每日一篇:《经济学人》读译参考 Day57

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经济学人:危机应对:因病施治,对症下药(2)

Finance and Economics

财经

Free exchange: A lost decade

自由交流：失去的十年

By reducing the need for radical innovation, the speed and efficacy of the response left the world economy less reformed and so vulnerable to the same forces that made the crisis possible in the first place.Several shortcomings stand out.

译文

通过降低对全面创新的需求，应对的速度和效率让世界经济处于一种改革欠缺的状态，使之在面对最初使这场危机成为可能的同样的力量时是如此的脆弱不堪。几大缺陷原形毕露。

In dealing with the Depression, governments ultimately discarded the gold standard, the global currency regime that helped propagate the disaster.Countries on gold sacrificed monetary-policy independence, and had to respond to a loss of market confidence with an economy-bashing increase in interest rates, for instance.

译文

在应对大萧条中，各国政府最终抛弃了金本位制，这种曾经为那场灾难的传播起到了推波助澜作用的全球汇率制度。实施金本位制的国家奉献出了货币政策的独立性，却不得不对经济体打击利率上升的市场信心的失去作出反应。

The system transmitted distress around the world.When one country acted to build up its gold reserves, others saw a sudden drain on theirs.The sooner a country left gold in the 1930s, the sooner its recovery began.But the international system that facilitated the more recent financial crisis has been neither abandoned nor reformed.

译文

这一体系将沮丧传遍了整个世界。当一个国家行动起来构建其黄金储备时，其他国家看到的是自身储备的骤然耗尽。在上世纪30年代，一个越早地放弃金本位制，其复苏越早地开始。但是，造成了最近这场金融危机的国际体系既没有被放弃也没有得到改革。

Open capital flows can put countries at the mercy of sudden swings in market sentiment.To manage this, many emerging markets accumulate foreign-exchange reserves, which can be drawn on in crisis.But these reserves add to a global glut of capital which depresses interest rates and encourages borrowing.

译文

开放的资本流动能够让国家成为市场情绪忽上忽下的牺牲品。为了治理这种情况，许多新兴市场积累了可以在危机中被提取出来的外汇储备。但是，这些储备加重了一种抑制利率并鼓励举债的全球资本过剩。

Because reserves are so often held in the form of dollar-denominated bonds, they can destabilise the American economy.They also heighten the world's exposure to American financial stumbles.This regime helped turn an American housing bust into a global crisis, and remains in place now.

译文

由于储备常常都是以美元计价的债券的形式被持有，它们能够动摇美国经济。而且它还加大了世界各国之于美国金融动荡的风险敞口。这种制度曾经促成了美国房地产泡沫成为一场全球危机的转化，而且如今依旧当道。

注释

1.interest rates 利率

例句:Low interest rates are bad news for savers.

低利率对于储蓄者来说是个坏消息。

2.build up 建立

例句:The collection has been built up over the last seventeen years.

在过去的17年中，收藏的规模不断扩大。

3.global crisis 全球危机

例句:This is extremely encouraging in a world beset by one global crisis after another.

在当今全球危机接踵而至的环境下，这的确非常激励人心。

4.stood out 突出

例句:His tendons stood out like rope beneath his skin.

他皮肤下的筋腱像绳索一样暴突出来。

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