獨家權(quán)威震撼發(fā)布張中寧主編《西方報刊經(jīng)貿(mào)文章選讀》課后作業(yè)答案Lesson

1、KEY TO EXERCISESSection A: Text ComprehensionI. Reference Answers to Pre-reading Questions:1. The risks to the global financial system have moderated from the extreme levels identified in the April 2009 Global Financial Stability Report (GFSR). However, overall financial conditions remain tight. Sev

2、ere recession risks have eased in response to concerted fiscal and monetary policy stimulus measures. Paras 1-32. Because on both sides of the Atlantic, it is proving difficult to effectively implement measures that fully address the problem of impaired assets on banks' balance sheets, leaving b

3、anks vulnerable to a further deterioration in the quality of these assets if the global downturn is deeper, and more prolonged, than projected. Para 43. Corporate bond markets have reopened，and are functioning more normally, but bank credit growth is still slowing. Para 54. Because emerging markets

4、are recovering, and emerging market assets have benefited from the recovery of commodity prices and improved growth prospects, especially in Asia. Emerging market equities have rebounded 30 to 60 percent since end-February, matching or outpacing mature market equities. Para 85. Because continued pol

5、icy efforts are needed to stave off the chance that some of the recent gains could yet be reversed. More work is needed to fix banks and markets. Paras 11-12Section B: Exercises I. Vocabulary BuildupChoose the best equivalent word or phrase from the four choices marked A, B, C and D for each underli

6、ned word or phrase in the following sentences. 1. C 2. B 3. D 4. D 5. C 6. B 7. B 8. D 9. C 10. A 11. C 12. C 13. B 14. B 15. BII. Translation PracticeTranslate the following paragraphs into Chinese.然而，總體金融狀況依然不容樂觀。在成熟經(jīng)濟體中，銀行對私人部門信貸的增長繼續(xù)放慢，未獲得政府部門支持的證券化市場依然處于失靈狀態(tài)，并且，資格較低的借款人幾乎無法從資本市場獲得融資。另外，為降低私人企業(yè)風(fēng)

7、險提供支持的政府部門干預(yù)已導(dǎo)致政府部門風(fēng)險相應(yīng)增加，并逐漸加重了財政負(fù)擔(dān)。Para.2鑒于對金融系統(tǒng)穩(wěn)定造成的威脅在加劇，信貸緊縮在惡化，2009年4月全球金融穩(wěn)定報告指出了迫在眉睫的政策挑戰(zhàn)，強調(diào)采取一系列金融政策緩解下行風(fēng)險。自此，政府實施的空前政策行為降低了金融行業(yè)發(fā)生重大倒閉的可能性，這是朝著人們對恢復(fù)金融市場信心邁出的重要一步。Para.10在目前擺脫危機的關(guān)鍵階段，政策制定者需維持迄今取得的進展。鑒于危機本身和為控制危機所采取的措施的空前規(guī)模，需要相應(yīng)的政策回應(yīng)。在整個過程中，時機和形式將是關(guān)鍵。盡可能依賴市場機制將能確保價格平穩(wěn)、金融體制健全和國家財政穩(wěn)定，這與當(dāng)前的目標(biāo)是相一致

8、的。Para.16. Text ComprehensionAnswer the following questions according to the text.1. Unprecedented policy actions undertaken by central banks and governments worldwide have succeeded in stabilizing the financial condition of banks, reducing funding pressures and counterparty risk concerns, and suppo

9、rting aggregate demand. These interventions have reduced the tail risk of another systemic failure similar to the collapse of Lehman Brothers. Bank debt and interbank markets have resumed functioning, albeit with massive public sector support. Concerns regarding liquidity and counterparty risks in t

10、he banking sector have declined. Para 12. Because overall financial conditions remain tight. Growth in bank credit to the private sector continues to slow in mature economies, securitization markets outside those supported by the public sector remain impaired, and lower-quality borrowers have little

11、 access to capital market funding. Furthermore, the public sector interventions that have underpinned the reduction in private sector risks have resulted in a concomitant increase in public sector risks and a mounting burden on fiscal sustainability. Para 23. The evidences given by the report are th

12、e narrower spreads and lower projected default rates, and the recovery of commodity prices and the resumption of portfolio inflows and rising asset prices. Para 34. April 2009 GFSR highlighted three main areas of risk: (i) that weaknesses in advanced-economy banking sectors could act as a greater dr

13、ag on credit growth and economic recovery; (ii) that emerging markets remain vulnerable to a slowing or cessation of capital inflows; and (iii) that yields on sovereign debt may rise significantly and private borrowers may be crowded out if the burden on public sector balance sheets is not managed i

14、n a credible way. Para 4.5. The better-than-expected earnings results, a successful stress-testing exercise, the commitment by the U.S. government to stand behind the 19 largest banks, and a series of bank capital-raisings. Para 56. The evidence is that overall bank credit growth continues to dimini

15、sh, as deleveraging pressures persist. Para 77. This reflects in part improved recovery prospects and reduced risks of deflation. Para 98. Since then, the unprecedented policy actions have been taken and, as a result, have reduced the likelihood of major failures, an important step toward restoring

16、confidence. Para 109. Concerning banks, the needed work is in some cases to implement measures already taken, and, in others, to adopt new measures. Concerning market, the needed work is to find ways to reopen the securitization market by placing it on a sounder footing. Para 1210. Stress tests, which, if accompanied by credible measures to address any shortfalls in capital, can be an effective tool in rebuilding bank balance sheet strength. The U.S. experience and recent E