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1、Offical settlements balance measures the sum of the current account balance plus the (nonofficial)fiancial account balance关键词：balance余额，current account balance经常账户余额，private financial account私人金融帐户官方翻译：官方结算差额等于经常账户余额和私人金融账户余额之和。通俗翻译：B=CA+FAOvershooting the actual exchang rate then moves slowly back
2、to that long-run rate later on.that is ,in the actual exchange rate overshoots its long-run value and then reverts back toward it关键词：monetary policy货币政策官方翻译：快速大的反应，目前的汇率作为货币政策的变化等消息是所谓的过度。通俗翻译：政府给个小政策，汇率市场对这个政策的反映过度Sterilized intervention if the authority does take action to prevent the domestic mon
3、ey supply from changing, then the authority is relying only on intervention to defend the fixed rate.关键词：sterilized杀菌 使无用，intervention干预，authority官方，take action采取行动，domestic国内的，fixed rate固定汇率官方翻译：官方采取的行动，以防止改变国内货币供应量，官方的干预是为了捍卫固定汇率。通俗翻译：冲销式干预就是指中央银行在干预外汇市场时不采取其他金融政策与之配合,即不改变因外汇干预而造成的货币供应量的变Covered i
4、nterest arbitrage is buying a countrys currency spot and selling that countrys currency forward ,to make a net profit from the combination of the difference in interest rates between countrys and the forward premium on that countrys currency关键词：interest利息，arbitrage套利，forward premium远期升水官方翻译：抵补套利是购买一
5、国的现货和销售该国的货币远期，使国家与远期溢价之间的利率差异从中赚取利润。通俗翻译：如果你预期一国利率升水，那就赶紧去买它国的现货然后卖远期，从中赚取利润。Assignment rule assign to fiscal policy the task of stabilizing the domestic economy only ,and assign to monetary policy the task of stabilizing the balance of payments only 关键词：assignment指派，fiscal policy财政政策，stabilizing稳定
6、，domestic国内的，monetary policy货币政策官方翻译：只分配给财政政策稳定国内经济的任务，并分配给货币政策的稳定的支付平衡的任务。通俗翻译：国内经济稳定是财政政策的事儿，收支平衡是货币政策的事儿，各管各的。 The impossibility for a country to maintain a fixed exchange rate ,to permit free capital flows,and to have a monetary policy directed toward domestic objectives is often called the inco
7、nsistent trinity or trilemma.关键词：inconsistent不协调，trinity三个，trilemma三重体官方翻译：国家不可能保持固定汇率，允许资本自由流动和国内独立的货币政策走向。通俗翻译：固定汇率，资本自由流动，独立的货币政策它三个不能同时在一起。J CURVE the value of the countrys current account at first deteriorates ,but then begins to improve .after a moderate time period ,perhaps about 18 mouths ,t
8、he value of the current account returns to where it sharted,and thereafter it moves above its initial value关键词：current account balance经常账户余额，deteriorates恶化，tracing描绘，pattern图形。官方翻译：该国的经常账户收支状况不能立即恶化，往往在一段时间后，描绘出图形类似于J。通俗翻译：一国货币贬值或升值时，该国贸易收支及经常帐户收支状况一般并不能立即改善或恶化，往往要经过一段时间。由于这种经常帐户收支变动的轨迹成英文字母J的形状，所以被
9、称为J曲线。Dirty float an exchange rate that is generally floating (or flexible) but with the government willing to intervene to attempt to influence the marker rate 关键词：policy政策，approach方针态度，exchange rate汇率，intervene干涉，market rate市场汇率官方翻译：这种政策方针-汇率通常浮动但是这种浮动是由政府意愿干预的为了影响市场汇率-叫做肮脏浮动。通俗翻译：谁跟我作对我就调整我的汇率整你
10、丫 的。Chapter 2Payments among Nations A country is better off running a current account surplus rather than a current account deficit.Do you agree ordisagree? Explain.翻译：“经常账户盈余比经常账户赤字能让一个国家运行的更好。”你同不同意？解释。2. Disagree, at least as a general statement. One meaning of a current account surplus is that t
11、he country is exporting more goods and services than it is importing. One might easily judge that this is not goodthe country is producing goods and services that are exported, but the country is not at the same time getting the imports of goods and services that would allow it do more consumption a
12、nd domestic investment. In this way a current account deficit might be considered goodthe extra imports allow the country to consume and invest domestically more than the value of its current production. Another meaning of a current account surplus is that the country is engaging in foreign financia
13、l investmentit is building up its claims on foreigners, and this adds to national wealth. This sounds good, but as noted above it comes at the cost of foregoing current domestic purchases of goods and services. A current account deficit is the country running down its claims on foreigners or increas
14、ing its indebtedness to foreigners. This sounds bad, but it comes with the benefit of higher levels of current domestic expenditure. Different countries at different times may weigh the balance of these costs and benefits differently, so that we cannot simply say that a current account surplus is be
15、tter than a current account deficit.3.翻译：不同意，大致陈述如下。经常账户盈余一个含义是与进口相比出口了更多的商品和服务。很容易就可以评定这是不好的-一个国家产出商品和服务用于出口，但是并没有及时的进口商品和服务从而消耗了更多的国内资源和国内投资。在这样的情况经常账户赤字可能被认为是好的-额外的进口允许该国国内消费和投资比当前的产出更有价值。经常账户盈余的另一个含义是该国从事外国金融投资-是建立了外国人的需求以此增加了国家财富。这听起来很好，但正如上面提到的目前国内采购的商品和服务的成本。经常账户赤字是国家运行下滑从而增加了对外国人的债务。这听起来很糟糕，
16、但它有利于目前国内较高的开支水平。在不同的时期不同的国家都在权衡成本和收益的平衡，因此我们不能简单的说经常账户盈余比经常账户赤字要好。 Chapter5一，Short-run pressures on market exchange rates result mainly from gradual changes in flows of international trade in goods and services. Do you agree or disagree? Why?翻译：“导致市场汇率短期压力主要来自货物和服务的国际贸易流动的逐渐变化。”你同不同意？为什么？ 5. disagr
17、ee. First exchang rates can be quite variable in the short run.this much variability does not seem to be consistent with the gradual changes in supply and demand for foreign currency that would occur as trade flows changed gradually.second the volume of trading in the foreign exchange market is much
18、 larger than the volume of international trade in goods and services .only a small part of total activity in foreign exchange markets is related to payments for exports and imports .most is related to international financial flows.international financial positioning and repositioning are likely to b
19、e quite changeable over short periods of time ,explaining the variability of exchange rates in the short run 翻译：不同意。首先，汇率可以在短期内变化相当频繁。这么多变化似乎并没有与供应量的逐步变化相一致并且对外币的需求将逐步改变贸易流向的发生。第二，在外汇市场上的交易量远远高于国际贸易间商品和服务的交易。只有一小部分外汇市场汇率浮动与出口和进口付款相关。大多数是与国际资金流动相关。国际金融定位和重新定位在很短时间内就发生相当大的变化，以此来解释汇率在短期内的变化。Chapter 9 I
20、nternal and External Balance with Fixed Exchange RatesA country with a fixed exchange rate has achievedexternal balance.Government spending then increases in an effort to reduceunemployment. What is the effect of this policy change on the countrysofficial settlements balance? If the central bank use
21、s unsterilized interventionto defend the fixed rate, will intervention tend to reduce the expansionaryeffect of the fiscal policy? 翻译：一个固定汇率制的国家已经取得了外部平衡。政府增加支出努力减少失业。政策的变化对一国的官方结算差额有什么影响？是否中央银行使用非冲销式干预以捍卫固定汇率，将干预往往降低财政政策的扩张效应？2.The increase in government spending affects both the current account an
22、d the financial account of the countrys balance of payments. The increase in government spending increases aggregate demand, production, and income. The increase in income and spending increases the countrys imports, so the current account tends to deteriorate (to become a smaller positive value or
23、a larger negative value). The increase in production, income, and spending increases the demand for money. If the countrys central bank does not permit the money supply to expand, then interest rates increase. (Similarly, the increase in the government budget deficit requires the government to borro
24、w more to finance its deficit, increasing interest rates.) The increase in interest rates increases the inflows of financial capital into the country (and decreases outflows), so that the financial account improves.We are not sure about the effect of the policy change on the countrys official settle
25、ments balance. It depends on the sizes of the changes in the two accounts. If the financial account improvement is larger (as we often expect in the short run), then the official settlements balance goes into surplus. If the current account deterioration is larger (as we often expect in the long run
26、), then the official settlements balance goes into deficit.If the official settlements balance goes into surplus, then the central bank must defend the fixed exchange rate through intervention by buying foreign currency and selling domestic currency. As the central bank sells domestic currency, this
27、 expands the domestic money supply if the intervention is unsterilized. This reinforces the expansionary thrust of the increase in government spending.If the official settlements balance goes into deficit, then the central bank must defend the fixed exchange rate through intervention by selling fore
28、ign currency and buying domestic currency. As the central bank buys domestic currency, this contracts the domestic money supply if the intervention is unsterilized. This tends to reduce the expansionary thrust of the increase in government spending.翻译：政府支出的增加即影响经常账户也影响该国的国际收支金融账户。增加政府支出，增加总需求，生产和收入。
29、收入和支出的增加而增加国家的进口，因此经常账户趋于恶化（成为较小的正值或较大的负面价值）。生产，收入和支出的增加而增加的货币需求。如果国家的中央银行不允许货币供应量的扩大，那么利率上升。（同样，政府预算赤字的增加，需要政府贷款，增加财政赤字，提高利率。）利率的增加而增加进入该国的金融资本的流入（并降低外流），使金融账户提高。我们不确保有关政策的变化对国家的官方结算差额的影响。它取决于这两个账户变化的大小。如果金融账户改善较大（如我们常常期望在短期内），然后官方结算差额转为顺差。如果经常账户的恶化是较大的（我们经常希望从长远来看），然后官方结算差额进入赤字。如果官方结算转为顺差，央行必须通过干预
30、以捍卫购买外国货币和卖出本国货币的固定汇率。由于央行出售本国货币，这扩大了国内货币供应量，如果是未冲销式干预。这强化了政府支出的增加的扩张性的推力。如果官方结算差额赤字，那么央行必须通过干预捍卫由出售外币和购买本国货币的固定汇率。由于央行购买本国货币，如果是未冲销式干预，这会减少国内货币供应量。这往往以减少政府支出的增加的扩张性的推力。Chapter 11National and Global Choices: Floating Rates and the Alternatives，If most countries adhered to a system of fixedexchange r
31、ates, global inflation would be lower. Do you agree or disagree? Why?翻译：“如果大多数国家坚持固定汇率制度，全球性的通货膨胀将会降低。”你同不同意？为什么？2.Probably agree, but with a caution. It is usually argued that the average rate of global inflation would tend to be lower if most countries adhered to a system of fixed exchange rates.
32、Countries that succeed in maintaining fixed exchange rates among their currencies must have similar inflation rates in the long run. This tends to discipline countries that otherwise would drift or surge toward higher inflation rates. Furthermore, there is more pressure on countries with payments de
33、ficits to adjust than there is on surplus countries. In defending the fixed exchange rates, countries with payments deficits must intervene to buy their own currency. This tends to contract their money supplies and reduce their inflation rates. Thus, overall, the world tends toward less money growth
34、 and a lower average rate of world inflation. There is one caution, however. If the system has a lead country, then the inflation rate that forms the standard for the system is this countrys inflation rate. Some countries that otherwise would prefer to have an even lower inflation rate will find tha
35、t their inflation rate is drifting up toward the rate in the lead country.翻译：可能会同意，但应谨慎。它通常认为，全球性的平均通货膨胀率会低一些，如果大多数国家坚持固定汇率制度。成功保持本国货币固定汇率的国家，必须有类似的通货膨胀率，从长远来看。这仅指有制度的国家，否则将漂移或向更高的通货膨胀率激增。此外，比顺差国家还有更多的国家存在收支逆差的压力来调整。在捍卫固定汇率，收支逆差的国家必须进行干预，以购买自己的货币。这倾向合同的货币供给和降低通货膨胀率。因此，总体而言，世界趋于更少的货币增长和世界通货膨胀的平均增长率较低
36、。这是一个警告，但是。如果系统有一个牵头国，那么形成了系统的标准是这个国家的通货膨胀率。除此之外有些国家希望有一个更低的通胀率将被发现，他们的通胀率是漂流朝向处于领先地位的国家。If a countrys government decides to have aflexible exchange rate, then it should have a clean float. Do you agreeor disagree? Why?翻译：“如果一个国家的政府决定有一个灵活的汇率，那么它应该有一个清洁浮动。”你同不同意？为什么？4.Agree or disagree. If you say a
37、gree, then you will emphasize points like the following. With a clean floating exchange rate, the rate is set by private competitive supply and demand in the market. This rate is a market price that represents all information about currency values that is available at that time. Governments have no
38、special information, so that they cannot improve on the clean float. Intervention by the government in the exchange market often seems to have little effect on exchange rate values. When it does have an impact, it distorts the exchange rate, usually for political purposes, especially to respond to t
39、he desires of powerful special interests. If you disagree, then you will emphasize points like the following. Cleanly floating exchange rates are excessively variable, perhaps because private supply and demand are sometimes driven not by rational examination of information on the economic fundamenta
40、ls, but rather by bandwagons and similar speculative behavior, or simply because exchange rates tend to overshoot their long-run values. Thus, a managed float permits a country to obtain many of the benefits of a floating exchange rate, including some policy independence and the ability to use excha
41、nge rate changes in the process of adjustment to external imbalances, while using intervention to limit wide swings and excessive variability in exchange rate values.翻译：同意或不同意。如果你说同意，那么你会强调像以下几点。用清洁浮动汇率，利率是建立在私人竞争力的供应和市场需求上的。这个比率是一个代表所有有关货币价值的信息，是当时的市场价格。政府有没有特殊的信息，使他们不能提高清洁浮动。政府在外汇市场的干预似乎对汇率值的影响不大。当它有很大的影响，它扭曲了汇率，通常用于政治目的，特别是应对强大的特殊利益的欲望。 如果您不同意，那么你会强调像以下几点。清洁浮动汇率过于变动，也许是因为私人供给和需求有时驱动而不是对经济基本面的信息进行合理审查，但而得势派和类似的投机行为，或者只是因为汇率趋向于超调其长期价值。因此，有管理的浮动汇率允许一个国家获得的浮动汇率，包括一些政策的独立性和汇率的变化，在调整外部失衡的过程中能够使用的许多好处，同时使用限制范围内的波动和过度干预在汇率值的变异
