经济学人

经济学人
经济学人

You can find bubbliness in bits of American finance, including the corporate-bond market, and some nasty nasty ['nɑ?st?] off-balance-sheet liabilities like student loans and public-sector pensions, but America does not look like a source of imminent imminent ['?m?n?nt]

trouble.

Britain and Japan have changed less. Abenomics has improved Japan's prospects, but government debt is still close to 250% of GDP.

In Britain the combination of budget cuts and weak private investment has produced a recovery that is built on the same ingredients—particularly rising house prices—that caused the last bust.

Britain is not about to fell the world economy, but growth that was based more on investment, both public and private, would be an awful lot safer.

What about emerging economies, many of which have seen a big run-up in debt?

China is often dubbed a Lehman-in-the-making.

Since 2008 credit growth in the Middle Kingdom, now the world's second-largest economy, has exploded, and by some estimates is over 200% of GDP.

China's financial system has few international connections.

But, as in America in 2008, there is uncertainty about the true size of its debts and how much of them will be repaid.

The danger China poses depends on the third ingredient of the Lehman

conflagration [,k?nfl?'gre??(?)n] how the government behaves when trouble strikes.

The country is a big net saver, the banking system is still largely deposit-funded and the government has the fiscal capacity to underwrite troubled loans.

Provided it does so, the odds of a sudden collapse with global ramifications are low.

From Brazil to Thailand, many of the other emerging economies that are now wobbling have also seen credit booms.

The difference with China is their vulnerability to global financial flows.

Today's drought in foreign capital is pushing down currencies like India's rupee and making current-account deficits harder to finance.

In the 1990s that dynamic caused crises. But this time round most countries' defences are more powerful.

Exchange rates float, far more debt is denominated in domestic currency and reserves are fatter.

Some places may be overwhelmed: our index of vulnerability has Turkey flashing reddest.Most are likely to suffer slower growth.

If there is one part of the world that could still bring about another global meltdown, it is the euro area.

Though less Lehman-like than a year ago, it remains a worry.

Its debt problems are growing, not shrinking: European banks have thinner equity buffers than their American counterparts, and have written down far fewer debts.

In the troubled economies on Europe's periphery [p?'r?f(?)r?] recession has made it hard to reduce debt burdens of all sorts.

Too much austerity has proved counterproductive.

A destabilising [di:'steibi,laiz]political back lash remains a danger, given Europe's sky-high jobless rates.

Its sleepwalking leaders cannot agree on how to complete necessary reforms, such as a proper banking union, while the European Central Bank's ability to live up to it s brave pledge to “do whatever it takes” to save the euro remains untested.

There may be no new Lehman-sized catastrophes[k?'t?str?f?] on the near horizon.

But plenty of smaller crises-in-the-making dot the landscape—and a potentially big one continues to threaten Europe.

Five years on, global finance is a long way from safe.

你可以在美国金融里找到泡沫碎片,包括证券市场,和一些严重的表外负债,像学生贷款和公共部门养老金,但是美国看起来并不会产生迫在眉睫的麻烦。

英国和日本改变较少。安备经济学已提高日本的经济预期但是,政府债务仍相当于GDP的250%左右。

在英国,预算减少与个人投资力弱双重作用之下,催生了建立在相同因素上的复苏--尤其是不断上涨的房价---这引发了最后的破产。

英国并不打算让世界经济雪上加霜,但基于更多公共和私人投资的增长将极其缓慢。

许多新兴经济体债务迅猛增高,他们情况如何?

中国经常被称作“一个正在形成的雷曼兄弟”

自2008年起中国信贷开始增长,现在,这个位居世界第二的经济大国,已经爆炸,并且据估计,其债务已经相当于GDP的200%左右。

中国金融体系同国际联系较少。

但是,正如2008年的美国,中国也不确定其债务的真正规模以及他们将要归还的债务总量。

中国呈现的危险建立在雷曼灾难的第三个因素上,在危机来临时政府采取怎样的举措。

中国是位净储存大户,银行体系仍很大程度上依靠储户存款筹资并且,政府有承担不良贷款的财政实力。

考虑到此种情况,中国银行体系受国际影响而突然崩溃的几率低。

从巴西到泰国,其他的许多目前正步履蹒跚地新兴经济体,也已经经历了信贷热潮。

同中国不同的是,这些国家易受全球金融流动影响。

如今,外国资本匮乏,正压低像印度卢比之类的货币,并且使得往来账户赤字较难融资。在20世纪90年代,是这种资本的流动引发了危机。但这一次,许多国家有更有力的防御措施。

汇率浮动,更多的债务以本币计价,并且,外汇储备充裕。

许多地方可能遭受重创:土耳其在脆弱指数上不断闪现红灯,其他许多国家可能遭遇经济增长放缓。

如果说这个世界上仍有一个地方,仍然能够引爆另一场国际灾难,那么这个地方,就是欧元区。

尽管情况比一年前有所好转,但是,欧元区仍然令人担忧。

欧元区债务问题并非减少而是在增加;同他们的美国同行相比,欧洲银行股本缓冲较少,欠债总额更少。

在欧洲周边陷入困境的国家中,经济衰退让它们更难以减少各种债务负担。

实行了太多的财政紧缩却最终事与愿违。

考虑到欧洲极高的失业率,其不稳定的政治后患仍俱危险性。

尽管欧洲央行践行其勇敢的承诺(不惜一切代价拯救欧元)的能力还有待观察,但欧洲茫然不知所措的领导人仍不能就如何完成诸如一场银行合适地联盟之类的必要改革,达成一致。也许近期不会再有新一轮,与雷曼兄弟危机同等规模的灾难爆发。

但是小规模的潜在危机漫山遍野--和一个潜在的大危机,会持续威胁欧洲。

五年过去了,国际金融在变安全之前,还有很长的路要走。

经济学人科技类文章中英双语

The Brain Activity Map 绘制大脑活动地图 Hard cell 棘手的细胞 An ambitious project to map the brain is in the works. Possibly too ambitious 一个绘制大脑活动地图的宏伟计划正在准备当中,或许有些太宏伟了 NEWS of what protagonists hope will be America’s next big science project continues to dribble out. 有关其发起人心中下一个科学大工程的新闻报道层出不穷。 A leak to the New York Times, published on February 17th, let the cat out of the bag, with a report that Barack Obama’s administration is thinking of sponsoring what will be known as the Brain Activity Map. 2月17日,《纽约时报》刊登的一位线人报告终于泄露了秘密,报告称奥巴马政府正在考虑赞助将被称为“大脑活动地图”的计划。 And on March 7th several of those protagonists published a manifesto for the project in Science. 3月7日,部分发起人在《科学》杂志上发表声明证实了这一计划。 The purpose of BAM is to change the scale at which the brain is understood. “大脑活动地图”计划的目标是改变人们在认知大脑时采用的度量方法。 At the moment, neuroscience operates at two disconnected levels. 眼下,神经学的研究处在两个断开的层次。 The higher one, where the dimensions of features are measured in centimetres, has many techniques at its disposal, notably functional magnetic-res onance imaging, which measures changes in tissues’ fuel consumption. 在相对宏观的层次当中各个特征的规模用厘米来衡量,有很多技术可以使用,尤其是用来测量组织中能量消耗变动情况的核磁共振成像技术。 This lets researchers see which bits of the brain are active in particular tasks—as long as those tasks can be performed by a person lying down inside a scanner. 该技术可使研究人员找出在完成具体的任务时,大脑的哪些部分处于活跃状态。At the other end of the scale, where features are measured in microns, lots of research has been done on how individual nerve cells work, how messages are sent from one to another, and how the connections between cells strengthen and weaken as memories are formed. 而另一个度量的层次则要求用微米来测量各种特征,这一层次的研究很多都是关于单个神经细胞是如何工作的、信息在神经细胞之间是如何传递的以及当产生记忆的时候神经细胞之间的联系是如何得到加强和减弱的。 Between these two, though, all is darkness. 然而,位于这两个层次之间的研究还处于一片漆黑当中。 It is like trying to navigate America with an atlas that shows the states, the big cities and the main highways, and has a few street maps of local neighbourhoods, but displays nothing in between.

经济学人杂志

经济学人杂志 Suga Yoshihide became Japan’s 99th prime minister. He won the leadership of the Liberal Democratic Party with 377 votes of a possible535, following Abe Shinzo’s resignation due to ill health in August. Mr. Suga, who served as Mr. Abe’s chief cabinet secretary, has promised continuity. But his background and stated priorities suggest a narrower focus on the economy。 菅义伟成为日本第99届首相。在安倍晋三八月份由于生病离职之后,他赢得了自由民主党535票中377票,从而获得领导权。菅义伟先生(曾经作为安倍晋三的内阁官房长官)承诺继续安倍的政策。但是他的背景和陈述出来的施政的优先权显示他对经济的聚焦将会减弱。 Thailand became the first South-East Asian country to lose tourism restrictions introduced during the pandemic. Visitors who agree to a14-day quarantine and a minimum stay will be allowed to enter. Malaysia’s prime minister, by contrast, said he would tighten controls at borders. Singapore will give all adult residents vouchers worth S$100 ($73) to spend on local hotels and sights.

2020考研:考研同源外刊《经济学人》最常用600个词汇(下)

考研同源外刊《经济学人》最常用600个词汇(下) 401、Final goods最终产品 旨在最终使用而非转卖或进一步加工的商品。(参见"中间产品",intermediate goods) 402、Financial economics金融经济学 经济学的一个分支。分析理性投资者如何通过最有效的方式使用资金和进行投资以期达到目标。 403、Financial intermediary金融中介 接受储蓄存款并将其出借给借款者的机构。包括存款机构(如商业银行和储蓄银行)和非存款机构(如货币市场共同基金、经纪人商行、保险公司或养老基金)。 404、Firm(business firm)厂商 (企业)经济体系中基本的私人生产单位。它雇用劳动,购买其他投入品,以制造和销售商品。 405、Fiscal-monetary mix财政-货币政策组合 用以干预宏观经济活动的财政政策和货币政策的组合。紧缩的货币政策和宽松的财政政策,倾向于鼓励消费和抑制投资。而宽松的货币政策和紧缩的财政政策,则具有相反的功效。 406、Fiscal policy财政政策 一种政府计划。内容包括:(1)商品和服务的购买及转移支付等支出;(2)税收的数量和种类。 407、Fiscal cost固定成本 见固定成本(cost,fixed)。 408、Fixed exchange rate固定汇率

见外汇汇率(foreign exchangs rate)。 409、Flexible exchange rates弹性汇率制 一种国际汇率制度。在该制度条件下,汇率主要由市场力量(即供给和需求)决定,政府不设定及维持某种特定的汇率。有时也称作"浮动汇率制"(floating exchange rates)。当政府对外汇市场不加干预时,该制度称为纯粹的浮动汇率制。 410、Floating exchange rates浮动汇率制 见弹性汇率制(flexible exchange rates)。 411、Flow vs stock流量与存量 流量是指,带有时间跨度或曰在一个时段上所累积变动的量(好比通过一个河段的水流)。存量则指,在某一个时点上某一变量的量值(如同湖中所盛的水)。收人代表每一年的美元流入数,因此是一个流量。而到1998年12月为止某人的财富则是一个存量。 412、Foreign exchange外汇 各国用以偿付对他国所欠债务的通货(或其他金融票据)。 413、Foreign exchange market外汇市场 不同国家的通货进行交易的市场。 414、Foreign exchange rate外汇汇率 一国通货与他国通货的交换比率或曰价格。例如,如果你可以用1美元购买19德国马克,那么马克的汇率就是19。如果一国通货钉住某一汇率水平,并准备随时捍卫这一汇率,则称该国实行的是固定汇率制(fixed ex-change rate)。而由市场供求力量来决定的汇率称为弹性汇率制(flexible exchange rates)。 415、Fourfirm concentration rate四企业集中度 见集中度(concentration ratio)。 416、Fractional-reserve banking部分准备金 银行制度现代银行体系的一种管制形式。依法要求有关金融机构将其所吸收的存款

考研英语经济学人文章阅读训练2020021502

Youngsters’job preferences and prospects are mismatched 年轻人的工作偏好与就业前景不相匹配 Teenage picks 青少年的选择 The world of work is changing.Are people ready for the new job outlook? A survey of15-year-olds across41countries by the OECD,a club of mostly rich countries,found that teenagers may have unrealistic expectations about the kind of work that will be available. 职业的世界正在发生变化。人们做好准备接受新的就业观了吗?世界经合组织(一个以发达国家为主的组织)对41个国家的15岁青少年进行了一项调查,结果发现青少年对于未来可能从事的工作抱有不切实际的期望。 Four of the five most popular choices were traditional professional roles: doctors,teachers,business managers and lawyers. Teenagers clustered around the most popular jobs,with the top ten being chosen by47%of boys and53%of girls.Those shares were significantly higher than when the survey was conducted back in2000. 在五个最受欢迎的职业选择中有四个是传统的职业角色:医生、教师、企业经理和律师。青少年对于最受欢迎工作的选择呈现了聚集性,有47%的男孩和53%的女孩选择了排在前十位的职业。这一比例显著高于2000年调查时的水平。 The rationale for this selection was partly down to wishful thinking on the part of those surveyed(designers,actors and musical performers were three of the top15jobs).Youth must be allowed a bit of hope. 受访者做出这一选择往往是出于自己的一厢情愿(最受欢迎的15个职业中有3个分别是设计师、演员和歌手)。我们必须给年轻人一点希望。

经济学人

China in Laos Busted flush How a Sino-Lao special economic zone hit the skids May 26th 2011 | BOTEN, LAOS | from the print edition ?Tweet ? Soon all this will be jungle again AT HOME and abroad, China is a byword for fast-track development, where yesterday’s paddy field is tomorrow’s factory, highway or hotel. Less noticed is that such development can just as quickly go into reverse. Golden City, in Boten, just over the border from China in tiny Laos, is a case in point. When a Hong Kong-registered company signed a 30-year, renewable lease with the Lao government in 2003 to set up a 1,640-hectare special economic zone built with mainland money and expertise, Golden City was touted as a

2019经济学人考研英文文章阅读一三六

Japanese commuters try new ways to deter gropers 日本通勤族尝试用新方法防止性骚扰 Victims are fighting back with apps,badges and invisible ink 受害者正在用应用程序、徽章和隐形墨水来反击 Throughout her20s,Yayoi Matsunaga was groped,almost daily,on packed rush-hour trains going to and from work.Three decades later,she discovered that her friend’s daughter was being molested on her commute to high school. 在松永弥生20多岁的时候,她几乎每天都会在上下班高峰拥挤的列车上被人骚扰。30年过去了,她发现她朋友的女儿仍会在上高中的通勤路上被人骚扰。 The teenager,after fruitless talks with the police and railway companies, decided to hang a sign from her bag that read:“Groping is a crime.I will not cry myself to sleep.”The groping stopped immediately. 在与警方和铁路部门交涉无果后,这名女孩决定在她的书包上挂一个牌子,上面写着:“性骚扰就是犯罪,我不会暗自哭泣的。”效果立竿见影。 Inspired,Ms Matsunaga launched a crowdfunding campaign in2015to create badges with the same message.They proved as effective as the sign: nearly95%of users stopped experiencing groping on public transport, according to a survey.

TheEconomist《经济学人》常用

1、绝对优势(Absolute advantage) 如果一个国家用一单位资源生产的某种产品比另一个国家多,那么,这个国家在这种产品的生产上与另一国相比就具有绝对优势。 2、逆向选择(Adverse choice) 在此状况下,保险公司发现它们的客户中有太大的一部分来自高风险群体。 3、选择成本(Alternative cost) 如果以最好的另一种方式使用的某种资源,它所能生产的价值就是选择成本,也可以称之为机会成本。 4、需求的弧弹性(Arc elasticity of demand) 如果P1和Q1分别是价格和需求量的初始值,P2 和Q2 为第二组值,那么,弧弹性就等于 -(Q1-Q2)(P1+P2)/(P1-P2)(Q1+Q2) 5、非对称的信息(Asymmetric information) 在某些市场中,每个参与者拥有的信息并不相同。例如,在旧车市场上,有关旧车质量的信息,卖者通常要比潜在的买者知道得多。 6、平均成本(Average cost) 平均成本是总成本除以产量。也称为平均总成本。 7、平均固定成本( Average fixed cost) 平均固定成本是总固定成本除以产量。 8、平均产品(Average product) 平均产品是总产量除以投入品的数量。 9、平均可变成本(Average variable cost) 平均可变成本是总可变成本除以产量。 10、投资的β(Beta) β度量的是与投资相联的不可分散的风险。对于一种股票而言,它表示所有现行股票的收益发生变化时,一种股票的收益会如何敏感地变化。11、债券收益(Bond yield) 债券收益是债券所获得的利率。 12、收支平衡图(Break-even chart) 收支平衡图表示一种产品所出售的总数量改变时总收 益和总成本是如何变化的。收支平衡点是为避免损失而 必须卖出的最小数量。 13、预算线(Budget line) 预算线表示消费者所能购买的商品X和商品Y的数量的 全部组合。它的斜率等于商品X的价格除以商品Y的价 格再乘以一1。 14、捆绑销售(Bundling) 捆绑销售指这样一种市场营销手段,出售两种产品的厂 商,要求购买其中一种产品的客户,也要购买另一种产 品。 15、资本(Capital) 资本是指用于生产、销售及商品和服务分配的设备、厂 房、存货、原材料和其他非人力生产资源。 16、资本收益(Capital gain) 资本收益是指人们卖出股票(或其他资产)时所获得的 超过原来为它支付的那一部分。 17、资本主义(Capitalism) 资本主义是一种市场体系,它依赖价格体系去解决基本 的经济问题:生产什么?如何生产?怎样分配?经济增 长率应为多少? 18、基数效用(Cardinal utility) 基数效用是指像个人的体重或身高那样在基数的意义 上可以度量的效用(它意味着效用之间的差别,即边际 效用,是有意义的)。序数效用与它相反,它只在序数 的层面上才有意义。 19、卡特尔(Cartel) 卡特尔是指厂商之间为了合谋而签订公开和正式协议 这样一种市场结构形态。 20、科布一道格拉斯生产函数(Cobb-Douglas production function) 科布一道格拉斯生产函数是指这样的生产函数 Q=AL"IK"2 Mi3。式中,Q为产量;L为劳动的数量;K为资本的数 量;M为原材料的数量;A,31,12,23均为常数。 21、勾结(Collision) 勾结是指一个厂商和同业内其他的厂商签订有关价格、 产量和其他事宜的协议。 22、比较优势(Comparative advantage) 如果与生产其他商品的成本相比,一个国家生产的某种 产品的成本比另一个国家低,那么,该国就在这种商品 的生产上与另一个国家相比具有比较优势。 23、互补品(Complements) 如果X和Y是互补品,X的需求量就与Y的价格成反向 变化。 24、成本不变行业(Constant-cost industry) 成本不变的行业是指具有水平的长期供给曲线的行业, 它的扩大并不会引起投入品价格的上升或下降。 25、规模收益不变(Constant returns to scale) 如果所有投入品的数量都以相同的百分数增加,并导致 产量也以相同的百分数增加,就是规模收益不变的。 26、消费者剩余(Consumer surplus) 消费者剩余是指消费者愿意为某种商品或服务所支付 的最大数量与他实际支付的数量之差。 27、可竞争市场(Contestable market) 可竞争市场是指那种进入完全自由以及退出没有成本 的市场。可竞争市场的本质在于它们很容易受到打了就 1

0113期经济学人第一篇The digital proletariat

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