段落翻译答案

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其道而行之，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 outflows 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无能履行其兑换现钞的职责而受激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。而获得黄金的央行其取消自己黄金进口的动机要弱得多。主要的动机在于与“贫瘠”的黄金相比，有利可图的国内资产有着更大的获利性。

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在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.它们（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。首先它失去了布雷顿森林制度大部分的弹性功能和国际失衡的调节功能机制。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们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. 国际货币基金的条例也提倡只对经常账户货币的可兑换性，理由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，避免私人资本流动而可能造成的决策者们所面临的外部制约或约束。

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. (1947至1971年间作为最为重大的改革机制而引入布雷顿森林制度的是特别提款权（SDRs）的产生以补充国际黄金储备以及在国际货币基金的储备净值。特别提款权有时也称为纸黄金，在国际货币基金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二十世纪七十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作为策略的调节机制。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、流通和信心相互联系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，黄金的作用大为贬损，黄金的官方定价得以取消。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，另外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。黄金终于不再充当国际货币体系的结账单位。自1974年起，国际货币基金组织一直以特别提款权而不是用美元来衡量所有的储备额和其它官方的交易量。

2. The European Monetary 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. 欧洲货币体系始于1979年3月，欧共体九个国家中的八个（大不列颠除外）加入了其汇率机制，作为该体系实现成员国内更大规模货币一体化的部分目标，包括其实现创造一个共同的货币以及共同体范围内的一个中央银行的最终目标。

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将需要更加密切的合作似乎是很有可能的。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：以美元为基础的美元集团，以日元为中心的日元集团和以欧洲地方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中央欧洲权威机构控制。第三步将建立一个欧洲央行体系来替代各国家央行并用一种欧洲货币替代各国的货币。

CHAPTER 4

1. The IMF was provided with a fund, composed of contributions of member countries in gold and their

own currencies. The original quotas planned were to total $8.8 billion. When joining the IMF, members were assigned \"quotas\" reflecting their relative economic power, and, as a sort of credit deposit, were obliged to pay a \"subscription\" of an amount commensurate to the quota. The subscription was to be paid 25% in gold or currency convertible into gold (effectively the dollar, which was the only currency then still directly gold convertible for central banks) and 75% in the member's own currency. 国际货币基金组织有一笔基金。基金来自各成员国的认缴款，有黄金也有各国的货币。原始配额高达88亿美元。加入国际货币基金时，各成员国摊派到“分配额”，它反映各国相应的经济实力。而且，作为一种信用押金，成员国必须交付相当于分配额的“认缴费”。该费用的25%用黄金或者用货币兑换成黄金支付（主要是美元，当时，美元是央行唯一能直接兑换成黄金的货币），还有75%用成员国自己的货币支付。

2. Quota subscriptions were to form the largest source of money at the IMF's disposal. The IMF set out to use this money to grant loans to member countries with financial difficulties. Each member was then entitled to withdraw 25% of its quota immediately in case of payment problems. If this sum was insufficient, each nation in the system was also able to request loans for foreign currency. 配额认缴费成为由国际货币基金组织支配的最大的货币来源。国际货币基金组织开始用此款给经济困难的成员国发放贷款。每个遇到国际支付困难的成员国有权立即取出其配额的25%。如果这笔款还不够的话，每个成员国还可以要求外币贷款。

3. Members were required to pay back debts within a period of 18 months to five years. In turn, the

IMF embarked on setting up rules and procedures to keep a country from going too deeply into debt, year after year. The Fund would exercise \"surveillance\" over other economies for the U.S. Treasury, in return for its loans to prop up national currencies. 成员国要求在18个月至5年不等的时间内还清债款。同时，国际货币基金组织着手制定规章和程序以防止某个国家年复一年深陷债务而无力偿还。该组织还将对美国财政部的其它经济状况实施“监督”以回报其支撑各国货币的贷款。

4. It was envisioned that these changes in exchange rates would be quite rare. Regrettably the notion of

fundamental disequilibrium, though key to the operation of the par value system, was never spelled out in any detail — an omission that would eventually come back to haunt the regime in later years. 可以想象，汇率的这些改变会是很少见的。遗憾的是，严重失衡状态的概念虽然对面值体系的运作来说至关重要，但从未解说得一清二楚——这一疏忽最终将在以后的岁月里回过来困扰该体系。

CHAPTER 5

1. From 1989 to present, World Bank policy has shifted greatly, largely in response to criticism from a plurality of groups. Environmental groups and NGOs are often now integrated into the lending practices of the bank in order to mitigate the negative results of the previous era that prompted such harsh criticism. Bank projects now explicitly embrace a \"green\" focus. 从1989年到现在，世界银行的政策由于接受了很多组织的批评意见二作了很大的转变。环境组织和非政府组织经常被列入世界银行的借贷实践以减缓先期导致如此尖锐批评的负面影响。现在，银行的项目明确地亲睐“绿色”主题。

2. The Bank’s mission is to aid developing countries and their inhabitants to achieve development and the reduction of poverty, including achievement of the MDGs, by helping countries develop an environment for investment, jobs and sustainable growth, thus promoting economic growth through investment and enabling the poor to share the fruits of economic growth. 通过帮助发展中国家形成一个投资、就业和持续发展的良好环境，世界银行的使命是帮助这些国家及其居民达到发展和减困的目标，包括新千年发展目标，因此可以通过投资和使穷国也能共享经济发展的成果来促进经济发展。

3. Though the Washington Consensus was conceived as a policy that would best promote development, it was criticized for ignoring issues such as equity, employment and how reforms, such as privatization, were carried out. Many now agree that the Washington Consensus placed too much emphasis on the growth of GDP and not enough on the sustainability of that growth; economically, socially, politically and environmentally, or on questioning whether or not this growth actually contributed to increased living standards. 尽管华盛顿协定被认作一个最能促进

发展的政策，但因其忽视解决诸如股票、就业以及如何改革，如私有化等问题而受到批评。现在很多人同意华盛顿协定过分地重视了国内生产总值的增长，而对持续增长没有给予足够的重视，如社会的，政治的，环境方面的，甚或对这种发展是否真能利于提高生活水平提出质疑。

CHAPTER 6

1. All OED reports are publicly disclosed (some evaluations of private sector operations are redacted to protect commercially confidential information). The reports are available on OED's website. Evaluation is carried out to facilitate learning from past successes and failures, and for reasons of accountability. 业务评估部 (OED)的所有报告都公布于众（一些对私营部门业务的评估报告被编辑修改以保护商业机密信息）。这些报告可以从业务评估部的网站获得。开展评估的目的是有利于从过去的成功与失败中吸取经验与教训，同时也具有可说明性。

2. ADB's vision is a region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their citizens.亚（洲开发银）行的设想是一个摆脱贫困的区域。其使命在于帮助其发展中的成员国减少贫困并改善其民生的生活质量。 3. ADB raises funds through bond issues on the world's capital markets, while also utilizing its members' contributions and earnings from lending. These sources account for almost three quarters of its lending operations. 亚行利用其成员国的缴款和借款所得收益，同时通过向世界资本市场发行债券来筹集资金。这些资金来源几乎占了其信贷业务的四分之三。

4. Although by definition the bank is a lender to governments and government entities, it also provides direct assistance to private enterprises and has also participated as a liquidity enhancer and best practice enabler in the private sectors of regional member countries. 尽管根据定义亚行是一个面向各国政府以及政府实体的贷款机构，它也直接向私有企业提供援助，并且加入地区成员国的私营部门，充当着一个流动资金增强者和最佳方案促成者的角色。

5. Assistance expanded in the 1970s into education and health, and then to infrastructure and industry. The gradual emergence of Asian economies in the late 1970s spurred demand for better infrastructure to support economic growth. ADB focused on improving roads and providing electricity. 二十世纪七十年代亚行的援助扩大到了教育和卫生领域，随后又扩大到基础设施和工业。二十世纪七十年代亚洲经济的渐渐发展刺激了对更好基础设施的需求以支持经济的成长。亚行项目集中于道路改善和电力供应。

CHAPTER 7

1. Two other groups play roles in the functioning of the Federal Reserve System: depository

institutions, through which monetary policy operates, and advisory committees, which make recommendations to the Board of Governors and to the Reserve Banks regarding the System’s

responsibilities. 另二个组织在联邦储备体系的运行中起作用：一是储蓄机构，通过这些机构货币政策得以实施；二是咨询委员会，负责向联邦储备系统理事会及承担系统责任的储备银行提出建议。

2. 3. The Federal Reserve therefore performs an important role as an intermediary in clearing and

settling interbank payments. The Reserve Banks settle payment transactions efficiently by debiting the accounts of the depository institutions making payments and by crediting the accounts of depository institutions receiving payments. Moreover, as the U.S. central bank, the Federal Reserve is immune from liquidity problems — not having sufficient funds to complete payment transactions — and credit problems that could disrupt its clearing and settlement activities. 因此，联邦储备起着一个银行间支付款清算与结算的重要作用。储备银行高效地处理支付业务，将支付储蓄机构作为借记账户，而收款的储蓄机构作为贷记账户。而且，作为美国的中央银行，联邦储备豁免流通问题——没有足够的资金完成支付业务——和破坏其清算和结算行为的借贷问题。

CHAPTER 8

1. The conditions to be fulfilled before entering the EU are the Copenhagen criteria. These require the prospective members (i) to have stable institutions guaranteeing democracy, the rule of law, human rights and the respect for and protection of minorities, and (ii) to have a functioning market economy as well as the capacity to cope with competitive pressure, in order to be able to take on the obligations of membership, including the aims of political, economic and monetary union. 在加入欧盟前须具备的条件即哥本哈根（入盟）标准。标准要求各预期入盟的国家（1）设立稳定的机构确保民主、法律、人权以及尊重保护少数人民，以及（2）设立发挥功能的市场经济，同时具备应付竞争压力的能力，以便能够承担成员国的义务，包括实现政治的、经济的以及货币联盟的目标。

3. Countries wishing to adopt the euro as their currency must achieve a high degree of “sustainable convergence”. The degree of convergence is assessed on the basis of several criteria in the Maastricht Treaty, which require a country to have: ● a high degree of price stability ● sound public finances ● a stable exchange rate

● low and stable long-term interest rates.

希望将欧元用作其货币的国家必须达到高度的“可持续融合”。融合度的评估基于马斯特里赫特条约的几项标准。标准要求一个国家具备下列条件： ● 高度物价稳定； ● 财政运行良好；

● 汇率稳定；

● 低而稳定的长期利率。

4. Sweden as well as nine of the 12 countries that have joined since 2004 count as members with a “derogation” since they have not yet met all the requirements to adopt the euro. Having a derogation means that a Member State is exempt from some, but not all, of the provisions which normally apply from the beginning of Stage Three of EMU. It includes all provisions which transfer responsibility for monetary policy to the Governing Council of the ECB. 自2004年来加入欧元的12个成员国中的9个国家以及瑞典作为 “部分豁免”的成员国，这些国家没有符合采用欧元的全部要求。享有部分豁免是指某成员国可豁免某些，但不是全部正常申请开始进入欧洲货币联盟第三进程的规定。它包括将货币政策的职责转换为欧洲央行管理委员会的全部规定。

5. Efficient external communication is an essential part of a central bank’s job. Communication

contributes to the effectiveness and credibility of monetary policy. In order to increase the public’s understanding of monetary policy and other central bank activities, the ECB must be open and transparent. This is the main guiding principle for the Eurosystem in its external communication, which involves close cooperation between the ECB and the NCBs. 有效的对外交流是央行工作的基本内容。交流有助于提高货币政策的有效性和可信度。为了提升公众对货币政策和央行其他活动的理解，欧洲央行必须公开透明。这是欧元系统在其对外交流中主要的指导原则，这种交流包括欧洲央行和各国央行之间紧密的合作。

Defects of Euro:

1) The cost of transition of 17 countries’ currencies over to a single currency could in itself be

considered as a big disadvantage. Billions were spent not only in producing the new currency, but in changing over new accounting systems, software, printed materials and every other type of machine that accepts currency. In addition, there were hours of training necessary for employees, managers

and even consumers. This enormous task requires many hour of organization, planning and implementation.

2) The chance of political shock is the fundamental defect of a single currency. The lack of a single

voice to speak for all euro countries could cause problems and tensions among participants. There will always be a potential risk that a member country could collapse financially and adversely affect

the entire system.