltiˈnæʃnəl] FnrzdL   第9级
    adj.多国的,多种国籍的;n.多国籍公司,跨国公司
    参考例句:
    • The firm was taken over by a multinational consulting firm. 这家公司被一个跨国咨询公司收购。
    • He analyzed the relationship between multinational corporations and under-developed countries. 他分析了跨国公司和不发达国家之间的关系。
    22 corruption [kəˈrʌpʃn] TzCxn   第7级
    n.腐败,堕落,贪污
    参考例句:
    • The people asked the government to hit out against corruption and theft. 人民要求政府严惩贪污盗窃。
    • The old man reviled against corruption. 那老人痛斥了贪污舞弊。
    23 remains [rɪˈmeɪnz] 1kMzTy   第7级
    n.剩余物,残留物;遗体,遗迹
    参考例句:
    • He ate the remains of food hungrily. 他狼吞虎咽地吃剩余的食物。
    • The remains of the meal were fed to the dog. 残羹剩饭喂狗了。
    24 decided [dɪˈsaɪdɪd] lvqzZd   第7级
    adj.决定了的,坚决的;明显的,明确的
    参考例句:
    • This gave them a decided advantage over their opponents. 这使他们比对手具有明显的优势。
    • There is a decided difference between British and Chinese way of greeting. 英国人和中国人打招呼的方式有很明显的区别。
    25 scrapped [sk'ræpt] c056f581043fe275b02d9e1269f11d62   第7级
    废弃(scrap的过去式与过去分词); 打架
    参考例句:
    • This machine is so old that it will soon have to be scrapped. 这架机器太旧,快报废了。
    • It had been thought that passport controls would be scrapped. 人们曾认为会放开护照管制。

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