Lesson 5 International Monetary System and BOP要点解析.pptVIP

American BOP Deficit 例句翻译1 例句翻译2 例句翻译3 例句翻译4 例句翻译5 Gold exchange standard 例句翻译6 例句翻译7 例句翻译8 例句翻译9 August 15 1971 and the Next two years 例句翻译10 例句翻译11 Politicians versus Speculators 例句翻译12 1973 to the present 例句翻译13 例句翻译14 例句翻译15 Currency Areas 例句翻译16 Snake 例句翻译17 例句翻译18 Assignment 1.Match 1-F 2-G 3-A 4-C 5-H 6-B 7-I 8-D 9-E 2.Comprehension 1-D 2-D 3-A 4-B 5-D 3.Cloze D F C G B Translation：En to Ch Translation： Ch to En * * * * Australia, Canada, Japan, the United Kingdom, the euro area, and the United States all allow their currencies to freely float. * In Europe during the mid-1970s,a currency grouping called the snake was created, The snake comprised several European currencies, led by the German deutsche mark. There was an agreed central exchange rate, but currencies’ values could fluctuate up or down to a ceiling or floor exchange rate shown by the solid lines. currency grouping ：货币集团 fluctuate：波动；涨落；动摇 ceiling or floor ：天花板或地板；上限或下限 solid line：实线 broken line 虚线 在20世纪70年代中期的欧洲，人们创造了一种名为蛇形货币的货币集团，它由几种欧洲货币组成，最主要的是西德马克。它存在一个协定的中间汇率，但各种货币的价值能在下图所示的实线内上下波动至最高点或者最低点。 Each member-country was responsible for keeping its currencies value within the agreed relationship to the other members currencies, but each country had different inflation rates , fiscal and monetary policies, and BOP balances. Thus , market pressures pushed currency exchange rate out of the agreed ranges, and the countries lacked the political will or resources to restore the agreed exchange rate. Then , the currency automatically fell out of the system. fall out: 发生；脱落；争吵；离队；结果是 每个成员国都有义务使本国货币价值与其他成员国货币价值保持协定的关系，但是每个国家都有不同的通胀率、财政和货币政策以及国际收支状况。因此，市场的眼里使货币汇率超出了协定的范围，而一些国家缺乏政治意愿或资源来恢复协定汇率。结果，这个货币就自动地退出了这个系统。 我国经济正从计划经济向市场经济转轨，还不会像成熟的市场经济那样表现出明显的经济周期性。在成熟的市场经济国家，由于经济的周期性比较明显，所以其利率调整也体现出周期性特点，一个阶段是加息，一个阶段是减息。我国的经济周期性还不那么稳定，因此从利率的角度，还不能说现在已经进入了某个周期。 中央银行将密切监测经济金融形势变化，及时分析国民经济状况，由此来决定下一步调息与否的问题。说到“负利率”问题，大家应当