翻译学习 华尔街日报当日新闻 每日连载英汉对照 2010年11月15日

翻译学习华尔街日报当日新闻每日连载英汉对照2010年11月15日

诺奖得主说量化宽松没用还是学学中国

Flawed Math Seen In Unemployment Tied To China

Nobel Prize-winning economist Joseph Stiglitz, dismissing the Federal Reserve’s quantitative easing as a “beggar-thy-neighbor” strategy of currency deval uation, called on America to learn the art of stimulus from China.

President Barack Obama has defended the Fed’s controversial program, telling the world that a fast-growing America is good for the world economy. But Mr. Stiglitz, in comments at a conference in Hong Kong on Thursday, charged that quantitative easing, by leading to a weaker U.S. dollar, in fact steals growth from other economies.

“President Obama has rightly said that the whole world will benefit if the U.S. grows, but what he forgot to me ntion is…that competitive devaluation is a form of growth that comes at the expense of others,” Mr. Stiglitz said at the Mipim Asia real estate conference. “So I think it is likely to present problems for the global economy going forward.”

Emerging-market nations have bristled at the Fed’s move to spur the U.S. economy by increasing the U.S. money supply. They worry it will end up instead as a tidal wave of “hot money” that will overwhelm smaller, developing economies, creating asset bubbles and inflation. To prevent that, many are establishing or strengthening capital controls, banking regulations that restrict the flow of money into and out of economies. Taiwan and Brazil are the latest to act. South Korea is also considering measures.

That patchwork of international capital controls is “fragmenting the global capital market,” Mr. Stiglitz said.

Rather than just looser monetary policy, the Columbia University economist urges more government spending by countries whose low borrowing costs make it affordable─notably the U.S.

“We really should learn the lesson from China,” he said. “If you take money and spend it on investments, then you grow the economy in the short run, but you also grow the economy in the long run.” He says China’s massive infrastructure investments over the past two years have “changed the economic geography” of that country, setting it up for strong growth in the years ahead. 诺贝尔经济学奖得主斯蒂格利茨(Joseph Stiglitz)将美联储(Federal Reserve)的量化宽松政策贬斥为“以邻为壑”的货币贬值策略，并呼吁美国学习中国的经济刺激艺术。

美国总统奥巴马(Barack Obama)曾为美联储这个有争议的计划说好话。他对国际社会说，美国经济的快速增长对整个世界经济有利。但斯蒂格利茨周四在香港一场研讨会上发言时指责，量化宽松造成美元贬值，实际上是在从其他经济体窃取增长。

斯蒂格利茨在亚洲国际地产投资交易会(Mipim Asia)上说，奥巴马总统说，如果美国实现增长，整个世界将会受益，这一点说得对，但他忘记提一点，即竞争性货币贬值是一种以他人为代价的增长形式；所以我认为它将来可能会给世界经济带来麻烦。

美联储通过增加美国货币供给刺激美国经济的量化宽松政策，已经引起了新兴市场国家的警觉。他们担心此举最终反倒造成大量“热钱”涌入，催生资产泡沫和通货膨胀，让规模更小的发展中经济体无力招架。作为防范，很多国家和地区都在建立或强化资本管制，即限制资金出入的银行监管措施。最新采取这种措施的是台湾和巴西，韩国也在考虑采取什么样的具体办法。

斯蒂格利茨说，各国资本管制各自为政，“正在分裂全球资本市场”。

斯蒂格利茨来自美国哥伦比亚大学(Columbia University)。他呼吁低利率国家（特别是美国）不要仅仅是放宽货币政策，还要借低利率优势提高政府支出。

他说，我们真的要向中国学习经验，如果拿钱投资，短期内经济就会增长，长期也会因此而增长。他说中国过去两年的大规模基础设施投资已经改变了整个国家的“经济地理”，从而为将来几年的强劲增长奠定了基础。