The Impact of Euro Depreciation on the Chinese Economy
商务英语阅读(第二版)-王关富-Unit4The-Incredible-Shrinking-Europe-课后答案
Unit 4The Incredible Shrinking EuropeExercises1. Answers to the questions on the text:1) What was the dream that the Europhiles were familiar with?Their dream was to make E.U. a newly emboldened world power stepping up to calm trouble spots, using aid and persuasion where it could, but prepared to send in troops when it had to.2) Why does the passage say that Europe is a remarkably good place to live? Because Europe is more stable, safe, green and culturally diverse than most parts of the world and a quality life can be guaranteed in E.U. states.3) Does the good life at home make Europe strong abroad ? Why?No, a good life at home doesn’t mean a strong Europe abroad. Because the E.U. may have all the soft-power credentials in the world, but on the grand stage it has lacked the weight and influence of others on some big issues.4) What do Critics think of the selection of Herman Van Rompuy and Catherine Ashton as Europe's President and Foreign Minister?They consider the selection as symbolic of a lack of vision and it means the grouping will have to reconcile itself to five years of underperformance.5) What can be listed as E.U.’s achievements in the years around 1980s according to the passage?By extending an area of peace and liberal government to the east, the E.U. has done much to calm a part of the world that not long ago was the cockpit for murderous rivalries.6) In what way can Europe realize its own dreams and those of others according to the passage?It has to act as a true single bloc and win others to its side.7) Why does the German government face enormous domestic challenges in admitting its forces in Afghanistan are there to fight, not to be humanitarian workers in uniform ?Because one of modern Europe's most cherished convictions is that the force of arms rarely settles political disputes for long and European public opinion in the 20th century seems unwilling to commit to the war in Afghanistan for the long haul.8) What roles did Germany play in Europe in the 20th century?For the last half of the 20th century, Germany was at the heart of the European experiment. But since the end of the Cold War, it has stepped back from the E.U. and begun strengthening ties with Russia.9 What are the advantages for E.U. to be chosen as the White House’s partner?The advantages are that Europe is rich and democratic, and its values are closer to those of the U.S. than those of anywhere else.2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary.1) China will adhere to the principle of developing high technology and realizingindustrialization to step up the commercialization, industrialization and internationalization of scientific and technological achievements.2) In the recent crisis no banks could manage to bail out the companies in financial pressure.3) In terms of the information from the Universe he is apathetic and sometimes irritable, he is like an ostrich sticking his head in sand.4) It will be up to the board to decide if the CEO should be removed.5) All our hopes rest upon the arrival of the shipment.6) The plan has already been worked out, and could be put into operation at a moment's notice.7) The whole machinery of civilization will break down if this doctrine wins in the war.8) His remarks hit home when he said that we did not work enough.9) Some analysts suspected that Toyota had pulled strings to stifle probes into its auto quality problems.10) Mercy is reaching out to those who have nothing to give back to you.3. Match the terms in column A with the explanations in column B:A ____________________ B_____________________________________1)free market A) Effects on the behavior of individuals causedby observation of the actions of others and theirconsequences. 32) coalition government B) An economic turmoil where companies gobankrupt, people are laid off, and markets aresluggish. There is a lot of panic in bothbusiness and daily lives.93) demonstration effects C) A market in which there is no economicinterventionby the state, except to enforceprivate contracts and the ownership of property.14) health insurance D) A qualified retirement plan set up by acorporation, labor union, government, or otherorganization for its employees. 6E) A form of collectivism by means of whichpeople collectively pool their risk, in this casethe risk of incurring medical expenses. 45) national interest F) The ability to obtain what one wants througheconomic or cultural means. It allows nations toexert their influence without using militarymeans or coercion. 86) pension scheme G) A fight or contention for territory, power,control, or resources between tow more partiesin a place or area.. 77) turf war H) Things of great importance to a nation,including its goals, visions and ambitions inpolitical, economic, cultural fields, etc. andactions, circumstances, and decisions to achievethem. 58) soft power I) A cabinet of a parliamentary government inwhich several parties cooperate. 29) economic crunch4. Translate the following into Chinese.有什么能让欧洲振奋起来吗？当然：如果欧洲领导人能像20年前那样抓住时机，欧盟就将繁荣昌盛。
会计英语试题及答案
会计英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a basic accounting element?A. AssetsB. LiabilitiesB. RevenuesD. Equity答案：C2. The accounting equation can be expressed as:A. Assets = Liabilities + EquityB. Assets + Liabilities = EquityC. Assets - Liabilities = EquityD. Liabilities - Equity = Assets答案：A3. What does the term "Double Entry Bookkeeping" refer to?A. Recording transactions in two accountsB. Recording transactions in two different currenciesC. Recording transactions in two different formatsD. Recording transactions in two different books答案：A4. Which of the following is not a type of adjusting entry?A. AccrualB. PrepaymentC. DepreciationD. Amortization答案：B5. The purpose of closing entries is to:A. Prepare financial statementsB. Adjust for accruals and deferralsC. Record the sale of inventoryD. Record the purchase of fixed assets答案：A6. Which of the following is a measure of a company's liquidity?A. Return on Investment (ROI)B. Debt to Equity RatioC. Current RatioD. Profit Margin答案：C7. The term "Depreciation" refers to:A. The decrease in value of an asset over timeB. The increase in value of an asset over timeC. The amount of an asset that is used upD. The process of selling an asset答案：A8. What is the purpose of a trial balance?A. To calculate net incomeB. To check the accuracy of accounting recordsC. To determine the value of assetsD. To calculate the cost of goods sold答案：B9. Which of the following is not a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Budget答案：D10. The accounting principle that requires expenses to be recorded in the same period as the revenues they generate is known as:A. Going ConcernB. Matching PrincipleC. Historical Cost PrincipleD. Materiality答案：B二、填空题（每题2分，共20分）1. The __________ is the process of recording financial transactions in a systematic way.答案：Journalizing2. The __________ is a summary of the financial transactionsof a business during a specific period.答案：Ledger3. __________ is the accounting principle that requires all accounting information to be based on historical cost.答案：Historical Cost Principle4. The __________ is a financial statement that shows a company's financial position at a specific point in time.答案：Balance Sheet5. __________ is the process of estimating revenues and expenses for a future period.答案：Budgeting6. __________ is the accounting principle that requires all transactions to be recorded in the period in which they occur.答案：Accrual Basis Accounting7. The __________ is a financial statement that shows the results of a company's operations over a period of time.答案：Income Statement8. __________ is the process of determining the value of a company's assets and liabilities.答案：Valuation9. __________ is the accounting principle that requires alltransactions to be recorded in the order in which they occur.答案：Chronological Order10. The __________ is a financial statement that shows the sources and uses of cash during a period of time.答案：Cash Flow Statement三、简答题（每题15分，共30分）1. 描述会计信息的质量特征有哪些，并简要解释它们的含义。
The impact of globalization on the economy
Globalization has had a significant impact on the global economy since its surge in the late 20th century. It has opened up new opportunities for trade, investment, and cultural exchange, but it has also brought challenges and disruptions to many economies.One of the most noticeable impacts of globalization on the economy is the increase in international trade. With the removal of trade barriers and the lowering of tariffs, businesses now have easier access to foreign markets. This has led to a surge in global trade, with an increasing number of companies sourcing and selling their products and services across borders. As a result, consumers have access to a wider variety of goods and services at lower prices, ultimately raising living standards and increasing overall welfare.Globalization has also led to an increase in foreign direct investment (FDI). Multinational corporations are now able to invest in different countries, allowing for the transfer of capital, technology, and know-how to less developed regions. This FDI has brought new job opportunities and economic growth to many countries, particularly in emerging markets. However, it also raises concerns about exploitation and the exacerbation of income inequality within and across countries.Furthermore, globalization has had a profound impact on the labor market. The trend of offshoring and outsourcing has led to the relocation of production and service jobs to countries with lower labor costs. This has led to the displacement of certain industries and workers in developed countries, resultingin job losses and wage stagnation. On the other hand, it has improved job opportunities and living standard for workers in developing countries.In addition, globalization has facilitated the spread of technology and innovation across countries. Companies gain access to the latest technologies from around the world and can quickly adopt and implement them in their operations. This has led to increased productivity and competitiveness in many industries, strengthening the global economy as a whole.However, the impact of globalization is not universally positive. It has also led to the increased interconnectedness of the global financial system, resulting in heightened vulnerability to financial crises. The 2008 global financial crisis, for example, spread rapidly across countries, causing severe economic downturns worldwide. In addition, the increased mobility of capital has made it easier for speculative investors to create financial instability through rapid capital flows in and out of emerging markets.Moreover, globalization has raised concerns over the environmental implications of increased production and trade. The rise in global transportation and the expansion of industrial production have contributed to higher energy consumption, greenhouse gas emissions, and environmental degradation.Finally, globalization has raised concerns about the erosion of national sovereignty. The harmonization of economic policies and regulations, as well as the rise of international trade agreements, has led to an increased transfer of authority from national governments to supranational bodies and multinationalcorporations.In conclusion, the impact of globalization on the global economy has been profound and multifaceted. While it has brought about new opportunities for growth and development, it has also created challenges and disruptions that must be carefully managed. As globalization continues to evolve, policymakers and businesses will need to address its impact on employment, inequality, the environment, and financial stability to ensure a more balanced and sustainable global economy.。
欧洲债务危机英文分析GREECE
The three countries most affected, , Ireland and Portugal, collectively account for 6% of the euro zone's gross domestic product
Greece
The Achillis Heel
The Achillis Heel
The Achillis Heel
Chart description：The ability of a nation to pay its public
debt is a function of the government's financial position as well as economic growth and interest rates on the debt. Credit rating agencies assign a credit rating to the debt that reflects their assessment of numerous risk factors. Note this chart covers 'public debt only, which represents the obligations of each country's federal government. External debt is the sum of public and private debt owed to foreigners. Some of these countries have external debts far larger than their public debt. The ability of the nation's industries to pay the private portion of the external debt relates to their competitiveness, the nation's economic growth, and employment levels, among many other factors.
国际金融英文版
The international trade and investment declined to a historical low level with the protectionist policies adopted by many countries.
Commodity-backed money refers to the bank notes which are backed by gold or silver. The bank notes can be freely converted into gold or silver.
Fiat money is inconvertible money that is made legal tender by government decree. The only thing gives the money value is the faith placed in it by the people that use it.
Exports decline Imports increase
Money supply up Prices up
Performance of the gold standard
Long-term price stability (lower inflation rate) 0.1% (1880 – 1914), 4.2% (1946 – 1990)
Chapter 4
International Monetary System
货币贬值影响英语作文
货币贬值影响英语作文The Impact of Currency Depreciation。
Currency depreciation refers to the decrease in the value of a country's currency in relation to other currencies. This can have a significant impact on acountry's economy, affecting everything from trade to inflation. In this essay, we will discuss the impact of currency depreciation on various aspects of the economy.One of the most immediate effects of currency depreciation is its impact on trade. When a country's currency depreciates, its exports become cheaper for foreign buyers, while imports become more expensive for domestic consumers. This can lead to an increase in exports and a decrease in imports, which can help to improve the country's trade balance. However, it can also lead to higher prices for imported goods, which can increase the cost of living for consumers.Currency depreciation can also have an impact on inflation. When a country's currency depreciates, the cost of imported goods and raw materials increases, which can lead to higher production costs for domestic producers. This can lead to an increase in the prices of goods and services, which can contribute to inflation. In addition, currency depreciation can also lead to higher prices for imported goods, which can further contribute to inflation.Currency depreciation can also have an impact on the financial markets. When a country's currency depreciates,it can lead to capital flight as investors move their money to countries with stronger currencies. This can lead to a decrease in the value of the country's currency, as well as a decrease in the value of its financial assets. In addition, currency depreciation can also lead to higher interest rates, as the central bank may raise interest rates in an attempt to stabilize the currency.In conclusion, currency depreciation can have a significant impact on a country's economy, affecting everything from trade to inflation. While it can lead to anincrease in exports and a decrease in imports, it can also lead to higher prices for imported goods and raw materials, which can contribute to inflation. In addition, it can also lead to capital flight and higher interest rates, which can further impact the country's economy. Therefore, it is important for policymakers to carefully consider the potential impact of currency depreciation and take appropriate measures to mitigate its effects.。
高二英语气候外交策略单选题80题(答案解析)
高二英语气候外交策略单选题80题(答案解析)1.In climate diplomacy, the UNFCCC stands for_____.A.United Nations Framework Convention on Climate ChangeB.United Nations Forum on Climate ChangeC.United Nations Foundation for Climate ChangeD.United Nations Fund for Climate Change答案：A。
解析：UNFCCC 是United Nations Framework Convention on Climate Change 的缩写，即《联合国气候变化框架公约》。
选项B“United Nations Forum on Climate Change”是联合国气候变化论坛，并非UNFCCC 的全称。
选项C“United Nations Foundation for Climate Change”是联合国气候变化基金会。
选项D“United Nations Fund for Climate Change”是联合国气候变化基金。
2.The Kyoto Protocol is mainly about_____.A.reducing greenhouse gas emissionsB.increasing renewable energy useC.promoting sustainable developmentD.protecting wildlife答案：A。
解析：《京都议定书》主要是关于减少温室气体排放。
选项B“increasing renewable energy use”是增加可再生能源的使用。
选项C“promoting sustainable development”是促进可持续发展。
英语学习资料：基金公司“备战”人民币升值（双语）
英语学习资料：基金公司“备战”人民币升值（双语）由于人民币兑美元汇率可能持续上升，加之人民币在世界舞台上的重要地位，更多的基金公司正推出以人民币计价的各类基金和股票类别，或正在考虑这种做法，以便从中获利。
Indeed, while investment choices are still scarce, the sweep of renminbi-denominated investments on offer already ranges from bonds and funds to certificates of deposit, currency swaps and insurance products.实际上，虽然投资选项仍然匮乏，但现有以人民币计价的投资产品已涵盖了债券、基金、存单、货币互换乃至保险产品等各个领域。
Some fund managers argue that renminbi-denominated share classes of traditional funds are a superior play on the appreciation of the renminbi as they offer the chance to register a currency gain as well as a return on underlying investments higher than the inflation rate. Just this month, Pharo Management UK revealed plans to bee the first hedge fund manager to create shares in an investment vehicle denominated in renminbi. Investors in Pharo’s flagship fund do not have to hold renminbi as the fund’s administrator can handle spot exchanges into the currency. This underscores the extent to which the future of the US dollar and the rising power of the renminbi –dubbed the redback –are being concerns for investors.一些基金经理认为，以人民币计价的传统基金股票类别在利用人民币升值方面具有超强的优势，它们既可以赚取汇兑收益，并且投资标的的回报率也高于通胀水平。
欧债危机中英文讲稿
欧债的开始December 2009 the three largest credit rating companies downgraded Greece's sovereign rating, then the Greek debt crisis intensified, but the financial community that the Greek economy is small, the debt crisis will not expand.● December 8, 2009 Fi tch credit rating of Greece lowered from A-to BBB +, outlook negative.● December 15, 2009 the Greek government bonds sold 2 billion euros.December 16, 2009 Standard & Poor's will be Greece's long-term sovereign credit rating from "A-" down to "BBB +".● December 22, 2009 Moody's December 22, 2009 announced that it would cut Greece's sovereign rating from A1 to A2, the rating outlook to negative欧债的发展Other European countries are also in crisis, including Belgium, the outside world that the more stable countries, and strong economic strength of the euro area, Spain, the high budget deficits are forecast the next three years, Greece has been the protagonist of non-crisis, the European Union have been debt-crisis.● January 11, 2010 Moody's warned Portugal failure to take effective measures to control the deficit will cut the national debt credit rating.● February 4, 2010 the Spanish Ministry of Finance pointed out that Spain in 2010 will account for fear of the overall public budget deficit of 9.8% of GDP.● February 5, 2010 debt crisis sparked fears of 6% of Spain's stock market plunge the day, record the largest decline in 15 months.欧债的升级Greek Finance Minister said that Greece is required before May 19 of about 90 billion euros to weather the crisis. EU finance ministers reached an 10 am up to 750 billion euros of the total stabilization mechanism to prevent the crisis from spreading.● April 23, 2010 Greece formally applied to the EU and IMF assistance● May 3, 2010 German cabinet approved € 22.4 billion aid plan● 10 May the EU approved 750 billion euros Greek aid program, IMF may provide 250 billion euros to aid Greece欧债危机的影响Faced by countries such as Greece's sovereign debt problems, the euro exchange rate from December 2009 onwards all the way down, to April 27, 2010, the euro-dollar exchange rate closed at its lowest point over the past year, compared with early December 2009 fell by 12.8 %. If you can not effectively solve the debt problems of countries such as Greece, difficult to restore market confidence, would further suppress the euro exchange rate. The international community generally believes that the euro has been the debt problems of Greece and other countries drag from the most difficult period since the birth.Greece, Spain, Portugal and other countries to take the radical austerity, might make the economy back into recession. According to the latest IMF forecast, in 2010, Greece, Spain, Ireland and Portugal, the four countries real GDP growth rate of -2%, -0.4%, -1.5% and 0.3%, the worst performance in the euro area member countries . At present, although concentrated in the Greek sovereign debt of a country, but there continues to spread the risk to other euroarea countries, Standard & Poor's on April 27, 28, a series of lower Greece, Portugal and Spain's sovereign credit rating is fueling such a panic.As the single currency area, economic imbalances within the euro area monetary policy to the implementation of a uniform manufacturing obstacles, economic recovery in the euro area member states of step with the European Central Bank relaxed monetary policy in the implementation of "exit" strategy is difficult to determine a suitable for all members of the timetable. The euro-zone countries, Greece and other debt problems exposed, dragged down the pace of economic recovery in the euro area, the ECB may also have a longer period of time the benchmark interest rate at historic lows.Since its launch the euro, with strong economic strength, has quickly become the second largest after the U.S. dollar the international currency, the euro financial crisis provides an opportunity to enhance its international status. But the debt problems of Greece and other countries undermined confidence in the euro market, if not effectively addressed as soon as possible, will seriously affect the international status of the euro and the overall stability of the euro area, euro area monetary union model will also be severely tested.IMF on April 20 and 21, has released "Global Financial Stability Report" and "World Economic Outlook", the developed countries have expressed concerns about sovereign debt risk. The IMF "World Economic Outlook report," said the short term, the main risk is that if left unchecked, the Greek sovereign debt market liquidity and solvency concerns, may evolve into a fully sovereign debt crisis, and the formation of a kinds of spreading.Solution●The first pillar: Bank capital increaseBanks need additional capital, so that it could withstand the loss and subsequent bankruptcy absorbing Greek influence. In contrast, bank capital increase is "three pillars" in the easier one. The key is to determine the bank's core tier one capital ratio.●The second pillar: Relief FundOn how to locate EFSF function divergence. France, the European Union and the United States can hope EFSF additional capital in the bank in the process, play a more central and active role. Germany believes that, should act as lender of last resort to EFSF role only in the bank itself and the national government can not provide the necessary support to problem banks, only need to come forward EFSF. In addition to the planned funding for the bank and the second round of the Greek aid measures but also to prevent the debt crisis turned into a banking crisis.●The third pillar: the Greek debt restructuringRestructuring of the Greek debt hinges on Greek government bonds held by creditors appropriate by design, so that Greece's debt sustainability, and economic growth through fiscal restraint and to make up. In the July 21 bailout program, the bank holding the bond reduction of 21%, the nominal value equivalent to the Greek debt decreased by 5%. But now is not enough. France initially objected to significantly reduce the total debt of Greece, because France is the largest of the Greek debt holders. Germany recommends a substantial reduction of the Greek debt.对中国的影响：The EU is China's largest export market. The current stage of the European crisis will have asignificant impact on China's export trade and there are sig ns that this is already happening.When the financial crisis first struck the US and Europe in 2008, China's ex ports to the EUremained unaffected. It was only in 2009 that exports to the EU suffered a large fall. This wasfollowed by a strong recovery in 2010, whi ch brought exports to the EU back up close to theirpre-crisis levels. It appe ared that the EU and Chinese exports there had returned to normal.This has turned out to be an illusion. The failure of the EU to deal with the problems it facedmerely delayed the day of reckoning.This strong growth in imports from China was sustained in the first few mo nths of this year, butmore recently it has slowed sharply. According to EU s tatistics, imports from China grew by only8.4 percent in May.This figure hides sharp differences across the member states of the EU. Chi na's exports toseveral EU countries have experienced falls in recent month s. Imports from China by Portugalfell 11.6 percent in May. In March and Apri l imports by Spain fell, although they managed asmall increase in May. The countries worst hit by the crisis are relatively small importers ofChinese go ods. Of greater significance is the UK, one of the biggest markets for China, whoseimports also went into a decline in May.It is not only the crisis-hit countries where import growth has been weakeni ng. Imports fromChina by Denmark also fell in May. Import growth in Franc e and the Netherlands has alsoslowed sharply. Even more significant is tha t the growth in imports by Germany has alsodecelerated rapidly, and in Mar ch experienced a decline for the first time since January 2010,although this was followed by two months of weak growth.While some countries in Europe, like Italy, have maintained strong import g rowth from China,this may not last much longer and the signs are multiplyi ng that China's exports to the EU arefacing severe difficulties. China's expo rts to the EU are highly cyclical. There is normally atrough in monthly expor ts early in the year, followed by a steady rise to a peak in aboutOctober. Th e main exporting season of 2011 is still ahead of us, but the most recent sig ns arenot positive, especially in those countries in severe economic difficul ties.Even if it manages to finally adopt policies to solve the crisis, many market s in the EU will notreturn to strong growth any time soon. The policies requi red to solve the crisis will imposesevere economic hardship over a number of years. This will have a long-term effect on China'sexports to the EU.Chinese exporters may have to face the prospect that unlike in 2008, there may be no quickreturn to strong growth across many markets in the EU.The author is a senior researcher with Brussels Institute of Contemporary C hina Studies.翻译：影响方面：对照上文的影响受希腊等国家面临的主权债务问题影响，欧元汇率从2009年12月起一路下跌，至2010年4月27日，欧元兑美元汇率报收一年来的最低点，较2009年12月初下跌了12.8％。
欧美对欧元的影响英语作文
Growing up in an era where globalization is a buzzword, I have always been fascinated by the interconnectedness of economies and the role of currencies in shaping the worlds financial landscape. One such currency that has captured my attention is the Euro, and the profound influence that Europe and America have had on its value and stability.The Euro, introduced in 1999, is the official currency of the 19 Eurozone countries. Its not just a currency but a symbol of European unity and economic integration. However, its journey has not been without challenges, and the influence of the United States and other European nations has been significant.The United States, with its strong economy and the dominant global currency, the US Dollar, has always had a say in the worlds financial matters. The Euros introduction was seen as a challenge to the Dollars supremacy, and the US has had a complex relationship with the Euro ever since. The US has often influenced the Euro through its monetary policies and economic strategies. For instance, when the Federal Reserve adjusts interest rates, it can cause fluctuations in the Euros value against the Dollar. This is because investors may shift their assets between the two currencies based on the perceived benefits of each.Moreover, the US has a significant impact on the Euro through its trade policies. The US is one of the largest trading partners of the Eurozone, and any trade disputes or agreements can affect the Euros stability. For example, tariffs imposed by the US on European goods can lead to a decrease in the Euros value as it may reduce the demand for the currencyin international trade.On the European front, the Euros influence is a doubleedged sword. While the currency has brought economic benefits to the member countries by facilitating trade and reducing transaction costs, it has also exposed them to shared risks. The 2008 financial crisis and the subsequent Eurozone crisis were testaments to this. The crisis highlighted the flaws in the Euros structure, where a single monetary policy was applied to economies with diverse strengths and weaknesses. Countries like Greece, Spain, and Ireland faced severe economic downturns, and the Euros value plummeted as a result.The European Central Bank ECB has played a crucial role in managing the Euros stability. Through measures like quantitative easing and setting interest rates, the ECB has tried to maintain the Euros value and stimulate economic growth in the Eurozone. However, these measures have also had their critics, who argue that they may lead to inflation and debt accumulation in the long run.As a high school student, I have observed the Euros journey with keen interest. I have learned that the Euro is not just a currency but a complex financial instrument influenced by various factors. The US and Europes influence on the Euro has been significant, shaping its value and stability in different ways.In conclusion, the Euros story is a fascinating one, filled with challenges and triumphs. The influence of the US and Europe on the Euro has beenprofound, highlighting the interconnected nature of our global economy. As we move forward, it will be interesting to see how the Euro evolves and continues to shape the worlds financial landscape.。
欧元与欧债危机 英语PPT
EU
China
Negative
World
EU China
Exacerbated by the turmoil in financial markets in the world, European banks constitute a considerable threat to foreign banks 加剧世界金融市场的动荡，欧洲银行对外国银行构成相当大的威胁
（Iron）和玻璃（Glass）作为现代新 兴建筑物料的文化涵意。
Color :orange Sise :153mm×82mm
2013-8-13
Style :the 20 Century Color :fuchsia['fjuːʃə]
紫红色
Size :160mm×82mm
Style :Renaissance [ri'neisəns] 文艺复兴时期 Color :Ocher ['əʊkə]red赭红色 Size :140mm× 77mm
奥地利维也纳圣斯特凡大教堂这是一座著名的哥特式建筑同时也是维也纳的旅游胜地belvederepalacebelvedereafamousbaroquearchitectureinaustriaasasymboloffreedom奥地利著名的巴罗克式建筑belvederepalace美景宫作为自由的象征viennasecessionviennasecessions?se??nschoolsarchitecturedescribeabridgeleadingtothenewfinancialandmonetarysystem维也纳分离学派的建筑描绘了通往新的金融货币体系的桥梁102050欧分是奥地利首都维也纳的建筑物
欧元危机英语简介
Emergency repairsA promised huge rescue fund and central-bank help for indebted governments have eased the euro area’s crisis. The respite must be used wiselyMay 13th 2010 | From The Economist print editionFOR weeks, Europe’s policymakers have stood accused of doing too little, too late as the sovereign-debt crisis that engulfed Greece threatened to spread to Portugal, Spain, Ireland and perhaps elsewhere. By May 7th, as yields on vulnerable euro-area countries’government bonds rose sharply, there seemed to be a real threat that foreign financing for these countries would stop. That in turn raised fears about the exposure of banks to European governments and private borrowers. Europe’s Lehman moment, it seemed, might be at hand.The European Union’s policymakers were forced to act with unaccustomed speed and unprecedented force. In the early hours of May 10th finance ministers, meeting in Brussels, agreed on an extensive scheme of repairs for the euro zone. The biggest stack of financial scaffolding is a “stabilisation fund”, worth up to €500 billion ($635 billion). This includes €60 billion to be financed by EU bonds that can be sold fairly quickly—as much as can be raised over three years without breaching the union’s budget ceiling. This elementhad to be approved by EU members, such as Britain, which do not use the euro, because their taxpayers would also be on the hook were the money not repaid in full. (It is an extension of a similar €50 billion fund for non-euro countries with balance-of-payments problems.) The stabilisation fund would be supplemented by up to €250 billion more from the IMF.In addition, the European Central Bank (ECB) said it would purchase government bonds to restore calm to “dysfunctional” markets. It will offer banks unlimited cash at a fixed interest rate at its next two scheduled three-month financing operations on May 26th and June 30th. The ECB also reopened credit lines that had been put in place in the autumn of 2008, in post-Lehman days, with the Federal Reserve, the Bank of England, the Bank of Canada and the Swiss National Bank, so that it will be able to lend European banks dollars and other currencies.Financial markets’ initial response was euphoric. Germany’s stockmarket closed more than 5% higher on May 10th. France’s main index went up by almost 10%: big French banks are heavily exposed to Greece, so they stand to benefit from a guarantee of rescue. The yield on ten-year Greek government bonds plunged from more than 12% to less than 8%. Yields on comparable Irish, Italian, Portuguese and Spanish bonds also fell sharply—mostly, it seems, because of purchases by the ECB (see chart 1).However, this giddy joy soon gave way to a more sober view, for three main reasons. First, the rescue plan has a patched-together feel. Many of the details are still missing. Second, the fact that the ECB is buying the debt of euro-area governments raises questions about the central bank’s much-trumpeted independence of politicians—and hence about its credibility as an inflation-fighter. And third, the package, impressive though its scale and speed may be, only buys time for troubled governments to cut their budget deficits and putin place structural reforms needed to improve their lost export competitiveness. If that time is wasted, even worse trouble may lie ahead for the euro zone’s policymakers and their fellow citizens.International rescueStart with the rescue plan. Its mainstay is the promise of up to €440 billion over three years from a “special-purpose vehicle” to be set up by the 16 euro-zone countries, which will control the disbursement of money and guarantee the vehicle’s financing. The scheme is open to EU countries that do not use the euro: Poland and Sweden say they will sign up to it; Britain says it will not. At Germany’s insistence the money will be raised and overseen by governments. The Germans do not want Eurocrats raising and handing out too much money without close monitoring from national capitals.That much is plain. Further details of the scheme’s workings, however, remain sketchy. It is not clear, for instance, whether the pool will raise money in anticipation of a funding emergency or only when it is needed, which is how the balance-of-payments fund operates. The interest rate to be charged for access to funds has not been decided—a detail that delayed the Greek rescue package for weeks.The IMF has not yet spelled out the precise size and nature of its promised contribution (see article), although it seems that some finance ministers were in contact with fund officials during the late-night talks. The ministers expect the IMF to chip in “at least half as much” as European countries, just as it did for the rescue of Greece and, before that, for Latvia.These elements of the rescue plan would take a while to become fully operational—too long, perhaps, for jittery financial markets to wait. That is what made the ECB’s participation necessary: it is the only institution that could react rapidly enough. However, the role of the central bank raises a second set of concerns.Some of these are easier to assuage than others. By buying government bonds, the ECB is pumping money into the economy. This is potentially inflationary. However, the central bank says it will soak up the cash, for instance by selling instruments of its own, so that monetary policy will not in fact be loosened.More niggling is the suspicion that the ECB has caved in to political pressure to help out spendthrift governments. As recently as May 6th, Jean-Claude Trichet, the central bank’s president, said that the ECB’s 22-strong governing council had not even discussed buying bonds at its regular monetary-policy meeting. Four days later the bank was doing just that. Not every member of the council was happy with the change of heart, even though Mr Trichet insisted it was backed by an “overwhelming majority”. Axel Weber, thehead of the Bundesbank, Germany’s central bank, and a leading candidate to succeed Mr Trichet when he steps down next year, voiced his criticism to Börsen-Zeitung, a German financial newspaper.Mr Trichet has denied that the ECB was pressured into buying bonds, saying that the central bank was “fiercely and totally independent”. Yet the ECB looks a different animal from what it was when the fiscal crisis began. Last year it balked at buying government bonds when other central banks were doing so as an emergency extension of monetary policy—ie, to hold down the interest rates at which firms and households could borrow and to get money flowing through the banking system. Now it finds itself providing explicit support for European governments’fiscal policies, which is a far bigger threat to its reputation for independence. It is influencing the borrowing costs of euro-zone governments directly, without much of a guide to what the rates on their bonds should be.This is not the only sharp U-turn Mr Trichet has had to perform recently. He opposed the IMF’s involvement in the Greek rescue, then welcomed it. And he said the central bank’s rules on what constituted acceptable collateral should not be altered to suit one country, only to change them to ensure that Greek bonds could be exchanged by banks for ECB cash. The central bank’s credibility relies in part on a reputation for living up to its pledges and partly on its disdain for political expediency. On both counts, it has lost something.The loss need not be fatal. As one senior policymaker puts it, it is one thing to be independent of politicians but quite another to have discussions with them in a crisis. It was the flaws in the construction of the euro that forced Mr Trichet’s hand, not a lack of fortitude under political pressure. The ECB had to step in to head off the threat of a run on Irish, Portuguese and Spanish bonds (and maybe some banks) because no other euro-zone institution could do so. Equally, the ECB could scarcely refuse Greek government bonds as collateral for central-bank money even if they were junk. To do so would be to deny Greece one of the privileges of membership. It might even have been illegal.Gouvernement économiqueThe third cause for concern is what the euro area’s governments will do with the time the rescue package buys them. Already, countries that have been dilatory in cutting their deficits have pledged to be more resolute. Portugal’s government, which clocked up a deficit of 9.4% of GDP last year, has said it will delay plans to build a new airport, to follow a recent promise of cuts in unemployment insurance. On May 12th the Spanish prime minister, José Luis Rodríguez Zapatero, announced that civil servants’ pay would be cut by 5% from June and frozen next year. Ministers’ pay will be slashed by 15%. It is hoped thatthis and other measures, including a €6 billion reduction in public investment, will cut Spain’s budget deficit from 11.2% of GDP last year to just over 6% in 2011. “The situation is difficult and it would be nonsense to hide it,” said Mr Zapatero.However, keeping up the pressure on countries with big deficits may prove difficult with a safety net in place. After all, the rescue package is, in effect, an attempt by policymakers to convince investors that euro-zone sovereign debts are collectively insured: the debts of one are guaranteed by all. The idea that the €440 billion scheme will be retired after three years is hard to believe: it is difficult to withdraw a guarantee once it has been given. All governments, even that of reluctant Germany, understand that they have taken a step towards a kind of fiscal federalism. Indeed euro-zone policymakers are now scrambling to claim the plan as their own so that they can set the terms for the economic co-ordination and surveillance that it entails.For many, the fallout from the Greek crisis has proved what they had suspected all along: that the euro zone needs more fiscal co-ordination in order to work. If its members are to underwrite each other’s debts, they will demand more say in each other’s budget plans. The stability and growth pact, the scheme that was meant to limit euro-area countries’ budget deficits to 3% of GDP and public debt to 60% of GDP, has clearly failed.That still leaves Europe’s policymakers grappling with the problem of how to impose fiscal discipline. On May 12th the European Commission set out proposals for strengthening the EU’s “economic governance”. The commission said budget plans and economic reforms should be subject to peer review before they reach national parliaments. Breaches of budgetary rules should be punished faster—by withholding funds from the EU budget or by fines, placed in an interest-bearing account pending remedial action. It is easy to think of other possible sanctions but harder to work out how they could be imposed.Lax countries could be threatened with harsher terms on borrowing from pooled funds. Sinners could lose access to ECB support. The trouble is, these sorts of threats are empty as long as they impose costs on those who would dole out punishment. Fiscal surveillance in the euro area has failed because the punishers fret that one day they might be the punished, or because the strong financial links between euro-area countries mean that any punishment would undermine the currency zone’s stability.Budgetary discipline will be only one part of euro-zone surveillance—and perhaps not the most important part. The commission also wants to monitor trade imbalances and the build-up of foreign debts. Greece, Ireland, Portugal and Spain have become heavily reliant on foreign capital, racking up big current-account deficits year after year (see chart 2) and hence accumulating ever larger foreign debts. Portugal is deepest in hock: its net international debt (what it owes, less its foreign assets) rose to 112% of GDP last year.Roughly half of that total was public debt. Spain, Greece and Ireland are also heavily in debt.What makes this problem so acute is that very little of the foreign capital in these countries is greenfield direct investments, like new factories, or purchases of shares in big firms listed on stockmarkets—the kind of money that tends to stick around and can bear losses. The bulk of it is either government bonds or short-term money that has been funnelled through the banking system to fund mortgages and loans to small firms, and is more likely to disappear in a crisis. Portuguese banks’ net foreign debts were around 46% of GDP last year. These credit lines need to be rolled over regularly and their price and availability depend on the creditworthiness of the government. In the fallout from the Greek crisis, the market’s confidence about Ireland, Portugal and Spain was draining away. As the yields on their government bonds rose at the end of last week, there seemed to be a real threat that foreign financing would come to a sudden halt.Dependence on foreign capital in these countries is both symptom and cause of a deeper problem: a lack of export competitiveness. Cheap foreign credit fuelled the booms in domestic demand in Greece, Spain and Ireland in the years after the euro’s launch in 1999. That pushed up unit-wage costs relative to those in the rest of the euro area (notably super-competitive Germany) and cost competitiveness declined steadily (see chart 3). Consumer booms also skewed industrial structures away from firms that export to those that serve the domestic market and are more sheltered from foreign competition.Reversing those trends will be hard, but essential if countries are to service their foreign debts from export earnings. Devaluation, the usual route to rebalancing, is not open to countries in the euro area. They must find ways of cutting labour costs and boosting productivity. Ireland has already reduced wages; Spain made a start this week. Granted, lower wages will make mortgage debts harder to service. But the choice is between lower wages and higher unemployment, which is already in double digits in Portugal and Ireland and close to 20% in Spain. It will not be easy to dismantle Portugal’s and Spain’s complex wage-setting agreements, which set a floor to industry pay. But firms, especially small ones, should be allowed to opt out of such arrangements so that they can better match labour costs to productivity.Export or diePolicy should also be directed at shifting resources to exporters. One complaint in Portugal is that the monopolistic state of some service industries serves only to reinforce existing imbalances. The best graduates want to work for telephone and energy companies because they pay well, thanks to the profitability that comes from market power. The lack of competition imposes costs on firms, including exporters, which are forced to use their services; and weak competition reduces productivity more generally. That makes measures to boost competition in services all the more vital. A report on strengthening the single market by Mario Monti, a former EU commissioner, was issued on May 10th.Tax policy can also help, where fiscal consolidation allows it. Increasing levies on spending, such as value-added taxes, while reducing taxes on jobs would shift economies away from domestic demand, mimicking a devaluation. Countries that habitually run a trade surplus (Germany, Belgium, the Netherlands and Finland) need to mirror the reformsin deficit changes with policies to promote stronger domestic demand and a shift away from an emphasis on exporting industries.The transition to a more competitive economy will be painful. Politicians have not prepared electorates for difficult times. Running up debts is fun; paying them off is not. In an ideal world, the pain of a structural-reform programme would be cushioned by an expansionary fiscal policy. That is a luxury that Spain, Portugal and the rest can no longer afford.The fall in the euro will help. It cannot help high-wage countries compete with Germany, but it gives their firms a chance against imports from outside the euro zone. Economic logic as well as market sentiment points to further euro weakness. Business cycles favour it: America’s recovery is more advanced than Europe’s. Figures released on May 12th showed that the euro-area economy grew by 0.2% in the first quarter: America’s economy expanded four times as quickly.Monetary conditions should also hold the euro down. The pressure to tighten fiscal policy in some parts of the euro area will make it hard for the ECB even to consider raising interest rates. That will weigh on the euro and will also help indebted households in Spain, Portugal and Ireland, where mortgage rates tend to track the ECB’s benchmark interest rate. The euro is still dear against the dollar on gauges such as purchasing-power parity, notwithstanding its recent slide.The measures announced this week offer countries a chance, perhaps their last one, to put things right. There are some hopeful signs. Portugal started to introduce some modest reforms to jobs and product markets after 2005. Its economy grew by an impressive 1.7% in the year to the first quarter—about as fast as Germany’s—which suggests that its efforts to reorient itself may be paying off.It would be wrong to conclude that, in trying to get ahead of the crisis, the euro zone’s policymakers have already gone too far. The threat that Portugal and Spain might be cut off from credit markets, triggering a meltdown in Europe’s financial system, was all too real. The rescue effort will dent the ECB’s reputation as a single-minded inflation-slayer. There is still a risk that the insurance provided by the rescue scheme may leave countries that benefit from it a bit less minded to cut deficits and reform their economies. But those faults, real as they are, must be set against the potential costs of doing nothing.。
金融英语期末试题及答案
金融英语期末试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a type of financial instrument?A. StockB. BondC. DerivativeD. Real estate2. The term "Bull Market" refers to a market condition where:A. Prices are fallingB. Prices are stableC. Prices are risingD. There is no trading activity3. In finance, what does the acronym "IPO" stand for?A. Initial Public OfferingB. International Private OfferingC. Inflation Protection OptionD. Interest Payment Option4. What is the primary role of a central bank?A. To manage the national economyB. To provide banking services to individualsC. To regulate the money supply and interest ratesD. To sell financial products to the public5. The risk associated with the potential changes in exchangerates is known as:A. Market riskB. Credit riskC. Liquidity riskD. Currency risk6. What does "leverage" mean in the context of finance?A. The use of borrowed money to increase the potential return of an investmentB. The process of buying and selling securitiesC. The ability to influence the marketD. The amount of capital a company has7. A "futures contract" is an agreement to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in the future. What is the main purpose of futures trading?A. To speculate on price movementsB. To provide a means of transferring riskC. To invest in commoditiesD. To earn interest on investments8. In finance, "beta" is a measure of:A. The volatility of a security or a portfolio in comparison to the market as a wholeB. The amount of risk a security or a portfolio carriesC. The market capitalization of a companyD. The rate of return on an investment9. Which of the following is a type of investment strategy?A. DiversificationB. ArbitrageC. HedgingD. All of the above10. The term "blue chip" is used to describe:A. A company with a high market capitalizationB. A company that is financially stable and has a history of reliable performanceC. A company that is new to the stock marketD. A company that is involved in high-risk ventures二、填空题（每题1分，共10分）11. The process of converting interest rates from an annual rate into a rate for a shorter period is known as ______. 12. A ______ is a type of investment fund that pools money from many investors to invest in a diversified portfolio of assets.13. The ______ is the difference between the bid price and the ask price of a security.14. An investor who believes that the price of a securitywill rise is said to have a ______ position.15. The ______ is a measure of the performance of a company's investments.16. A ______ is a financial contract that obligates the buyer to purchase an asset or a service, including a financial instrument, from the seller at a predetermined future date and price.17. The ______ is the process of evaluating an investment based on its risk and potential return.18. A ______ is a type of financial derivative that gives the holder the right, but not the obligation, to buy or sell anunderlying asset at a specified price within a specified period.19. The ______ is the risk of default by a borrower or issuer of debt.20. An ______ is a financial statement that shows a company's financial performance over a period of time.三、简答题（每题5分，共20分）21. Define the term "leverage" in the context of finance and explain its potential benefits and drawbacks.22. What is the difference between a "bear market" and a "bull market"?23. Explain the concept of "diversification" and why it is important in portfolio management.24. Describe the role of a futures contract in risk management.四、论述题（每题15分，共30分）25. Discuss the importance of understanding financial ratios for investors and provide examples of commonly used financial ratios.26. Analyze the impact of inflation on the economy and on individual investments.五、案例分析题（共20分）27. (a) Assume you are an investor considering the purchase of a company's stock. Describe the factors you would consider before making an investment decision.(b) Based on the information provided in the case study (not included in this template), evaluate the company's financial health and make。
康志刚：雅思阅读材料之欧洲债务危机
康志刚：雅思阅读材料之欧洲债务危机备考雅思阅读的时候肯定离不开大量的阅读一些备考材料啦！为了帮助大家，下面小编给大家分享一下康志刚：雅思阅读材料之欧洲债务危机，来看看吧！康志刚：雅思阅读材料之欧洲债务危机Europe's debt crisisDown goes another oneApr 7th 2011, 0:24 by The Economist online | LISBONANOTHER domino has fallen in the eurozone debt crisis. After Greece and Ireland, Portugal has become the third debt-laden economy on Europe’s periphery to request a financial rescue.EU leaders have breathed a sigh of relief. Olli Rehn, the EU’s top economic official, said it was a “responsible step for securing the financial stability of the eurozone”. José Manuel Barroso, the former Portuguese prime minister who is now president of the European Commission, said the request would be “processed in the swiftest possible manner”.But Portugal, facing years of austerity and low growth, may not be inclined to join in the general rejoicing. Spain, lacking the firewall that Portugal had previously provided, could be feeling distinctly uneasy.Markets have so far given Spain the benefit of the doubt, appreciating decisive deficit-cutting measures implemented by José Luis Rodríguez Zapatero, the country’s Socialist prime minister. But investors may grow more sceptical when they begin to examine Spain’s troubled savings banks more carefully, noting that the government also runs a bigger budget deficit than Portugal.José Sócrates, Portugal’s outgoing prime minister, who belligerently resisted a bail-out for almost a year, blamed his eventual capitulation on the centre-right Social Democrats (PSD), the main opposition party. By refusing to support the minority Socialist government’s fourth austerity package, he said, the PSD had precipitated a political crisis that forced him to resign on March 23rd, triggering an early election on June 5th.Portugal and its banks had since seen their credit ratings downgraded to “dangerous” levels, Mr Sócrates said. The country’s borrowing costs soared to successive euro-era highs for 11 consecutive days. Shortly before he announced in a brief televised address on Wednesday night that he asked the EU for help, Portugal had been forced to pay what analysts said was a “prohibitive” interest rate of 5.9% to raise ?1bn in one-year debt.Pedro Passos Coelho, the PSD leader and favourite in the polls to become the next prime minister, said the request for aid had come too late, but he would support it nevertheless.The outgoing government has not specified how much or what type of aid it has requested. But it is unlikely, yet, to be a full Greek- and Irish-style bail-out agreement supported by the European financial stability facility and the International Monetary Fund.Only the new government chosen in the election will have the authority to negotiate a “more substantial” aid pa ckage of that nature, according to Mr Passos Coelho. In the meantime, Mr Sócrates is expected to negotiate some form of interim aid that will see Portugal past two big financing hurdles on April 15th and June 15th, when it has to pay a total of ?12 billion in bond redemptions and interest payments.Mr Sócrates has thrown in the towel, but Portugal knows from the example of Greece and Ireland that its problems are far from over. Jo?o Leite, head of investment at Portugal’s Banco Carregosa, said the request for aid was unlikely to lead to any significant reduction in the country’s long-term debt yields.More importantly for voters, the austerity measures that Europe’s fiscally-conservative governments will demand as a condition for aid can be expected to bite much harder than those Mr Sócrates pushed through. On top of all this, the Portuguese will have to endure two months of election campaigning by politicians whose credibility with many voters has fallen as low as the country’s credit standing in bond market s.雅思阅读陷入低分不能自拔三大原因一阅读方法不科学，不熟悉英语的学术阅读。
国际金融(双语)论述题
On excessive foreign exchange reserveCons:Costs for ReserveUS dollar asset accounts make up a large proportion of China’s foreign exchange reserves, and China does not have diversified channels to preserve the value of these reserves. T he book value of these assetsfell significantly after the year 2000 due to a depreciation of the US dollar.Analysts commented that the value fell by roughly $20 billion in 2003,and in the first half of 2004 by roughly $40 billion.Risk of LiquidityFinance officials in the management of China’s foreign exchange reserve pointed out, “It is of great importance to pay particular attention on the security and liquidity in the management of foreign exchange reserve. This concerns determines that reserves would mainly be invested into bonds with higher credit ratings in international markets”, and also “ins tead of keeping these foreign currencies be kept until maturity, purchases will be made in high return, low risk foreign bonds. ” However, about 60% of this reserve, amounting to hundreds of billions, exists taking the form of US government bonds and debentures. This leads to poor liquidity in government bonds and becomes an issue as this topic poses a threat in Sino-US relations.As the comprehensive strength of the national economy grows, the Chinese currency, the Renminbi (RMB) began to appreciate. Effects of theRMB's appreciation since July have been felt both domestically and abroad, and will become even more significant with time. China should embrace the new opportunities that appreciation has opened-up and allow more room for the national economy to grow in the process of globalization.Cons:People need to be aware that the appreciation of the RMB may have some less desirable effects on economic growth in the short term. Currently, China's export market still relies heavily on cheap labor to compete in the international market. As its added value is low, the appreciation of the RMB will affect China's export and consequently the overall growth rate of the national economy. The appreciation of RMB may weaken exports and boost importsMany overseas firms moved to China to take advantage of China's cheap labor force. The appreciation of RMB squeezes the profit margin of labor-intensive and heavily-polluted firms.The appreciation might force these companies to leave ChinaPros:However, there are also many positive aspects to the appreciation of the RMB. In the long run, RMB appreciation will generate more development opportunities. People will feel richer, it will improve China's status and influence in the world economy and it will change the commodity structure and the flow of investment. It will also have a significant influence on the structure of domestic production resources.First of all, it will accelerate industrial upgrading. In a market economy, the fluctuation of the foreign exchange rate involves the international balance of incomes and expenses and is an important price indicator. The appreciation of the RMB means that the price of various domestic resources, especially land and labor, will go up in relative terms and this will speed up necessary adjustments to the commodity mix and domestic industry. RMB appreciation will gradually change the value of the international and domestic markets.Domestic enterprises will rely more on sales to the domestic market so that national economic growth is less dependent on export demand and a more reasonable industrialstructure will form.Secondly, it will promote technical innovation. In many countries, technical innovation relies primarily on a market mechanism which makes good use of price as a lever. China's production process isenormously costly in terms of resources and energy, and labor is too cheap. The appreciation of the RMB will cause an increase in the domestic prices of such things as land and labor as well stimulate the demand for innovation. Products for export must rely on technological innovation to be more competitive internationally. In the domestic market,enterprises are also forced to compete through technological innovation.Simply speaking,the appreciation of the RMB will cause the formation of a market environment that is conducive to speeding up technological innovation.Thirdly, the appreciation of the RMB will benefit the people. On the one hand, it will make imported products relatively cheaper. It will also be cheaper for Chinese to travel abroad. This will increase consumption .On the other hand,it will push up the market price of domestic financial assets, changing the financial market structure. If other conditions don't change, Chinese people will feel richer as the value of their money grows and further stimulates domestic demand. Of greater strategic significance is the fact that the appreciation of the RMB will make the price Chinese labor price higher.。
The impact of global financial economic crisis on
The impact of global financial-economic crisis on the economy of the Republic of Armenia.Short term and long term perspectives.Ladies and Gentlemen,This conference is devoted to the discussion of a topic, which already has become a hot topic. Before assessing the impact of the global financial economic crisis on a country’s economy, first of all one should understand precisely the pre crisis developments taking place in the economy in a global context. This will help us to understand correctly the lessons learned and to construct a new behavior.The features of the time before the financial crisisIt is not a secret, that pre financial crisis period was featured by monetary expansion, which was accompanied by formation of low interest rate. This policy caused an increase of demand on real estate, which gradually turned into bubbles. The real estate prices through income and wealth effect stimulated the increase of consumption, resulting huge current account deficit of the balance of payments, which in its turn caused big inflow of US dollar into other developed and developing countries. From the other hand, to mitigate the speed of appreciation of the local currency vis-à-vis US dollar, those countries started to intervene heavily in the foreign exchange markets, which resulted to the replenishment of net foreign assets and supporting the financing of the US budget and current account huge deficits.The above mentioned macro environment in US caused the US dollar to depreciate in the world and forced the rest of developed countries to lower the interest rates in order to soften the appreciation of their currency vis-à-vis US dollar. Those activities resulted in similar situations in the real estate markets in these countries: increase of demand and formation of «bubbles» in the real estate prices.As a result, the huge public deficit in the USA, the high level of real estate prices and almost the similar situations in other developed countries resulted in high speeds of income and consumption increase of the developed world globally.As a result the prices of raw materials increased, which significantly contributed to the increase of the export of developing countries, who has such exportable goods. From the other hand, the low level of interest rate in international markets stimulated the increase of directinvestments from developed countries to developing countries. The favorable environment of economic activity and high rates of income growth encouraged also the increase of speed of credit expansion in developing countries. As a result, the developing countries in pre-crisis period had unprecedent high growth rates. The consequence of all of this was reflected in the real estate market, when the continuously growing demand resulted in a high prices on real estate and created «bubbles».An important factor in this regard was the robust growth of financial innovations as a result of which world financial flows and credit volumes accelarated. Moreover, even since 2004, when in many countries the inflationary pressures began to take place and to address this issue countries started to conduct contractionary policy, e.g. increasing Central Bank interest rates and gradually reducing public deficit, the undertaken actions did not have significant effect on evolving overheating environment. In addition, in the state of overheating, the financial system institutions underestimated the future risks and even in condition of increasing interest rates continued to carry out credit expansion through various financial tools.The macroeconomic environment created in developing countries was almost similarly repeated in the Republic of Armenia. The export growth rate in 2004-2007, in the condition of continuing appreciation of the national currency, was 15 %, the share of net direct investments in GDP increased from 4,6 in 2003 to 8,0 in 2008, the average annual growth rate of private investments was 28 % in 2004-2007, the average annual growth rates of the credit to economy and money supply were 46,3% and 45,0% respectively. Moreover, the link between diaspora and domestic economy had an additional and essential impact on the formation of macroeconomic environment in Armenia in face of private transfers sent to Armenia. The results of analysis on the state and influence of private transfers on our economy, conducted by the Central Bank of RA evidenced that along with altruistic motives for sending private transfers to the Republic of Armenia, there was also the investment motives, and the latter, according to the theory and empirical evidences, has a pro-cyclical nature. This means, that the high economic growth stimulated the acceleration of private transfer growth rates and vice versa. As a result, a 40 % growth of private transfers’ inflow has been registered since 2004.Like in the rest of the world, in Armenia similarly, the above-mentioned macroeconomic developments led to overheating, which also entailed unprecedented growth of demand on the real estate market, and, consequently, the prices for real estate increased 26,6% on average in 2004-2007.The huge foreign currency inflows and high rates of income growth created inflation/exchange rate dilemma. The Central Bank gave priority to the targeted inflation allowing nominal exchange rate to appreciate, which continued almost from 2004 to 2007. This means that the real exchange rate has appreciated due to the sharp appreciation of the nominal exchange rate. Moreover, since 2004 the speed of appreciation of the real exchange rate - 7,8 % on annual bases and around 40 % cumulativly –, is an evidence of quite a high speed of movement of the economy towards the overheating. It is important to emphasize here some important issues related to the structure of the economy, which aggravated overheating: first there was a well articulated price rigidities in the economy, second- there was a low level of production factors mobility in the economy and therefore clear wage rigidities, and third, the existence of market structure and non-competitive market. Those factors stimulated the overheating of the economy in the past, and currently they support the opposite process: the economic recession, which I am going to discuss later.While analysing the pre-crisis developments in Armenia, it is important to examine the structure of the economy, i.e. what structure of economy we inherited after the crisis. In 2004-2007 the average economic growth of 13,0% was secured by the following sectors: capital construction, which contributed 4.6 percentage points of the GDP growth, and this branch was mainly conditioned by the increase of the demand in the result of financial inflow. Second – the mining industry, which was directly linked with the unprecedented growth of commodity prices in the international markets. and which had significantly contribution to the export1. From another hand export ensured additional financial inflow to the economy. The third branch, which is partly conditioned to the developments of the first two, as well as to some extent is based on the financial inflow to the country is the service sector. This sector had contributed 4.5 percentage points of the GDP growth. It’s obvious that the economic growth of the country was driven mainly by non-tradable sector, which mostly depend on external factors. This was also evidenced through the Ballassa-Samuelson effect, assessed for the economy of Armenia, which indicated that only a small portion of real exchange rate appreciation was conditioned by the factor, increasing the “immunity” of the economy, i.e. productivity. This me ans, that the main portion of appreciation was the result of financial inflow and positive terms of trade shock.1 The export was not growing at the expense of productivity and increase of volumes, but at the expense of improvement of trade conditions (relative growth of export prices).The features of post-crisis periodThe boom of the economic activity could not continue for a very long time. As in case of an ordinary business cycle, the deceleration of the rates of economic growth and even contraction of economy were expected. However, there were no precise predictions and perceptions on initial period of economic contraction, extent and speed of decline. The first signs were observed in mid-2007 on the real estate market of the United States, when the price “bubbles” blew up, the losses then spread on insurance companies, banks and on other participants of the financial market. The collapse of the US financial market and continued economic decline spread all over the world. As it was mentioned, the real estate price “bubbles” had evolved almost in all countries, hence the developments of the US economy were noticed both in developed, and developing countries. This means, sharp decline of real estate prices, drastic deterioration of the portfolios of the financial market participants, sharp decrease of the credit volumes and naturally – creation of expectations of economic downturn. All the mentioned, by spreading all around the world entailed the drastic decrease of demand for investments by firms and consumption rates by consumers. In the world commodity markets dramatic price decrease for the raw materials was observed, which caused those raw material exporting country’s exports to dampen significantly.In sum, the macroeconomic phenomena evidenced during the years of economic growth started to be expressed on the opposite direction, moreover - in a very short period of time.Small open economies, such as the Republic of Armenia, first of all drastic fall of export rates was observed –in 2008 –6.1 %, and in the first five months of 2009 –47.8% . From the income generation side a 35.3 % decrease was observed in the indicators of remittances, during the first five months of 2009. The expectation of decline by the firms and consumers, in the conditions of income decrease, resulted in high rates of decrease of private investments and consumption.During the growth phase of economic activity, as it was already stated, the construction became the main driver for ensuring high rates of the economic growth. As it could be expected, construction sector must be the first to be affected by the financial crisis, which was actually observed. During the first five months the decline in construction went up to 56.1%: The sharp decline commodity prices on international markets directly influenced the volumes of production of those goods in Armenia, consequently the mining industry contracted by 10%.The productions of the other branches of economy were followed by the deteriorations in these sectors.The banking system was not left apart from these developments. On the other hand the fact that the banking system of Armenia is comparatively small (compared with developed countries) was a supporting factor for avoiding big losses in this system, and from the retrospective influence of the system on the real economy, on the other hand. However, the decline of real-estate prices, the phenomenon of the economic downturn significantly decreased the indicators of profitability of banks, but has not created serious problems for the system yet. From the other hand, the banking system made the lending conditions more rigid, taking into account the possibility of forthcoming risks. This kind of banks’ behavior, as it has been evidenced by numerous crisis episodes in the world economy, is rather rational from perspective of a single bank, but irrational from the perspective of the whole system, because the volume of lending remained almost the same and it become an additional factor suppressing the demand. And this will impact the banks retrospectively: by increasing the volume of non-performing loans.Dollarization is another factor that must be discussed from the prospective of lending volumes decrease . From the very beginning of the financial crisis the economic agents had Armenian Dram depreciation expectations. In addition to the existing savings, the phenomenon of economic decline caused demand for money to decrease and formation of excess dram liquidity in the economy. The expectations of Armenian Dram depreciation resulted in exchange of huge amount of dram assets into foreign currency assets. Despite banking system confronted to this additional negative shock due to the heavy interventions by the Central Bank, however the widespread shrinkage of dram resources in the banking system became an additional factor for the reduction of dram lending. From the other hand, although the banks were suggesting credits in foreign currency, however the expectations for depreciation of Armenian Dram suppressed the demand for dram term credits significantly.It is important to consider other issues as well mostly related to the real sector, which deepened the influence of the crisis on the economic activity and I have mentioned about them above. Those issues relate to the causes of real and nominal business cycles, which evolving at this stage deepened the phenomena of economic decline..First of all let us refer to the issue of investments. As it is known from the theory, for the purpose of making necessary investments a timeframe is required (time to build – real businesscycle theory), due to which productivity shocks create cyclical fluctuations of economic activity. Particularly, the decrease of commodity prices entailed decline of the marginal profitability of the mining industry, and in such conditions it was necessary to make additional investments to restore the productivity. However, in the real life, a time is needed for the realization of the investments, that is why entities of this sector in the initial period drastically decreased the volumes of production.There is another issue concerning the investments. Again, starting the investments and finishing them requires some time. In this regard, , when the demand is growing continuously, the investments, which have been started but not finished yet during the growth phase of economic activity, were left unfinished when economic downturn lunched. The fast and drastic declines of external and internal demands, tightening lending conditions by the banks and negative expectations of the firms were the factors for the investments not to reach their end, which in its turn made those investments unproductive ones. It should be noticed that the above mentioned was more vividly evidenced in housing construction. The widespread housing construction which had begun years before and was not finished, stopped instantly because of the demand decline and low level of availability of investments resources.Nominal rigidities of wages and prices are the next important reasons, from the point of view of aggravating economic downturn. The decline of the nominal wages in the labor market was necessary to compensate increased marginal expenses of firms and to minimize the unavoidable unemployment. However, the rigidity of wages in the labor market (the nominal wages on January-May of 2009 have increased by 13.4 % in comparison with the same period of the previous year) caused the undesirable reduction of employment and output (9.8 % and 15.7 % in the first five months of 2009).From the other hand in order to restore real aggregate demand in some extent, the decrease in prices of goods was necessary, which would enable to increase the purchasing capacity in real terms. However in goods markets there are price adjustment rigidities as well, which are conditioned mainly by the existence of uncompetitive markets, in the result of which the prices did not decrease to an extent, which was needed for possibly smaller reduction of volumes of production.The fact that during the growth phase a small number of branches become the drivers concerns a lot. As it was evidenced on the example of the Republic of Armenia, the amplitude of business cycle decline is more compared to those countries which have relatively diversifiedeconomies. In this regard, in the long term perspective it is necessary to lower the share of construction and related fields in GDP by increasing the shares of other sectors and branches of the economy. Particularly, the share of construction in GDP is 6-10% in the transitional countries of Eastern Europe, while it is 25% in Armenia.Currently there are two concerns about the future, relative to the reduction of the impact of the financial-economic crisis on the economy of our country. We can divide them into short-term and long-term issues and solutions necessary for them. In Short term perspective it is important to soften the rate of economic decline. One of the above mentioned reasons was the sharp ceasing of the investments, which is partially connected with the time frame necessary for the realization of the investments and stopping the unfinished investments (mainly in the field of housing construction). To solve this issue, the necessary measures have been taken to support the two leading branches of the economy` capital construction and industry (particularly, mining). There is a mechanism of providing guarantees for supporting capital construction: for finishing up stopped capital construction. At the same time, financial assistance in the form of loans is being provided to the other important branch of the economy, such as mining industry.To the long term measures we should relate the carrying out of aggressive economic reforms –directed towards diversification of the economy, formation of effective incentive structure for distribution of resources, strengthening the anti-monopoly policy, etc. There is also important to ensure effective mobility of the labor force in the labor market. The non-mobile labor market is the reason for not adjusting the wages enough to soften the fluctuation of business cycles.It is also important to emphasize the role of the banking system in circle of development. The banking system of Armenia being a small one and being in a very strict area of regulation has not faced and has not caused serious problems. In this regard the expected serious reforms in the financial systems of the developed countries, which will presumably be directed at least to the prevention of economic crisis caused by the financial sector, will be taken into consideration by the Central Bank of Armenia as well. From the other hand the regulation and control of the banking system of Armenia based on the features of the Armenian banking system will continue to be deemed as important in long term perspective.Bibliography1. The Global Plan for Recovery and Reform. April 2009. The London Summit 2009.2. Initial Lessons of the Crisis. Monetary and Capital Markets, andStrategy, Policy Review, IMF Research Departments ,2009.3.Lessons of the Global Crisis for Macroeconomic Policy. IMF Research Department, 2009.4. The Implications of the Global Financial Crisis for Low-Income Countries. IMF March 2009.5. Justin Yifu Lin “The Impact of the Financial Crisis on Developing Countries” Korea Development Institute, Seoul.6. Edwards c. Prescott, Finn e. Kydland “Time to build and aggregate fluctuations”.。
欧债危机对我国股票市场的影响分析
欧债危机对我国股票市场的影响分析摘要：欧洲实体经济空心化与虚拟经济过度膨胀、高福利高消费和制度缺陷是导致欧债危机必然发生的根本原因。
欧债危机使欧元严重贬值并对我国出口造成严重冲击。
因此，我国的经济发展应将以出口拉动型转变为以消费为主导的经济增长方式，实行实体经济与虚拟经济协调发展和福利制度与经济发展水平相适应的政策措施，正确认识和发挥政府在市场中的作用，积极预防地方债务风险。
关键词：欧债危机;实体经济;虚拟经济;制度缺陷Abstract: The European real economy and the virtual economy hollowing over-expansion, high consumption and high welfare system defects led to the debt crisis inevitable root causes. European debt crisis and the depreciation of the euro seriously severe impactChina's exports. Thus, China's economic development should be transformed into export-led to consumption-led economic growth, the implementation of the real economy and the virtual economy coordinated development and welfare policy measures and the level of economic development, the correct understanding and role of the government in the role of the market, and actively prevent the risk of local debt.Keywords: European debt crisis; the real economy; virtual economy; institutional defects早在2008年9月，雷曼兄弟公司宣布破产，进而使美国金融危机升级、金融海啸达到空前高潮，此时，欧洲也拉响了国家主权债务问题的警报。
c07 经济危机对欧洲国家影响比预期严重 英文
Economic Crisis Will Have Even Bigger Impact onSome European CountriesBBC News with Mary Small.A new study suggested that the global economic crisis will have even bigger impact on some European countries than was predicted just months ago. The data will also underscore the deterioration in European government finances. Mark Gregory has the details.In January the E.U. executive arm the European commission predicted the economy with euro currency will contract nearly 2% this year and return to slight growth next year. At the time, those forecasts seem died. But now they are looking too optimistic. The commission is about to issue revised predictions, putting the contraction of euro zonal economies in the range of 4% this year with no growth next year. It seems statisticians underestimated the scale of slumping global trade which is meant that export depended euro zonal economy such as Germany are in worse shape than seemed likely a few months ago.A government minister in Nepal says a row over the sacking of the army chief threatens to undo the Himalayas peace process. From Delhi Sanjoy Majumder reports.Nepalese government has been pitched into direct confrontation with executive president because of standoff over the dismissal of the army chief General Rookmangud Katawal. Information minister Krishna Bahadur Mahara says the President Baran Yadav’s order asking the general to stay on has put the peace process in danger. The government sacked army chief after accusing him of defying their orders to stop hiring new recruits. The Maoist-led government wants form rebel soldiers currently house U.N. camps to be integrated into the army. But military commanders have resisted the move. The issues now led to political crisis were one of government’s key allies the UML Party pulling out into protest and their fear is that the confrontation could lead to street protests.A wealthy business man Ricardo Martinelli has been elected as the next president of small but strategically vital Central America Republic of Panama.A conservative he defeated the center-left governing party’s c andidate Balbina Herrera. Mr. Martinelli campaigned as the candidate best prepare to get Panama through the global economic crisis. Speaking at his election headquarters, he thanks the voters for their supports.“To the best members of those allies and to all Panamanian men and women who want this country to change, and help this country to change. I sincerely thank you for your support. I feel honor for our campaign team.”The chief executive of the Italian car manufactory Fiat is due to outline plans later today for a possible takeover of rival carmaker Opel in a move to create a new European car giant. The Fiat chief Sergio Marchionne is expected to propose a merger between Fiat which is buying a stake of US company Chrysler and Opel the German arm of General Motors.World News from the BBC.The World Health Organization has says there is no room for complacence in the response to human cases of swine flu. The WHO said there was now almost 900 confirmed cases in the 18 countries and no one should lower their guard. The health minister in Mexico where the outbreak is thought have originated has suggested that the disease is declined there. But WHO warned that it could be resurgent later this year. American health experts say there are swine flu cases more than half of the United States.Investigators appointed by the United Nations Human Rights Council are starting a series of meeting in Geneva today ahead of mission to Israel and Gaza stripe. The team has been given a mandate with investigated war crimes allegedly committed by Israeli forces and Palestinian militant group Hamas during Israel’s offensive in Gaza last December and January. From Geneva Imogen Foulkes.The U.N. team is led by Richard Goldstone, the South African judge and former U.N war crimes prosecutor. Other team members included military specialist and human rights lawyer. It is the first time the team has met face to face. In Geneva they will finalize the details of their mission. Their task is to investigate on the ground possible human rights violations including allegations that Israeli military deliberately targeted civilians and Hamas used civilians as human shields during the recent conflict in Gaza.Today is the 30th anniversary of Margaret Thatcher becoming Britain’s first female Prime Minister. Margaret Thatcher whose political determination and style earn her nickname the Iron Lady remained in office for 11 years. The current leader of the conservative party David Cameron described her achievements as awe-inspiring. The correspondents say the radical policies in reform she introduced during the 1980s are still controversial.BBC News.。
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The Impact of Euro Depreciation on the Chinese EconomyTHE Eurozone，one of the world’s largest econo- mies，has become a runner in the United States，Japan，and Britain’s QE “relay race.”In late January 2015，the European Central Bank （ECB）announced its launch of QE （Quantitative Easing），so ending longstanding conjecture. But the scale of more than ? one trillion was way beyond anyone’s expectations. This monetary program creates more abundant global market liquidity and changes the global monetary pattern. Its huge money supply and historic monetary policy will cause great uncertainties in the Eurozone and in the global flow of capital，and changes also to the exchange rate，the economic and trade situation，and other variables. The ECB launch of QE has not only influenced the Eurozone’s economy，a spillover effect having already become apparent，but also jolted the global economy，intensifying the risk of monetary war among global central banks. It will inevitably have impact on the Chinese economy.Impact on Chinese EconomyBearing in mind that the US dollar functions as aninternational currency，and that the United States is the world’s biggest economy，the impact of the ECB’s QE program on emerging economies，including China，compared to that of the U.S.’s QE is relatively small. But it nevertheless affects China’s international trade and international investment.The Eurozone QE has both positive and negative impact on China. On one hand，under the backdrop of normalization of U.S. monetary policy，the ECB QE is conducive to mitigating the contractionary effect of the U.S.’s QE exit. On the other，the polarization trend of main economies will affect the exchange rate between major currencies，so exacerbating fluctuations in international financial markets，especially in the foreign exchange market. This will intensify the cross-border mobility of capital in China’s financial markets，and the consequent difficulty of managing expectations and exchange rate movements. Moreover，China’s inadequate endogenous growth momentum will heighten pressure to stimulate domestic demand and apply a loose monetary policy.As regards international trade，the ECB QE will have impact on the exports of emerging market economies，including China. Sharp euro depreciation will cause relative appreciation of the currencies of emerging market economies，including the RMB. This will intensify competitive devaluation of global currencies. This means that all enterprises and commodities exported to Europe face exchange rate risks. The RMB’s inadequate flexibility due to excessive firmness of China’s real effective exchange rate （REER）will constrain China’s exports to the Eurozone. Those to other countries and regions will also be affected.But everything is dialectic. In view of China and the Eurozone countries’different export structures，the euro QE will have limited impact on China’s exports as a whole. In the longer term，if the EBC QE is as effective as the Fed QE，the Eurozone’s economic recovery and consequently expanded European demand will bo ost China’s exports.As regards international investment，since global investment opportunities are mainly concentrated in China and the United States，a considerable portion of increased liquidity by virtue of European QE will flow into China. This will stimulate the Chinese economy，for instance by promoting its modern service industries. Similarly，the relative appreciation of the RMB against the euro will encourage Chinese enterprises to invest in Europe，and advance the “going global”process based on the Belt and Road Initiatives. However，it will alsotrigger a sharp rise in cross-border capital mobility on the Chinese financial market and increased management and risk control pressure.New Measures to Deal with Euro DepreciationTo the Chinese government，the great logic for China’s economic development now and in the future is to understand，adapt to，and guide the new normal. Even under the backdrop of euro depreciation，China is unlikely to join the competitive currency depreciation process. Instead，China will try to adapt to the new normal of exogenous shocks，including the ECB QE. The fundamental idea is to activate endogenous growth momentum through system design and further reform and openingup，thus accelerating innovation and development.Further opening-up means improving China’s economy and deepening and improving its integration into the global economy. China will be more proactive in global economy governance，and adopt more constructive mea- sures to tackle global climate change and transform world financial governance systems. Bringing into effect the Belt and Road Initiatives，opening special economic areas such as free trade pilot zones，and reforms to the foreign investment access system and the management system of outbound investment will deepenconnections and cooperation between China and the world. It will in effect consolidate the existing relationship of mutual benefit and win-win results. The global economy stands to gain from China’s relatively high speed and higher quality e conomic development.The new normal demands that China pays greater attention to nurturing new economic drivers，with innovation at the core. China produces almost seven million college graduates annually，and is rich in high-caliber human resources. The next steps are to adapt to the changes in internal and external environment and development conditions，grasp the trend of scientific and technological development，and promote marketization of intermediate and high-end productive elements，and moreover to activate and integrate innovative resources and to respect and protect intellectual property rights. This entails innovations to the development engine that will guide，promote and achieve China’s transformation from a big innovative country to a strong innovative country. Thoroughgoing innovations as a result of rational system design and mass undertakings will construct China’s new pattern of economic development，so adding impetus to China’s economic development. Judging from the direction ofChina’s monetary policy，in 2015 China will continue to carry out a flexible，moderately prudent monetary policy and fine tune it towards timely “easing.”In the short term，the main objective is to practice countercyclical fine tuning. The long term objective is to promote long-term reform，raise the level of financial service and management，and improve economic performance. It is clear that the EBC QE has not changed China’s judgment of adapting to the new normal，and has limited imp act on China’s decision t o continue its prudent monetary policy.In addition，a synthesis of the projections and research by domestic and foreign scholars shows that，due to a tendency of China’s exports towards stabilization of the external environment，and a change from decline to stability in the competitive edge of China’s exportoriented enterprises，it is very likely that 2015 will see an end to the decline in growth of China’s exports，which are indeed expected to grow around seven percent in 2015. China’s investments，meanwhile，will stabilize at an estimated 16 percent growth，and consumption will maintain an estimated stable growth of around 10 percent. Judging from market demand，and exports，consumption and investment having stabilized，therefore，China’s economicgrowth will either reach or slightly exceed seven percent in 2015. It is thus clear that the ECB QE will exert limited impact on China’s economic development，and may even send it into a more stable，sustainable and better quality development orbit.。