英语专业英语阅读

（第26页）Wholesale banks have few branches and accept only large deposits, often setting a minimum of ￡100,000.These banks can be subdivided into two groups, British bank and overseas banks, according to the country to which their owners belong.批发银行分支较少，只接受大额存款，往往设置100,000英镑的最低限额。

根据他们业主的归属国，这些银行可分为两类，英国银行和海外银行。

（第27页）A balance sheet is a statement that lists a firm’s assets and liabilities. Assets are the things of value that a firm owes. Liabilities are the things of value that a firm owes to households and other firms. 资产负债表是一个列出公司资产和负债的报表。

资产是公司拥有有价值的资产，负债是一个公司拥有的和其他公司的有价值的东西。

（第30页）Some of the banks’ borrowed resources are used to buy securities, These are useful partly because they earn interest and dividends and partly because a bank which finds its reserves getting a little low can replenish them by selling securities.（第182页）Politically, it is hard for a central bank charged with pursuing full employment and price stability to justify an action geared , on the face of it, solely towards pricking an equity bubble .从政治上说，对于一个承担寻求充分就业和价格稳定义务的中央银行，评判政策合适与否很难，从表面上看，单独指戳破股票泡沫。

Alternatively, the Fed could signal its concerns more directly. One way would be to make it costlier for investors to trade shares, by introducing higher“ margin lending requi rements”—the portion of a share’s price that must be paid with the investor’s own cash rather than credit.另外，美联储可以更直接地发出信号表达它的态度。

一种方式是通过引进更高的保证金制度使得投资者买卖股票更加昂贵，提高的保证金是股票价格的一部分，这部分必须由投资者现金支付而不能信贷。

（第183页）If the Fed wanted to leave no room for doubt about where its concerns lay ，it could fine-tune margin requirements in favour of investors who “short”the market (ie , sell borrowed shares in the hope of buying them back later for less ).如果美联储想要毫无回旋余地的确定其关注的地方，它可以微调保证金来支持想要卖空市场的投资者（即卖出股份并希望在以后以低价再买入）Currently margin requirements of 50% also apply to investors who want to short the market . By simultaneously upping lending requirements for buying shares ,and cutting them for shorting .目前50％的保证金要求也适用于想要空市场的投资者。

同时提高借钱买入股票的保证金和削减卖空的份额。

（第194页）On February 7th the lower house of Congress passed two laws—one on tax , the other on public-sector reform—to boost the government’s ability to raise revenue and cut spending .在2月7日，国会众议院通过了两项法律来提高政府增加税收和削减财政支出的能力，其中一项是税收方面的，另一项是关于公共部门改革的。

（第195页）The public-sector reform law , however , will matter more in the long run . It allows the government to merge , reorganize or shut down redundant state agencies , and to privatise any company still in state hands .然而，这项公共部门改革法律的影响是长远的。

这项法律允许政府去吞并，重组或者关闭一些多余的政府机构，以及使一些政府部门私有化。

（第196页）However, another means of improvement, so less common in the region, is the reform of budgetary institutions themselves. These are the sets of rules, procedures and practices under which budgets are drafted, approved and implemented.然而,另一个改进措施,是在较少的地区对预算制度本身进行改革。

这是一套规则、程序和惯例下预算的制定,批准和实施。

（第275页）By the early 1960s markets had found ways of getting around some of these controls through the growth of the “Euromarkets”, where banks located in one country could take deposits and make loans in the currencies of other countries.到60年代早期，市场通过日益增长的欧洲市场（在欧洲市场中一个国家的银行可以接受另一个国家货币的存贷款）中发现了避开这些控制的方法。

(第277页)If the capital market were truly global, some countries with high investment needs might be expected to have very large current-account deficits, and countries with large savings would be expected to have large surpluses.如果资本市场真正实现全球化,那些有高的投资需求的国家将会预期有一个非常大的经常账户赤字,而那些有大量储蓄的国家将会预期有大的盈余.（第278页）In particular, the returns paid on comparable financial instruments would equalise, so that the rate of interest on a safe dollar-denominated bond of a given maturity would be the same as on a similar sterling-denominated bond, after allowing for the cost of “cover” against the exchange-rate risk.In an economy where capital cannot flow easily across borders, two basic economic truths hold. The first is that greater government borrowing will eventually push up interest rates. The second is that excessive monetary growth will eventually result in higher inflation.两个基本经济学原理支撑着：一个经济体的资本不能轻易的跨越国界。

第一个是更高的政府举债将最终推高利率，第二个是过度的货币增长将最终导致更高的通货膨胀。

（第308页）The debate about whether it is better to fix exchange rates or let currencies float is one of the longest-running in economics. Both approaches have their merits. A floating rate can help a country cope with a sudden drop in the price of its exports or a surge of foreign capital. This should be attractive to emerging economies, which are especially vulnerable to such shocks.(第310页)To some extent, these troubles can be ascribed（归因于）to faults in the design of the exchange-rate regime（制度）. A crawling peg can help hold down the real exchange rate. And Thailand suffered in part because the dollar, to which the baht was closely linked, rose; had the baht been linked to a basked of currencies better reflecting the pattern of Thai trade, its woes（痛苦）would have been less acute.（第329页）Certainly, the Thai crisis did not strike out of the clear blue sky. On the contrary, there were numerous signs of a gathering storm. Macroeconomic indicators pointed to considerable imbalance: substantial real exchange rate appreciation; a marked slowdown in export growth; a persistently large current account deficit financed increasingly by portfolio inflows, including a substantial amount of short term capital; and rising external debt.What is less evident, and therefore more unsettling to all who are trying to make sense of broader regional developments, is how the crisis spread as it did to economies such as Indonesia, Malaysia, and the Philippines, where current account deficits were generally smaller and foreign direct investment more substantial.（第335页）Thus, the lesson to be drawn from recent developments is not about the risks of global markets but rather about the importance of approaching markets in a responsible manner--with strong macroeconomic fundamentals and sound structural policies that give markets confidence and therefore encourage long-term investment; with respect for the signals that markets provide; and with transparent and market-friendly policies that allow markets to allocate resources efficiently.（第373页）New horizons are opening up for the increasingly sophisticated techniques of project finance, in terms both of the types of development capable of being funded and in their geographical spread. 无论从建立开发能力的类型，还是地理分布方面来说，新的视野开辟了项目融资日益成熟的运作方式。