国际经贸高级英语——精读与翻译

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国际经贸高级英语精读(罗汉)how will Bill Gates invests his money 3-Text

How Bill Gates Invests His MoneyTending the Investment PoolsAs Gates converts billions of dollars of Microsoft stock into philanthropic tender, Michael Larson will be shepherding the funds every step of the way. He will manage the foundation portfolios until the dollars are expended on syringes, scholarships, and software. “People have no idea the kind of pressure that Michael Larson operates under,” says Roger McNamee. “For one thing, he’s running money for two of the largest foundations in the world. The better he does, the more good works can be done.”Here’s how Larson’s job works. He’s in charge of three large pots of money: the two foundations and the $5 billion or so in Gates’ personal portfolio, which is mostly invested through Cascade, though there are other smallish accounts also under Larson’s auspices. Each of these three pools is discretely managed, with its own objectives and investments. And there’s one thing both Gates and Larson want to make perfectly clear. “Michael and I talk regularly about general investment matters, but he has full discretion over the portfolio.” Gates says. Larson, his usual grin gone for a second, says, “I wish everyone understood that. When people find out that Cascade has made an inv estment in something, that’s not Bill Gates. I’ll call Bill about something I’m buying if he needs to know, but Bill might not have any idea what Cascade owns.” (There are exceptions to this rule. For instance, Gates makes his own investments in biotech—more on that later.)So what’s in the portfolios? The Learning Foundation is the simplest. Because Patty Stonesifer and her crew have a fairly constant need for cash, Larson keeps this portfolio mostly in short-maturity U.S. government and corporate fixed-income securities. The William H. Gates Foundation is a little more complicated. Though it may have a smattering of stocks at any given time, it too is almost entirely in bonds—about 75% short-term U.S. governments and corporates. “The portfolio is pretty c onservatively positioned right now for a couple of reasons,” says Larson. “First, it reflects my view of the markets. And second, we just had an inflow of a couple of billion dollars.” Another reason bonds are attractive to Larson is that as new money streams in, scaling up in the fixed-income markets is much easier than in stocks.As for the other 25% of this foundation’s assets, Larson has made investments running the whole gamut of the bond market. He holds some inflation-protected Treasury bonds called TIPs, and plain-vanilla corporate bonds like Ford, Du Pont, and Time Warner (parent of Time Inc., FORTUNE’s publisher). He also has a position in junk bonds and foreign government bonds—Danish, German, Canadian—as well as foreign corporates, gobs of mortgage-backed securities, and all sorts of hedging investments. Larson farms out some 15% of the overall portfolio to bond managers at Morgan Grenfell, PIMCO, Miller Anderson & Sherrerd, and Western Asset Management. “These guys have discretion over the money we give them, but if Idon’t agree with their take on interest rates or the yen, I’ll override them by hedging,” Larson says.Gates’ $5 billion personal portfolio is another matter. First, there is the question of how much Microsoft stock Gates should ow n. “The money I have outside Microsoft is less than 10% of the total,” says Gates.“ Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. It’s basically the same strategy most individual investors engage in.” (As if!) Because Microsoft stock has soared over the past few years, Gates and Larson have had to sell huge amounts of stock to maintain even the semblance of a diversified portfolio. Since the company went public, Gates has sold an average of five million Microsoft shares a quarter, adjusted for splits. That works out to around 80000 shares every single trading day, though Larson sells through a “blind program” during legal windows to avoid insider-trading charges. Larson tries to sell as quietly as he can through his favorite brokers, including DLJ, Goldman Sachs, and Allen & Co. Gates has sold some 256 million (split-adjusted) shares of Microsoft stock over the past 13 years, for about $5.16 billion. He has given away another 76 million shares.If Gates continues to sell and give away Microsoft stock, will he still hold sway over the company? “Losing control of Microsoft isn’t an issue as I give the money away,” says Gates. “No one person controls Microsoft. The board and the shareholde rs decide whether they want to have me as CEO.” (Sure, Bill.) Actually, Gates’ ownership of the company has declined steadily over the years. At the time of the IPO, he owned 44.8% of Microsoft’s stock. He now owns just about 18.5%. About half of that decline is due to dilution, brought about by the issuance of millions of shares to Microsoft employees exercising options, while the other half is due to stock sales and gifts.As for the actual content of Gates’ $5 billion portfolio (drum roll, please), it t urns out to be not that e xciting. And for good reason. “If you think about it, 90%-plus of Bill’s wealth is in a single technology stock. He really doesn’t need much, if any, equity exposure at all,” says Larson. “Right now his portfolio actually looks som ewhat like a big old bond fund.” In fact, a recent snapshot of Gates’ personal portfolio looks like this: Larson has 70%, or $3.5 billion, invested in short-term governments and corporates, with a small weighting in foreign bonds. He also owns some emerging-market debt and high-yield issues. “Basically we are short on the yield curve right now,” Larson says, again reflecting his wary view of the markets.What about the other 30%, or $1.5 billion? About half of it—$750 million—is in what Larson calls privat e equity; that’s buyout funds and direct investments, such as Gates’ stake in Teledesic, McCaw’s satellite company (Larson is on its board). That figure also includes funds run by outsiders. About 5% of Gates’ portfolio is farmed out to managers like McNam ee’s Integral Capital Partners and Blue Ridge Capital, a New York hedge fund run by John Griffin, former right-hand man of Julian Robertson at Tiger Management. Larson also has a significant amount of money in shortpositions—actually more than usual right now—which reflects his view that many stocks are fully, if not overly, valued. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund.Of the nonbond portion of Gates’ portfolio, another $250 million is in what Larson c alls “real stuff.” He means real assets, like commodities (he’s been in and out of crude oil futures) and real estate, such as investments in the Reserve, a real estate and golf course development near Palm Springs, and in the Cliveden hotels in England.T he remaining $500 million is in stocks. Given Gates’ huge position in Microsoft, why does Larson own equities at all? “Because I think some stocks have behavior patterns that run counter to Microsoft,” says Larson. “For instance, if and when the air comes out of tech stocks, food and oil stocks could hold up real well. The other reason we do equities is because we have some expertise in certain areas, and we make money at it.” It so happens that one of Larson’s interests is media stocks. He favors cable stocks such as TCI and Liberty Media, as well as Cox Communications and Barry Diller’s USA Networks. Larson also holds Berkshire Hathaway—he owned 300 shares last year and recently bought a bunch more—which he thinks became particularly attractive after its Gen Re acquisition. “Gen Re was in the S&P 500. Berkshire isn’t. So after the deal, index managers had to sell Berkshire, depressing the price.”Gates does make his own investment decisions in biotech. Says he: “I’ve always been interested in science—one o f my favorite books is James Watson’s Molecular Biology of the Gene. I’m an investor in a number of biotech companies, partly because of my incredible enthusiasm for the great innovations they will bring. I serve on the board of ICOS [which develops drugs to fight inflammatory diseases]. I continue to make a number of investments in this area.” At various points Gates has owned stock in other biotechs—including PathoGenesis, Targeted Genetics, and Chiroscience—but he is out of all those stocks now. He recently bought a stake in a company called Advanced Medicine, a private biotech firm.As for tech stocks, “We pretty much don’t own ’em,” Larson says, “not with Bill’s other asset.” It could be awkward, of course, if Cascade owned, say, 3% of a small tech co mpany that Microsoft’s strategic planners later decided they wanted to gobble up. Or if that small company felt inclined to sue Microsoft at some point. Gates does, however, own some tech stocks through his investments in McNamee’s partnerships. And Larson concedes that he might be short some tech names. “I do think the market is high right now, and there is an awful lot of excitement about tech stocks,” says Larson. Whoa! Does that mean he thinks Microsoft is overvalued? “I wouldn’t bet against [Microsoft],” he says.Larson continues: “I just think at some point the cycle is going to turn. We’ll have some rotation. There will be some trigger event that will change the equity market’s point of emphasis. Agriculture, for instance, will come back. Stocks like Deere & Co. [which he owns a bit of] will make out. Oil looks interesting. There aresome opportunities in that sector, and I don’t think oil has to go back to $20 a barrel [for oil stocks to work out].”What about interest rates? “I think they will trend higher. It’s true we don’t see much inflation now, but wage inflation is evident, and everything is in such high gear right now. I think long rates could climb 100 basis points, which could be a shock to the market. It could also make for a real nice buyi ng opportunity.” But Larson knows he has to go easy. “Sure, I could torque up the portfolio,” he says, perhaps a little wistfully, “but that’s not what I’m paid to do. The point wasn’t for Bill to become richer than the Sultan of Brunei.” No, but that hap pened anyway, not because of anything Larson did but because of Microsoft’s explosive growth (and a little imploding on the Sultan’s part.)The point is that the real growth engine is Microsoft. Just how big will the company, and therefore Gates’ fortune, become? How much will Gates end up giving away? No one knows, of course, not even Gates. But consider this: If Microsoft’s stock compounds over the next 20 years by merely 10%, Gates’ fortune, even assuming some selling, could be worth $400 billion. Impossible, you say? Well, what would you have said 13 years ago—the day of Microsoft’s IPO, when Gates’ holdings were worth $234 million—if someone had told you he would be worth $80 billion before the end of the millennium? Impossible.Andrew Carnegie was regarded in his day not just as a robber baron but—after the Homestead Strike of 1892, in which hired guards killed seven striking steel-workers—as a plutocrat with blood on his hands. He reshaped his image by giving away most of his fortune during his lifetime, and today he is remembered less for the strike than for his phrase “the man who dies...rich dies disgraced.”Today, Bill Gates is known variously as the creator of Microsoft, as the richest man in the world, and as a monopolist hell-bent on world infotech domination. Hard as it may be for some people to swallow, future generations may remember Bill Gates instead as the greatest philanthropist the world has ever known.(excerpted from Fortune, March 15, 1999)。

罗汉国际经贸高级英语Unit4United We Stand 中文版

Unit 4 United We Stand?1991年12月，欧洲12个国家签署了具有历史意义的马斯特里赫特条约，并在这样做时，创造了现在被称为欧洲货币联盟（EMU）的单一货币贸易区。

马斯特里赫特条约概述了欧洲货币联盟的国家将用单一的货币---欧元取代它们各自货币的过程，欧元将由一个单一的欧洲央行控制。

1999年1月，各国货币与欧元之间的汇率都应当绝对固定，到2002年1月，国家货币都应该被完全淘汰。

然而，德国，法国和其他一些欧元区国家能够满足该时间期限，达到合约要求，但许多其他国家因为困难重重已经推迟了关于马斯特里赫特条约规定，可能无法按照合约时间固定汇率。

尽管多数欧洲政府官员目前都持乐观态度，但已经历过的困难并不预示着当前形式下的欧洲货币联盟有好的未来。

虽然目前的问题集中在控制政府赤字，以符合《马斯特里赫特条约》中的条件，但是近期发生的汇率危机对这项计划是否真正值得推行提出了质疑。

如果这些问题得不到解决，国家的经济不应该被强迫以适应马斯特里赫特的条件和武断的时间期限，因为这样的行动只会造成不必要的经济混乱。

货币统一目前的延迟是必要的；更谨慎将符合欧洲人民的最佳利益。

为什么要货币联盟为了正确评估欧洲货币联盟所面临的困境，必须仔细分析尤其要注意当前系统的经济成本和效益。

目前每个国家都有不同的货币，相对货币价值趋于波动，除非受限于人工的国际协议。

货币波动的发生有多种原因，最重要的即国家经常扩大或减少流通的货币量。

货币供应量的增加会迫使货币贬值，较低的汇率增加出口，以提高经济的总产出。

货币紧缩会导致相反的效果，也趋于降低通货膨胀。

因此，欧洲央行目前使用的货币供应量的控制，以保持国家的通货膨胀率很低，扩大了陷入衰退的国家经济的范围。

欧洲货币联盟的好处在于能消除存在多种货币带来的经济成本。

存在不同货币中最明显的成本是必须花费从一种货币转换为另一种货币的资源。

例如，如果一家德国公司的盈利法国法郎，它必须把法国法郎换成德国马克以支付其雇员。

国际经贸高级英语

《国际经贸高级英语(精读与翻译)》参考答案罗汉主编key to ExercisesUnit OneⅠ/1. the accumulation of physical capital indispensable to economic growth2. to import advanced equipment and know-how from abroad3. license trade accounting for 90 per cent of the total volumeof the world s trade of technology4. lack of human capital reflected in economic development5. the great impact of high technology on the adjustment of industries6. key factors driving economic growth7. the transformation from an agricultural nation into an industrial one8. the tangible and intangible factors making up the total factor productivity growth9. the improvement of educational systems lurking in technological progress10. the ratio of capital to labour in this industry11. expand the labour force and increase its education and training12. the role of the R&D department in the operations of multinational corporations13. a study report analyzing variations in technical progress across a large number of countries14. to incorporate quantity and models into economic analysis15. great gap in incomes between developed and developing nationsⅡ/1. Many economists attributed the rapid economic growth rate of someland desiring areas, such as HongKong and Singapore, to the enhancement of educational levels of their population. Based on this, they drew their conclusion that knowledge is the key to their economic development.2. In the 1960s, on the basis of importing much sophisticated technology andknow how from developed countries, Japan expanded its e conomy in large scales, enabling its economy to keep up with the most advanced level of the world in 20 years.3. The development of new economic theories has raised many subjects to statistics. For example, high rates of school enrollment may not translate into high rates of economic growth if the quality of education is poor, or if educated people are not employed at their potential because of distortion in the labor market.4. In 1994, after a long period of investigation and research, the famous economist Krugman presented a study report analyzing variations in technical progress across a large number of countries. He said in the report that the economic development of Asia was not based on the progress of technology, so the economy contained much foam in it. Three years later, the sudden break out of southeast Asian Economic Crisis verified his conclusion.5. People haven't hitherto come up with an ideal method to put a value on science and technology, for it is intangible to some degree.Ⅲ. In the information age, knowledge, rather than physical assets or resources, is the key to competitiveness. This is as true for the obviously konwledge intensive sectors,such as software or biotechnology, as it is for industrial age manufacturing companies or utilities.For the knowledge intensive sectors,knowledge which feeds through from research and development to innovative products and processes is the critical element. Butwith industrial age manufacturing companies or utilities, using knowledge aboutcustomers to improve service is what counts.What is new about attitudes to knowledge today is the recognition of the need to harness, manage and use it like any other asset. This raises issues not only of appropriate processes and systems, but also of how to account for knowledge in the balance sheet.In future, the value of intellectual capital will be more widely measured and reported. The measurement and reporting of key performance indicators related to intellectual capital will become a more widespread practice among major organizations, completing the financial accounts.Unit TwoⅠ/1. to crack the FORTUNE Global 5002. a collective enterprise supervised by workers3. be pessimistic about the factory s ability to absorb technology4. the incorporation (mix)of foreign management practices and Chinese nationalism5. a leading guru of Japanese quality control6. to transfer the management concepts to new acquisitions7. the dominant position in China s refrigerator market8. a case study of the management art9. to let shoddy products released to the market in large quantities10. to set the stage for the renovation of the enterprise11. the wholly-owned companies and holding companies under the control of the parent company12. to soak up the laid-offs released from state owned companies13. to sell modern refrigerator making technolog y to the factory14. the state-owned enterprises accounting for the majority of industrial enterprises15. the development of domestic pillar industriesⅡ/1. Although this joint venture has been growing very fast, it still has a long way to go to realize its goal of cracking the Fortune Global 500.2. Haier once tried to place the sample products in sight of the assembly line workers to improve the quality of the products, but now it has outgrown thispractice.3. In the early 1980s, out of every 1000 urban Chinese households, there were only two or three that owned refrigerators. With the enhancement of people's livingstandard, refrigerators have become the first big item in the households buy of many families.4. The company has 70 subsidiaries around the world, one third of which arewholly-owned, with their products sold to 108 countries and areas. In recent years, it has averaged an increase of 50% a year in revenues.5. The rapid development of collective and private enterprises will help to soak up the labour force released from poorly operated state-owned enterprises and to relieve the nation's employment burden.Ⅲ. Many managers feel uncomfortable if not actively involved in accomplishing a given job. This is said to result from a“low tolerance for ambiguity”. The manager desires to know what is happening on a moment by moment basis. A wise manager should know clearly what work must be delegated, and train employees to do it. If after training, an employee is truly unable to perform the work, then replacement should be considered. A manager should avoid reverse delegation.This happens when an employee brings a decision to the manager that the employee should make. An acceptance of reverse delegation can increase the manager'swork load and the employee is encouraged to become more dependent on the boss. Unit ThreeⅠ/1. to issue a vast amount of short term government bonds2. plenty of capital inflow to the security market in the recent period3. the preference of investors to the inflation protected treasury bonds4. to decrease the risk by hedging5. diversified portfolio6. to reach more than 50% of the initial public offering7. dilution of securities caused by the distribution of shares8. the trigger event that causes the imploding on market index9. short maturity U.S. government and corporate fixed income secu r ities10. real assets like commodities and real estate11. to avoid insider-trading charges through legal windows12. some trigger events that will charge the interest rate in the capital market13. reflect investors' wary view of the market14. shepherd the funds every step of the way15. the agriculture bonds that come back in the stock marketⅡ/1. During the past several months, the interest rate and the exchange rate have fluctuated greatly, which has brought enormous loss to many investors. But this institution overrode the adverse factors in the market and still obtained a big profit by wise hedging investments.2. The diversification of portfolio can decrease the non-systematic riskof individual securities in the portfolio efficiently, but it is unable to remove the systematic risk of the market.3. During the period of high inflation in capitalist countries between the late 1960s and late 1970s, many people tended to convert their money incomes into goods or real estate.4. One of the Bundesbank council members said that the central bank is under no immediate pressure to cut interest rates and that it needs more time to study the economic data before making a decision.5. Many experts consider that the interest rates would trend higher, because, although it is true that there is not much inflation now, wage inflation is evidentand the entire economy is in such high gear right now.Ⅲ. For all the similarities between the 1929 and 1987 stock market crashes, there are one or two vital differences. The most important of these was the reaction of the financial authorities. In 1929, the US Federal Reserve reacted to the crash by raising interest rates, effectively clamping down on credit. This caused manyotherwise healthy companies to fail simply due to cash flow problems. If onecompany failed leaving debts, many others down the line would meet the same fate. In 1987, the authorities were quick to lower interest rates and to ensure that ample credit was made available to help institutions overcome their difficulties. There were no widespread business failures and, more importantly, the economy did not enter another depression. There was a period of recession(milder than a 1930s-style depression), but this was largely due to a resurgence of inflation. The sharp interest rate cuts, and excessively hasty financial deregulation, pushed inflation higher, which in turn forced governments to reverse earlier interest rate cuts, prompting an economic slow-down.Unit FourⅠ/1. to rely heavily on monetary flexibility to reign in inflation2. to execute tight monetary policy3. to implement fiscal policy in the form of social insurance and national taxes4. to pour into economically expanding regions5. to replace their individual currencies with a single currency6. to bode well for the future of the EMU7. to control government deficits to meet Maastricht conditions8. the overvalued currency as a main barrier to export9. to refrain from dumping surplus goods abroad10. the influence of integrated economy on capital flow11. the balance-of-payments deficit warranting the devaluation policy adopted by the monetary authority12. to eliminate the economic costs associated with holding multiple currencies13. costs that must be taken into account when estimating profits14. to take advantage of the small difference between the central bank's pegged rates and market rates15. to hedge against risks coming from volatile exchange ratesⅡ/1. Ironically, Europe will see an increase in economic specialization along with the European unification process.2. The European Central Bank will face a dilemma when two member countries both badly need certain monetary policies to regulate their economies but the policies they need are of opposite directions.3. A person will be called an“arbitrageur"if, to gain profits, he takes advantage of the different exchange rates on different markets, or at different times on a same market.4. The national economies of many European countries have recently been forced to fit Maastricht conditions and arbitrary deadlines, and such actions have created unnecessary economic turmoils.5. As a central bank, the Federal Reserve System currently uses its control over the money supply to keep the national inflation rates low and to expand national economies in recession.Ⅲ. Even before construction of the euro is complete, governments can point to one notable success. The past year has seen extraordinary turmoil in global financial markets. Rich country stock markets and currencies have not been spared. Yet Europe has been, comparatively speaking, a safe haven, Intra-European movements in exchange rates have been tiny. This is something that the euro-11 governments had committed themselves to, but their success could not have been taken for granted a year ago. The fact is, at a time of unprecedented financial turbulence, theforeign exchange markets regarded the promise to stabilize intra-European exchange rates as credible. Currencies have held steady and interest rates have converged: it augurs well for the transition to the new system.Unit FiveⅠ/1. a major engine of growth in Asian economy2. the structural weakness in South Korea's financial system3. to execute economic policies which adhere to IMF-aid programs4. a sharp decline in the price competitiveness of that country's exports5. the slump in the Japanese stock market6. a more advantageous position than its rivals in terms of price competitiveness7. trade disputes sparked by price distortion8. the financial panic triggered by the devaluation of Japanese yen9. to stabilize the recently turbulent capital flows10. the advantageous position of industrial countries in the world trade system11. the serious welfare losses for all nations resulted from a full scale trade war12. a USD 58 billion bailout which South Korea was forced to seek from the IMF13. the great expenditure caused by huge government institutions14. technology intensive and knowledge intensive products with high competitiveness15. the country's economy which remains mired in recessionⅡ/1. While the Asian economy regained stability, the possibility of devaluation of the HongKong dollar will be an important variable affecting the recurrence of similar economic crises in Asia.2. In order to connect the improvement of price competitiveness brought about bythe currency depreciation to a better balance of payment, internationalcooperation is as essential as are internal reforms.3. The Asian financial crisis owing to the heavily indebted banking systems,excessive government spending and over reliance on foreign loans has damaged the world economy seriously.4. Some Japanese companies began to fall out of their over reliance on loansfrom the banking system, focusing on profits and cutting out wasteful spending.5. Erupted in July 1997, the Asian financial crisis reflected the defectsin the fragile financial systems of Asian countries.Ⅲ. Like death and taxes, international economic crises cannot be avoided. Theywill continue to occur as they have for centuries past. But the alarmingly rapid spread of the 1997 Asian crisis showed these economies' vulnerability to investor skittishness. Unfortunately, there is no international“911" that emerging markets can dial when facing economic collapse. Neither the IMF nor a new global financial architecture will make the world less dangerous. Instead, countries that want toavoid a rerun of the devastating 1997—98 crisis must learn to protect themselves. And liquidity is the key to financial self help. A country that has substantial international liquidity—large foreign currency reserves and a ready source offoreign currency loans—is less likely to be the object of a currency attack. Substantial liquidity also enables a country already under a speculative siege to defend itself better and make more orderly financial adjustments. The challenge is to find ways to increase liquidity at reasonable cost.Unit SixⅠ/1. capital flight depleting a country s foreign exchange reserves2. domestic hyperinflation caused by devaluation3. to adopt expansionary fiscal policy to increase national income4. be faced with the danger of increasingly shrinking aggregate demand5. capital market harassed by liquidity trap6. to rule out the possibility of massive speculative activities7. to drive down domestic prices at the expense of economic stagnation8. the international gold standard system characterized by fixed exchange rates9. the pressure of hot money flow on currencies10. the neoclassical theory centering on the spontaneous adjustments of market11. intelligent policy makers who will use variable means to achieve economic goals12. flexible fiscal and financial policies that can help the economy out of depression13. the different dilemmas that the developing countries and the mature economies are faced with14. to sacrifice full employment to achieve high output rate15. the increased demand for this currency that will lead to the devaluation of another currencyⅡ/1. The economic turmoil in that country made the central bank and the treasury department take each other to task, which reflected the importance of the collaboration of a country s monetary and fiscal policies.2. The government has now slipped into such a dilemma that if it wants toimprove its balance of payment, it will need to lower the exchange rate, but to lower the exchange rate will lead to inflation.3. Although devaluation will magnify exports, it can also lead to the increasing foreign curren cy denominated debt;it can even cause the collapse of people's confidence in the government. Therefore, the government did not dare to adopt the devaluation policy without careful consideration.4. The increase of foreign currency denominated debt is not necessarilythe indispensable cost of economic development. Because, although it may promote economic growth in the short run, it will increase the burden of domestic enterprises and lead to imbalanced balance of payment in the long run.5. Major capitalist countries had been seeing gold standard as a symbol of strong economic power, but they were forced to give it up for good during the Great Depression.Ⅲ. Troubled Asian Economies have turned out to have many policy and institutional weaknesses. But if America or Europe should get into trouble next year or the year after, we can be sure that in retrospect analysts will find equally damning things to say about Western values and institutions. And it is very hard to make the case that Asian policies were any worse in the 1990s than they had been in previous decades, so why did so much go so wrong so recently?The answer is that the world became vulnerable to its current travails not because economic policies had not been reformed, but because they had. Around the worldcountries responded to the very real flaws in post Depression policy regimes bymoving back toward a regime with many of the virtues of pre-Depressionfree-market capitalism. However, in bringing back the virtues of old fashioned capitalism, we also brought back some of its vices, most notably a vulnerability both toinstability and sustained economic slumps.Unit SevenⅠ/1. government reforms compatible with a country's development program2. lay emphasis on the resolution of government involvement3. the state induced transfer of wealth from the rich to the less fortunate4. to finance the development of public sectors5. a sharp decrease in the subsidy expenditure of a welfare state6. to minimize the public expenditure of this country7. the growth rate of gross fixed asset formation8. heavy interest obligations resulting from huge interest payments9. a certain share of shadow economy in the government performance10. to avoid increasing government spending and lowering the economic growth rates11. the benchmark to assess the scope for reducing the size of government12. be of growing importance in government reforms13. to facilitate adjustment to the new economic environment14. the detrimental short-run effects of reforms on some groups15. the protectionist and competitive devaluation policies administered by some industrial countriesⅡ/1. Over the years, opinions about the role of state have been changing, andpolitical institutions have been changing as well, to accommodate the demand for more state involvement in the economy.2. It's generally believed that even if welfare states cut down the hugewelfare expenditures, they can't necessarily solve their serious economic problems such as large budget deficits and hyperinflation.3. The government carried out the expansionary fiscal policy, which resulted inthe increase of budget deficits. To compensate the deficits, it should take certain measures, such as issuing bonds or increasing the money supply.4. Many industrial countries face the dilemma during their reforms between high inflation rates and low unemployment rates, so they must consider all around to minimize the losses.5. Radical reforms must aim at maintaining public sector objectives while reducing spending. In this process, the role of the government will change from the provider to the overseer or the regulator of activities.Ⅲ. Modern societies have accepted the view that governments must play a larger role in the economy and must pursue objectives such as income redistribution andincome maintenance. The clock cannot be set back and, in fact, it should not be. For the majority of citizens, the world is certainly a more welcoming place now than it was a century ago. However, we argue that most of the important social and economic gains can be achieved with a drastically lower level of public spendingthan that which prevails today. Perhaps the level of public spending does not needto be much higher than, say, 30 percent of GDP to achieve most of the importantsocial and economic objectives that justify government intervention. Achievingthis expenditure level would require radical reforms, a well-functioning private market, and an efficient regulatory role for the government.Unit EightⅠ/1. winds of reform in Japan s banking sector2. the amended Bank of Japan Law in line with the global standards for autonomy and transparency3. touch on the paramount goal in the sphere of monetary policies4. charge the central bank with maintaining price stability and nurturing a secure credit system5. generate unnecessary panics in the financial markets6. the execution of monetary policies independent of the bureaucracy7. the institutions in charge of formulating the interest rate policies8. a discount rate at a historical low of 0.5%9. to keep maintaining and nurturing the credit system in accordance with the state policy10. in the spheres of fiscal and monetary policies11. the new economic law entering force this year12. in the context of propelling economic reforms13. to strengthen the government s functions through fiscal policies14. key measures which have won confidence from the market15. the implementation of a merit based promotion systemⅡ/1. It is no overstatement to say that the bad accounts in Japan's banks have accumulated to a very high level.2. The central bank's quasi-bureaucratic status has stymied its normal operations, so many economists call for the enhancement of its autonomy in accordance with the global standards.3. It has been normal for bank shares to march in line with movements in net interest margins, which means bank shares tend to rise as net margins widen and fall as the latter narrow.4. Japan's bank shares are in a different position from their American counterparts: America s bank shares have already risen sharply thanks to the country's full-fledged economic recovery, while Japan's bank shares are still weak as the banks struggle to get to grips with their bad debts.5. Runs on the banks proliferated and a sharp fall in bank loans followed, before the non-performing loans, amounting to 30% of bank assets, were taken over by the state in 1997.Ⅲ. How fast Japan's financial system seems to be reforming. Barely a week goes by without news of another merger between Japan s huge but troubled financial firms. Deregulation is the spur. Three years ago the government announced a “Big Bang"for the country's financial-services industry. This would tear down firewallsthat had largely stopped insurance companies, banks and stockbrokers from competing in each other's patches. It was also meant to put an end to arbitrary, stiflingand often corrupt supervision.The biggest reason for deregulation in this way was that Japan's incestuous,Soviet'style financial system was hopelessly bad at allocating credit around the economy. The massive bad-loan problems that have plagued the country's banks for most of the 1990s are merely one symptom of an even bigger ill. Even so, there was wide spread scepticism that the government would go through with the cure. It deserves some credit, therefore, for largely sticking to its plans.Unit NineⅠ/1. the most commonly used measures of income distribution2. the shift from labour to capital markets3. specialization in production and the dispersion of specialized production processes4. the widening gap between the wages of skilled workers and those of unskilled workers5. new production techniques biased toward skilled labor6. economic inefficiency and distortions retarding growth7. sustainable growth and a viable balance of payments policy8. a broadly based, efficient and easily administered tax system9. reduce disparities in human capital across income groups10. targeted programs consistent with the macroeconomic framework11. constitutional rules on revenue sharing12. to promote equality of opportunities through deregulating economy13. cash compensation in lieu of subsidies14. stimulate the use of public resources and the overall economic growth15. take effective measures to promote employment and equityⅡ/1. Much of the debate about income distribution has centered on wage earnings, which have been identified as an important factor in the overall distribution of incomes. But in Africa and Latin America, unequal ownership of land is a factor that cannot be ignored.2. Globalization has linked the labor, product and capital markets of theeconomies around the world and has indirectly led to specialization in production and the dispersion of specialized production processes to geographically distant locations.3. Although fiscal policies are usually viewed as the principal vehicle for assisting low-income groups and those affected by reform programs, quite a number of countries have adopted specific labor market policies in an effort to influence income distribution.4. Measures governments can take to promote equality of opportunities include deregulating the economy;setting up strong and responsible institutions, including a well functioning judicial system;reducing opportunities for corrupt practices;and providing adequate access to health and education services.5. Another important issue is whether governments should focus on outcomes—such as decreasing the number of people living in poverty, or ensuring that all members of society have equal opportunities.Ⅲ. One theory on wealth distribution indicates that irrational distribution andcorruption are the major reasons for the uneven income level. According to this theory, wealth goes through four stages of distribution—the market, the government, non governmental organizations and unlawful activities, mainly corruption. Usually the first stage of distribution—the market—will result in an uneven spread of resources, which should be redressed by the second distribution stage, the government. In the third stage, the distribution of wealth is realized through contributions and donations made by non governmental organizations. The contributions are given to the poor in the form of charity activities. Thenfollows illegal grabbing of wealth, such as robbery, embezzlement, tax evasion andbribery. Their harm to social equality and stability is enormous and cannot really be measured.Unit TenⅠ/1. to facilitate the establishment of a new form of leadership in today's corporations2. to link a corporation's developing prospective to its present business performance3. companies which forge ahead in the rather changeable world economy4. to encourage domestic enterprises to seek out opportunities to enter foreign markets5. to instill development strategies of new products into employees at all levels6. to consider the promotion in the company the criteria to judge whether one is successful or not。

国际经贸高级英语精读与翻译

• 促销活动 • ○3 赠品促销，即消费者免费或付出某些代价即可获得特定物品的促
销活动。
• 产品销售渠道
• 含义
• 销售渠道（channel）所谓销售渠道是指"产品从生产者向消费者转移所经过的通道或途径，它是由一系列相互依赖的组织机构组成的商业机构。即产品由生产者到用户的流通过程中所经历的各个环节连接起来形成的通道。销售渠道的起点是生产者，终点是用户，中间环节包括各种批发商、零售商、商业服务机构（如经纪人、交易市场等）。
• According to the wellknown ‘Four Ps’ formulation of the marketing mix(product, place, promotion and price),this is clearly a matter of promotion. Since budgets are always limit, marketers, usually have to decide which tools-advertising, public relations, sales promotion, or personal selling-to use ,and in what proportion.
• 1 推销人员
• 推销人员是指主动向推销对象销售商品的推销主体，包括各类推销员。在推销的三个基本要素中，推销人员是最关键的。真正的推销不是推销产品，而是推销自己。推销成功与否，往往取决于你的服务精神和态度，因为你是世界上独一无二的，只有顾客喜欢你的为人、你的个性、你的风格，他才会购买你的产品。尽管说"每个人都是推销员"，但对职业化的推销员来讲，推销具有更丰富的内涵。
• "营销理念" 背后的基本内容--你做你能卖的, 而不是卖你做的--并不意味着你的产品会自行出售。即使是一个很好的, 有吸引力的价格产品, 显然满足了需求, 必须让它知道它的目标......。客户。在标准产品生命周期的引入和成长阶段, 生产者 (或进口商等) 必须开发产品或品牌 ......, 即通知潜在客户 (和经销商、经销商和零售商 ) 关于该产品的存在性、特点、优势等。

国际经贸高级英语精读与翻译

2.利益与社会责任企业社会责任和企业利益之间，德隆克曾经讲商业组织的目的是创造顾客。作为企业如果要创造更多的顾客，顾客确实为企业本身带来商业利益。作为责任来讲他本身所有的方式是参与到全过程，企业本身的利益也是和社会各个关系人联系在一起的，一直以来应该是利润最大化，要对股东负责，但事实上企业要保持一个能够持续成长的趋势，实际上不应该仅仅局限于为股东负责，实际上是站在利润最大化上面。所以我们认为，企业就像一棵种子，社会就是一块土地，如果这个企业本身能够种入到土地中间去，这个企业不是纯粹站在企业自身的利益，种子在土里死掉才能产生新的生物，长出更多的树木回馈社会。所以企业更多的时候在利益和社会责任之间找到平衡。
Unit 15 Business EthicsOnce Sold, Caveat Emptor.
2014-12-23
1
学习目标
• 本单元的要点 • 本单元主要是一篇关于商业的社会责任的不同观点的文章，以及讨论某些商业做法的论理问题的练习。有些人认为，商业的目的以及经理的作用就是为公司所有者、股份或股票持有者获取最大的利润；另外一些人认为公司绝对不能欺骗顾客，但是这只是出于商业考虑而不是出于道德上的考虑：一个对公司失望的顾客以后不再购买该公司的产品。还有一些人坚持认为公司对顾客、员工、生意上的伙伴、当地的社区、整个社会以及自然环境具有社会和道德上的责任，这种责任与为股份持有者创造金钱的回报一样重要，甚至更加重要。从课文中可以看到这些不同的观点。
3howrelationshipbetweenprofitmaximizationbusinessethics词汇和短语词汇和短语bribery贿赂builtinobsolescence内置废弃内在的废品charity慈善compensation补偿赔偿disapprove不赞成ethics伦理道德规范industrialespionage工业间谍legitimacy合法性正统性lobby游说议员词汇和短语词汇和短语perfectcompetition完全竞争pollution污染proponent建议者支持者拥护者rational合理的理性的socialresponsibility社会责任stakeholder利益相关者unbusinesslike无组织的无效能的vitality活力welfarecapitalism福利资本主义whistleblowing裁判仲裁profitssocialresponsibilitysummarizearticle课文压缩profitssocialresponsibilitysummarize1920smanylargeamerican20世纪20年代很多的美companiesbeganbuildnewsystems国大企业开始建立一些新的goodobviouslygoodcompanies

国际经贸英语阅读翻译重点

国际经贸英语阅读翻译重点1. Clearing agreementTwo countries agree to buy particular types and quantities of each other’s goods within a period of time, using a designated clearing currency. At the end of the period, the country that buys more may settle the shortfall either in hard currency and/or goods, or issue a credit to the other country in the subsequent clearing agreement, if any.*两国同意在一段时间内购买特定类型和数量的商品，使用指定的结算货币。

在期限结束时，购买更多的国家可能会解决短缺，无论是在硬通货和/或货物，或发行信用证到其他国家在随后的结算协议，如果有。

2. Consular invoice or legalization or visa of export documentsCertain importing countries, particularly in Central America, require a Consular Invoice. The consular fee can be a percentage of the invoice value. Some importing countries require that the export documents be legalized or visaed by their Consulate or Commercial Section of the Embassy located in the exporting country. A fee is usually charged.*某些进口国家，特别是在美国中部，需要领事发票。

国际经贸高级英语精读第4单元课文翻译及答案

Though the majority of European government officials are currently optimistic, the difficulties that have been experienced do not bode well for the future of the EMU in its present form. While current problems center on controlling government deficits to meet Maastricht conditions, the exchange rate crises of the recent past call into question the basic desirability of the project. Until these issues are addressed, national economies should not be forced to fit Maastricht conditions and arbitrary deadlines, as such action will only create unnecessary economic turmoil. The current delays in monetary unification are necessary; more caution would be in the best interest of the people of Europe.
expecting payment in French francs will see the value of that payment fall if the franc depreciates against the German mark. The volatility of exchange rates is, in effect, a cost that international firms must take into account when estimating profits. However, under the system in place before the beginning of the present monetary unification process, this cost was also quite small. Under that system, nations set the exchange rates that their central banks used for conversion between currencies. Then, whenever a nation increased the money supply, the market exchange rate would fall a bit, but the banks’ exchange rate would remain stable. Arbitraguers would not take advantage of small differences between the central bank’s pegged rates and market rates because regulations on capital flow made such

国际经贸高级英语——精读与翻译

难点注释

3.He is generally credited with inventing functional organization. 这里的be credited with的意思“（某人）被认为与（某事）有关”。本句的意思：通常认为他发明了职能组织。 4.Firstly, people are usually more concerned with the success of their department than that of the company, so there are permanent battles between, for example, finance and marketing, or marketing and production, which have incompatible goals. 本句的concerned with是 “对……关注”的意思；more…than表示比较。最后的定语从句修饰前面提到的不同部门。全句的意思：首先，人们通常比较关心本部门的成功，不大关心公司的成功。因此，在各部门之间，例如财务部和市场部，或市场部和生产部之间有永远的矛盾，因为这些部门的目标不同。
词汇和短语（words and exn. 位置，职位 president n. 总裁，总经理 production n. 生产 productive n. 生产力 pyramid adj. 金字塔形的，锥形的 reorganization n. 改组，重新组织 report to 向……报告（负责） responsibility n. 责任，职责 salary n. 薪水，工资 sales n. 销售额 simulate vt. 模拟 subsidiary n. 附属机构，子公司 wealth n. 财富，财产 CEO（Chief Executive Officer）首席执行官 Managing Director 董事经理

国际经贸高级英语精读与翻译第7课中英对照课文翻译

•
然而,在19世纪后期,古典经济学家(的观点)受到马克思主义和社会主义构想的威胁.再分配被加入政府的合法功能,要求一些国家引导的从富者到欠富者的财富转移.在那时,公众基础教育已经占主导地位. 在19世纪八十年代,只是 (给公众)带来最小的合适的利益,社会保障制度首先在德国引入.尽管如此,政府的职责还是相当局限的.
•
In the later part of the nineteenth century, however,classical economists were challenged by Marxian and socialist thinking .Redistribution was added to the legitimate functions of government ,demanding some state-induced transfer of wealth from the rich to the less fortunate.By that time ,public primary education was already predominant ,and the first social security system,albeit with minimal eligibility and benefits ,was introduced in Germany in the 1880s.Nevertheless, the role of government remained limited.
•
The period after WWII .The post-WWII period,and particularly the period between 1960 and 1980,saw an unprecedented enthusiasm for activist expenditure policies.Various factorssuch as Keynesian economics,the challenge of socialism,and the theory of public goods and externalities-contributed to this development.

国际经贸高级英语精读第1单元课文翻译及答案

考虑到量化知识的困难，人们通常都用了间接的方式来衡量知识在经济增长中的总效果。我们假设：凡是经济增长中那些不能被有形的要素（如劳动力和资本）所解释的部分，都用知识来解释。因为增长中不能由有形生产要素所解释的部分——计算中的残差——都归功于要素生产率的提高；也就是说，我们通过知识更有效地利用了其它的要素。这种残差有时被称为“索洛残差”，得名于经济学家罗伯特·M·索洛，他在20世纪50年代率先提出这一方法；这一方法所要度量的就是通常所称的全要素生产力（TFP）增长。
Some also call the Solow residual a measure of our ignorance, because it represents what we cannot account for. Indeed, we must be careful not to attribute all of TFP growth to knowledge, for there may be other factors lurking in the Solow residual. Many other things do contribute to growth—institutions are an example—but are not reflected in the contributions of t he more measurable factors. Their effect is (so far) inextricably woven into TFP growth.
一些东亚国家在20世纪60年代还是低收入国家，但是在短短的几十年之间，他们成功地弥补了其与经济合作与发展组织（OECD）中高收入国家之间的差距；与此同时，也有许多发展中国家的经济停滞不前。

国际经贸高级英语——精读与翻译

2.汇率的经济影响汇率对进出口的影响：汇率下降，能起到促进出口、抑制进口的作用。(外汇汇率上涨，本币汇率下跌）。汇率对物价的影响：汇率下降会引起国内价格总水平的提高；汇率提高起到抑制通货膨胀的作用。汇率对资本流动的影响：汇率对长期资本流动影响较小。从短期来看，汇率贬值；资本流出；汇率升值，有利于资本流入。
Passage
Exchange rates ① The Bretton Wood agreement of 1944 established fixed exchange rates, defined in terms of gold and the US dollar. Between 1944 and 1971, many currencies were pegged against the US dollar, i.e. their parities with the US dollar were fixed. In this period, a US dollar was a promissory note issued by the United States Treasury. If anybody requested it, the Treasury had to exchange the note for 1/35th of an ounce of gold. Under this system, overvalued or undervalued currencies could only be adjusted with the agreement of the International Monetary Fund. Such adjustments are called devaluations and revaluations. The Bretton Woods system of gold convertibility and pegging against the dollar was abandoned in 1971, because following inflation, the Federal Reserve did not have enough gold to guarantee the American currency.

经贸高级英语课后中英对照1-6课

Unit OneⅠ/1.对经济增长必不可少的实物资本的积累the accumulation of physical capital indispensable to economic growth2. 引进国外的先进设备和技术诀窍to import advanced equipment and know-how from abroad3.占世界技术贸易总量90%的许可证贸易license trade accounting for 90 per cent of the total volume of the worldstrade of technology4.经济发展中所反映出来的人力资本的匮乏lack of human capital reflected in economic development5. 高科技对产业调整的重大影响the great impact of high technology on the adjustment of industries6.推动经济增长的关键因素key factors driving economic growth7. 从一个农业国向工业国的转型the transformation from an agricultural nation into an industrial one8. 构成全要素生产率增长的有形和无形要素the tangible and intangible factors making up the total factor productivitygrowth9. 隐藏在技术进步之后的教育系统的改善the improvement of educational systems lurking in technological progress10.该产业中资本与劳动力的比率the ratio of capital to labour in this industry11. 增加劳动力数量并提高其教育培训程度expand the labour force and increase its education and training12. 研发部门在跨国公司经营中的作用the role of the R&D department in the operations of multinational corporations13. 一份对多国技术进步情况进行分析的报告 a study report analyzing variations in technical progress across a largenumber of countries14. 把计量和模型结合引入经济分析to incorporate quantity and models into economic analysis15. 发达国家和发展中国家在收入上的巨大差距great gap in incomes between developed and developing nationsⅡ/1.不少经济学家认为，像香港、新加坡这样土地稀少的地区，其经济的快速发展应该主要归功于教育程度的提高。

国际经贸高级英语精读与翻译

3.期权（1）含义期权（option）又称为选择权，是在期货的基础上产生的一种衍生性金融工具。从其本质上讲，期权实质上是在金融领域中将权利和义务分开进行定价，使得权利的受让人在规定时间内对于是否进行交易，行使其权利，而义务方必须履行。在期权的交易时，购买期权的一方称作买方，而出售期权的一方则叫做卖方；买方即是权利的受让人，而卖方则是必须履行买方行使权利的义务人。（2）主要种类由于期权交易方式、方向、标的物等方面的不同，产生了众多的期权品种，对期权进行合理的分类，更有利于我们了解外汇期权产品。 ① 按期权的权利划分，有看涨期权和看跌期权两种类型。看涨期权（Call Options）是指期权的买方向期权的卖方支付一定数额的权利金后，即拥有在期权合约的有效期内，按事先约定的价格向期权卖方买入一定数量的期权合约规定的特定商品的权利，但不负有必须买进的义务。而期权卖方有义务在期权规定的有效期内，应期权买方的要求，以期权合约事先规定的价格卖出期权合约规定的特定商品。看跌期权（Put Options）是指期权的买方向期权的卖方支付一定数额的权利金后，即拥有在期权合约的有效期内，按事先约定的价格向期权卖方卖出一定数量的期权合约规定的特定商品的权利，但不负有必须卖出的义务。而期权卖方有义务在期权规定的有效期内，应期权买方的要求，以期权合约事先规定的价格买入期权合约规定的特定商品。 ② 按期权合约上的标的划分，有股票期权、股指期权、利率期权、商品期权以及外汇期权等种类。
Unit 13 Increasing Futures and Derivatives
1
Background
1.金融衍生品主要有以下三种分类： (1)根据产品形态，可以分为远期、期货、期权和互换四大类。远期合约和期货合约都是交易双方约定在未来某一特定时间、以某一特定价格、买卖某一特定数量和质量资产的交易形式。期货合约是期货交易所制定的标准化合约，对合约到期日及其买卖的资产的种类、数量、质量作出了统一规定。远期合约是根据买卖双方的特殊需求由买卖双方自行签订的合约。因此，期货交易流动性较高，远期交易流动性较低。期权交易是买卖权利的交易。期权合约规定了在某一特定时间、以某一特定价格买卖某一特定种类、数量、质量原生资产的权利。期权合同有在交易所上市的标准化合同，也有在柜台交易的非标准化合同。（2）根据原生资产分类，即股票、利率、汇率和商品。如果再加以细分，股票类中又包括具体的股票（股票期货、股票期权合约）和由股票组合形成的股票指数期货和期权合约等；利率类中又可分为以短期存款利率为代表的短期利率（如利率期货、利率远期、利率期权、利率互换合约）和以长期债券利率为代表的长期利率（如债券期货、债券期权合约）；货币类中包括各种不同币种之间的比值；商品类中包括各类大宗实物商品。到目前为止，国际金融领域中，流行的衍生产品有如下四种：互换、期货、期权和远期利率协议。采取这些衍生产品的最主要目的均为保值或投机。但是这些衍生产品所以能存在与发展都有其前提条件，那就是发达的远期市场。

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