合字成语-面善是什么意思
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
“barren” gold.
经历持续黄金
输出的央行为了避免不能履行其兑换现钞的职责而趋于减少其国内资产的拥
有量。这样国内的利率会提高
,资金会从国外流入。而获得黄金的央行取消自己黄金进口的
动机要弱得多。其主要动机在于与“贫瘠”
的黄金相比,有利可图的国内资产具有巨大的获利
性。
4. Given the
prices of currencies fixed in terms of gold, the
price levels within gold standard
countries
did not rise as much between 1870 and 1914 as over
the period after World war II, but
national
price levels moved unpredictably over shorter
horizons as periods of inflation and
deflation
followed each other.
因为是根据黄金储备而确定货币的价格,在金本位制国家
内部的价格水平在1870年到1914
年间并未像第二次世界大战后时期那样上涨。但是,全国的价格
水平在短时期内出现了像通
货膨胀和通货紧缩相互交替时期的不可预见的波动。
Chapter 2
1. They thought a devaluation
was a sign of national weakness and a revaluation
would reduce
the competitiveness of a country.
他们(这些发达国家)认为,货币贬值表示一个国家经济不景气(疲软),而货币升值则会
削弱
一个国家的竞争能力。
2. The unwillingness of industrial
nations to change their par values as a matter of
policy when in
fundamental
disequilibrium had two significant effects. First,
it robbed the Bretton Woods system
of most of
its flexibility and the mechanism for adjusting
balance of payments disequilibria.
Second, and
related to the first point, the reluctance of
industrial nations to change their par
value
when in fundamental disequilibrium gave rise to
huge destabilizing international capital
flows
by providing an excellent one-way gamble for
speculators.
在严重失衡状态下,发达国家不愿改变其货币面值作为一项政策有两个重大
影响。首先它使
布雷顿森林体系失去了大部分弹性功能和国际收支失衡的调节功能。其次,仍与第一点有
关,
这些发达国家在严重失衡时不情愿改变其货币的面值为投机商提供了极好的单向赌博的机
会
,因此,也就大大地提高了国际资本流通的不稳定性。
3. The IMF articles
also called for convertibility on current account
transaction only because the
designers of the
Bretton Woods system hoped to facilitate free
trade while avoiding the
possibility that
private capital flows might tighten the external
constraints faced by policymakers.
国际货币基金组织的条款
也提倡经常账户货币的可兑换性,仅因为是布雷顿森林体系的设计
者们希望为自由贸易提供方便,同时,
避免私人资本流动可能收紧政策制定者所面临的外部
约束。
4. The most
significant change introduced into the Bretton
Woods system during the 1947-1971
period was
the creation of Special Drawing Rights (SDRs) to
supplement the international
reserves of gold,
foreign exchange, and the reserve position in the
IMF. Sometimes called paper
gold, SDRs are
accounting entries in the books of the IMF.
19
47至1971年间作为最为重大的改革机制而引入布雷顿森林体系的是特权提取款,以补充
国际黄金储
备,外汇储备以及在国际货币基金组织的储备净值。特权提取款有时也称为纸黄
金,在国际货币基金组织
的的账户里作为会计分录。
5. Alternative policies were
adopted but resulted in very limited success. They
included the
increase of short-term interest
rates to discourage short-term capital outflows,
the decrease of
the long-term interest rates
to stimulate domestic production, interventions in
foreign exchange
markets, and a number of
direct controls over capital outflows.
尽管采取了多种
政策但收效极其有限。这些政策包括提高短期利率以阻止短期资金的外流,
降低长期利率以刺激国内生产
,干预外汇市场,以及一系列直接控制资金外流的措施。
6. In short, the
immediate cause of the collapse of the Bretton
Woods system was the huge
balance of deficits
of the United States in the early 1970s and the
inability of the U.S. to devalue
the dollar.
Thus, the Bretton Woods system lacked an adequate
adjustment mechanism that
nations would be
willing and able to use as a matter of policy.
Consequently the U.S. balance of
payments
deficit persisted and this undermined the
confidence in the dollar. Therefore, the
fundamental cause of the collapse of the
Bretton Woods system is to be found in the
interrelated
problems of adjustment,
liquidity, and confidence.
总之,布雷顿森林体系崩溃的直接原因在于
20世纪70年代初美国国际收支的巨大赤字及其
美国贬值美元的无能为力。因此,布雷顿森林体系缺乏
一种合适的各成员国都愿意并且能够
用做策略的调节机制。后来美国的国际收支赤字持续无变,这就破坏
了人们对美元的信心。
结果,在调节、流通和信心相互关联的种种难题中找到了布雷顿森林体系崩溃的根
本原因。
Chapter 3
1. At the same time,
there has been a movement away from a gold-based
international monetary
system. The role of
gold has diminished as a result of the Jamaica
Accords. The official price of
gold was
abolished. One-sixth of the gold paid into the IMF
in quotas was to be returned to
members, one-sixth to be auctioned by
the IMF to private buyers with the proceeds being
used
to benefit the developing countries. The
IMF was to retain the remaining two-thirds.
Finally, gold
was no longer to be the unit of
account of the system. Since 1974, the IMF has
measured all
reserves and other official
transactions in terms of SDRs instead of U.S.
dollars.
同时人们一直趋向脱离基于黄金的国际货币体系。随着《牙买加协定》的生效黄金
的作用大
为降低。黄金的官方定价被取消。按配额付给国际货币基金组织的黄金的六分之一返还给了各成员国,另一六分之一由国际货币基金组织拍卖给私人买家,拍卖所得款项用于帮助发展
中国家;
国际货币基金组织保留其余的三分之二。最终,黄金不再充当国际货币体系的记账
单位。自1974年起
,国际货币基金组织一直以特权提取款而不是美元来衡量所有的储备额
和其他官方的交易量。
2. The European Monetary Community System
(EMS) began in March 1979 with eight of the nine
members of the European Community (all but
Great Britain) participating in its Exchange Rate
Mechanism(ERM) as part of its aim toward
greater monetary integration among its members,
including the ultimate goal of creating a
common currency and a community-wide central bank.
自1979年3月始,欧共体九个国家中的八个(除了英国)加入了欧洲货币体系的汇率机制,
其目标之一是为该体系实现成员国内更大规模的货币一体化,包括其最终目标。
3. It
seems likely that with increasing financial and
economic interdependence, the evolving
international financial system will involve
even closer cooperation. One of the consequences
of
the more even sharing of economic power is
the potential emergence of three trading blocs of
currencies, a dollar bloc based on the
Americas, a yen bloc centered around Japanese
trade, and
a Euro bloc centered on the place
of European trade.
随着金融和经济的不断独立,发展中的国际金融体系很有可
能需要更加密切的合作。经济力
量更加均享的结果之一是三个货币贸易集团的悄然出现:以美国为基础的
美元集团,以日元
为中心的日元集团和以种欧洲本土贸易为核心的欧元集团。
4. In
June 1989, a committee headed by Jacque Delors,
the president of the European
Commission,
recommended a three-stage transition to the single
currency. The first stage
included widening
the membership of the ERM. The second stage
involved narrowing exchange
rate bands as well
as shifting control over some macroeconomic
policies from national control to
control by a
central European Authority. The third stage would
establish a European System of
Central Banks
to replace national central banks and replace
national currencies with a Single
European
currency.
1989年6月,以欧洲委员会主席雅阁·德勒斯为首的委员会推荐了一个过渡
到单一货币的
三步走方案。第一步包括扩大汇率机制成员国。第二步涉及缩小汇率的上下限,同时把对宏
观经济政策调控由国家控制改由一个欧洲中央权威机构控制。第三步将建立一个欧洲央行体
系来
替代各国央行并用一种欧洲货币替代各国的货币。
Chapter 4
1.
The IMF tracks global economic trends and
performance, alerts its member countries when it
sees problems on the horizon, provides a forum
for policy dialogue, and passes on know-how to
governments on how to tackle economic
difficulties.
国际货币基金组织追踪全球经济趋势与经济表现,当发现即将发生的问题
时对其成员国发出
警告,为政策对话提供论坛,并向政府提供应对经济困难的专业知识。
2.
Keynes' proposals would have established a world
reserve currency (which he thought might
be
called ”) administered by a central bank vested
with the possibility of creating money
and with the authority to take actions
on a much larger scale (understandable considering
deflationary problems in Britain at the time).
凯恩斯的提案应该是要确立一种世界储备货币(他觉得可以称之为“班科”),该货币由一个
可
以创造货币和有权在更大程度上(考虑到当时英国的通货紧缩,可以理解)采取行动的中
央银行管理。
3. Such market imperfections, together with
balance of payments financing, provide the
Justification for official financing, without
which many countries could only correct large
external
payment imbalances through measures
with adverse effects on both national and
international
economic prosperity.
如此的市场不完
全性,加上国际收支资金融通,提供了官方融资的正当性。如果没有这种机
制,很多国家会采取措施来纠
正对外支付失衡的巨额款项,而这些措施无论对国内还是对国
际的经济繁荣都会产生负面的影响。
4. The Board of Governors, the highest
decision-making body of the IMF, consists of one
governor
and one alternate governor for each
member country. The governor is appointed by the
member
country and is usually the minister of
finance or the governor of the central bank.
作
为IMF的最高决策机构,理事会由一名理事长和每个成员国的候补理事长组成。理事长
由成员国选出,
通常为财政部长或央行行长。
Chapter 5
1. When the
Marshall Plan went into effect in 1947, many
European countries bagan receiving aid
from
other sources. Faced with this competition, the
World Bank shifted its focus to
non-European
countries. Until 1968, its loans were earmarked
for the construction of
income-producing
infrastructure, such as seaports, highway systems,
and power plants that
would generate enough
income to enable a borrower country to repay the
loan.
当马歇尔计划于1947年实施的时候,许多欧洲国家开始接受其他来源的援助。面对这一
竞
争,世行将其重心转移至非欧洲国家。直到1968年,世行贷款专门用于产生效益的基础设
施的建设,如海港、公路系统和发电厂,这样资金借入国能够获得足够的收入偿还贷款。
2.
During the 1980s, the bank emphasized lending to
service Third-World debt, and structural
adjustment policies designed to streamline the
economics of developing nations. UNICEF
reported in the late 1980s that the structural
adjustment programs of the World Bank had been
responsible for “reduced health, nutritional
and educational levels for tens of millions of
children
in Asia, Latin American, and Africa.
20世纪80年代,世行着重满足第三世界贷款需要,以及致力于第三世界国家经济重组的结
构
调整政策。联合国儿童基金会在20世纪80年代后期报道说世界银行的结构调整项目对数
千万亚洲、拉
丁美洲和非洲儿童的健康、营养和教育层次的下降负有责任。
3. Ending poverty
and promoting shared prosperity are unequivocally
also about progress in
non-monetary dimensions
of welfare including education, health, nutrition,
and access to
essential infrastructure, as
well as about enhancing voice and participation of
all segments of
society in economic, social,
and political spheres.
消除贫困和促进共同繁荣也非常清晰地涉及非货币化
的福利方面的进步,包括教育、健康、
营养和获得必要的基础设施,同时也涵盖加强经济、社会、政治等
所有社会阶层的发言权和
参与机会。
4. Reaching the target,
which would effectively and extreme poverty
globally in less than a
generation, is an
ambitious endeavor. It will require sustaining
high rates of economic growth
across
the developing world, as well as translating
growth more effectively into poverty reduction
in each developing country.
在不到一代人的时间内在全球范
围有效消除极端贫困,要达到这样的目标是一项雄心勃勃的
努力,需要发展中国家持续的高经济增长率,
以及在每一个发展中国家将发展更有效地转化
为减贫。
Chapter 6
1. From 31 members at its establishment, ADB
now has 67 members --- of which 48 are from
within Asia and the Pacific and 19 outside.
ADB was modeled closely on the World Bank, and has
a similar weighted voting system where votes
are distributed in proportion with member’s
capital
subscriptions.
从创建时的31名成员,亚洲开发银行现有
67名成员国,其中48名来自亚洲和太平洋地区,
19名来自地区外。亚洲开发银行高度模仿世界银行
,有着相似的加权表决体系,票数根据
成员国资本的认缴款额比例分配。
2. ADB’s
assistance expanded in the 1970s into education
and health, and then to infrastructure
and
industry. The gradual emergence of Asian economies
in the later part of the decade spurred
demand
for better infrastructure to support economic
growth. ADB focused on improving roads
and
providing electricity.
20世纪70年代,亚行的援助项目扩展至教育和公
共卫生,以及后来的基础设施和工业领域。
70年代后半期亚洲经济开始增长,激发了对于更好的基础设
施的需求,用以支撑经济增长,
亚行集中于修建道路与供电。
3. In the wake
of the second oil crisis, ADB continued its
support to infrastructure development,
particularly energy projects. ADB also
increased its support to social infrastructure,
including
gender, microfinance, environmental,
education, urban planning, and health issues.
紧随第二次石油危机,亚行继续支持基础设施建设,特别是能源项目。亚行也增加了对于社
会基础设施项
目的支持,涉及性别、小额信贷、环境、教育、城市规划和健康问题。
4. For OCR,
members subscribe capital, including paid-in and
callable elements, a 50 percent
paid-in ratio
for the initial subscription, 5 percent for the
Third General Capital Increase (GCI) in
1983
and 2 percent for the Fourth General Capital
Increase in 1994.
就普通资本来源而言,成员国认购资本,包括已缴纳和可赎回资
本,50%为初始认购的已缴
纳比例,5%为1983年的第三次总增资,2%为1994年的第四次总
增资。
5. Self-evaluation is conducted by the
units responsible for designing and implementing
country
strategies, programs, projects, or
technical assistance activities. It comprises
several instruments,
including projectprogram
performance reports, midterm review reports,
technical assistance or
projectprogram
completion reports, and country portfolio reviews.
自我评估由负责设计和执行国家战略、规划、项目或者技术援助行为的部门实施,由若干手
段构
成,包括项目执行情况报告、中期检查报告、技术援助或项目完成报告以及国家组合评
估。
6. Operation evaluation has changed from the
beginnings of evaluation in ADB in 1978.
Initially,
the focus was on assessing after
completion the extent to which projects had
achieved their
exported economic and social
benefits. Operations evaluation now shapes
decision making
throughout the project cycle
and in ADB as a whole.
自1978年评估开始以来,亚行的运营评估已经
有所改变。初始时评估重点是在项目完成后
评估项目所达到的预期经济和社会效益的程度。现在,运营评
估贯穿整个项目周期,而且在
整体上影响着亚行的决策。
(1) Later
in the decade, ADB approved a policy supporting
collaboration with nongovernment
organizations
to address the basic needs of disadvantaged groups
in its developing member
countries.
80年代后期
,亚洲发展银行通过了一项新的政策,支持与非政府组织的合作以应对其发展
中成员国落后群体的要求。
(2) Behavioral autonomy, avoidance of
conflicts of interest, insulation from external
influence,
and organizational independence
have made evaluation a dedicated tool --- governed
by the
principles of usefulness, credibility,
transparency, and independence --- for greater
accountability
and making development
assistance work better. Independence Evaluation at
the Asian
Development Bank presents a
perspective of evaluation in ADB from the
beginnings and looks to
a fortune in which
knowledge management plays an increasingly
important role.
行为自主,避免利益冲突,杜绝外部影响,以及机构的独立使得评估
成为一个专用工具,在
实用、可信、透明和独立的原则指导下,取得更有效的问责机制,并使得发展援助
更好地发
挥作用。
Chapter 9
1. Renminbi
currency production is carried about by a state
owned corporation, China Banknote
Printing and
Minting (CBPMC) headquartered in Beijing. CBPMC
uses a network of printing and
engraving and
minting facilities around the country to produce
banknotes and coins for
subsequent
distribution. Banknote printing facilities are
based in Beijing, Shanghai, Chengdu,
Xi’an,
Shijiazhuang, and Nanchang. Mints are located in
Nanjing, Shanghai, and Shenyang. Also,
high
grade paper for the banknotes is produced at two
facilities in Baoding and Kunshan.
人民币由一家国营公司制
造——中国印钞造币总公司,总部设在北京。该公司通过全国的印
刷、制版和铸币的网络体系生产纸币和
硬币后分送各地。纸币印制机构设置在北京、上海、
成都、西安、石家庄和南昌;铸币机构分布在南京、
上海和沈阳。另有保定、昆山二家机构
负责生产用于印制纸币的高级纸张。
2. The
first series of Renminbi banknotes was introduced
by the People’s Bank of China in
December
1948, about a year before the Chinese Communist
Party’s victory in China’s War of
Liberation.
It was issued only in paper money form and
replaced the various currencies circulating
in
the areas controlled by the communists. One of the
first tasks of the new government was to
end
the hyperinflation that had plagued China in the
final years of the Kuomintang (KMT) era.
第一套人民
币纸币于1948年12月由中国人民银行发行,大约一年后中国共产党取得了解放
战争的胜利。当时仅
发行纸币取代了在共产党控制地区流通的各种货币。新政府的首要任务
之一是结束国民党统治后期全国的
恶性通货膨胀。
3. The name Renminbi was first
recorded as an official name in June 1949. After
work began in
1950 to design the second series
of the Renminbi, the previous series were
retroactively dubbed
the “first series of the
Renminbi”.
人民币作为官方称呼的首次记录是在1949年6月。1950年开始设计第
二套人民币后先前的
人民币被追溯定名为“第一套人民币”。
4. The second
series of Renminbi banknotes was introduced in
1955. During the era of the
command economy,
the value of the Renminbi was set to unrealistic
values in exchange with
western currency and
severe currency exchange rules were put in place.
With the opening of the
mainland Chinese
economy in 1978, a dual-track currency system was
instituted, with Renminbi
usable only
domestically, and with foreigners forced to use
foreign exchange certificates.
第二套人民币于1955年发行。
当时与西方货币的汇兑价格定得不切实际,而且制定了严格
的汇兑规定。1978年中国经济改革开放,
建立了双轨制的货币体系,人民币仅在国内使用,
外国人必须使用外汇兑换券。
5. The
daily trading price of the U.S. dollar against the
RMB in the inter-bank foreign exchange
market
would be allowed to float within a narrow band of
0.3% around the central parity
published by
the People’s Bank of China (PBC); in a later
announcement published on 18 May
2007, the
band was extended to 0.5%. The PRC has stated that
the basket is dominated by the
United States
dollar, euro, Japanese yen and South Korean won,
with a smaller proportion made
up of the
British pound, Thai baht, Russian ruble,
Australian dollar, Canadian dollar and Singapore
dollar.
美元对人民币银行间外汇市场每天的交易价格允许在中国人民银行公布的央行
平价0.3%的
窄幅浮动;后来,2007年5月17日发布的公告该浮动幅度增加到0.5%。中华人
民共和国规
定一揽子外币主要受控美国美元、欧元、日本日元、韩国韩元,而由英国英镑、泰国泰铢、<
br>俄罗斯卢布、澳大利亚澳元、加拿大加元以及新加坡元组成的一揽子占较小比例。