经济学常识(英文版)

1、What is syndicated loan ,and what are the advantages ?

? It is a loan offered by a group of lenders (called a syndicate) who work together to provide funds for a single borrower. The borrower could be a

corporation, a large project, or a sovereignty (such as a government). The

loan may involve fixed amounts, a credit line, or a combination of the two.

Interest rates can be fixed for the term of the loan or floating based on a

benchmark rate such as the London Interbank Offered Rate .

Typically there is a lead bank or underwriter of the loan, known as the

"arranger", "agent", or "lead lender". This lender may be putting up a

proportionally bigger share of the loan, or perform duties like dispersing cash flows amongst the other syndicate members and administrative tasks. Also

known as a "syndicated bank facility"

Advantage:

?Syndicated loan facilities can increase competition for your business, prompting other banks to increase their efforts to put market information in front of you in hopes of being recognized.

?Flexibility in structure and pricing. Borrowers have a variety of options in shaping their syndicated loan, including multicurrency options, risk

management techniques, and prepayment rights without penalty.

?Syndicated facilities bring businesses the best prices in aggregate and spare companies the time and effort of negotiating individually with each bank.

?Loan terms can be abbreviated.

?Increased feedback. Syndicate banks sometimes are willing to share perspectives on business issues with the agent that they would be reluctant

to share with the borrowing business.

Syndicated loans bring the borrower greater visibility in the open market.

Bunn noted that "For commercial paper issuers, rating agencies view a multi-year syndicated facility as stronger support than several bilateral one-year

lines of credit."

2、Introduce the Bretton Woods System and its institutions .

A landmark system for monetary and exchange rate management e stablished

in 1944. The Bretton Woods Agreement was developed at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire, from July 1 to July 22, 1944. Even as World War II raged on, 730 delegates

from the 44 Allied nations attended the conference.

Major outcomes of the Bretton Woods conference included the formation of the International Monetary Fund and the International Bank for Reconstruction and Development and, most importantly, the proposed

introduction of an adjustable pegged foreign exchange rate system.

Currencies were pegged to gold and the IMF was given the authority to

intervene when an imbalance of payments arose.

3、What is the core idea of Triffin’s Dilemma ?

The Triffin dilemma (or the Triffin paradox) is a theory that when a national currency also serves as an international reserve currency, there

could be conflicts of interest between short-term domestic and long-term

international economic objectives. This dilemma was first identified

by Belgian-American economist Robert Triffin in the 1960s, who pointed out that the country whose currency foreign nations wish to hold (the global

reserve currency) must be willing to supply the world with an extra supply of its currency to fulfil world demand for this 'reserve' currency (foreign

exchange reserves) and thus cause a trade deficit.

The use of a national currency (the US dollar) as global reserve currency leads to a tension between national monetary policy and global monetary

policy. This is reflected in fundamental imbalances in the balance of

payments, specifically the current account: some goals require an overall

flow of dollars out of the United States, while others require an overall flow

of dollars in to the United States. Currency inflows and outflows of equal

magnitudes cannot both happen at once.

The Triffin dilemma is usually used to articulate the problems with the US dollar's role as the reserve currency under the Bretton Woods system, or

more generally of using any national currency as an international reserve

currency.

4、Introduce the Venture Capital and its advantages .

Venture capital (VC) is financial capital provided to early-stage, high-

potential, high risk, growth startup companies. The venture capital fund

makes money by owning equity in the companies it invests in, which usually

have a novel technology or business model in high technology industries,

such as biotechnology ,IT, software, etc. The typical venture capital

investment occurs after the seed funding round as growth funding round

(also referred to as Series A round) in the interest of generating a return

through an eventual realization event, such as an IPO or trade sale of the

company. Venture capital is a subset of private equity. Therefore, all venture capital is private equity, but not all private equity is venture capital.

Venture capital is also associated with job creation (accounting for 21% of US GDP), the knowledge economy, and used as a proxy measure

of innovation within an economic sector or geography. Every year, there are

nearly 2 million businesses created in the USA, and only 600–800 get venture capital funding. According to the National Venture Capital Association, 11% of private sector jobs come from venture backed companies and venture

backed revenue accounts for 21% of US GDP.

5、Evaluate the reasons of international financial crisis with its origin,

development , and possible solution ?

Main articles: Currency crisis and Sovereign default

When a country that maintains a fixed exchange rate is suddenly forced to devalue its currency because of a speculative attack, this is called

a currency crisis or balance of payments crisis. When a country fails to pay

back its sovereign debt, this is called a sovereign default. While devaluation

and default could both be voluntary decisions of the government, they are

often perceived to be the involuntary results of a change in investor

sentiment that leads to a sudden stop in capital inflows or a sudden increase

in capital flight.

Several currencies that formed part of the European Exchange Rate Mechanism suffered crises in 1992–93 and were forced to devalue or

withdraw from the mechanism. Another round of currency crises took place

in Asia in 1997–98. Many Latin American countries defaulted on their debt in the early 1980s. The 1998 Russian financial crisis resulted in a devaluation of

the ruble and default on Russian government bonds.