[欧盟口译训练A2，英语].Euit-en-10092602.pdfVIP

1 策马翻译培训 Euit EU interpretation training 欧盟口译训练 Copyright © 2010 CEMACHINA.COM, All Rights Reserved EU interpretation training | A zh-en 2 策马翻译培训 全球失序与失衡（下） GLOBAL MONETARY AND FINANCIAL DISORDER: THE ROLE OF THE GLOBAL IMBALANCES My difference with Ronald McKinnon 我与罗纳德·麦金农的观点有所不同， are fundamentally two. 基本上为以下两个方面。 First, he believes that the real 首先，他认为实际汇率是由储蓄盈余决 exchange rate is determined by the 定的，而我认为，对那些瞄准实际汇率的国 savings surplus, while I argue that the 家（这正是他们正在做的，毫无疑问）来说， causality for the countries targeting the 因果关系恰好相反。换言之，这些国家瞄准 real exchange rate (and that is what they 一个名义汇率，并试图保持低通胀率。他们 are, without doubt, doing) is the other 通过执行货币、财政和监管政策以遏制国内 way round. In other words, countries 需求，给净出口盈余制造空间来达到以上目 target a nominal exchange rate and try to 标。我并不是说他们可以永远这么做。但他 keep inflation down. They do so by 们可以在很长一段时间内这么做。 pursuing monetary, fiscal and regulatory policies intended to curb domestic demand and so make room for the surplus on net exports. I am not suggesting they can do this forever. But they can do it for a very long time. The current account tail wags the 经常账户的尾巴摇动了经济之狗—— economic dog – this being a mirror image 这是我能想到的美国在过去十年中发生的真 of what I think has happened in the US over 实写照。毕竟，美国资产一直是干预货币政 the past decade. It is, after all, US 策的国家瞄准的目标，所以他们一直支撑着 EU interpretation training | A zh-en 3 策马翻译培训 assets that the intervening countries 美元汇率，并且一直为美国经常账户赤字提 have been targeting and so the US exchange 供融资，还一直将美国的长期利率保持在低 rate that they have been holding up, the 位。贸易赤字是收缩性质的：对