Chapter6homework

1、9. Translate the following Chinese expressions into English:债务延期偿还权debt moratorium 沉重的碳减排目标 unwieldy target of carbon-emission reduction 配给制 system of rationing and allocation 库存inventory stock 集体意志至上 primacy of community will 投资组合 investment portfolio 可再生能源renewable energy 风险资本投资venture capital inv

2、estment 新办企业 start-up companies 资源的稀缺性 scarcity of resources 重税 hefty taxes 费用报销 expense claims （大幅）裁员 slash jobs 大幅削减预算赤字 slash budget deficit 采取渐进步骤 take incremental steps 兜售 hawk/tout 力行强力的举措 push through the toughest initiatives 巨大的消费市场mega consumer market 经济影响力 economic clout 国企私有化/民营化 privatiz

3、ation of state-owned enterprises 经济弱势群体 economically under-privileged groups 市场体系中固有的经济掣肘 economic restrictions inherent in the market system 生产指令 production directives 社会福利最优 social welfare optimum 主观价值判断 subjective value judgment 政府特许垄断 government-granted monopoly 贸易禁运 trade embargo 经济制裁 economic

4、sanctions 经济封锁 economic blockade 宏观经济变量 macroeconomic variables 总需求 aggregate demand 财政补贴政策 policy of fiscal subsidies 政府参股 government equity participation 税收减免 tax breaks 农业补贴制度 farm subsidy regime 主权债务违约 sovereign default 紧急流动性援助 emergency liquidity facility 法定存款准备金率 ratio of reserve requirement/R

5、equired deposit reserve ratio 量化宽松的货币政策 Quantitative easing 远期债券 longer-dated securities 需求拉动型通胀 demand-pull inflation 经常项目顺差 current-account surplus 纾困基金 bail-out fund 扶贫资金 poverty-relief fund 信贷紧缩/危机 credit crunch . Explain the following terms1. A sovereign wealth fund (SWF)（ 主权财富基金）is a state-own

6、ed investment fund investing in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund （私人股权投资）or hedge funds（对冲基金）. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or fr

7、om foreign-exchange reserves held by the central bank.Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth

8、funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management. 主权财富，相对应于私人财富，是通过特定税收与预算分配、国际收支盈余和自然资源收入等方式积累形成的，由政府控制与支配的，通常以外币形式持有的公共财富。传统主权财富管理方式非常被动保守，对本国与国际金融市场影响也非常有限。而近年来主得利于国际油价飙升和国

9、际贸易扩张而急剧增长，对其的管理遂成为一个日趋重要的议题。主权财富基金在此背景下应运而生。不同于传统的政府养老基金与那些简单持有储备资产以维护本币稳定的政府机构，主权财富基金是一种全新的专业化、市场化的积极投资机构。近年来，主权财富基金数量快速增长，设立主权财富基金的国家，包括一些发达国家和资源丰富国家，也包括一些新兴市场国家和资源贫乏国家。主权财富基金资产规模急剧膨胀，至2006年底，全球主权财富基金管理的资产累计已达到约1.5万亿至2.5万亿美元。同时，其资产分布不再集中于G8定息债券类工具，而是着眼于包括股票和其他风险性资产在内的全球性多元化资产组合，甚至扩展到了外国房地产、私人股权投资

10、、商品期货、对冲基金等非传统类投资类别。主权财富基金已成为国际金融市场一个日益活跃且重要的参与者， 市场影响力也不断增强。2. Market failure: Market failure is the condition where the allocation of goods and services by a free market is not efficient. Market failure can be viewed as a scenario in which individuals pursuit of self-interest leads to bad results

11、for society as a whole.巿场失灵是指巿场无法有效率地分配商品和劳务的情况。对经济学家而言，这个词汇通常用于无效率状况特别重大时，或非巿场机构较有效率且创造财富的能力较私人选择为佳时。另一方面，巿场失灵也通常被用于描述巿场力量无法满足公共利益的状况。3. The reserve requirement (or cash reserve ratio) is a central bank regulation employed by most, but not all, of the world's central banks, that sets the minimu

12、m fraction of customer deposits that each commercial bank must hold as reserves (rather than lend out). These required reserves are normally in the form of cash stored physically in a bank vault or deposits made with a central bank. The required reserve ratio is sometimes used as a tool in monetary

13、policy, influencing the country's borrowing and interest rates by changing the amount of funds available for banks to make loans with. The People's Bank of China uses changes in reserve requirements as an inflation-fighting tool, and raised the reserve requirement ten times in 2007 and eleve

14、n times since the beginning of 2010. 法定存款准备金率是指一国中央银行规定的商业银行和存款金融机构必须缴存中央银行的法定准备金占其存款总额的比率。商业银行吸收存款后，必须按照法定的比率保留规定数额的准备金（法定准备金），其余部分才能用作放款。法定准备率是指以法律的形式规定的商业银行对于其吸纳的客户存款所必须保持的准备金的比例。在存款准备金制度下，金融机构不能将其吸收的存款全部用于发放贷款，必须保留一定的资金即存款准备金，以备客户提款的需要，因此存款准备金制度有利于保证金融机构对客户的正常支付。随着金融制度的发展，存款准备金逐步演变为重要的货币政策工具。当中央

15、银行降低存款准备金率时，金融机构可用于贷款的资金增加，社会的贷款总量和货币供应量也相应增加；反之，社会的贷款总量和货币供应量将相应减少。央行决定提高存款准备金率是对货币政策的宏观调控，旨在防止货币信贷过快增长。多年以来，我国经济快速增长，但经济运行中的突出矛盾也进一步凸显，投资增长过快的势头不减。而投资增长过快的主要原因之一就是货币信贷增长过快。提高存款准备金率可以相应地减缓货币信贷增长，保持国民经济持续快速协调健康发展。4. Asset bubble: An asset bubble is formed when the prices of asset, such as housing, s

16、tocks or gold, become over-inflated. Prices rise quickly over a short period of time, and are not supported by underlying demand for the product itself. It's a bubble when investors bid up the price beyond any real sustainable value. This price spikes often occur when investors all flock to a pa

17、rticular asset class, such as the stock market, real estate or commodities.在上面的报道中，asset bubble就是“资产泡沫”。资产泡沫是某种资产的市场价格水平相对于理论价格的非平稳性向上偏移过程，是由于不符合经济现实的买卖行为而导致的资产价格高估。Asset bubble（资产泡沫）常与bubble economy（泡沫经济）相关联。泡沫经济是指因投机交易极度活跃，金融证券、房地产等的市场价格脱离实际价值大幅上涨，造成表面繁荣的经济现象，简单来说就是价格脱离价值。常见的还有stock market bubble（

18、股市泡沫），the Internet bubble（网络泡沫）等。9. “中国奇迹”很大程度上以下事实相关：在过去的十年间，中国通过生产世界其他地区都愿意购买、价格低到无人能及的商品，实现了优质的增长，以此推动了中国的经济扩张。个中原因在于，中国劳动力既便宜又高产，同时中国具有规模经济效应。即使是现在，尽管工资日趋上涨，中国依然具备规模经济的优势。 A big part of the Chinese miracle has to do with the fact that over this past decade Chinas economic expansion was driven by

19、 quality growth that came from making things that the rest of the world wanted to buy at a price that no other country could match. That was because Chinese labour was both cheap and productive and because China offered unique economies of scale. Even now, with rising inflation in wages, China still

20、 has the advantage of those economies of scale. . 41. After _ seemed an endless wait, it was her turn to enter the personnel managers office. A. that B. what C. there D. it 42. The three men tried many times to sneak across the border into the neighboring country, _ by the police each time. A. had b

21、een captured B. being always captured C. only to be captured D. unfortunately captured 43. Professor Johnson is said _ some significant advance in his research in the past year. A. having made B. making C. to have made D. to make 44. Fat cannot change into muscle _ muscle changes into fat. A. any mo

22、re than B. no less than C. no more than D. much more than 45. It is not so much the language _ the cultural background that makes the book difficult to understand. A. but B. nor C. as D. like 46. There ought to be less anxiety over the perceived risk of mountain climbing than _ in the public mind to

23、day. A. exists B. exist C. existing D. to exist 47. Ive never been to Lhasa, but thats the city_. A. Id most like to visit B. where I like to visit C. which I like to visit mostly D. Id like much to visit 48. He _ unwisely, but he was at least trying to do something helpful. A. may have acted B. mus

24、t have acted C. should act D. would act 49. If you have really been studying English for so long. Its about time you _ able to write letters in English. A. should be B. were C. must be D. are 50. Hes _ as a “bellyacher” hes always complaining about something. A. who is known B. whom is known C. what

25、 is known D. which is known 51. _ he always tries his best to complete it on time. A. However the task is hard B. However hard the task is C. Though hard the task is D. Though hard is the task 52. Much as _, I couldnt lend him the money because I simply didnt have that much spare cash. A. I would ha

26、ve liked to B. I would like to have C. 1 should have to like D.1 should have liked to 53 My cousin likes eating very much, but he isnt very _ about the food he eats. A. special B. peculiar C. particular D. specific 54. Your advice would be _ valuable to him, who is now at a loss as to what to do fir

27、st. A. exceedingly B. excessively C. extensively D. exclusively 55. More often than not, it is difficult to _ the exact meaning of a Chinese idiom in English. A. exchange B. transfer C. convey D. convert 56. She refused to _ the door key to the landlady until she got back her deposit. A. hand in B. hand out C. hand down D. hand over 57. The scientists have absolute freedom as to what research they think it best to_. A. engage B. devote C. seek D. pursue 58. The Olympic Games _ in 776 B.C. in Olympia, a small town in Greece. A. originated B. stemmed C. derived D. descende