通货膨胀会计外文资料翻译 (2)
货币和通货膨胀(文献翻译)
货币和通货膨胀国际经济与贸易0309（03733319）翁淑琦本文议自：Frederic S.Mishkin(American),the Economics of Money,Banking,and Financial Markets, P.666-667,P.670-680德国恶性通货膨胀：1921－1923年德国恶性通货膨胀始于1921年，当时第一次世界大战后战争赔款和重建经济的需要使得政府支出大大超过了收入。
德国政府本可以提高税收以应付这部分的支出，但这种解决办法终究在政治上不易被接受。
而且需要很长世界才能落实。
政府本也可以向公众借款来筹措这笔费用，但所需金额远远超过了政府的借款能力。
因此，剩下的只有一条路；开动印钞机。
政府只需印刷更多的钞票（增加货币供应）就可以支付它的费用，并用这些钱从个人和公司手中换取商品和劳务。
正如图28－1所显示的那样，德国政府确实这样做了。
1921年后期，货币供应量开始迅速增加，物价水平也同样开始迅速上升。
1923年，德国政府的预算状况进一步恶化。
1923年初，由于德国不能按时支付预定的赔款，法国入侵鲁尔地区。
该地区的工人实行总罢工，抗议法国的入侵；德国政府向罢工工人提供资助，积极支持这种“消极抵抗”，结果，政府支出急剧上升，以更快的速度印制钞票以应付这项支出。
正如图28－1所展示的那样，货币供应激增的结果是物价水平火箭式地上升，从而使得1923年的通货膨胀率超过100000％。
入侵鲁尔和为支付罢工工人工资而印刷钞票，性质上是一种外生性事件。
逆因果关系（指物价水平的上升引起法国人入侵鲁尔）是难以令人置信的。
此外，亦很难想象有哪一个第三种因素会既是通货膨胀又是货币供应量激增的推动力。
所以，德国恶性通货膨胀可算是一种“受控制的试验”，它为弗里德曼的观点——通货膨胀是一种货币现象——提供了佐证。
快速通货膨胀的近时实例虽然近时迅速的通货膨胀并不像前述德国恶性通货膨胀那样剧烈，但仍有许多国家在80年代和90年代正在经受着迅速的通货膨胀，其中高的货币增长率也可以列为外生性事件。
专用于通货解释
通货膨胀（英文 inflation）是指纸币的发行量超过商品流通中所需要的货币量而引起的货币贬值、物价上涨的状况。
通货膨胀是纸币流通条件下特有的一种社会经济现象。
通货膨胀的原因_---种纯粹的货币符号，没有价值，只是代替金属货币执行流通手段的职能；纸币的发行量应以流通中需要的金属货币量为限度，如果纸币的发行量超过了流通中需要的金属货币量，纸币就会贬值，物价就要上涨。
因此，纸币发行量过多引起的货币贬值、物价上涨，是造成通货膨胀的直接原因。
通货膨胀的特点①纸币因发行过多而急剧贬值。
在流通中所需的金属货币量已定的情况下，纸币发行越多，单位纸币所能代表的金属货币量就越少，纸币的贬值程度就越大。
纸币的贬值程度即纸币贬值率的计算公式是：纸币贬值率＝(1－）×100％例如，一个国家某个时期流通中所需要的金属货币量是100亿元，实际发行的纸币是200亿元，纸币贬值率②物价因纸币贬值而全面上涨。
纸币贬值率越高，物价上涨率也就越高，物价上涨率的计算公式是：物价上涨率＝（－1）×100％例如，一个国家某个时期流通中所需要的金属货币量为100亿元，实际发行的纸币是200亿元，物价上涨率＝(－1)×100％＝100％。
通货膨胀的类型①需求拉动型通货膨胀。
总需求过度增长超过了现有价格水平下的商品总供给，引起了物价普遍上涨。
总需求的过度增长表现为由于投资膨胀和消费膨胀所导致的持续的货币供应量超过社会商品可供量的增长，因而又称过量需求通货膨胀。
②成本推进型通货膨胀。
由于成本上升所引起的物价普遍上涨。
导致成本上升的因素一是物耗增多，二是工资的提高超过劳动生产率的增长。
③结构性通货膨胀。
由于社会经济部门结构失衡而引起的物价普遍上涨。
这种类型的通货膨胀一般在发展中国家较为突出。
主要表现为3种情况：一是国内某些部门，甚至某些大宗关键产品需求过多而供给不足，导致价格猛涨，并且只涨不跌，进而扩散到其他部门产品的价格，从而使一般物价水平持续上涨；二是国内各部门劳动生产率发展不平衡，导致劳动生产率提高较快的部门货币工资增长后，其他部门的货币工资也会随之增长，引起价格上涨，从而使一般物价水平普遍上涨；三是开放型经济部门的产品价格，受国际市场价格水平影响而趋于提高时，会波及到非开放型经济部门，从而导致一般物价水平的上涨。
通货膨胀
Chapter 1
2
思考
为什么会出现通货膨胀？ 我们对通货膨胀的预期对我们的行为有什么 影响？ 通货膨胀与就业有什么关系？ 通货膨胀与利率有什么关系？
Chapter 1
3
通货膨胀 20 年代德国的过度通胀
第一次世界大战以后，胜利的同盟国要求德国偿还巨额的“赔款” 第一次世界大战以后，胜利的同盟国要求德国偿还巨额的“赔款”。 但赔款额之巨大，使得赔款的偿还差不多是毫无可能的，何况战争期 但赔款额之巨大，使得赔款的偿还差不多是毫无可能的， 业遭到严重的破坏。约翰·梅纳德 凯恩斯， 梅纳德·凯恩斯 间德国工 业遭到严重的破坏。约翰 梅纳德 凯恩斯，当时英国政府的 经济顾问，也是那些警告过赔款数额过大的人之一。德国政府开始简 经济顾问，也是那些警告过赔款数额过大的人之一。 单地印钞票，为履行部分财政义务筹集资金。 单地印钞票，为履行部分财政义务筹集资金。 1922年 月到1923 11月 平均价格水平以近200 1923年 200亿为因子增长 从1922年1月到1923年11月，平均价格水平以近200亿为因子增长 货币的价值狂跌不已，人们一拿到货币， （ 货币的价值狂跌不已，人们一拿到货币，能多快就有多快地拼命 花掉。凯恩斯常说一个故事，德国人会一下子买两瓶啤酒， 花掉。凯恩斯常说一个故事，德国人会一下子买两瓶啤酒，尽管其中 一瓶会慢慢变温， 因为他们担心若不这样，当他们要买第二瓶时， 一瓶会慢慢变温， 因为他们担心若不这样，当他们要买第二瓶时， 价钱已升高了。 价钱已升高了。
预期的通货膨胀
总需求增加，但其增加幅度可以预期，于是 价格水平的增加幅度也可以预期。
Chapter 1
27
通货膨胀的影响
Effects of Inflation
通货膨胀会计
Inflation AccountingByDr. Kirti JainLecturerR.B.S. College, Agra Agra AgraVivek GuptaLecturerINC, AgraInflationSince we started understanding things around us, we all used to listen from our Grandparents about the things and articles especially Gold & Ghee being cheaper in their times.That tim e we used to think that why the things were cheaper in our Grandparents' time and why had they started becom ing costlier. So this question would keep us puzzled.But now as we have grown in our knowledge and understanding, we have com e to know about the phenomenon of Inflation which in laym an's language is known as the state of rising pricing or the falling value of m oney was the greatest reason behind this.Now em erges the question that what exactly is t he Inflation? Inflation is a global phenomenon in present day tim es. There is hardly any country in the capitalist world today which is not afflicted by the spectre of inflation.Different economists have defined inflation in different words like Prof. Crowther has defined inflation "as a state in which the value of m oney is falling, i.e., prices are rising." In the words of Prof. Paul Einzig, "Inflation is that state of disequilibrium in which an expansion of purchasing power tends to cause or is the effect of an increase of the price level." Both the definition have em phasized on the rising prices of the goods.The basic factors behind the inflation are either the rising demand or the shortening of supply due to any reason.Effect of Inflation on BusinessThe im pact of inflation on business can be bifurcated into two parts like1. Impact on costs and revenue2. Impact on assets and liabilitiesAs far as im pact of inflation on costs and revenues is concerned, definitely both will rise but whether they result into extraordinary profits will be determined by that how much opening stock was available at old prices with the com pany and how much later the dem and for increasing wages is entertained by the com pany.I n case of monetary assets and liabilities, a company will lose in case of being creditor and gain in case of being debtor in real terms.If we talk about other assets like building, land and other securities, the company will be having holding gains in monetary terms but m ay have neutral impact in real term s due to the rise in prices on the one hand but fall in value of m oney on the other.Inflation Accounting and its significanceThe im pact of inflation com es in the form of rising prices of output and assets. As the financial accounts are kept on Historical cost basis, so they don't take into consideration the im pact of rise in the prices of assets and output. This m aysom etimes result into the overstated profits, under priced assets and misleading picture of Business etc.So, the financial statem ents prepared under historical accounting are generally proved to be statem ents of historical facts and do not reflect the current worth of business. This deprives the users of accounts like management, shareholders, and creditors etc. to have a right picture of business to m ake appropriate decisions.Hence, this leads towards the need for Inflation Accounting. Inflation accounting is a term describing a range of accounting system s designed to correct problems arising from historical cost accounting in the presence of inflation.The significance of inflation accounting em erges from the inherent limitations of the historical cost accounting system. Following are the limitations of historical accountin g:1. Historical accounts do not consider the unrealised holding gains arising from the rise in the m onetary value of the assets due to inflation.2. The objective of charging depreciation is to spread the cost of the asset over its useful life and make reserve for its replacem ent in the future. But it does not take into account the im pact of inflation over the replacem ent cost which m ay result into the inadequate charge of depreciation.3. Under historical accounting, inventories acquired at old prices are m atchedagainst revenues expressed at current pric es. In the period of inflation, this may lead to the overstatem ent of profits due mixing up of holding gains and operating gains.4. Future earnings are not easily projected from historical earnings.History of Inflation AccountingIn the last few years, inflation accounting has been adopted as a supplementary financial statem ent in the United States and the United Kingdom. This com es after more than 50 years of debate about m ethods of adjusting financial accounts for inflation.Accountants in the United Kingdom and the United States have discussed the effect of inflation on financial statem ents since the early 1900s, beginning with index number theory and purchasing power. Irving Fisher's 1911 book The Purchasing Power of Money was used as a source by Henry W. Sweeney in his 1936 book Stabilized Accounting, which was about Constant Purchasing Power Accounting. This m odel by Sweeney was used by The Am erican Institute of Certified Public Accountants for their 1963 research study (ARS6) Reporting the Financ ial Effects of Price-Level Changes, and later used by the Accounting Principles Board (USA), the Financial Standards Board (USA), and the Accounting Standards Steering Committee (UK). Sweeney advocated using a price index that covers everything in the gross national product. In March 1979, the Financial Accounting Standards Board (FASB) wrote Constant Dollar Accounting, which advocated using the Consumer Price Index for All Urban Consumers (CPI-U) to adjust accounts because it is calculated every m onth.During the Great Depression, som e corporations restated their financial statem ents to reflect inflation. At tim es during the past 50 years standard-setting organizations have encouraged com panies to supplem ent cost-based financial statem ents with price-level adjusted statem ents. During a period of high inflation in the 1970s, the FASB was reviewing a draft proposal for price-level adjusted statem ents when the Securities and Exchange Commission (SEC) issued ASR 190, which required approximately 1,000 of the largest US corporations to provide supplemental information based on replacem ent cost. The FASB withdrew the draft proposal.Still to cater to the needs of an Inflation Accounting, the IASB cam e out with an Accounting Standard known as IAS 29.Last.Techniques of Inflation AccountingTo m easure the impact of inflation on financial statem ents, following are the techniques used:Current Purchasing Power (CPP) MethodUnder this m ethod of adjusting accounts to price changes, all item s in the financial statem ents are restated in term s of a constant unit of m oney i.e. in term s of general purchasing power. For m easuring changes in the price level and incorporating the changes in the financial statem ents we use General Price Index, which m ay be considered to be a barometer m eant for the purpose. The index is used to convert the values of various item s in the Balance Sheet and Profit and Loss Account. This method takes into account the changes in the general purchasing power of m oney and ignores the actual rise or fall in the price of the given item. CPP method involves the refurnishing of historical figures at current purchasing power. For this purpose, historical figures are converted into value of purchasing power at the end of the period. Two index numbers are re quired: one showing the general price level at the end of the period and the other reflecting the sam e at the date of the transaction.Profit under this m ethod is an increase in the value of the net asset over a period, all valuations being m ade in term s of current purchasing power.Current Cost Accounting (CCA) MethodThe Current Cost Accounting is an alternative to the Current Purchasing Power Method. The CCA m ethod m atches current revenues with the current cost of the resources which are consum ed in earning them.Changes in the general price level are m easured by Index Numbers. Specific price change occurs if price of a particular asset changes without any general price change. Under this m ethod, asset are valued at current cost which is the cost at which asset can be replaced as on a date.While the Current Purchasing Power (CPP) method is known as the General Price Level approach, the Current Cost Accounting (CCA) method is known as Specific Price Level approach or Replacem ent Cost Accounting.Limitations of Inflation AccountingThough Inflation Accounting is more practical approach for the true reflection of financial status of the com pany, there are certain limitations which are not allowing this to be a popular system of accounting. Following are the limitations:1. Change in the price level is a continuous process.2. This system makes the calculations a tedious task because of too m any conversions and calculations.3. This system has not been given preference by tax authorities.ConclusionEvery person on this earth has been affected by Inflation, som e positively but most of the people negatively because the Inflation leads to the erosion of general purchasing power. The Inflation spares none and it equally influences the Businesses like the people.Historical cost accounting does not take into account the changes in the rise in the value of assets and its im pact on Balance Sheet and P&L Account due to inflation and does not reflect the real worth of the business which is very required for effective decision m aking.Inflation Accounting has removed this drawback by providing m ethods for adjusting the figure according to General or Specific Price levels.Despite a right m ethod of presenting financial statem ents, Inflation Accounting is still not widely prevalent due to certain limitations. But with m ore research and development of accounting software in this field, there is no doubt that Inflation adjusted accounting is the future of Financial Accounting.References:1. M.L. Seth, Money, Banking & Public Finance2. Ravi M. Kishore, Advance Accountancy3. 4. 5. http://invest m 6. http://newm 通货膨胀会计Dr. Kirti Jain自从我们开始认识身边的人和事，我们都用来听取有关的事情和文章，尤其是黄金和酥油是在我们的祖父母的时代更便宜。
通货膨胀对会计的影响【外文翻译】
外文文献翻译原文：INFLATION IN ACCOUNTINGINFLAŢIA ÎN CONTABILITATEALŽBETA SUHÁNYIOVÁ *In general, inflation represents decrease of purchasing power of money. It is shown as increase in price level in production, consumption and investment area. In certain periods, nobody pays attention to inflation problem, but on the other hand matter is not unnoticed. We can say, that discussion about this matter are continuous, when price level increase significantly. I analyzed in this article methods that are used in accounting for adjusting the effects of inflation. In example I compare alternative accounting methods.Key words: Inflation, financial statements, measurement at historical costs, measurement at current cost, alternative inflation accounting methods.Considering inflation, we should mention that foreign authors frequently discuss about changes in price level. This term includes two categories of price changes: Ø price changes in general price level,Ø price changes in specific items of assets.Slovak accounting standards does not treat with inflation problem in specific and complex way. But there are some exceptions. In case of receivable valued in inflationary currency, accounting entity reflects this fact by creating provision against receivable. Within the framework of international legal regulations International Financial Reporting Standards IAS/IFRS, in standard IAS 29 – Financial Reporting in Hyperinflationary Economies, state that financial statements prepared in hyperinflationary currency without elimination of inflation are not useful. Money loses purchasing power at such a rate that comparison of amounts from transactions and other events that have occurred at different times, even within the sameaccounting period, is misleading. Application of this standard is a matter of judgment.One of accounting principles –valuation in historical costs (historical cost) –states that goods and services are valued at their original cost when transaction occurred. Financial statements in historical costs, called also as a financial statements under accounting method Historical Cost/Nominal Dollar (HC/ND), are influenced during periods of significant inflations negatively due to decrease in purchase power of money. Effect of inflation is that the same amount of money in the financial statements could have different purchase power in different periods. This is not good for measurement of financial results. On the other hand, reporting in historical costs is more objective, because recorded values are stated based on transactions between parties trading in their own economic interest.There are more concepts of accounting, which are using price indices (based on category of price change) for creation of complex financial systems to eliminate effects of inflation. Mentioned accounting systems represent alternatives to traditional accounting system –reporting in historical costs (HC/ND) without adjustments considering changes in price level.With regard to two types of changes in price level, there are two accounting systems described below:1、Constant Dollar Accounting –accounting of stable (constant) currency, or General Price –Level Adjusted Accounting –accounting considering changes in general price level.2、Current Cost Accounting –accounting of current cost, or Current Value Accounting –accounting of current prices –measures current values of assets, liabilities and equity. It measures rather changes in specific prices of particular assets than changes in general price level.Mentioned distinguishing is important for understanding of alternatives of financial reporting.Based on described facts we can classify main principles of financial reporting, including normally used method HC/ND, as follows:Table 1: Matrix of alternative inflationary accounting methodsValuationValuation at historical costValuation at current costMeasurement atNominal DollarHistorical Cost / NominalDollar(HC/ND)Current Cost / NominalDollar(CC/ND)Measurement atConstant DollarHistorical Cost / ConstantDollar(HC/CD)Current Cost / ConstantDollar(CC/CD)In above matrix are described two aspects: change in unit of measurement (Nominal or Constant Dollar) and change in basis of valuation (historical or current cost).HISTORICAL COST/NOMINAL DOLLARAs it was mentioned above, financial statements under method HC/ND are not adjusted for inflation. They did not reflect neither changes in general price level or changes in specific prices of particular assets by the time of selling, disposal, write off or donation.HISTORICAL COST/CONSTANT DOLLARIt is opposite to accounting method HC/ND. Financial statements under method HC/CD record inflation effects by restating of historical costs in terms of actual (current) purchase power of dollar. This method also measures real gains or losses of purchase power of net cash items held during the period of inflation. It reflects only changes in general price level and not in current changes in prices of goods and services purchased by the entity. It represents the most using method. Mentioned alternative is supported by following arguments:Ø restating all accounts in constant dollars is recommended also by International Accounting Standards Committee (IASC) or International Accounting Standard Board(IASB) for using in hyperinflationary economics (IAS 29). In some countries after periods of high inflation (e.g. Brazil and Mexico), were used different variants of restating,Ø effect of inflation on entities’ accounting is usually more disturbing as effects of relative price changes which are covered by specific price index. This model uses general price index, i.e. model becomes more useful when inflation is higher. CURRENT COST/NOMINAL DOLLARFinancial statements under method CC/ND reflect change in specific prices of particular assets because the valuation is based on current prices and does not reflect changes in general purchase power of dollar.CURRENT COST/CONSTANT DOLLARFinancial statements under method CC/CD reflect effects of both methods, general inflation and changes in specific prices paid by company for goods and services. Financial statements under method CC/CD record individual items in their current prices and express current prices in constant dollars. Main purpose of financial statements of this method is to present current value of all recorded items to managers making decisions. Stated purpose is important because managers have to evaluate current situation and make decisions about the future. Current costs are relevant for most decisions. Although this method represents conceptually correct approach to reporting it has significant implementation problem. It is usually difficult to gain objectivity and accuracy in determining of current costs. Some managers and accountants believe that relevance of information in current prices qualifies to record data based on subjective estimates. However, financial statements under method CC/CD do not require to record current prices in accounting from time to time. In case of monetary items of financial statements their value is equal to value stated in financial statements under method HC/ND. It is necessary to calculate only gain (loss) of purchase power from monetary items. In case of non-monetary items, current price is determined in adjustment of financial statements items under method HC/ND using for example specific price index. Thereafter, real gain (loss) from non-monetary items is calculated. It is called also as …real holding gain (loss) “, i.e. …real gain (loss) fromholding “assets and l iabilities. In comparison with accounting method HC/CD, financial statements under method CC/CD record both gain (loss) of purchase power from monetary items and gain (loss) from non-monetary items.As an illustration, I stated below comparison of condensed financial statements of American company using various alternative accounting methods.Table 2: Balance Sheet comparison of alternative accounting methodsCondensed restated Balance Sheetas at 31.12.200X (ths. USD)Item HC HC/CD CC/CD AssetsCashReceivablesInventoryProperty, Plant & equipmentAccumulated depreciationLandAssets totalLiabilities and EquityLong term liabilitiesEquityOrdinary sharesNon – distributed profitLiabilities and Equity total 32 05032 40013 50060 000(12 000)6 350132 30040 00080 00012 300132 30032 05032 40015 00075 000(15000)7 500146 95040 000100 0006 950146 95032 05032 40016 20078 000(15 600)6 985150 03540 000100 00010 035150 035Table 3: Income Statement comparison of alternative accounting methodsCondensed restated Income Statementfor the year ended 31.12.200X (ths. USD)Item HC HC/CD CC/CDSalesCost of salesDepreciationOther expensesProfitLoss of purchase power from monetaryitemsReal profit from non -monetary itemsRestated profit 162 000(108 000)(12 000)(27 000)15 000180 000(120 000)(15 000)(30 000)15 000(5 050)9 950180 000(129 600)15 330)(30 000)5 070(5 050)13 01513 035The company shows also statement of non-distributed profit, which explains differences in Balance Sheet and Income Statement.Table 4: Comparison of Non –distributed profit statement under alternative accounting methodsStatement of non - distributed profitas at 31.12.200X ( ths. USD)Item HC HC/CD CC/CDProfit Dividends Closing balance 15 000(2 700)12 3009 950(3 000)6 95013 035(3 000)10 035From the comparison above results, that effect of changes in general price level or in particular specific prices significantly modifies values of financial statements depending on used accounting method.Transformation of individual items ‘values of financial statements differs depending on described accounting methods and consists of few steps described there in after.HC/ND ACCOUNTING METHODThis method records values of individual items of financial statements based onhistorical costs.HC/CD ACCOUNTING METHODBasis of method is as follows:1、Dividing of balance sheet items on monetary and non-monetary items.2、Recording of balance sheet monetary items at historical costs –value of monetary items (e.g. cash in hand, cash on bank accounts and so on) is due to inflation not changed. Therefore the value of these items in restated balance sheet is equal to historical costs.3、Restatement of historical costs of balance sheet non-monetary items–value of non-monetary items (e.g. inventories, land and so on) is due to inflation changed and therefore it is restated using general price index (consumer price index – CPI).4、Restatement of income statement items –all items are considered to be non-monetary, therefore they are restated using the same concept as non-monetary items of balance sheet described in paragraph 3.5、Calculation of gain (loss) of purchase power from monetary items. It represents restatement of opening balance of period using general price index (described in paragraph 3) and computation of closing balance. Gain (loss) of purchase power from monetary items is difference between closing balance recorded in accounting on the basis of historical costs and restated closing balance. The gain (loss) of purchase power from monetary items is stated in income statement and it increase (decrease) calculated profit (loss) of current period.6、Restatement of statement of non-distributed profit–using general price index are recalculated items that decrease profit calculated in the income statement after deduction of gain (loss) of purchase power from monetary items.CC/CD ACCOUNTING METHODPreparation of financial statements under method CC/CD consists of the following steps:1、Recording of monetary items at historical costs (as using method HC/CD).2、Determination of current prices of non-monetary balance sheet items through summary of current prices, specific price index, and expert’s opinion and so on.3、Restatement of income statement items – revenues are recorded at historical costs after restatement by general price index (as in method HC/ND) and expenses are recorded at current costs restated by general price index.4、Calculation of gain (loss) of purchase power from monetary items (described in method HC/CD).5、Calculation of real gain (loss) from non-monetary items. It is difference between value of non-monetary items recorded using method HC/CD and value of non-monetary items recorded using method CC/CD. Real gain (loss) from non-monetary items is also shown in income statement and it increase (decrease) profit (loss) of current accounting period6、Restatement of values in statement of non-distributed profit – similarly as in accounting method HC/CD.CONCLUSIONIn financial statements met together historical costs valid in different periods, when cash had due to inflation different purchase power. It causes inflationary deformity in value of expenses, revenues, recognized value of assets, liabilities, equity and in value of calculated income from operations. Consequently, deformity influences ratios of financial analysis and could influence also financial decision and strategy resulting from financial analysis.It is important to show data influenced by inflation in adjusted, restated financial statements. This is required especially from big companies due to proper evaluation of their financial performance.LUCRĂRI ŞTIINŢIFICE, SERIA I, VOL. XI (3)译文：通货膨胀对会计的影响一般而言，通货膨胀代表货币的购买力下降。
通货膨胀、大萧条和经济复苏外文文献翻译
通货膨胀预期和德国大萧条的复苏外文翻译2019-2020英文Inflation expectations and the recovery from the Great Depression inGermanyV olker Daniel，Lucas SteegeAbstractA regime shift toward increased inflation expectations is credited with jump-starting the recovery from the Great Depression in the United States. What role did inflation expectations play in Germany that experienced a similarly successful economic upturn in the 1930s? We study inflation expectations in the German recovery across several methods: we conduct a narrative study of media sources; we estimate inflation expectations from a factor-augmented vector autoregression model, real interest rate forecasts, and quantitative news series. Consistently across these approaches, we do not find a shift to increased expected inflation. This recovery was different, and its causes lie elsewhere.Keywords：Inflation expectations，Great Depression，Inflation forecasting，Regime change，Germany，Narrative evidence IntroductionInflation expectations play a central role in explanations for the recovery from the Great Depression in the United States. Central bankersfrequently refer to the historical precedent for this policy prescription: President Roosevelt made a credible commitment to inflate the economy in the Spring of 1933, which is regarded as a regime change that marks the beginning of the successful recovery of the U.S. economy (e.g. Temin and Wigmore, 1990, also Eggertsson, 2008).Fig. 1 shows the recovery paths for the United States and Germany. U.S. industrial production increased dramatically following the Roosevelt regime shift in the second quarter of 1933. The recovery in Germany that started in 1932 proceeded at roughly the same rate, starting off slowly in the beginning, but at a higher and steady pace thereafter. We observe similar patterns for prices. Although the U.S. price index of industrial finished goods jumped upward along with industrial production, the German price index increased at a much slower pace.In this paper, we investigate whether a shift in inflation expectations initiated the German recovery as occurred in the United States. The debate about the causes for this remarkable economic upturn remains unresolved. Inflation expectations could be a key factor in the recovery of Germany in the 1930s that has not yet been considered. From a theoretical perspective, changing expectations regarding future inflation rates is a crucial driver of production, consumption, and prices in many macro models. In the New Keynesian framework, an increase in expected inflation leads to increased production as consumers substituteconsumption over time, and an increased demand for goods leads to an increase in inflation (Galí, 2015). To test whether this channel was operative during the initial phases of the German recovery, we construct inflation expectations using various approaches. First, we conduct a narrative identification of inflation expectations from media articles, following Jalil and Rua (2016). The narrative account is then supplemented with a factor-augmented vector autoregression (FA V AR) model, real interest rate forecasts, and forecasts from inflation news series.Our central finding is that there is no sustained shift in inflation expectations in Germany at the start of the recovery from the Great Depression in 1932. Although the narrative study identifies occasional fears of inflation on a number of specific dates and events, newspaper articles reveal no sustained regime shift of inflation expectations. Starting with the British exit from the gold standard in September 1931, German newspapers regularly mentioned currency devaluation and inflationary policies as viable policy options. Fears of inflation appeared during discussions about an extensive expansionary policy in January 1932, after the formation of the Papen government in June 1932 and as a response to Adolf Hitler’s seizure of power in 1933. However, according to the news account, none of the events caused a sustained change in inflation expectations. Each time the general public thought about inflation, thegovernment and Reichsbank were eager to rule out any price-increasing policies. This finding is in line with what Straumann (2009) argues was the case for several European countries at that time. One explanation for the emergence of fears of inflation among Germans during the Great Depression is their experience with hyperinflation in 1923, a point noted by Borchardt (1985) and Eichengreen (1992), which likely prevented politicians from undertaking inflationary programs similar to those in the U.S.Our time series estimates also show no indication of a sudden regime shift as an explanation for the recovery. Uniformly across approaches, we observe that during 1932 expected inflation rates remained negative and largely unchanged relative to 1931. Although we do observe occasional evidence that inflation expectations changed from deflation to inflation during the summer of 1932, consistent with the narrative evidence, these expectations did not last. A historical decomposition of industrial production further shows that although changes in inflation expectations were important for explaining the economic decline, they did not provide the initial impetus for the following upswing.2. LiteratureThe debate about the causes of the remarkable German recovery remains unresolved. Although some scholars have argued for a uniqueeconomic upturn under the Nazis initiated by vast investment programs in highways and rearmament (Abelshauser, 1999, Overy, 1975), others have emphasized that the starting point occurred before the Hitler dictatorship in 1932 (Buchheim (2003), also Ritschl (2003)). According to this narrative, the Nazi expansionary policies were deemed unnecessary because previous government interventions and the recovery had already begun before the Nazis could specify their economic stance in 1933. Tooze (2006) highlighted the important agreement at the conference of Lausanne in July 1932, which substantially reduced the German debt burden and provided the necessary room to combat the economic slump (also James, 1986). Temin (1990)noted the freezing of wages after 1931 as a monetary explanation for the German recovery. Both arguments resonate the dilemma emphasized by Borchardt (1982): high wages and debt burdens prevented German governments before 1932 from implementing alternatives to the devastating deflation. This brings us to our question: during this heavily deflationary episode, could inflationary expectations have served as a kick starter for the depressed economy? The experience with hyperinflation in the 1920s could have made Germans overly sensitive to news and shocks regarding expected inflation. Inflation expectations may therefore have been a crucial but not yet investigated part of Germany’s recovery.Our paper is closely related to the literature describing narrativeevidence for the Great Depression in the U.S., for example, by Jalil and Rua (2016), Nelson (1991), and Romer and Romer (2013). Quantitative forecasting methods usually have a backward-looking perspective and depend on the choice of variables, whereas narrative evidence incorporates ideas and considerations at any time point that may be independent of reflections on the past and an available set of data. For this reason, they detect a regime shift that time series approaches fail to identify (see Romer, 2013, Sargent, 1982, Temin, Wigmore, 1990). The narrative approach can identify the current knowledge of the general public and which information could be considered relevant to changes in inflation expectations. Identifying the actual sources is crucial, because a shift toward inflation expectations should not be a purely statistical outcome; it should be experienced by contemporaries due to an abrupt policy change, an event, or a shock to be identified as a regime change (Jalil and Rua, 2016).The use of direct time series forecasts using factor models has gained considerable popularity for forecasting economic time series. Boivin and Ng (2005) and Eickmeier and Ziegler (2008) evaluated forecasting methods and found that factor-based forecasts perform well in practice and tended to perform better than simpler small-scale models. Therefore, a factor model is a natural candidate for our research question.A key advantage of factor models is that they allow us to incorporatemuch information into the analysis while keeping the estimation procedure tractable. Furthermore, because factor models are estimated on the basis of the comovement between the time series in the dataset, a significant expansionary shift visible in many time series would be picked up by the factors, and this should provide information regarding future inflation rates if the underlying cause of such an expansionary shift was because of changes in expected inflation rates. One limitation with time series approaches similar to the one used in this study is that they do not identify the correct expectations in the event of a sudden regime shift. Therefore, we carefully discuss possible shifts in expectations in the narrative account.One prominent method to estimate inflation expectations, which uses the Fisher equation that relates expected real interest rates to nominal interest rates and expected inflation, was first proposed by Mishkin (1981). He showed that rational expectations imply that inflation expectations can be inferred from realized real interest rates. For the Great Depression in the U.S., Cecchetti (1992) and Romer (1992) applied this approach and found a shift in inflation expectations in 1933 at the beginning of the recovery, at the same time that Temin and Wigmore (1990) detected a regime change toward a more expansionary macroeconomic policy. For Germany, V oth (1999) applied the Mishkin method during the interwarperiod and detected inflation uncertainty and fears of inflation in 1931 and 1932, but his results did not indicate a shift in inflation expectations. One potential problem with the German interwar financial market data is that the nominal rate or bond yield series reflect liquidity and default risk. This makes disentangling expected inflation from risk or liquidity premia difficult, a point that V oth (1999) similarly recognized in his work. We, therefore, also adopt the approach by Binder (2016), who proposed to regress future inflation rates on a narrative news measure. This measure included scaled counts of articles containing inflationary and deflationary terms. The idea is that the degree of news coverage about inflation should be positively correlated to inflation expectations, which allows us to directly map our narrative evidence into inflation expectations.Narrative accountTo discover a possible shift in inflation expectations in Germany at the start of the recovery from the Great Depression, we follow Jalil and Rua (2016) and first provide a general overview of newspaper coverage regarding inflation through a word search of newspaper articles. Next, we conduct a detailed narrative study of media sources over a two-year period.General overview of inflationary news coverage 1930 to 1933As our main source of media coverage, we study V ossische Zeitung, one of Germany’s national newspapers of record during the WeimarRepublic. V ossische Zeitung had a daily circulation of approximately 68,000 in 1931 and covered the main events and debates of that time (Binkowski, Schottenloher, 1985, Deutsches Institut für Zeitungskunde, 1932).In the online database provided by the De Gruyter publishing house (De Gruyter, 2010), we searched all issues of the newspaper from 1930 to 1933 and counted the number of articles that contained the German terms for “inflation”. Specifically, we used a combination of the terms, word stems, and abbreviations of the German words “Inflation” (inflation), “Teuerung” (price increase), and “Reflation” (reflation). If there had been a sudden shift in inflation expectations, there should have been an increased public interest likely reflected by an increased number of articles on inflation in one of the most relevant newspapers at that time.We depict the resulting series in Fig. Before the summer of 1931, fewer than 30 articles per month on average mentioned inflation; in September and October, the mentioning of inflationary terms increased threefold to 86 articles. This result signifies that more than two articles per day on average mentioned inflation. After the fall of 1931, inflation coverage occurred to a lesser extent in V ossische Zeitung, although appearances remained at a higher average than before, with some months clearly above the number of articles per month before fall 1931. This was the case for November 1931 and for January and June 1932. In 1933,inflation coverage was lower but still had spikes above the average in January, April, June, and August.In January 1932, during the ongoing inflationary debates in Britain and the U.S., a plan for a more expansionary economic policy proposed by the head of the statistical office, Ernst Wagemann, received some media attention. In June 1932, the new Papen government was allegedly expected to implement inflationary policies. In January 1933, this was the case when Hitler seized power. Inflationary policies in the U.S. were in the focus of the now controlled media for the remainder of 1933. The word counts visualized in Fig are therefore remarkably in line with Borchardt’s (1985) notion that fears of inflation prevailed after political events associated with currency devaluation, credit expansion, or expected government deficits.A detailed narrative study of media sources September 1931 to August 1933Next, we conduct a chronological investigation of the relevant political events and debates regarding a possible shift in inflation expectations through a careful narrative study of media sources. For this study, we read weekly issues of the economic periodical Der Deutsche V olkswirt (1931/1933) over a two-year period from September 1931 to August 1933. The weekly frequency permitted a careful reading of articles over a prolonged time period. We divided our analysis accordingto the spikes in the news coverage discussed in Section 3.1 and included potential inflationary events during other periods. As one of the leading and influential periodicals in its field at that time (Röpke, 1933), Der Deutsche V olkswirt had up to 6000 subscriptions and provided a summary of political events and the state of the economy (Sattler, 1982).For relevant dates, we considered two major daily newspapers: V ossische Zeitung (1931/1933) and Berliner Lokal-Anzeiger (1931/1933). We read both newspapers one week before and after such dates to observe responses and to identify diverse opinions regarding the events. While Der Deutsche V olkswirt and V ossische Zeitungwere considered economically liberal and politically centrist, Berliner Lokal-Anzeigersupported more nationalist, conservative positions. With a daily circulation of approximately 200,000 in 1932, it was an influential news source of the political right. As a robustness check, we considered further news sources that spanned the entire political spectrum and contemporary scientific publications. For instance, we assessed the coverage of relevant events in the social-democratic newspaper V orwärts, the catholic-centrist Germania, and the weekly reports of the Institute for Business Cycle Studies.Implications and future directionsOur results rule out a shift in inflation expectations as a potential explanation of the German recovery from the Great Depression. Thenarrative account and time series models show that when the recovery started, expected inflation rates remained unchanged. Whenever fears of inflation were mentioned, politicians denounced any price-increasing policies and emphasized the unconditional stability of the currency. Therefore, the exact cause of the recovery remains a puzzle. Our results from the historical decomposition support some of the explanations that have been previously analyzed. One potential explanation is that the conference of Lausanne boosted public confidence or significantly reduced uncertainty about future economic policy because it put an end to the issue of reparation payments that plagued German politics. Based on an indicator of the state of business across major German industries, Buchheim, 2003, Buchheim, 2008 showed that producer confidence indeed markedly increased during the second half of 1932. Machine orders lastingly increased and stock markets had been uptrending since June. V oth (1999) made the same argument when he found that fears of inflation during the Great Depression greatly limited the scope for expansionary policies, at least before the resolution of the reparations problem. Tooze (2006) similarly views the agreement reached in Lausanne as a likely precondition for the recovery because it provided the financial relief that banks and the government needed to promote active economic programs. The narrative sources, however, contain no evidence of a link to an increase in prices.Temin (1990) provided a monetary explanation for the successful German recovery and argued that low wages played a crucial role in the German economic success of the 1930s. The freezing of wages allowed for a quick reutilization of underused resources. In contrast to raising demand and thereby prices of stimulated production, political pressure under the Nazis reallocated production to the military and public sector. The now controlled economy no longer depended on the price mechanism for allocation of scarce resources. In that sense, the Nazis managed potential inflationary tendencies by freezing prices. As Temin (1990)argued, instead of raising prices after 1933, producers started to reduce the quality of goods, which underlines our argument, that is, inflation expectations likely played no central role at the beginning of the German recovery.In many industries, prices were fixed by cartels and government controls, so we surveyed our narrative sources for signs of expected rationing as a potential explanation of the recovery, with no indications that this channel was at play. In contrast, in 1932 and 1933, we find numerous pieces of evidence indicating unused capacities on a large scale that could have quickly been put into operation in case of surges in demand. In addition, during the Great Depression, the data from Buchheim (2008) indicate that low consumer demand led to growing inventories and to businesses reducing employment. Hence, wedeem it unlikely that households expected shortages at the beginning of the recovery, causing an increase in demand and production. Although rationing certainly became a problem in the roaring economic upturn during the mid-1930s, it did not play a role in jump-starting the recovery.By contrast, fiscal policy serves as a promising alternative explanation of the recovery period. In August of 1932, the newly elected chancellor Franz von Papen publicly announced his fiscal program. The main feature of the program was tax rebates and wage cuts, and both were intended to incentivize businesses to hire workers. Papen declared that deflation, if not stopped, would further harm the economy. Although this announcement could have changed public expectations about future inflation and stimulated the economy this way, the program did not signal the intention to raise prices or reduce price reductions. This stands in stark contrast to Roosevelt’s pledges to raise prices. For the U.S., the economic reform foresaw the devaluation of the U.S. dollar, and unprecedented discretionary powers of U.S. monetary policy. In Germany, by contrast, the chancellor explicitly stated that the Reichsmark would not be devaluated, and his program foresaw no changes regarding the regulations of the German central bank, which had hindered it from acting as a financier of previous public works projects. The central bank only gave the promise to grant limited credit to the government to finance tax redemptions. The repayment of the Reichsbank loan was describedwell in the program and in the news accounts, indicating that the potential monetary expansion was restricted to a limited time period. In summary, the Papen program did not work through affecting inflation expectations as the monetary expansion in the U.S. did. Instead it attempted to establish incentives for the private sector, even at the cost of further wage cuts argued to be indispensable. Examining the real effects of the Papen program in detail is a promising topic to explore in further research.Jalil and Rua (2016) thoroughly traced the causes of the regime shift in the U.S. to inflation expectations in spring 1933, and our study provides considerable evidence that no such event occurred in Germany. The sources of the German recovery remain unclear. The story of Temin and Wigmore (1990) and Eggertsson (2008) may hold for the U.S., but in the German recovery, inflation expectations played no major role. Daniel and ter Steege, 2019中文通货膨胀预期和德国大萧条的复苏沃尔克丹尼尔卢卡斯斯泰格摘要朝着提高通货膨胀预期的政权转变被认为是推动了美国大萧条的复苏。
财务英语——通货膨胀
Wage（需求拉动） Inflation
• Wage inflation can also be referred to as demand pull or excess （超过）demand inflation. It is the rise that occurs when the total demand for goods and services in an economy exceeds （超过）the supply of the same. These circumstances（情况） when the supply is less causes the prices of the goods and services to rise. This leads to the situation that can be called a demand pull inflation.
通货膨胀Inflation
outline
• • • • • What Is Inflation? What Causes Inflation? What Are The Types of Inflation? What Are The Effects of Inflation? How to Deal With Inflation Risk?
• One of the common causes of economic inflation is the high growth rate of the supply of money that increases faster than the economy can grow. Banks put more money into the economic system when they lower interest（利息） rates, making it more attractive（有吸引力的） for people and businesses to take out loans（贷款）. They also put more money into the system when they purchase（购买） treasury bills （国债） and extend（扩大） lots of credit （信用）.
经济学基础(第二版)通货膨胀理论
富差距成倍扩大；减税加上军费开支的增加会造成财政赤字的扩大， 财政赤字节节上升
五、货币主义的“单一规则”的货币政策
• 货币主义的代表人物弗里德曼曾指出，“通货膨胀无论何时何地都是 一种货币现象”，因此，要治理通胀，管住货币就可以了。他建议， 政府要严格控制货币供应量，使之与经济增长率保持一致，这样就可 以抑制通货膨胀。
• 收入政策：工资—物价冻结；工资—物价指导；税收刺激政策
三、指数化政策
• 定期根据通货膨胀率调整各种收入的名义价值，以使其实际价值保持 不变。
• 指数化方案：工资指数化和税收指数化
四、供给学派的减税政策
• 供给学派认为，对付成本推进的通货膨胀最有效的办法是减税。 • 消费者：减税增加了可支配收入，刺激了消费需求， • 投资者：减税增加了缴税后的资本收益，刺激了投资需求，这样就提
（三）超级的或恶性的通货膨胀 （hyper-inflation） • 通胀率在100%以上 • 价格猛涨，货币购买力猛降，对经济产生致命的冲击，并且威胁到社 会的安定。
三、通货膨胀的影响
• 通货膨胀对经济的影响主要体现在两个方面，一是对收入分配的影响， 二是对经济效率的影响。
• 通货膨胀（未预期的通胀）对收入分配的影响
• 当总供给曲线AS为水平线时，没有通货膨胀，凯恩斯的需求管理政策 是完全有效的。
• 当总供给曲线向右上方倾斜时，随着总需求的增加，总需求曲线向右 上方移动，此时产量在增加，价格也在上升，由于此时的价格上升主 要是由于劳动、原料、生产设备等的不足而使成本提高引起的，因此 称为瓶颈式的通货膨胀，凯恩斯也把其称为半通货膨胀。
英语翻译(通货膨胀)
12页：总体上来说，通货膨胀的不利因素是有很多方面的！那因此，在不同国家和地区，都会考虑措施来进行缓解和治理，在采取缓解和治理（措施）之前，首先要搞清楚为什么这个国家和地区会产生通货膨胀，有几大影响因素。
所以，我们先从形式上来看，一个商品价格上涨有哪些因素引起？首先，我们可以看到（从第一个图和第二个图片），由于需求量大（很多人喜欢）而导致需求大于供给，进而造成价格上涨！从供给方面来考虑，如果一个商品的成本增加了，也就是说原材料价格上涨，这样也会造成商品价格的上涨！比如说，在二十世纪七十年代末，八十年代初，世界上发生了石油危机，那么石油危机的源头是因为石油输出国组织（OPEC）控制了石油的供给，把石油供给减少了。
石油的价格上升了，石油又是作为很多商品的原材料，比如纺织行业、化工行业等等，因此相应商品价格也会急剧增长。
如果一个国家的通货膨胀是因为成本推动型的，那么这个国家很有可能会发生滞胀，也就是说经济停滞性的膨胀。
第三点，我们称为输入型通货膨胀，也就是说来自国际的因素，比如其它国家或地区的货币政策、国际大宗商品价格、原材料、石油工资的上涨等等！最后一点，我们称为结构型的通货膨胀，就是说主要是由于国家经济结构的变动导致的某些产品部门的价格变化，局部商品的价格变化导致的全局的通货膨胀。
13页：那好，我们弄清楚了引起通货膨胀的原因，我们要想办法消除它！最后一部分我们讲到通货膨胀的缓解措施！14页：一般，我们理解通货膨胀，通常有两种方式，第一种就是认为通货膨胀是一种货币现象，就是央行发型的货币大于市场所需的货币；第二种理解是：认为通货膨胀是一种财政现象，就是一种政府行为！通常我们缓解和治理通货膨胀的方法是，从需求面管理方面来进行。
需求面管理方面分为三种方法，第一种方法是货币政策，第二种方法是财政政策，第三种方法就是两种方法的混合使用！15页：下面我们就来仔细考虑这三种方式，货币政策是央行通过调节存款准备金率（Bank Reserve Against Deposits），来控制市场上流通的货币数量，通货膨胀时，央行就会调高存款准备金率，实行紧缩型货币政策。
金融英语：经济通货膨胀方面的词汇(中英对照)
美联英语提供：金融英语：经济通货膨胀方面的词汇（中英对照）小编给你一个美联英语官方试听课申请链接：/?tid=16-73374-0通货膨胀inflation破产insolvency有偿还债务能力的solvent合同contract汇率exchange rate紧缩信贷tighten credit creation私营部门private sector财政管理机构fiscal authorities宽松的财政政策slack fiscal policy税法tax bill财政public finance财政部the Ministry of Finance平衡预算balanced budget继承税inheritance tax货币主义者monetariest增值税VAT (value added tax)收入revenue总需求aggregate demand货币化monetization赤字deficit经济不景气recessiona period when the economy of a country is not successful，business conditions are bad，industrial production and trade are at a low level and thereis a lot of unemployment经济好转turnabout复苏recovery成本推进型cost push货币供应money supply生产率productivity劳动力labor force实际工资real wages成本推进式通货膨胀cost-push inflation需求拉动式通货膨胀demand-pull inflation美联英语：。
财务管理外文文献及翻译2
财务管理外文文献及翻译2附录A:外文文献(译文)跨国公司财务有重大国外经营业务的公司经常被称作跨国公司或多国企业。
跨国公司必须考虑许多并不会对纯粹的国内企业产生直接影响的财务因素，其中包括外币汇率、各国不同的利率、国外经营所用的复杂会计方法、外国税率和外国政府的干涉等。
公司财务的基本原理仍然适用于跨国企业。
与国内企业一样，它们进行的投资项目也必须为股东提供比成本更多的收益，也必须进行财务安排，用尽可能低的成本进行融资。
净现值法则同时适用于国内经营和国外经营，但是，国外经营应用净现值法则时通常更加复杂。
也许跨国财务中最复杂的是外汇问题。
当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。
外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。
即:购买力平价理论、利率平价理论和预测理论。
跨国公司融资决策通常要在以下三种基本方法中加以选择，我们将讨论每种方法的优缺点。
(1) 把现金由国内输出用于国外经营业务;(2) 向投资所在国借贷;(3) 向第三国借贷。
1专业术语学习财务的学生通常会听到一个单词总在耳边嗡嗡作响:全球化( g l o b a l i z a t i on )。
学习资金市场的全球化必须首先掌握一些新的术语，以下便是在跨国财务中，还有本章中最常用到的一些术语:(1) 美国存托证(American Depository Receipt,ADR)。
它是在美国发行的一种代表外国股权的证券，它使得外国股票可在美国上市交易。
外国公司运用以美元发行的ADR，来扩大潜在美国投资者群体。
ADR以两种形式代表大约690家外国公司:一是在某个交易所挂牌交易的 ADR，称为公司保荐形式;另一种是非保荐形式，这些ADR通常由投资银行持有并为其做市。
这两种形式的ADR均可由个人投资和买卖，但报纸每天只报告保荐形式的存托证的交易情况。
(2) 交叉汇率(cross rate)。
它是指两种外国货币(通常都不是美元)之间的汇率。
译国译民经济类英语翻译(2)
通货膨胀Inflation(英文版PPT)
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通货膨胀
通货膨胀（Inflation）指在纸币流通条件下，因货币供给大于货币实际需求，也即现实购买力大于产出供给，导致货币贬值，而引起的一段时间内物价持续而普遍地上涨现象。
其实质是社会总需求大于社会总供给（供远小于求）。
纸币、含金量低的铸币、信用货币，过度发行都会导致通胀。
造成通货膨胀的直接原因是国家财政赤字的增加。
政府为了挽救经济危机或弥补庞大的财政赤字，不顾商品流通的实际需要，滥发纸币。
他们之所以要利用这种办法来弥补财政赤字，是因为这种办法比起增加税收、增发国债等办法富于隐蔽性，并且简便易行。
出现通胀与以下原因也有关联：1、需求拉动需求拉动的通货膨胀是指总需求过度增长所引起的通货膨胀，即"太多的货币追逐太少的货物"，按照凯恩斯的解释，如果总需求上升到大于总供给的地步，过度的需求是能引起物价水平的普遍上升。
所以，任何总需求增加的任何因素都可以是造成需求拉动的通货膨胀的具体原因。
2、成本推进成本或供给方面的原因形成的通货膨胀，即成本推进的通货膨胀又称为供给型通货膨胀，是由厂商生产成本增加而引起的一般价格总水平的上涨，造成成本向上移动的原因大致有：工资过度上涨；利润过度增加；进口商品价格上涨。
⑴工资推进的通货膨胀工资推动通货膨胀是工资过度上涨所造成的成本增加而推动价格总水平上涨，工资是生产成本的主要部分。
工资上涨使得生产成本增长，在既定的价格水平下，厂商愿意并且能够供给的数量减少，从而使得总供给曲线向左上方移动。
在完全竞争的劳动市场上，工资率完全由劳动的供求均衡所决定，但是在现实经济中，劳动市场往往是不完全的，强大的工会组织的存在往往可以使得工资过度增加，如果工资增加超过了劳动生产率的提高，则提高工资就会导致成本增加，从而导致一般价格总水平上涨，而且这种通胀一旦开始，还会引起"工资---物价螺旋式上升"，工资物价互相推动，形成严重的通货膨胀。
工资的上升往往从个别部分开始，最后引起其他部分攀比。
通货膨胀
The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--the discount window. The Federal Reserve Banks offer three discount window programs to depository institutions: primary credit, secondary credit, and seasonal credit, each with its own interest rate. All discount window loans are fully secured.Under the primary credit program, loans are extended for a very short term (usually overnight) to depository institutions in generally sound financial condition. Depository institutions that are not eligible for primary credit may apply for secondary credit to meet short-term liquidity needs or to resolve severe financial difficulties. Seasonal credit is extended to relatively small depository institutions that have recurring intra-year fluctuations in funding needs, such as banks in agricultural or seasonal resort communities.The discount rate charged for primary credit (the primary credit rate) is set above the usual level of short-term market interest rates. (Because primary credit is the Federal Reserve's main discount window program, the Federal Reserve at times uses the term "discount rate" to mean the primary credit rate.) The discount rate on secondary credit is above the rate on primary credit. The discount rate for seasonal credit is an average of selected market rates. Discount rates are established by each Reserve Bank's board of directors, subject to the review and determination of the Board of Governors of the Federal Reserve System. The discount rates for the three lending programs are the same across all Reserve Banks except on days around a change in the rate.Further information on the discount window, including interest rates, is available from the Federal Reserve System's discount window web site. See also the articles in the Federal Reserve Bulletin for July 2002 (51 KB PDF) and November 1994 (75 KB PDF).Open market operations--purchases and sales of U.S. Treasury and federal agency securities--are the Federal Reserve's principal tool for implementing monetary policy. The short-term objective for open market operations is specified by the Federal Open Market Committee(FOMC). This objective can be a desired quantity of reserves or a desired price (the federal funds rate). The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.The Federal Reserve's objective for open market operations has varied over the years. During the 1980s, the focus gradually shifted toward attaining a specified level of the federal funds rate, a process that was largely complete by the end of the decade. Beginning in 1994, the FOMC began announcing changes in its policy stance, and in 1995 it began to explicitly state its target level for the federal funds rate. Since February 2000, the statement issued by the FOMC shortly after each of its meetings usually has included the Committee's assessment of the risks to the attainment of its long-run goals of price stability and sustainable economic growth.For more information on open market operations, see the article in the Federal Reserve Bulletin (102 KB PDF). (basis points)Reserve requirements are the amount of funds that a depository institution must hold in reserve against specified deposit liabilities. Within limits specified by law, the Board of Governors has sole authority over changes in reserve requirements. Depository institutions must hold reserves in the form of vault cash or deposits with Federal Reserve Banks.The dollar amount of a depository institution's reserve requirement is determined by applying the reserve ratios specified in the Federal Reserve Board's Regulation D to an institution's reservable liabilities (see table of reserve requirements). Reservable liabilities consist of net transaction accounts, nonpersonal time deposits, and eurocurrency liabilities. Since December 27, 1990, nonpersonal time deposits and eurocurrency liabilities have had a reserve ratio of zero.The reserve ratio on net transactions accounts depends on the amount of net transactions accounts at the depository institution. The Garn-St Germain Act of 1982 exempted the first $2 million of reservable liabilities from reserve requirements. This "exemption amount" is adjusted each year according to a formula specified by the act. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent was set under the Monetary Control Act of 1980 at $25 million. This "low-reserve tranche" is also adjusted each year (see table of low-reserve tranche amounts and exemption amounts since 1982). Net transaction accounts in excess of thelow-reserve tranche are currently reservable at 10 percent.Beginning October 2008, the Federal Reserve Banks will pay interest on required reserve balances and excess balances.For more history on the changes in reserve requirement ratios and the indexation of the exemption and low-reserve tranche, see the annual review in the H.3 statistical release. Additional details on reserve requirements can be found in the Reserve Maintenance Manual (682 KB PDF) and in the article (119 KB PDF) in the Federal Reserve Bulletin, the appendix of which has tables of historical reserve ratios.。
通货膨胀经济学--中译文
《通货膨胀经济学》书评(Bresciani Turroni [著] Millicent E. Sayers [译] London：Allen and Unwin, 1937)Joan Robinson The Economic Journal, Sept. 1938: 507-513Bresciani Turroni教授的大作，现有绝佳译本，对英国学生研习通货膨胀具有重大价值。
但初版7年后，该书多少有些过时。
长期以来，有关德国恶性通货膨胀的理论探究充斥着政治偏见的阴影。
德国作者们将巨额战争赔款视为问题的主要成因之一，进而认为马克汇率的崩溃导致了通货膨胀。
（这里仅从单纯描述的角度使用通货膨胀，意即价格水平的急剧大幅上涨，而绝无价格水平上涨是否系“货币的过错”之类的问题考究型[question-begging]理论含义）。
盟军发言人则谴责德国的巨额财政赤字，进而认为通货膨胀主要导因于货币的创造。
Bresciani Turroni教授是盟军或货币数量论的坚定支持者。
乍看之下，就像作者公开承认的那样，诸多事实似乎支撑德国的观点。
汇率和物价从战后最初数年的适度波动，逐步演变为1921年下半年肇始的严重通货膨胀，这一转变的导火索是马克汇率的突然下跌【主要导源于马克汇率的骤跌；1921年5月，1金马克=15马克；1921年11月，1金马克=63马克】——这是毫无争议的事实。
而马克汇率的下跌，又主要归因于德国开始用现金赔付战争赔款。
这一时期德国赔付了10亿金马克，而德国每年的出口总额约为60亿金马克。
因此，有理由将马克汇率下跌归因于由战争赔款引致的外汇需求突然增加。
急于为战争赔款辩解的作者，则将马克汇率下跌归咎于Upper Silesia[波兰东南部地区的产煤区和重工业基地，原由德国管治]分治导致的信心冲击。
但这无碍于探究中的主要问题——无论马克汇率崩溃的成因何在，很清楚，是马克汇率的崩溃触发了恶性通货膨胀。
1921年、1922年价格变化的幅度和暂时次序，均支撑这一观点。
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毕业设计(论文)外文资料翻译题目:Inflation Accounting附件： 1.外文资料翻译译文；2.外文原文。
附件1：外文资料翻译译文通货膨胀会计自从我们开始认识我们周遭的事物, 我们常常从我们的祖父母那里听到关于他们那个时代的东西,尤其是黄金和酥油是非常便宜的.那时我们常常想为什么他们的那个时代的东西非常便宜,而我们的这个时代的东西开始变得昂贵. 因此, 这个问题使我们感到困惑.但是现在, 随着我们的知识的增加和认识, 我们已经知道了通货膨胀这中现象, 用一种外行的理解是国家定价的增长或货币的贬值是已知背后的最大的原因.现在出现的问题究竟是不是通货膨胀?在当今世界, 通货膨胀是一个全球性的现象. 在资本主义世界的今天,几乎没有任何国家不受通货膨胀幽灵般的困扰.不同的经济学家用不同的词语定义通货膨胀, Prof.Crowther 定义的通货膨胀是“随着国家币值的下降, 或者是价格的上涨.” Prof.Paul Einzig 说“通货膨胀是一个不平衡的状态,总体表现是购买力扩张的原因或者是价格水平增长的影响.”两个定义都强调了物价上涨.通货膨胀的最基本的因素不是需求的增加就是供应的减少.通货膨胀对企业的影响通货膨胀对企业的影响可以分为两部分理解1.影响成本和收益2.影响资产和负债至于通货膨胀对成本和收益的影响是忧虑的, 肯定的, 两者都将上升. 但是他们的结果是否表现出超常的利润是被公司旧的价格的可用的期初存货的多少和被公司受理的工资的需求的多少决定的.在货币资产和负债中, 一个公司将失去被债权人和取得在真实项目中的被债务人.如果我们说其他的资产如建筑物, 土地和其他证券, 则公司将在货币方面有持有收益,但是在实质情况中还是有一定的影响, 因此,在价格方面的增长是一方面, 货币币值的下降是另一方面.通货膨胀会计及其意义通货膨胀影响产出和资产价格上涨的形式. 因为财务会计通常是以历史成本为记帐原则, 因此他们不考虑资产和产出价格上涨的影响. 这样的结果很可能会导致利润上的虚增, 资产价格的低估以及误导企业的决策.因此, 在以历史成本为记帐原则编制的财务报表通常被证明是历史事实的一种陈述, 并不能反映企业当前的商业价值. 这就剥夺了如管理者, 股东以及债权人等的报表使用者去获取正确的财务信息从而做出正确的经营决策的权力.因此,这就导致了对通货膨胀会计的需要. 通货膨胀会计是一个会计制度范围的术语描述, 设计并去纠正当通货膨胀存在时历史成本会计产生的上升的问题.通货膨胀会计的意义是从固有的历史成本会计制度的限制中产生的.以下是历史成本会计的局限性:1.历史成本会计不考虑, 因受通货膨胀影响, 从资产的货币价值上升产生的未实现的持有性收益.2.折旧费用的目标是在资产的使用寿命期间摊销其成本, 并在将来为其更换储备. 但是, 他并没有考虑到受通货膨胀影响的结果可能导致折旧费用不足的替换成本.3.根据历史成本会计, 以旧的价格获得的存货实现的收益是按当年的价格计算的. 在通货膨胀期间, 由于持有收益和经营收益的最大化, 可能导致利润上的虚增.4.从历史收益上,不容易去预测未来盈利.通货膨胀会计的历史在过去的几年中, 通货膨胀会计已经被作为一种补充运用在英国和美国的财务报表中, 关于在通货膨胀期间调整财务账目的方法已经争论了50多年的时间.早在1900年代初, 美国和英国的会计师就以经讨论过通货膨胀对财务报表的影响, 开始于指标的数据理论和购买力. Irving Fisher 在1911年出版的书《The Purchasing Power of Money》被Henry W.Sweeney 在1936年出版的关于恒定购买力会计的书中《Stabilized Accounting》作为起源. Sweeney的这一模型通过美国注册会计师协会为他们的研究性学习(ARS6)报告《the Financial Effects of Price-Level Changes》所应用, 后来又被应用到会计准则委员会(美国), 金融标准委员会(美国),会计标准指导委员会(英国). Sweeney主张用涵盖在国民生产总值之上的价格指标.在1979年3月,美国财务会计准则委员会(FASB)写了恒定美元会计, 当中主张使用消费价格指数为所有的城市消费者(CPI-U)去调整帐目, 因为其可在每月计算一次.在大萧条期间, 一些公司重述他们的财务报表, 以反映通货膨胀. 在过去50年的时间里, 标准制定组织应经鼓励企业用价格水平调整的方法去补充以成本为基础的财务报表. 在20世纪70年代的高通货膨胀时期, 当美国证券交易委员会(SEC)发行ASR190时, 财务会计准则委员会(FASB)正在审查关于价格水平调整报表的草案, 这需要美国大约1000家最大的公司提供基于替换成本的补充信息. 财务会计准则委员会撤回了草案.然而为了迎合通货膨胀会计的需要, 国际会计准则委员会(IASB)推出了世界闻名的会计准则IAS29.通货膨胀会计的方法为了衡量通货膨胀对财务报表的影响,使用的技术如下:当前购买力法(CPP)根据这一价格变动调整帐目的方法, 在财务报表中所有的项目都被重述在一个固定的货币单位的项目里, 也即一般购买力.为了衡量价格水平的变化, 并用一般物价指数把这一变化纳入到财务报表当中去, 这就意味着我们的目标很可能是一个晴雨表. 该指数被用于转换在资产负债表和利润表中各个项目的价值. 这个方法考虑了账户一般货币购买力的变化以及忽略了给定项目价格的实际上升或下降. 在当前的购买力下, 购买力法(CPP)涉及了历史数据的翻新.为了这一目标, 在这一时期的最后时刻, 历史数据被转换成了购买力的价格. 被要求的两个指标数据: 一个显示在期末的一般价格水平上, 另一个反映相同的数据在交易日.这种方法下的利润一段时间内在净资产价值方面上是增长的, 在当前购买力的项目中所有的价格是被估计出来的.现行成本会计(CCA)的方法现行成本会计是对当前购买力法的替代方法. 现行成本会计方法相当于在盈利中现行的收益与被消耗资源的现行成本.一般物价水平的变动通过指标数据去衡量. 具体价格发生变化, 如没有任何价格变动的特定资产的价格发生变化. 可以根据这一方法去解决, 资产按照当前的成本估价, 即资产被替换时的成本.通货膨胀会计的局限性虽然通货膨胀会计是一种更实际的做法,并能反映公司真实地财务情况, 但是有些限制不允许它成为一个普及的会计系统. 以下是他的限制:1.价格水平的变化是一个持续的过程.2.这个系统使计算变得乏味, 因为有太多的转换和计算.3.该系统没有被税务机关给予优惠.结论:在地球上的每一个人都受到通货膨胀的影响, 一些人表现出积极,但是大部分人表现的消极, 因为通货膨胀导致了一般购买力的侵蚀.历史成本会计没有考虑帐户中资产价值的变化, 由于通货膨胀影响的资产负债表和利润表, 不能真实的反映企业的价值及所需要的有效的决策信息.通货膨胀会计已经剔除了这个缺陷, 通过根据一般或具体价格水平的方法去调整数据.尽管对财务报表提出了正确的方法, 但是通货膨胀会计由于某些限制仍然没有得到广泛的普及. 但是随着在这一领域更多的研究和会计软件的开发, 毫无疑问, 调整后的通货膨胀会计就是财务会计的未来.附件2：外文原文Inflation Accounting/Faculty_Column/FC1103/fc1103.htmlSince we started understanding things around us, we all used to listen from our Grandparents about the things and articles especially Gold & Ghee being cheaper in their times.That time we used to think that why the things were cheaper in our Grandparent’ time and why had they started becoming costlier. So this question would keep us puzzled.But now as we have grown in our knowledge and understanding, we have come to know about the phenomenon of Inflation which in layman’s language is known as the state of rising pricing or the falling value of maney was the greatest reason behind this.Now emerges the question that what exactly is the Inflation?Inflation is a global phenomenon in present day times. There is hardly any country in the capitalist world today which is not afficted by spectre of inflation.Different economists have defined inflation in different words like Prof.Crowther has defined inflation “as a state in which the value of money is falling, ie, prices are tising.” In the words of Prof.Paul Einzig, “Inflation is that state of disequilibrium in which an expansion of purchasing power tend s to cause or is the effect of an increase of price level.” Both the definition have emphasized on the rising prices of the goods.The basic factors behind the inflation are either the rising demand or the shortening of supply due to any reason.Effect of Inflation on BusinessThe impact of inflation on business can be bifurcated into two parts like1.Impact on costs and revenue2.Impact on assets and liabilitiesAs far as impact of inflation on costs and revenues is concerned, definitely both will rise but whether they result into extraordinary profits will be determined by that how much opening stock was available at old prices with the company and how much later the demand for increasing wages is entertained by the company.In case of monetary assets and liabilities, accompany will lose of being creditor and gain in case of being debtor in real terms.If we talk about other assets like building, land and other securities, the company will be having holding gains in monetary terms but may have neutral impact in real terms due to the rise in prices on the one hand but fall in value of money on the other.Inflation Accounting and its significanceThe impact of inflation comes in the form of rising prices of output and assets. As the financial accounts are kept on Historical cost basis, so they don’t take into consideration the impact of rise in the prices of assets and output. This may sometimes result into the overstated profits, under priced assets and misleading picture of Business etc.So, the financial statements prepared under historical accounting are generally proved to be statements of historical facts and do not reflect the current worth of business. This deprives the users of accounts like management, shareholders, and creditors etc. to have a right picture of business to make appropriate decisions.Hence, this leads towards the need for Inflation Accounting. Inflation accounting is a term describing a range of accounting systems designed to correct problems arising from historical cost accounting in the presence of inflation.The significance of inflation accounting emerges from the inherent limitations of the historical cost accounting system.Following are the limitations of historical accounting:1.Historical accounts do not consider the unrealized holding gains arising from the rise in themonetary value of the assets due to inflation.2.The objective of charging depreciation is to spread the cost of the asset over its useful life andmake reserve for its replacement in the future. But it does not take into account the impact of inflation over the replacement cost which may result into the inadequate charge of depreciation.3.Under historical accounting, inventories acquired at old prices are marched against revenuesexpressed at current prices. In the period of inflation, this may lead to the overstatement of profits due mixing up of holding gains and operating gains.4.Future earnings are not easily projected from historical earnings.History of Inflation AccountingIn the last few years, inflation accounting has been adopted as a supplementary financial statement in the United States and the United Kingdom. This comes after more than 50 years of debate about methods of adjusting financial accounts for inflation.Accountants in the United Kingdom and the United States have discussed the effect of inflation on financial statements since the early 1900s, beginning with index number theory and purchasing power. Irving Fisher’s 1911 book the Purchasing Power Accounting. This model by Sweeney was used by The American Institute of Certified Public Accountants for their 1936 research study(ARS6) Reporting the Financial Effects of Price-Level Changes, and later used by the Accounting Principles Board (USA), The Financial Standards Board (USA), and the Accounting Standards Steering Committee (UK). Sweeney advocated using a price index that covers everything in the gross national product. In March 1979, the Financial Accounting Standards Board (FASB) wrote Constant Dollar Accounting, which advocated using the Consumer Price Index for Al Urban Consumers (CPI-U) to adjust accounts because it is calculate every month.During the Great Depression, some corporations restated their financial statements to reflect inflation. At times during the past 50 years standard-setting organizations have encouraged companies to supplement cost-based financial statements with price-level adjusted statements. During a period of high inflation in the 1970s, the FASB was reviewing a draft proposal for price-level adjusted statements when the Securities and Exchange Commission (SEC) issued ASR 190, which required approximately 1,000 of the largest US corporations to provide supplemental information based on replacement cost. The FASB withdrew the draft proposal.Still to cater to the needs of an Inflation Accounting, the IASB came out with Accounting Standard known as IAS29.Techniques of Inflation AccountingTo measure the impact of inflation on financial statements, following are the techniques used: Current Purchasing Power (CPP) MethodUnder this method of adjusting accounts to price changes, all items in the financial statements are restated in terms of a constant unit of money ie in terms of general purchasing power. For measuring changes in the price level and incorporating the changes in the financial statements we use General Price Index, which may be considered to be a barometer meant for the purpose. The index is used to convert the values of various items in the Balance Sheet and Profit and Loss Account. This method takes into account the changes in the general purchasing power of money and ignores the actual rise or fall in the price of the given item. CPP method involves the refurnishing of historical figures at current purchasing power. For this purpose, historical figures are converted into value of purchasing power at the end of the period. Two index numbers are required: one showing the general price level at the end of the period and the other reflecting the same at the date of the transaction.Profit under this method is an increase in the value of the net asset over a period, all valuations being made in terms of current purchasing power.Current Cost Accounting (CCA) MethodThe Current Cost Accounting is an alternative to the Current Purchasing Power Method. The CCA method matches current revenues with the current cost of the resources which are consumed in earning them.Changes in the general price level are measured by Index Numbers. Specific price change occurs if price of a particular asset change without any general price change. Under this method, asset are valued at current cost which is the cost at which asset can be replaced as on a date.While the Current Purchasing Power (CPP) method is known as the General Price Level approach, the Current Cost Accounting (CCA) method is known as Specific Price Level approach or Replacement Cost Accounting.Limitations of Inflation AccountingThough Inflation Accounting is more practical approach for the true reflection of financial status of the company, there are certain limitations which are not allowing this to be a popular system of accounting. Following are the limitations:1.Change in the price level is a continuous process.2.This system makes the calculations a tedious task because of too many conversions andcalculations.3.This system has not been given preference by tax authorities.ConclusionEvery person on this earth has been affected by Inflation, some positively but most of the people negatively because the Inflation leads to the erosion of general purchasing power. The Inflation spares none and it equally influences the Businesses like the people.Historical cost accounting does not take into account the change in the rise in the value of assets and its impact on Balance Sheet and P&L Account due to inflation and does not reflect the real worth of the business which is very required for effective decision making.Inflation Accounting has removed this drawback by providing methods for adjusting the figure accounting to General or Specific Price levels.Despite a right method of presenting financial statements, Inflation Accounting is still not widely prevalent due to certain limitations. But with more research and development of accounting software in this field, there is no doubt that Inflation adjusted accounting is the future of Financial Accounting.。