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1、Chapter 1The Global Economic Crisis世界经济危机世界经济危机Whatistheglobaleconomiccrisis?Whatcausedthecrisis?Howcanwedealwiththecrisis?New words1todeterioratevi.恶化(deterioratingeconomiccondition不断恶化的经济形势=worseningeconomicsituation)2prolongeda.长期的(long-lasting)3appreciationn.评估(withoutadequateappriciationoftheri
2、sk,缺少对风险的正确评估,动词为appreciate)4duea.应有的(duediligence应有的谨慎)5underwritingstandards承保标准New words6unsounda.不健全的(unsoundmanagementpractices不健全的管理做法/行为)7opaquea.不透明的(nottransparentorlackingtransparency)8leveragen.此课文中作“影响”讲(excessiveleverage过度的影响)9vulnerabilityn.脆弱性10toaddressvt.应对;专心致力于New words11ramificat
3、ionn.后果(一般用复数,如:theramificationsofaproblem)12underlyinga.根本的;主要的(underlyingfactors主要因素)13unsustainablea.不能持续的,支撑不住的14swineflu猪流感(与H1N1flu意同)15pandemicn.大流传;广泛传染(指传染病)New words16virusn.病毒17tocombatvt.跟作斗争18flagginga.逐渐衰退的,逐步萎缩的(shrinking)19unfreezevt.使解冻20criticala.重要的Economic Terms1recession衰退(aphas
4、eofthebusinesscyclethatshowsaslowdownorcontractionofeconomy)2housingstart房屋建造的开工率(美国的一种经济指标)3foreigndirectinvestment(FDI)外国直接投资(investmentmadebyforeignindividualsorcompaniesinproductiveenterprisesinthedomesticeconomy)4creditcrunch信贷危机(有时与creditfreeze互换使用)5budgetdeficit预算赤字(excessofgovernmentexpendit
5、ureovergovernmentincome,whichmustbefinancedbyeitherborrowingorprintingmoney).Economic Terms6capitalflows资本流动(movementofcapital)7highyield高收益;高回报(highincomefromaninvestment)8macroeconomicpolicy宏观经济政策(economicpolicywhichaffectstheperformanceoftheeconomyasawhole.Theytypicallyincludemonetarypolicy,fisca
6、lpolicy.)9liquidity流动性(availabilityofliquidassets,enablingapersonororganizationtopaydebtswhentheyfalldueandalsotomoveintonewinvestmentopportunities)10tradeprotectionism贸易保护主义(policyofusingtariffs,importquotasandotherrestrictionstoprotectdomesticindustriesfromforeigncompetition)Useful Phrases and Idi
7、omatic Expressions 1 manyacountrymanycountries(manya许多,a后接名词单数)2 buildingup正在逐步增大/扩大(theriskbuildingup正在扩大的风险)3 tokeeppacewith.与齐步前进(tokeeppacewithfinancialinnovation跟上金融革新的步伐)4 totakeintoaccount考虑(=consider)Useful Phrases and Idiomatic Expressions 5 amongothers文中当“除其它因素外”(=apartfromotherfactors)6 (
8、to)contributeto.导致;引起(tobelievesth.tobetheresultofsth.else)7 (be)conduciveto.有益于;有助于(beconducivetofiscalstability有助于财政稳定)NotesIMFInternationalMonetaryFund国际货币基金组织国际货币基金组织于1945年12月27日成立,与世界银行并列为世界两大金融机构之一,其职责是监察货币汇率和各国贸易情况、提供技术和资金协助,确保全球金融制度运作正常;其总部设在华盛顿。NotesWorldBank世界银行World Bank(世界银行) 是世界银行集团(Wor
9、ld Bank Group)的俗称,“世界银行”这个名称一直是用于指国际复兴开发银行(IBRD)和国际开发协会(IDA)。这些机构联合向发展中国家提供低息贷款、无息信贷和赠款。 它是一个国际组织,其一开始的使命是帮助在第二次世界大战中被破坏的国家的重建。今天它的任务是资助国家克服穷困,各机构在减轻贫困和提高生活水平的使命中发挥独特的作用。DefinitionItreferstoworldwideeconomicslowdownorrecession.Someeconomistsalsoregardglobaleconomiccrisisasdeterioratingeconomiccondit
10、ionsonaworldwidescale.Manypeoplebelievethecurrentglobalslowdown,toalargeextent,wasofAmericanmaking,whichbeganfirstinAmericaintheformoffinancialcrisisinSeptember2008thenquicklyspreadtothefourcornersoftheworld.IllustrationsHousingindustryFDICreditcrunchConsumerspendingStockmarketUnemploymentrateBudget
11、deficitsNumberofinternationaltouristsRichpopulationGDPgrowthCausesNoadequateappreciationoftherisks,failedtoNoadequateappreciationoftherisks,failedtoexerciseproperduediligence;weakexerciseproperduediligence;weakunderwritingstandards,unsoundmanagementunderwritingstandards,unsoundmanagementpractices,in
12、creasinglycomplexandopaquepractices,increasinglycomplexandopaquefinancialproducts;excessiveleveragefinancialproducts;excessiveleverage vulnerabilitiesinthesystemvulnerabilitiesinthesystemNoadequateappreciationandaddressoftheNoadequateappreciationandaddressoftherisksbypolicyrisksbypolicy makers,regul
13、atorsandmakers,regulatorsandsupervisorsinsomeadvancedcountriessupervisorsinsomeadvancedcountries nonoproperactionsproperactionsinconsistentandinsufficientlycoordinatedinconsistentandinsufficientlycoordinatedmacroeconomicpolicies,inadequatestructuralmacroeconomicpolicies,inadequatestructuralreforms;u
14、nsustainableglobalmacroeconomicreforms;unsustainableglobalmacroeconomicoutcomesoutcomes excesses;severemarketdisruptionexcesses;severemarketdisruptionNegativeimpactsofNegativeimpactsofswinefluswinefluorpandemicoforpandemicofH1N1VirusH1N1Virusonaglobal.scaleonaglobal.scaleWays of Combating the Crisis
15、1 1 ProvidingliquidityincludinghelpingProvidingliquidityincludinghelpingemerginganddevelopingeconomiesgainaccessemerginganddevelopingeconomiesgainaccesstofinanceincurrentdifficultfinancialtofinanceincurrentdifficultfinancialconditionssoastounfreezecreditconditionssoastounfreezecreditmarketsmarkets2
16、2 StrengtheningthecapitaloffinancialStrengtheningthecapitaloffinancialinstitutionsinstitutions3 3 ProtectingsavingsanddepositsofthepeopleProtectingsavingsanddepositsofthepeopleandandenterprisesenterprises4 4 AddressingAddressingregulatorydeficienciesbyregulatorydeficienciesbyenhancingsoundregulation
17、enhancingsoundregulation5 5 EnsuringthatinternationalfinancialEnsuringthatinternationalfinancialinstitutions(IFIS)canprovidecriticalsupportinstitutions(IFIS)canprovidecriticalsupportfortheglobaleconomyfortheglobaleconomy6 6 ReforminginternationalfinancialReforminginternationalfinancialinstitutionsby
18、enablingthepoorestcountriestoinstitutionsbyenablingthepoorestcountriestohaveagreatervoiceandrepresentationhaveagreatervoiceandrepresentation7 7 UsingbothfiscalandmonetarymeasurestoUsingbothfiscalandmonetarymeasurestostimulatedomesticdemandwhilemaintainingastimulatedomesticdemandwhilemaintainingapoli
19、cyframeworkconducivetofiscalpolicyframeworkconducivetofiscalstabilitystability8 8 EnsuringthattheIMF1andWorldBank2EnsuringthattheIMF1andWorldBank2andotherinfluentialfinancialinstitutionshaveandotherinfluentialfinancialinstitutionshavesufficientresourcestocontinueplayingtheirsufficientresourcestocont
20、inueplayingtheirroleinovercomingthecurrentworldeconomicroleinovercomingthecurrentworldeconomiccrisiscrisis9 9 ReinforcingReinforcinginternationalcooperationintheinternationalcooperationinthefieldofworldeconomicdevelopmentfieldofworldeconomicdevelopment1010 SteppingupfinancialsupervisionandSteppingup
21、financialsupervisionandregulationregulation1111 FightingallsortsoftradeprotectionismFightingallsortsoftradeprotectionismDuetosubstantialslowdownintheworldsmajoreconomies,theglobaloutlookfor2009hasweakened,fullofuncertainties,inspiteofsomegoodsignsofslightrecoveryandslowingeconomiccontractionintheU.S.andsomeotheradvancedcountriessincethestartofthesecondhalfof2009.ThisistheendofChapter1