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。