金融英语句子翻译.pdfVIP

Chapter 1 1. However, research has shown that countries often reversed the steps mentioned above and sterilized gold flows, that is sold domestic assets when foreign reserves were rising and bought domestic assets as foreign reserves fell. Government interference with private gold exports also undermined the system. The picture of smooth and automatic balance of payments adjustment before World War I therefore did not always match reality. 然而， 研究表明各国经常反道而行之，他们制止黄金的流动， 也就是说，当外国储备升高时 他们售出国内资产， 而当外国储备下降时， 他们购买国内资产。 政府对私人黄金出口的干预 也破坏了该体系。第一次世界大战前平衡自动的国际收支调整情形常常与现实不相吻合。 2. The gold standard regime has conventionally been associated with three rules of the game. The first rule is that in each participating country the price of the domestic currency must be fixed in terms of gold. Since the gold content in one unit of each currency was fixed, exchange rates were also fixed. This was called the mint parity. The second rule is that there must be a free import and export of gold. The third rule is that the surplus country which is gaining gold, should allow its volume of money to increase while the deficit country, which is losing gold, should allow its volume of money to fall. 金本位制按惯例与三条规则有关联。第一条规则是每个参加国其国内货币价格以黄金来确 定。由于每一货币单位的黄金含量是固定的， 所以汇率也是不变的。这叫做铸币平价。 第二 条规则是黄金须自由进出口。 第三条规则为顺差国， 即得到黄金的国家应允许其货币量增加， 而逆差国，即失去黄金的国家则允许其货币量减少。 3. Central banks experiencing persistent gold out flows were motivated to contract their domestic asset holdings for the fear of becoming unable to meet their obligation to redeem currency notes. Thus domestic interest rates were pushed up and capital would flow in from abroad. Central banks gaining gold had much weaker incentives to eliminate their own imports of the metal. The main incentive was the greater profitability of interest-bearing domestic assets compared with