考研英语经济学人双语阅读：破产与经济
考研英语经济类阅读理解及原文翻译
考研英语经济类阅读理解及原文翻译考研英语经济类阅读理解及原文翻译：OPTIONS AHOYWhy investors like Korean blue chipsDESPITE the world economic downturn, South Koreas stockmarket has this year outperformed those of all other countries bar Russia. Its composite stock price index (Kospi) has risen by more than 25% since January 1st. The rally, which has been driven by foreign buying, is expected to continue next year, for two reasons: encouraging economic fundamentals, and the introduction of derivatives so beloved of the worlds hedge funds.On January 28th next year the Korea Stock Exchange is due to introduce option contracts on the shares of seven listed companies: SK Telecom, Korea Electric Power, Korea Telecom, Samsung Electronics, Hyundai Motor, Pohang Iron Steel and Kookmin Bank. And as early as July, the Financial Supervisory Commission is expected to allow investment banks to sell over-the-counter derivatives, such as equity or interest-rate swaps. Trading volume on the exchange will increase accordingly, says Lee Wonki at Merrill Lynch. Foreigners hold nearly 90 trillion won ($70 billion) of Korean shares, 37% of the market. Their slice of the trading of Kospi 200 index futures and options rose to 10% this year, from about 5% a year ago. But the Kospi index, covering 200 companies, is not the best way to hedge foreign portfolios, which are invested mainly in the seven blue-chipshares. Yet derivatives alone will not sustain Korean equities unless the economy turns around. There are signs that it has reached bottom, with real GDP estimated to have grown by at least 2.8% this year (slower than last year but higher than earlier forecasts of 2% or less). Jin Nyum, the finance minister, predicts that, although exports may suffer next year if the Japanese yen continues to fall, domestic demand and public spending will help real GDP to grow near to the countrys full potential of 5%.Some analysts argue that the recent market rise has been caused by investors blind faith in bank and technology shares. The latter rallied last month, but then hesitated as Micron, an American memory-chip maker, blew hot and cold on taking a stake in or allying with Hynix, Koreas debt-laden maker of memory chips.Nevertheless, the rally is likely to continue, says Koh Wonjong, of SG Securities in Seoul. That is because South Koreas industries are more diversified--into information technology, cars, shipbuilding, steel and services--than those of other Asian countries. In Taiwan, telecoms, media and technology shares account for 80% of the market.The restructuring of some big companies, such as Hynix and Daewoo Motor, remains incomplete, as does bank reform. But the past four years of financial and corporate change may soon pay off. For many companies, balance-sheet problems have turned into the need to measure profits, a far more welcome task.Economist; 12/22/2001, Vol. 361 Issue 8253, p86, 1/2p, 1 graph词汇注释bar prep. 除…之外rally n. 重整;(市场价格) 回升，跌后复升;恢复健康; 振作精神;集会, 大会;汽车赛会over-the-counter【证券】 (不通过交易所)买卖双方直接交易的，场外交易的(每位买者或卖者都是经过协议与议价来达成股票的买卖)option n. 选择权, [经]买卖的特权interest-rate swap 利率掉期;利率调期won [wCn] n. [sing., pl. ]圆(南北朝鲜的货币单位)index futures 指数期货hedge n. [经]对冲blow hot and cold (on, about) 出尔反尔;三心二意; 反复无常; 拿不定主意stake [steIk] n. (木头或金属的)柱，桩;股份;利害关系have [take] a stake in sth. 与某事有利害关系，与…休戚相关debt-laden 债台高筑的pay off 还清;偿清;报复;偿还;结清工资解雇(某人);成功参考译文选择权在招手为什么投资者对韩国蓝筹股情有独钟?尽管世界经济不景气, 但今年南韩的股市行情却比除俄国以外其他国家的股市都好。
2010考研英语阅读理解文章第四篇来源出处
2010年考研英语阅读理解第四篇文章属于经济类，节选于09年4月份的《经济学人》（The Economist），文章的结构形式和我们以前考过的结构类型相似。
原文如下（加粗部分为真题节选部分）：/article.cfm/13476293?f=relatedMessenger, ShotAccounting rules are under attack. Standard-setters should defend them. Politicians and banks should back off.Economist Staff - The EconomistApril 10, 2009In public, bankers have been blaming themselves for their troubles. Behind the scenes, they have been taking aim at someone else: the accounting standard-setters. Their rules, moan the banks, have forced them to report enormous losses, and it's just not fair. These rules say they must value some assets at the price a third party would pay, not the price managers and regulators would like them to fetch. Unfortunately, banks' lobbying now seems to be working. The details may be arcane, but the independence of standard-setters, essential to the proper functioning of capital markets, is being compromised. And, unless banks carry toxic assets at prices that attract buyers, reviving the banking system will be difficult.On April 2nd, after a bruising encounter with Congress, America's Financial Accounting Standards Board (FASB) rushed through rule changes. These gave banks more freedom to use models to value illiquid assets and more flexibility in recognising losses on long-term assets in their income statements. Bob Herz, the FASB's chairman, decried those who "impugn our motives". Yet bank shares rose and the changes enhance what one lobbying group politely calls "the use of judgment by management".European ministers instantly demanded that the International Accounting Standards Board (IASB) do likewise. The IASB says it does not want to be "piecemeal", but the pressure to fold when it completes its overhaul of rules later this year is strong. On April 1st Charlie McCreevy, a European commissioner, warned the IASB that it did "not live in a political vacuum" but "in the real world" and that Europe could yet develop different rules.It was banks that were on the wrong planet, with accounts that vastly overvalued assets. Today they argue that market prices overstate losses, because they largely reflect the temporary illiquidity of markets, not the likely extent of bad debts. The truth will not be known for years. But banks' shares trade below their book value, suggesting that investors are sceptical. And dead markets partly reflect the paralysis of banks which will not sell assets for fear of booking losses, yet are reluctant to buy all those supposed bargains.To get the system working again, losses must be recognised and dealt with. Japan's procrastination prolonged its crisis. America's new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive. Successful markets require independent and even combative standard-setters. The FASB and IASB have been exactly that, cleaning up rules on stock options and pensions, for example, against hostility from special interests. But by appeasing critics now they are inviting pressure to make more concessions.To reveal, but not to regulateStandard-setters should defuse the argument by making clear that their job is not to regulate banks but to force them to reveal information. The banks, their capital-adequacy regulators and politicians seem to dream of a single, grown-up version of the truth, which enhances financial stability. Investors and accountants, however, think all valuations are subjective, doubt managers' motives and judge that market prices are the least-bad option. They are right. A bank's solvency is a matter of judgment for its regulators and for investors, not whatever a piece of paper signed by its auditors says it is. Accounts can inform that decision, but not make it.Banks' regulators have to take responsibility. If they want to remove the mechanical link between drops in market prices and capital shortfalls at banks, they should take the accounts that standard-setters create for investors and adjust them when they calculate capital. They already dothis to some degree. But the banks' campaign to change the rules is making inevitable a split between two sets of accounts, one for regulators and another for investors. The FASB and IASB can help regulators to create whatever balance-sheet they want. But in doing so they must not compromise their duty to investors.。
考研英语经济类阅读理解及参考答案
考研英语经济类阅读理解及参考答案阅读理解，我们在考研之前英语考试上造就做过了，但是还没有针对性地做过经济的吧。
下面是店铺给大家整理的考研英语经济类阅读理解及答案，供大家参阅!考研英语经济类阅读理解及答案：Crude awakeningA battle between two energy exchangesOPEN-OUTCRY trading is supposed to be a quaint, outdated practice, rapidly being replaced by sleeker, cheaper electronic systems. Try telling that to theNew York Mercantile Exchange (NYMEX), the world's largest commodities exchange. On November 1st the NYMEX opened an open-outcry pit in Dublin to handle Brent crude futures, the benchmark contract for pricing two-thirds of the world's oil.The NYMEX is trying to snatch liquidity from London's International Petroleum Exchange (IPE), which trades the most Brent contracts; the New York exchange has hitherto concentrated on West Texas Intermediate, an American benchmark grade. The new pit is a response to the IPE's efforts to modernise. On the same day as NYMEX traders started shouting Brent prices in Dublin, the IPE did away with its morning open-outcry session: now such trades must be electronic, or done in the pit after lunch.The New York exchange claims that customers, such as hedge funds or energy companies, prefer open-outcry because it allows for more liquidity. Although most other exchanges are heading in the opposite direction, in commodity markets such as the NYMEX, pressure from "locals"--self-employed traders--is helping to prop up open-outcry, although some reckon that customers pay up to five times as much as with electronicsystems. Even the IPE has no plans to abolish its floor. Only last month it signed a lease, lasting until 2011, for its trading floor in London.Dublin's new pit is "showing promise", says Rob Laughlin, a trader with Man Financial, despite a few technical glitches. On its first day it handled 5,726 lots of Brent (each lot, or contract, is 1,000 barrels), over a third of the volume in the IPE's new morning electronic session. By the year's end, predicts Mr Laughlin, it should be clear whether the venture will be viable. It would stand a better chance if it moved to London. It may yet: it started in Ireland because regulatory approval could be obtained faster there than in Britain.Ultimately, having both exchanges offering similar contracts will be unsustainable. Stealing liquidity from an established market leader, as the NYMEX is trying to do, is a hard task. Eurex, Europe's largest futures exchange, set up shop in Chicago this year, intending to grab American Treasury-bond contracts from the Chicago Board of Trade. It has made little headway. And the NYMEX has dabbled in Brent contracts before, without success.Given the importance of liquidity in exchanges, why do the IPE and the NYMEX not band together? There have been merger talks before, and something might yet happen. Some say that the freewheeling NYMEX and the more staid IPE could never mix. For now, in any case, the two exchanges will slug it out--across the Irish Sea as well as across the Atlantic.--------------------------------------------------------------------------------Economist; 11/6/2004, Vol. 373 Issue 8400, p78-78, 1/2p, 1c 注(1)：本文选自Economist;11/6/2004, p78-78, 1/2p, 1c;注(2)：本文习题命题模仿2001年真题text 2第1题(1)，text 4第2题(2)，text 1第2题(4)，2002年真题text 2第2题(3)，text 3第4题(5);1.The NYMEX and IPE are___________.[A] both using open outcry trading as a major trading form[B] partners that are reciprocal in their business activities[C] rivals that are competing in the oil trading market[D] both taking efforts to modernize their trading practice2.According to the author, one of the reasons that the NYMEX takes open-outcry tradingis__________.[A] the preference of its customers[B] the standard practice of energy exchange[C] the long tradition of this trading practice[D] the nostalgic feeling it arouses3.The word “glitches” (Line 2, Paragraph 4) most probably means_________.[A] backwardness[B] disappointments[C] engineers[D] problems4.From Paragraph 4 we can infer that_________.[A] trading volume in the IPE's new morning electronic session is falling[B] London is a better business location for energy exchanges than Dublin[C] Britain’s regulators are less efficient than those of Ireland[D] the Dublin pit of the NYMEX will be more prosperous next year5.We can draw a conclusion from the text that___________.[A] it’s very unlikely that the NYMEX and the IPE could combine their businesses[B] the NYMEX will fail in Ireland as many precedents have shown[C] the two energy exchanges will figure out a way to cooperate with each other[D] the market environment for both energy exchanges is getting better答案：C A D B A篇章剖析本文介绍了两家能源交易所之间的商战。
考研英语阅读理解外刊原文经济学人
Diageo last week took a majority stake in Seedlip, a non-alcoholic spirit sold as an alternative to gin — a move seen by analysts as the drinks giant’s attempt to grab more of the growing teetotal market. The young are more abstemious than their elders, and manufacturers and marketers need to keep up.帝亚吉欧(Diageo)不久前收购了Seedlip的多数股权，这是一种被作为金酒替代品出售的无酒精型烈酒——市场分析师们将此举解读为酒业巨头试图在日益扩张的无酒精饮料市场中分一杯羹。
年轻一代相对于他们的长辈在饮酒方面更加节制，酒类生产商和营销机构必须跟上这种趋势。
For those of us who don’t drink or, in my case, only occasionally, a reduction in others’ drinking, along with a fall in the antisocial consequences, is a welcome development. At a wedding in Italy this summer, I marvelled as a group of Italian and French guests partied under a hot afternoon sun and late into the night, without anyone staggering or slurring in the way they would inevitably have done in the UK.对于我们当中那些不喝酒——或者以我自己为例——仅偶尔喝一杯的人来说，他人饮酒量的下降，以及与之相随的危害社会公共利益问题的减少，是一种令人愉快的新变化。
重点总结的经济学人-中英文版)
Finance and EconomicsOffshore private banking离岸私人银行业Bourne to survive伯恩的幸存Aug 6th 2009From The Economist print editionDespite the woes of UBS, Swiss private banking remains in reasonable shape尽管瑞银处境不佳，瑞士的私人银行业仍保有相当规模Illustration by S. KambayashiA FTER visiting his bank in Zurich, Jason Bourne, an amnesic assassin, wonders: “Who has a safety-deposit box full of money and six passports and a gun?” In the popular imagination as well as Hollywood films the answer is clear: customers of Swiss banks do.当失忆的杀手詹森•伯恩(Jason Bourne)从其位于苏黎世的银行走出后，自问到：”什么样的人会有一个装满了钱、6本护照还有一把枪的银行保险箱？”在大众的想像与好莱坞的电影中，这个答案是明确的：瑞士银行的客户就是这样的人。
If this reputation for skulduggery is right, Switzerland, home to about one-quarter of the world’s offshore money, is in big trouble. After nearly going bust, UBS, its biggest bank, is now being pistol-whipped by America’s Internal Revenue Service (IRS), which wants it to hand over the names of tens of thousands of alleged tax dodgers. A preliminary settlement between the two was agreed on July 31st, although its details have yet to be made public. In March Switzerland agreed to comply with an OECD tax code that will oblige it to reveal information on clients that other governments say they need to enforce their laws. Where will crooks, despots and war criminals go now? And what will Swiss private banks do when they leave?如果这种隐秘而无原则的名声不是空穴来风的话，瑞士，这个坐拥世界四分之一离岸资金的国家将会有大麻烦。
考研英语阅读理解外刊原文经济学人
The Guardian view on unaffordable homes: building injustice into the economy《卫报》关于难以负担的住房的观点：在经济中制造不公The average wage of the top 1% in Britain rose to £13,770 a month in December. Jeevun Sandher, an economist at King’s College London, points out the very richest saw their incomes rise the fastest during the pandemic. This group were also likely to have been able to save the most while Covid raged. Where do the very wealthiest spend their cash? One place is housing, for which there is a low level of stock being released on to the market. The result is rising house prices. Over the past 12 months, asking prices have gone up by 9.5%.12月，英国最富有的1%人群的平均工资上升至每月13770英镑。
伦敦国王学院的经济学家桑德尔指出，在疫情期间，最富有的人的收入增长最快。
在新冠病毒肆虐期间，这一群体也可能是能够存最多钱的人。
最富有的人把钱花在哪里？其中一个地方就是住房，因为住房市场上的存量很低。
结果就是房价上涨。
在过去12个月里，住房要价上涨了9.5%。
This has a knock-on effect for renters. UK rents rose by 8.3% in the last three months of 2021. For would-be first-time buyers, the situation is as bad if not worse, with the current average price of £277,000 nearly £25,000 higher than just a year ago. Those looking to have a roof to live under will find little solace in official figures. These record an 11% drop in the number of total homes added in 2021 compared with the year before. The number of new affordable houses that began being built dropped 16% year-on-year. Shortages of labour and materials, as well as planning delays, will make it harder for the 11th Tory housing minister since 2010 to meet government targets for new homes.这对租客产生了连锁反应。
考研英语经济学人文章阅读训练三十三
The covid-19pandemic puts pressure on the EU新冠疫情之下，欧盟压力重重An old question has resurfaced:what is the point of the bloc?人们再次提出了那个个由来已久的问题：欧盟的意义何在？In January Brussels was an optimistic place.The European Union(EU)had survived a decade that included the near collapse of the bloc’s currency, a refugee crisis and its second-largest economy,Britain,voting to leave. For the first time in years,officials had time to think of the future rather than clear up the messes of the past.Then120,000people died.今年1月，布鲁塞尔（欧盟总部所在地）还是着一片乐观的景象。
欧盟经历了十年的风风雨雨（包括欧元危机、难民危机以及第二大经济体英国的全民公投脱欧）。
这么多年来，欧盟的官员们终于有空去思考欧盟的未来，而不用再忙着去收拾过去的烂摊子了。
然而，新冠肺炎疫情随即爆发，欧盟各国12万人丧生。
Sweeping lockdowns confined citizens to their homes,in Paris and Warsaw alike.A bloc that prided itself on removing borders—“the scars of history”in the words of Josep Borrell,the European Commission’s foreign-policy chief—reintroduced them in muters were stranded at Poland’s borders with both Lithuania and Germany,some of them for days.在巴黎和华沙，全面封锁政策使得人们只能待在家中。
考研英语阅读理解外刊原文经济学人
A global house-price slump is coming全球房价即将暴跌It won’t blow up the financial system, but it will be scary虽然不会摧毁金融体系，但仍然令人恐慌Over the past decade owning a house has meant easy money. Prices rose reliably for years and then went bizarrely ballistic in the pandemic. Yet today if your wealth is tied up in bricks and mortar it is time to get nervous.过去十年里，拥有一套房就意味着轻松赚钱。
房价多年来一直稳步上涨，甚至在疫情期间还异乎寻常地飙升了。
然而现如今，如果你的财富被套牢在房产上，那你应该感到紧张了。
House prices are now falling in nine rich economies. The drops in America are small so far, but in the wildest markets they are already dramatic. In condo-crazed Canada homes cost 9% less than they did in February.九个发达经济体的房价都在下跌。
到目前为止，美国房价的跌幅还不大，但最疯狂的市场的房价跌幅已经非常大了。
在热衷于共管公寓的加拿大，房价较今年2月下跌了9%。
As inflation and recession stalk the world a deepening correction is likely—even estate agents are gloomy. Although this will not detonate global banks as in 2007-09, it will intensify the downturn, leave a cohort of people with wrecked finances and start a political storm.随着通货膨胀和经济衰退的风险在全球范围内蔓延，房价或将迎来一场深度调整——甚至房地产经纪人也对此感到悲观。
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考研英语经济学人双语阅读：破产与经济Bankruptcy and the economy破产与经济A fresh start一个全新的开始New evidence that rules for debtors are too tough.新证据表明，对债务人的要求太苛刻。
LAST year nearly 1m Americans filed forbankruptcy. That is far fewer than the number whoused to seek bankruptcy protection before the law was made tougher a decade ago. Thisreform may have done more harm than good.The aim of bankruptcy law is to give peoplerelief from unpayable debts. Some two-thirds of individual bankruptcies are due to a lost job.Many bankrupts need time to get back on their feet. In the mid-2000s Chapter 7 rules made iteasy to wash away debts. That irritated credit-card firms, which claimed that spendthriftsabused the system; so in 2005 the law was toughened. The idea was to shift people to aChapter 13 bankruptcy, where they would have to repay some of the debt.去年，将近100万美国人申请破产。
十年前，法律对于破产保护条件非常严苛，而那些曾经寻求破产保护的人数却远超过申请破产的人数。
这项改革可能弊大于利。
[破产法旨在帮助人们减轻无法偿还的债务。
约有2/3的个体破产源于失业。
许多人破产后需要一定时间才能从中恢复过来。
21世纪中期，第七章规定有利于摆脱债务。
这激怒了信用卡公司，并声称，“败家子们”滥用了系统;也因此2005年，法律变严格了。
这样做的初衷是让人们适应第13章破产规定，即他们必须偿还一些债务。
The reform had a big impact. At least at first, Chapter 13 filings rose relative to Chapter 7ones. And a new paper, from Stefania Albanesi, of the New York Federal Reserve, and JaromirNosal, of Columbia University, finds that the reform led to a permanent drop in thebankruptcy rate.这项改革曾意义深远。
至少，一开始，第13章文件与第7章文件相关联的。
纽约联邦储备银行的StefaniaAlbanesi与哥伦比亚大学的Jaromir Nosal共同完成了一篇新的论文，指出这项改革实现了短暂的破产率降低。
However, other recent research suggests that this is not necessarily a good thing. Will Dobbie,of Princeton University, and Jae Song, of the Social Security Administration, look at Chapter 13bankruptcies before the reforms of 2005. They link half a million bankruptcy filings to taxrecords and use a novel technique to analyse them. Because some bankruptcy judges aremore lenient than others, people in similar straits may end up with different bankruptcydecisions. This quirk allows some useful comparisons.然而，其他最新研究表明，这未必是一件好事。
普林斯顿大学的威尔·多比(Will Dobbie)与社会保障总署的宋杰(Jae Song)于2005年改革前就研究第13章破产法。
他们认为，这100万人中有一半破产与税收记录有关，并且使用一项新技术对其进行分析。
因为一些审判破产的法官网开一面，所以处于类似困境的人有可能会有不同的破产决议。
像这样的案例带来了用价值的对比。
Messrs Dobbie and Song argue that easier bankruptcy laws have good microeconomic effects.If a creditor may no longer claim large chunks of a bankrupt's salary, that may increase hisincentive to work—and decrease his need to slip out of town, change his job and close downhis bank account. On average, those granted bankruptcy earned over 6,000 more in thesubsequent year than similarly-placed plaintiffs who were rejected. The unlucky ones found ittrickier to service their mortgages. Michelle White of the University of California, San Diego andcolleagues found that bankruptcy reform caused the default rate on prime mortgages to rise23%.多比先生和宋先生辩解道，破产法越简单，其产生的微观经济效应越好。
如果债权人不再索要大量破产者的薪水，如此一来，或许可以刺激他工作，而且他也不用搬去郊区、更换工作、关闭银行账户。
与那些有类似遭遇且遭到拒绝的原告相比，这些有保障的破产，平均可以在接下来的一年里挣6千逾美元。
倒霉的人发现越来越难偿还抵押贷款。
圣地亚哥加利福尼亚大学的米歇尔·怀特以及其同事发现，破产法改革导致贷款市场的拖欠债务率上调了23%。
Making consumer-bankruptcy law more debtor-friendly could hit Americans in other ways. Iflenders are exposed to bigger losses, some argue, interest rates for such things as creditcards are bound to rise. But that danger can be overstated. Credit-card companies may bereluctant to charge rates higher than their competitors' lest they attract the dodgiestcustomers—those not put off by high rates because they know that, with luck, they won't haveto pay their debts back.消费者—破产法越有利于债务人，越是在其他方面冲击美国人。
一些人争辩道，倘若借出方蒙受更大的损失，类似信用卡的利率势必上涨。
但是，这种担忧或许有点言过其实。
信用卡公司或许不愿意改变高于对手的利率，唯恐竞争对手会偷偷吸引顾客——这些顾客深知，如果运气好，即使利率再高，他们也可以不用偿还债务。
Figures released on March 6th by the Federal Reserve show that consumer debt rose for the41st straight month (see chart). With inflation low and wages weak, that is worrying. Ms Whitewants to roll back some of the reform of 2005, making bankruptcy cheaper. Whether thatjust increases profligacy remains to be seen.美国联邦储备局3月6日发布数据表明，消费者债务连续第41个月上升。
通胀率低、工资减少，情况很不乐观。
怀特小姐想把2005年改革压到最低标准，把破败变得更加廉价。
此举是否助长享乐主义，仍为一个未知数。
1.due to 由于;因为Council members are due to have informaldiscussions later on today.委员会成员定于今日晚些时候进行非正式讨论。
He is due to face a court-martial on drugs charges.他将因毒品交易的指控受到军法审判。
2.lead to 通向;导致Politicians say it could lead to a dissolution of parliament.政客们说这可能会导致议会解散。
The group proceeded with a march they knew would lead to bloodshed.这个团体继续示威游行，他们知道这将导致流血事件的发生。
3.end up with 以…结束The weakest students can end up with a negative score.最差的学生可能会以负分收场。