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21世纪经济报道英文介绍
21世纪经济报道英文介绍21st Century Business Herald is a leading financial and economic newspaper in China that provides comprehensive and authoritative coverage of China's economy, business, and financial markets. Established in 2001, the newspaper has become a trusted source of information for policymakers, economists, business leaders, and investors.The newspaper covers a wide range of topics including macroeconomic trends, industry analysis, company profiles, market insights, and policy reforms. It features in-depth reporting, analysis, and interviews with experts to provide readers with in-depth understanding of China's economic landscape.With a dedicated team of experienced journalists and analysts, 21st Century Business Herald is committed to delivering accurate, insightful, and timely news and analysis. The newspaper also offers exclusive research reports, white papers, and industry conferences to engage readers and promote deeper understanding of China's economy.In addition to its print edition, 21st Century Business Herald has a strong online presence through its website and mobile app, ensuring that readers can access the latest news and analysis anytime and anywhere. The newspaper also actively engages with its audience through social media platforms, creating a vibrant community of business professionals, thought leaders, and investors.As China continues to play an increasingly important role in theglobal economy, 21st Century Business Herald remains at the forefront of providing essential information and analysis that helps readers navigate the complex and ever-changing economic landscape.。
长江大学 专业英语考试
Unit One: Business EnvironmentPart One Economic and financial environmentStimulus financing spelt outThe government yesterday unveiled a raft of measures to encourage lending by financial institutions to infrastructure projects, small businesses and potential home and car buyers.Also, an extra credit volume of 100 billion yuan ($14.6 billion) will be provided to three policy banks this year to prop up economic growth amid the worsening global financial crisis.An executive meeting of the State Council, or the Cabinet, presided over by Premier Wen Jiabao, also said steps will be taken to help financial institutions better ward off risks.Banks, securities firms and insurers should take coordinated action to play a bigger role in supporting economic growth and contributing to industrial restructuring, it said.In the face of the global financial crisis, it is imperative to implement a "pro-active fiscal policy" and a "moderately easy monetary policy"; and the financial sector should play a bigger role in economic development, the meeting said.It announced nine measures to boost the role of the financial sector in the economy including:- Urging commercial banks to meet the demand for loans from small- and medium-sized enterprises - which have been severely battered by the economic slowdown - investors in the countryside, as well as home and car buyers.- Expanding the issue of treasury bonds.- Allowing insurance companies to invest in major infrastructure projects.- And using exchange and interest rates as well as the bank reserve requirement ratio to ensure liquidity in the banking system.Analysts said they believe the move is part of the government's answer to how the massive 4-trillion-yuan ($586 billion) stimulus package, announced on November 9, will be financed.The central government said last month it would provide 1.18 trillion yuan, or 30 percent, while local governments and enterprises are to make up for the rest.But some analysts say it would be difficult for enterprises to obtain loans from spooked lenders; and some local governments, grappling with falling revenues, simply lack the financial muscle to chip in."Some of the measures are designed to finance the infrastructure projects in the stimulus package," said Zhang Jun, director of the China Center for Economic Studies at Fudan University.The government has earmarked 1.8 trillion yuan for such projects as railway, highway and airport construction, according to the National Development and Reform Commission."Some of the projects would be new revenue sources for insurance companies and banks," said Lian Ping, chief economist at the Bank of Communications. "However, it'snecessary to keep an eye on potential risks."China's economy has been losing steam since the end of last year, dragged down by weakening foreign demand for its goods and a slump in the property sector.Economic growth dropped to 9 percent year-on-year in the third quarter, compared to 11.4 percent for the whole of last year.The government has already cut interest rates four times over the past months and lowered the ratio of deposits lenders are required to set aside, in an effort to reduce borrowing costs and increase liquidity in the banking system.US offers to cut farm subsidiesU.S. Trade Representative Susan Schwab says the proposal reflects a promise made by Washington to play a leading role in getting a trade deal done.The U.S currently has a ceiling of just over $48 billion on agricultural subsidies. But, actual support payments to farmers came to about $7 billion last year because soaring food prices meant they needed less help.Schwab says the proposed $15 billion cut is $2 billion less than the United States promised a year ago. She says this offer is being made to move the negotiations forward and to conclude the talks."This is a major move taken in good faith with the expectation that others will reciprocate and step forward with improved offers in market access," she said. "These cuts will deliver effective and significant reductions in trade distorting do mestic farm support."The talks, called the Doha Development Round, aim to make trade fairer for poor countries. The United States and European Union have been under pressure to reduce their agricultural subsidies and to cut tariffs.Developing countries say trade-distorting subsidies give the wealthy countries an unfair advantage, making it difficult for them to compete in the open market.Wealthy countries say they are willing to cut their farm supports, but in return the poorer countries have to provide greater market access to their manufactured goods and services.Schwab says the new cuts proposed by Washington would require adjustments to domestic farm programs. But, the U.S. is prepared to make those changes."But, we also need assurances that if our programs are going to meet these disciplines, they are then not going to be subject to legal challenges that reduce them further," said Schwab. "Now, let me say again. These reductions are not offered in isolation. They must be accompanied by significant market access, market opening in agriculture and in NAMA."NAMA or Non-Agricultural Market Access Negotiation deals with a wide-range of manufactured and industrial goods.Reaction to the U.S. proposal so far has been mixed. The European Union calls it a reasonable offer, but suggests it could go further. A Brazilian delegate says it is a nice try, but still too high.Making sense of a weak dollarWeak or strong. which is better? If the question is about the American dollar, the answer depends on whom you ask.The dollar has been weakening against several major currencies. One euro is currently worth about one dollar forty cents. A British pound is worth over two dollars.Many widely traded products are bought and sold in dollars. These commodities include oil, soybeans and metals like copper. A weak dollar can mean a better deal for foreign buyers. But for oil producers and countries that tie the value of their own money to the dollar, weakness reduces their purchasing power.A weak dollar, though, may help reduce the American trade deficit because it makes American exports less costly. But in the United States it can raise the cost of imports. An exception is imports from China.The Chinese government sets the value of the yuan on foreign exchanges. This year the yuan has increased less than four percent against the weakening dollar. This has kept the prices of Chinese imports low.In other cases, however, a weak dollar hurts American businesses that deal in imported goods. They may have to raise prices or sacrifice profits. Many companies do not want to raise their prices for fear that they may lose market share.The Federal Reserve has said that inflation remains under control. But the Fed says it is prepared to take action if inflationary pressures increase.Last month the central bank cut short-term interest rates by half a point. It did so to help keep problems in the housing and credit markets from harming the wider economy and causing a recession.But some economic worries appeared to ease after the latest jobs report last Friday. The Labor Department said employment increased by one hundred ten thousand jobs in September. Also, new numbers for August showed a gain of close to ninety thousand jobs.The department had earlier reported that the economy lost four thousand jobs in August, the first report of job losses in four years.Still, critics warn of dangers from a weaker dollar and lower interest rates, which reduce the returns on dollar-based investments. A New Y ork Times commentary, for example, said dollar weakness is rooted in the borrow-and-spend behavior of the government and the public. It said foreign lenders will be less and less likely to want to invest in dollars, and that will only make things a lot worse.。
高三英语经济练习题40题(带答案)
高三英语经济练习题40题(带答案)1. The _______ situation in the country has led to a rise in the cost of living.A. economicB. economicalC. economyD. economics答案：A。
解析：economic是形容词，意为“经济的，经济上的”，在这里用来形容国家的经济状况，这种经济状况导致生活成本上升；economical意为“节约的，节俭的”，不符合语境；economy是名词，意为“经济，节约”，不能直接用来形容状况；economics是名词，意为“经济学”，也不符合此处语境。
2. A high inflation rate may _______ the value of the currency.A. raiseB. riseC. devalueD. appreciate答案：C。
解析：devalue意为“使贬值”，高通货膨胀率可能会使货币贬值；raise是及物动词，意为“提高”，但通常指提高具体的东西，如raise one's hand，不用于形容货币价值；rise是不及物动词，意为“上升”，不能用于此处结构；appreciate意为“增值，升值”，与高通货膨胀率的影响相悖。
3. In international trade, the _______ between two currencies can greatly affect import and export.A. rateB. ratioC. scaleD. scope答案：A。
解析：rate在这里指“汇率”，在国际贸易中，两种货币之间的汇率会极大地影响进出口；ratio意为“比率，比例”，与汇率概念不同；scale意为“规模，刻度”；scope意为“范围”，都不符合语境。
4. The government has taken measures to boost the _______ growth.A. economicB. economyC. economicalD. economize答案：A。
Summary——Law, finance, and economic growthin China
Mid-term report Summary for “Law, finance, and economic growth in China”a) A cover letter of the paperDear editor,We would like to submit the enclosed manuscript entitled "Law, finance, and economic growth in China". Below are our responses to your submission questions.1. Title and the central theme of the articlePaper title: “Law, finance, and economic growth in China". This paper compares China’s formal systems of law and finance and governing mechanisms with other developed and emerging countries. And they find that Chins is an important counterexample to the findings in the law, institutions, finance, and growth literature. Neither its legal nor financial system is well developed, yet it has one of the fastest growing economies. After examining the Stated, Listed and Private Sectors, they find the Private Sector grows much faster than the others and provides most of the economy’s growth. The imbalance among the three sectors suggests that alternative financing channels and governance mechanisms, such as those based on reputation and relationships, support the growth of the Private Sector.2. The part addressed excellentI believe that four aspects of this manuscript will make it excellent. First, the title is very common, but the content is new to readers and researchers. Second, the structure framework is wonderful and clear. Third, Panel Data applies well in the paper. Final, the conclusion implies that there areimportant factors connecting law, institutions, finance, and growth not well understood. A better understanding of how these nonstandard mechanisms work to promote growth can shed light on optimal development paths not only for China, but also many other countries.3. Name, fax and email address of the corresponding authorAuthors: Franklin Allen, Jun Qian, Meijun QianTel.: +1215 898 3629-fax: +1215 573 2207E-mail address: allenf@ (F. Allen).Finally, this paper is original unpublished work and it has not been submitted to any other journal for reviews.Sincerely yours,b) The main conclusionRecently several related literature on law, institutions, finance, and economic growth have emerged in financial economics. However, China is different. This paper compares China’s formal systems of law and finance and the alternative institutional arrangements and governing mechanisms with other developed and emerging countries. And the authors examine the relation between the development of these systems and China’ economic growth. With one of the largest and fastest growing economies in the world, China differs from most of the countries studied in the law, institutions, finance, and growth literature, and is an important counterexample to the existingfindings: Its legal and financial systems as well as institutions are all underdeveloped, but its economy has been growing at a very fast rate. After examining three sectors of the Chinese economy, the law–finance–growth nexus established by the existing literature works well for the State and Listed sectors. With poor legal protection of minority and outside investors, (standard) external markets are weak, and the growth of these firms is slow or negative. However, the size, growth, and importance of these two sectors in the economy are dominated by those of the Private Sector. In spite of relatively poorer applicable legal protection and standard financing channels, the Private Sector has been growing much faster than the others and has been contributing to most of the economy’s growth. The system of alternative mechanisms and institutions, such as those based on reputation and relationships, plays an important role in supporting the growth in the Private Sector, and they are good substitutes for standard corporate governance mechanisms and financing channels.The results on the differences among the three sectors in China challenge the view supporting the law–finance–growth nexus. Moreover, the success of the Private Sector in China also challenges the view that property rights and the lack of government corruption are crucial in determining financial and economic outcomes. Although the results are based on China, similar ’substitutes’ based on reputation and relationships may be behind the successof other economies as well, including developed economies. At the same time the results have general implications: there are important factors connecting law, institutions, finance, and growth not well understood. A better understanding of how these nonstandard mechanisms work can still be researched in depth.c) Policy implications of the researchIn this paper the authors have already examined three sectors in the economy and find the Private Sector has been growing much faster than the others, contributing to most of the economic growth. Then what the government should do to continue promoting Private Sector growth? Besides, China has realized economic growth under weak legal and financial system, then if China can take actions to improve legal and financial system, can the economic grow faster? What the policy implies in the paper?I make the following policy recommendations in view of the current situation in China.1. Increase financial support and expand the funding sourcesIn this paper, I find local government plays an important role in the development of Private Sector. Alternative financial channels and governance mechanisms replace standard corporate mechanisms. To continue accelerating the development of the Private Sector, the government should increase financial and funding support and make the correspondingpreferential policies to support the Private Sector, as well as Stated and Listed Sector.2. Develop the local finance and private finance actively andsteadilyThe regions should actively promote more financial innovation strategy, making the operation of the financial system more closely with local economic development. Support from financial institutions promotes various SMEs in the regional economic development, thus contributing to regional employment and adding strong vitality to the local economic. Meanwhile, development and growth of SMEs have also increased the size of financial institutions, providing support for expanding business and creating basis conditions for increasing operating income.3. Relieve financial constraints and emphasize the role of market The government should regulate the development of financial institutions using market mechanisms, promote various financial institutions and financial intermediaries vigorously and increase the efficiency of financial system. Meanwhile government reduces government's financial intervention, strengthen the market mechanism and create the conditions for financial development through the financial system innovation.d) Methods, especially the empirical methods usedIn this paper, authors don’t apply lots of complex tests or models. I think themethods used are mainly two. Next I will list followed in detail.1. Comparative analysisI think one of the features in this paper is a large number of applications of comparative analysis. Authors use comparative analysis in Section2, 3, 4 and 5. When analyzing the legal and financial system, the authors don’t show the data of China only, but compare China with other developed countries in the western. Meanwhile, to make the paper more persuasive, the authors compare with other emerging countries next. When researching on the development of the three sectors, they list the data from 1996 to 2002, using historical comparison. Next, authors study on the different importance of the financing channels in the three sectors respectively. Finally, they focus on the Private Sector. For the firms, authors compare the annual return in the past five years and next three years, the ownership and financial channels when startup and current. If they apply lots of models and conduct many complex tests, we may not understand. This comparative analysis also makes the idea clear and simple.2. Empirical methodsIn this paper, empirical methods mainly concentrated on Section 4. The authors perform three different sets of empirical tests find similar results. Concrete empirical models are presented below.Method 1: “Synthetic firm” approachStep 1: Using the summary statistics from LLSV samples to create a “synthetic Firm” for each of the 33 countries. Each firm characteristic is equal to the median of the same variable. Following the same procedure, a synthetic firm is also created for China based on the information of 1,100+ firms.Step 2: Three OLS regressions are run on the 33 (LLSV countries)“synthetic” observations. The dependent variables in these tests are: (1) dividend/earnings ratio;(2) dividend/sales ratio; and, (3) Tobin’s Q (measured by market-to-book assets ratio). The independent variables are the same ones used in LLSV. Based on the results from each of the three regressions, we then conduct an out-of sample prediction for China using the estimated coefficients and variances.Step 3: Compare the “true” (observed) firm characteristics of the Chinese synthetic firm to those predicted values from Step 2, and see whether the true value falls in the boundaries of predicted values.Method 2: “Alpha” approach-utilizing the alpha notation from asset pricing modelsThere are two versions of this model: restricted and unrestricted, depending on whether we restrict the coefficients on each independent variable to be the same for Chinese firms and for firms in other countries.Method 2-1: Restricted ModelMethod 2-2: Unrestricted modelMethod 3: Firm level out-of-sample predictionAuthors also perform firm-level out-of-sample predictions, based on the regression results from LLSV. The results are similar to the above two methods. Method 3 can actually be proven to be mathematically identical to the unrestricted model in Methode) Data and sampleIn this paper, the authors have used masses of data and several samples. I will list the samples and data respectively. When I list the sample, I will introduce the sample and state where the sample be used in this paper. And when I list the data used, I will write where the data be used (located in which sections) and the purpose of the data in this paper, besides, if available, I will list the source of the data.Sample:LLSV sample Section 2 &Section4Levine sample Section2LLS sample Section 4DLLS sample Section 5A sample of firms listed and traded on SHSE andSection 4SZSEA sample including 17 firms: One from Shanghai,Section 5 three from Jiangsu Province, and 13 fromZhejiang ProvinceData is presented in the last.f) The part addressed excellent according to your personal view1. New topic choosingAs a student, I have no much understanding of academic papers. But when I see the title ” Law, finance, and economic growth in China” at first sight, I thought the authors want to do research that better legal system leads to better financial system and better system contributes to the economic growth in China. But when I see the abstract of the paper, I find the paper is different from what I thought before. It studies on a counterexample—China. It is very interesting to us. Usually normal conclusions often do not stimulate our interest in reading, but the conclusions that are not exactly normal attract our attention to read. This is what this long, may be longest paper attract our group members.2. Overall structure of the paper, especially Section 4 and Section 5How the authors think of analyzing the economic growth after finding the counterexample—China? This is what I always think. Why I can’t think of it? This paper combines qualitative analysis with quantitative analysis and link theory research to empirical research methods. By the analysis of three sectors, authors transfer the contradictions from China's overall economic growth to the Private Sector. Section 4 applies empirical tests to evidence on the Listed Sector. Section 5 demonstrates the cause of good development of Private Sector in detail. In Sector 5, authors don’t use empirical tests, but a combination of qualitative analysis and mathematical deduce.3. Panel-dataThis paper collects the financial data from 1174 firms during 1992-2000 period using panel-data model and compares with those studied in LLSV, using regression. Comparing with using only cross-section data or time-series data to analyze economic, Panel-data model data has many advantages. (1) A combination of cross-section variables and time-series variable can significantly reduce the problems caused by the missing and omitted variables. (2) Panel-data model usually provides a large number of data points to the researchers, which increases degrees of freedom and reduces the multicollinearity among explanatory variables. Thus it improves the effectiveness of econometric estimation. (3) Panel-data model can analyze the economic issues from many aspects.g) Main drawbacks1. Inherent problems in LLSV ModelLLSV Model produces a substantial body of empirical evidence that links the origin of a country’s legal system to the country’s institutions and financial and economic outcomes. One of the central results of this literature is that countries with English common-law origin (French civil law origin) provide the strongest (weakest) legal protection to both shareholders and creditors. However, the merits of the legal system cannot be judged simply by origin. Although the British’s law system provides a stable and honest dispute resolution, its legal system does not provide good protection for small investors most of the time in the early 20th century. It is the market that results in good substitutes such as self-regulation system for protection of the interests of investors. Therefore, when assessing a country's legal system, do not over-praise the value of English common-law. The conclusion that English common- law is more conducive to financial development and economic growth based on a limited number of law indicators derived from Law and Financial theory lacks a solid theoretical foundation.2. In different regions, the relationship performance and mechanisms between financial development and economic growth will be different, so error will occur when conducting the empirical tests in the same way.3. This paper chooses a large number of variables to compare legal andfinancial systems in China with those of other developed and emerging countries. However, whether these variables reflect the true level of China's legal and financial systems does not reach an accurate conclusion. Meanwhile, this paper examines China's legal, financial system and economic growth using theoretical analysis and empirical research. The quality of research and analysis depend on the data's reliability, completeness and timeliness to some degree. As a research, the data used in this paper mainly comes from the various types of Authority Statistical Yearbook. The data is reliable, but the time is too short, mostly concentrated in 2002, making data relatively few. Therefore other researchers can make full use of the following data to continue researching on the law, finance and economic growth further if possible.4. In Section 5 of this paper, the authors provide anecdotal and survey evidence on the Private Sector firms. They choose 17 firms (One firm is from suburban Shanghai, three are from Jiangsu province, and the remaining thirteen are from Zhejiang province). They draw the conclusion that the private firms develop well by the data concerning firms’ background, financing channels, profit and other related information. But there exists serious regional imbalance in China, high levels of economic development in eastern and low level of development in central and western regions. In the evaluation of the actual situation of China’s economic growth, they had betterselect the data of the firms in the eastern, central and western respectively to study the relation of law–finance–growth nexus.h) Further issues to be investigated according to your understanding1. Research on other economiesThe paper focus on China, but similar conclusions and suggestions can be used to other economies and countries. China is a counterexample to the finding in the law, institutions, finance and growth literature. However whether there exists another country similar to China is still an issue worthy of study. If such a country exists, that it grows fast under poor legal and financial system, what causes the economic growth in this country? Is there any difference between this country and China? Therefore, further research should be done on the other countries to draw further conclusions comparing with China.2. Whether economic growth can reaction to the legal and financialsystemAccording to the results mentioned in the paper, neither its legal nor financial system is well developed, yet it has one of the fastest growing economies. Does the economic growth reaction to the legal and financial system in the opposite direction, to improve the efficiency of the financial system, and strengthen China's legal system? If it can, what the mechanismwill be? And what role the government plays in the interactions of the three? The results have general implications: there are important factors connecting law, institutions, finance, and growth which are not well understood. So it deserves to be study on.3. Long-term and short-term effectsThe paper mainly collects the data in 2002. It is not convincing to illustrate the conclusions using only one year of data. In the short term, China can realize economic growth under poor legal and financial systems. But if in the long term, China cannot maintain this rate of growth, or trend, I think we cannot regard China as a counterexample. In this case, the situation in China is also consistent with the LLSV model. Therefore, exploration on China's legal, financial, and economic growth should choose a longer time period and analyze the long-term and short-term effects respectively.4. Specific advice and arrangementsIf the conclusions from paper are correct, what arrangements can speed up economic development? As the paper said, the success of the firm in the Private Sector depends crucially on the support from the local government. Whether the government should actively support Private Sector development as the local government? Alternative financing channels can support the growth of the Private Sector. Whether Government should increase financial support for emerging firms and industries and deepen development offinancial intermediation? So many questions should be solved next.。
2010年11月英国财政大臣中英经济财金对话发布会致辞双语
2010年11月英国财政大臣中英经济财金对话发布会致辞Closing Comments at Economic and Financial Dialogue Press Conferenceby UK Chancellor George Osborne09November2010在第三次“中英经济财金对话”新闻发布会上的致辞英国财政大臣奥斯本2010年11月9日Thank you very much Vice Premier Wang Qishan.And let me thank you again for welcoming us to Beijing today to this Economic and Financial Dialogue.非常感谢王岐山副总理。
对于您今天欢迎我们到北京来参加本次经济财金对话，我再一次表示感谢。
I agree with you that we have had very friendly and successful talks,covering a whole range of issues of relevance to both our countries.我和您都认为：我们的会谈是非常友好而有成效的,涉及了一系列有关我们两国的事务。
China is now the world’s second largest economy.Its contribution to prosperity in the UK is becoming increasingly important. That is why we have come to China as the strongest ministerial delegation ever to visit from the UK.We look forward to this afternoon,when the Prime Minister David Cameron and Premier Wen will take part in the UK-China summit.中国现在是世界上第二大经济体。
Financial Innovation and Economic Growth -A Theoretical Approach
Financial Innovation and Economic Growth-A Theoretical ApproachP. K. Mishra*Key Words: Financial innovation, Economic Growth.Abstract: This paper studies the economic growth implications of financial innovations that emerge in more sophisticated and complete financial markets. Financial innovations in the form of new financial instruments, services, institutions, technologies, and markets mobilise financial surpluses from ultimate savers and channelizes them into most productive investment avenues thereby raising the rate of capital accumulation, and hence, the rate of economic growth.“Financial innovation raises the efficiency of financial intermediation by increasing the variety of financial products and services, resulting in improved matching of the needs of individual savers with those of firms raising funds for expanding future products. The resulting capital accumulation leads to economic growth” (Chou, Yuan K. 2007).As early as 1912, Joseph Alois Schumpeter, in his novel work “Theory of Economic Development”, highlighted the crucial role of financial intermediaries in innovation and economic development. The interaction of innovations in both the financial and real sectors provides a driving force for dynamic economic growth. Extensive empirical work by Goldsmith (1969) well illustrates the close tie between financial structure and economic development. Shaw (1973) and Mckinnon (1973) argued that the financial liberalization and deepening in countries that suffer from ‘shallow finance’ or ‘financial repression’ are critically important to the economic growth of these countries. These early works, though insightful, lacks rigor analytical structures. Starting from the beginning of 1990s, a growing body of work build a series of analytical frameworks which shows how the financial intermediaries andmarkets appear endogenously to contribute to long-run economic growth. Ross Levine (1996), Laurent L. Jacque(2000), Peter Tufano (2002), Yuan K. Chou (2007), R.N.Agarwal (2000), Harmid Mohtadi and Sumit Agarwal(2002), Prabirjit Sarkar (2006), Sawatore Capasso(2006), M.S. Kamat, M.M.Kamat and I.B.Murthy(2007), have contributed a lot in this direction.We now discuss in a little detail the characteristics, types, and benefits of financial innovations. Financial innovation is an ongoing process in which companies experiment in an effort to produce their products and services more efficiently and to differentiate their products from their competitors, responding to both sudden and gradual changes in the economy.In the process of financial innovation, financial firms invent a brand new class of products, modify existing products, or combine the characteristics of several different products, thereby making financial intermediate more efficient.Financial innovation may be defined as the emergence of new financial instruments and services, and of new forms of organisation in more sophisticated and complete financial markets. Thus, regarding the nature of financial innovations, the following points are noteworthy:1.The creation of new financial instruments, techniques, and markets.2.The unbundling of the separate characteristics and risks of individual instruments and their reassembly in different possible combinations.BIS (1986) developed a three-fold classification system for financial innovations:1.Risk-transferring innovations:Such innovations either reduce the price risk/credit risk inherent in a particular financial instrument, or alternatively enable the holder to protect against a particular risk.2.Liquidity-enhancing Innovations:These innovations (e.g., securitised assets) enable loans to be sold in a secondary market which offers the lending institution the capacity to change the structure of its portfolio.3.Equity-generating Innovations:These innovations have the effect of giving an equity characteristic (where the rate of return on the asset is determined by the performance of the issuer) to assets where the nature of the debt-servicing commitment is pre-determined, e.g., a debt-equity swap.Financial Innovations can also be classified on the basis of their nature:1.Financial system Innovations:Such innovations can affect the financial sector as a whole, relate to changes in business structures, to the establishment of new types of financial intermediaries, or to changes in the legal and supervisory framework, e.g., the use of the group mechanism to retail financial services.2.Process Innovations:Such innovations cover the introduction of new business processes leading to increased efficiency and market expansion for example, client data management.3.Product Innovations: Such innovations include the introduction of new credit, deposit, insurance leasing, hire-purchase, and other financial products to improve the efficiency of the financial system.Financial Innovations can be classified by a functional basis- Aggressive, or Defensive(Kogar, 1995). Aggressive innovation is the introduction of a new product or process in response to perceived demand. Defensive Innovation, on the other hand, is the introduction of a new product or process, in response to changed environment or transaction cost.Financial Innovations have many well known positive effects:1.Improve resource allocation.2.Reduce growth volatility.3.Reduce the cost of financial intermediation.4.Widen the range o hedging possibilities and enable risk to be protected against.5.Allow risks to be priced and to be shifted to those willing and able to absorb them.Having discussed the nature, type and positive effects of financial innovations, we now turn up to point out the economic growth implications of financial innovations. We can go back to the date of introduction of the credit card (1950s) which reflect technological advances, an important form of financial innovation. Now it is hard to imagine life without credit cards. They are a convenient and relatively safe method for making payment s. They are also an efficient way of providing short-term and unsecured loans that enable households to smooth their consumption over time. Credit cards have lowered transactions and thus, contributed to economic growth.We can also consider the introduction of money market mutual funds (1970s) which reflect new intermediation process. Money market mutual funds have been widely successful because they offer small avers the opportunities to earn a market rate of interest on transactions balances greater than the interest rates on bank and thrift deposits. Mutual funds mobilise savings of small savers and channelize them into most appropriate and productive areas and help in realising higher economic growth.One important financial innovation is the introduction of “Retail Banking” a new form of financial organisation. Retail banking by accepting deposits and advancing loans contributes to the capital formation, and hence to economic growth.The present financial market is very open and receptive to new innovative products and many such products are continuously being introduced and accepted by market participants. In the Indian securities market, two popular innovative products are Index Bond, and ICCDO fund. The objective behind these innovations is to create better values monetary or non-monetary for both issuers and investors alike. These innovative products help mobilising savings of ultimate savers and contribute o economic growth through capital formation.Regarding the role of financial innovation in economic growth of a country, the following points are noteworthy, and may be considered conclusive:1.The new financial instruments, services, and markets that emerge due to financial innovation, mobilise household savings to experience a higher rate of economic growth.2.The process of financial innovation results in the advent of new financial technologies which enhance the productivity of capital, reduce the transaction costs and hence stimulate higher level of economic growth.3.The new financial intermediaries that emerge due to financial innovation exploit their large portfolios which help channelize savings into most appropriate areas and help realise higher productivity of capital and higher growth.4.The new financial institutions that emerge due to financial innovation collect and analyses ample information so as to channel investible funds to investment avenues that yield the highest returns. This raises the volume of capital formation and hence the rate of economic growth.To sum up, financial innovations can be instrumental to lead a higher level of savings, capital accumulation and hence a higher level of economic growth. Therefore, financial innovations in Emerging Market Economies are welfare enhancing.________________________________________________________________ *P. K. Mishra, Senior Lecturer in Economics, ITER, Siksha O AnusandhanUniversity, Bhubaneswar. E-mail:pkm_iter@References:1.Asuncion Jennifer [2007]: India’s capital Markets: Unlocking the door to futuregrowth. Deutsche Bank Research. Germany.2.Agarwal, R. N. (2000) “Capital Market Development, Corporate Financing Pattern andEconomic Growth in India”.3.Bekaert, Geert, Campbell R. Harvey and Christian T. Lundblad (2003). Equity MarketLiberalization in Emerging Markets. Federal Researve Bank of St. Louis, USA.4.Chou, Yuan K. (2007) “Modelling Financial Innovation and Economic Growth”5.Duffie, D. and R. Rahi (1995), “Financial market innovation and security design: Anintroduction”, Journal of Economic Theory 65:1-42.6.International Monetary Fund. Global Financial Stability Report (various issues).Washington, DC. USA.7.Jacque Laurent L.(2007), “Financial Innovations and the Dynamics of Emeging CapitalMarkets”8.Kene R. (2007), “overview of the credit risk transfer market”. ACTSA9.Llewellyn, D. (1992). “Financial innovation: A basic analysis, “in H. Cavanna,Financial Innovation, Routledge, London, U.K.10.Levich, Richard M., “The Importance of Emerging Capital Markets 2001, (Stem Schoolof Business New York University)”.11.Levine, Ross (1996) “Stock Markets: A Spur to Economic Growth”12.Merton, R.C. (1992) “Financial Innovation and Economic Performance,” Journal ofApplied Corporate Finance, 4:12-23.13.Tufano, Peter (2002) “financial innovation”14.Silber, W. (1983), “The process of financial innovation”, American Economic Review73:89-95.15.Sarkar, prabirjit (2006) “Stock Market Deveplopment, Capital Accumulation andGrowth in India Since 1950”.。
经济英语词汇大全
经济英语词汇大全Introduction:In today's globalized world, the knowledge of economic vocabulary is essential for individuals engaged in various fields, ranging from business and finance to international relations. This comprehensive guide aims to provide a wide range of economic terms and concepts, enabling readers to enhance their understanding of economic issues and effectively communicate in the field of economics.1. Macroeconomics Terms:1.1 Gross Domestic Product (GDP): The total value of goods and services produced within a country's borders in a specific time period.1.2 Inflation: The general increase in prices of goods and services, leading to a decrease in the purchasing power of money.1.3 Unemployment Rate: The percentage of the labor force that is jobless and actively seeking employment.1.4 Fiscal Policy: Government measures such as taxation and spending to influence economic activity.1.5 Monetary Policy: Actions taken by a country's central bank to control the amount of money circulating in the economy.2. Microeconomics Terms:2.1 Supply and Demand: The relationship between the quantity of a product or service that producers are willing to sell and the quantity that consumers are willing to buy.2.2 Market Equilibrium: The point where the quantity demanded equals the quantity supplied, resulting in a stable market price.2.3 Consumer Surplus: The difference between the maximum price a consumer is willing to pay and the actual price paid.2.4 Producer Surplus: The difference between the minimum price a producer is willing to accept and the actual price received.2.5 Elasticity: The responsiveness of quantity demanded or supplied to a change in price or income.3. International Trade Terms:3.1 Comparative Advantage: The ability of a country to produce a good or service at a lower opportunity cost than another country.3.2 Tariff: A tax imposed on imported goods, increasing their price and protecting domestic industries.3.3 Free Trade: The absence of barriers, such as tariffs and quotas, to the movement of goods and services between countries.3.4 Balance of Payments: The record of all economic transactions between a country and the rest of the world over a specific period.3.5 Exchange Rate: The price of one currency in terms of another currency, determining the value of imports and exports.4. Financial Terms:4.1 Assets: Economic resources owned by individuals or businesses, such as cash, stocks, and real estate.4.2 Liabilities: Debts or obligations owed by individuals or businesses, including loans and unpaid bills.4.3 Capital: Financial resources used to start or operate a business, including money invested by owners or shareholders.4.4 Stocks: Securities representing ownership shares in a company, providing the right to share in the company's profits and voting rights.4.5 Bond: A fixed-income financial instrument issued by governments or corporations, representing a loan made by an investor.Conclusion:This guide has provided a wide range of economic vocabulary, covering macroeconomics, microeconomics, international trade, and finance. By familiarizing themselves with these terms, individuals can navigate the world of economics, understand economic news and reports, and effectively communicate their ideas and opinions in the field. Continuous learning and application of economic vocabulary will undoubtedly enhance one's professional abilities and contribute to a better understanding of the global economic landscape.。
美国遇到金融危机英语作文
The financial crisis that struck the United States in 2008 was a pivotal moment in modern economic history, one that I remember vividly from my high school days. It was a time when the world seemed to be on the brink of economic collapse, and the effects of the crisis were felt not just in the United States, but globally. As a high school student, I was just beginning to understand the complexities of the global economy, and the crisis served as a stark reminder of the interconnectedness of our world.The crisis began with the collapse of the housing market in the United States. Home prices, which had been steadily rising for years, suddenly plummeted, leaving many homeowners with mortgages that were worth more than their homes. This led to a wave of foreclosures, as people were unable to keep up with their mortgage payments. Banks and other financial institutions, which had invested heavily in these mortgages, found themselves in deep trouble. Many of these institutions had bundled these mortgages into complex financial products known as mortgagebacked securities, which were then sold to investors around the world. When the housing market collapsed, these securities lost much of their value, leading to massive losses for the banks and investors who held them.The crisis quickly spread beyond the housing market. As banks and other financial institutions began to fail, credit markets froze up. Businesses and individuals found it increasingly difficult to get loans, which in turn led to a slowdown in economic activity. Unemployment rates soared, and many people found themselves out of work and struggling to make ends meet. The crisis also had a profound impact on the stock market, with stock prices plummeting and trillions of dollars in wealth being wiped out.As a high school student, I was fascinated by the unfolding drama of the financial crisis. I remember watching the news and reading articles about the crisis, trying to understand what was happening and why. I remember feeling a sense of disbelief as I learned about the risky financial practices that had led to the crisis, such as the widespread use of subprime mortgages and the creation of complex financial products that few people truly understood.The governments response to the crisis was another aspect that captured my attention. In an effort to prevent a complete economic collapse, the U.S. government implemented a series of measures to stabilize the financial system. These included the Troubled Asset Relief Program TARP, which provided billions of dollars in bailout funds to struggling banks and other financial institutions. The Federal Reserve also took unprecedented stepsto inject liquidity into the financial system and lower interest rates.Despite these efforts, the recovery from the financial crisis was slow and uneven. Many people continued to struggle with unemployment and financial hardship long after the crisis had officially ended. The crisis also had a profound impact on public trust in the financial system and in government institutions. Many people felt that the government had bailed out the very institutions that had caused the crisis, while ordinary citizens were left to bear the brunt of the economic downturn.Looking back on the financial crisis now, I am struck by the lessons that it taught us about the importance of responsible financial practices and theneed for strong regulatory oversight. It also highlighted the interconnectedness of our global economy and the potential for a crisis in one part of the world to have farreaching consequences.As I continue to study economics and finance in college, I am grateful for the lessons that the financial crisis of 2008 taught me. It has given me a deeper understanding of the complexities of our financial system and the importance of being a responsible and informed consumer. It has also made me more aware of the potential risks and challenges that we may face in the future, and the need for us to be prepared to navigate them.。
国内外经济新闻英语作文 范文模板
国内外经济新闻英语作文范文模板When we look at the economic news both domestically and internationally, we can observe a myriad of developments that shape the global financial landscape. The intricate web of trade agreements, market fluctuations, and policy decisions constantly influence the economic equilibrium. This essay aims to delve into the recent economic events, analyzing their impact on various sectors and regions.Starting with the domestic front, the national economy has been navigating through a wave of challenges and opportunities. The latest GDP figures indicate steady growth, bolstered by robust consumer spending and investments in key industries. However, concerns loom over inflationary pressures and the sustainability of this growth trajectory. The government's fiscal policies and regulatory measures play a pivotal role in steering the economy towards stability and resilience.On the international stage, global economic dynamics are undergoing significant transformations. Trade tensionsbetween major powers continue to escalate, disrupting supply chains and affecting market sentiments. The specter of protectionism and unilateralism casts a shadow over the prospects of multilateral trade agreements. Meanwhile, emerging economies are asserting their presence in the global arena, driving innovation and investment flows across borders.Amidst these economic shifts, the financial markets reflect a mix of optimism and uncertainty. Stock indices fluctuate in response to geopolitical developments and central bank policies. Cryptocurrencies and digital assets are reshaping the financial landscape, posing new challenges and opportunities for investors and regulators alike. The rise of sustainable finance and ESG investing underscores a growing awareness of environmental and social responsibilities in the business world.In conclusion, the economic news both at home and abroad paints a complex picture of interconnectedness and volatility. As we navigate through these turbulent times, it is essential to stay informed, adapt to changingcircumstances, and embrace innovation. By fostering collaboration and dialogue among diverse stakeholders, we can build a more resilient and inclusive economic system that benefits all.。
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有奖销售
假冒伪劣产品
consumers rights Complain
and interests
消费者利益
投诉
daily articles 日用品
make a profit 赢利
tourism 旅游业
investment 投资
stock broker stock holder 股票经纪人 股东
demand/supply 需求/供给
credit rating
fiscal union
债务上限
信用评级
税收同盟
Objective
VOA news--News item 7
14. The US central bank has cut the key interest rate by _____.
A. 0.5% B. 0.75% C. 1% D. 3%
15. Which of the following statements about the news item is INCORRECT?
自由贸易
tariff
audit
bonus
budget
关税
审计
红利
预算
balance
closing rate
currency
commission
结余，余额
收盘汇率
货币
佣金，提成
deficit
deposit
recession
downturn
赤字
存款，押金
衰退
低迷，衰退
Dow-Jones average economic sanction bailout
problems.
5. What do we know from some analysts?
A. They are confident of a strong housing market.
B. Consumers’ reluctance to spend results in slow sales in housing
sales
经济繁荣
全球化
生产商
销售
brand loyalty
holiday economy production
cost
品牌忠诚
假日经济
生产
成本
material wealth ownership
trade
protectionism
物质财富
所有权
贸易
保护主义
economist
socialist economy planned economy private sector
A. the current situation of American housing market
B. the analysis of the US economic problems
C. the interest rates of American banks
D. the affordability of American consumers
inflation
joint venture
multinational
冻结
通货膨胀
合资企业
跨国公司
mortgage
loan
monetary
financial crisis
抵押贷款
贷款
资金的，货币的 金融危机
quota
refund
retail
wholesale
配给
退货
零售
批发
revenue
securities
经济学家
社会主义经济 计划经济
私营部门
public sector economic balance economic fluctuation economic
depression
公共部门
经济平衡
经济波动
经济衰退
economic stability economic policy economic recovery holding
A. Spain
B. Portugal C. Greece
D. Germany
8. What is the Greek workers’ attitude toward its financial plans like cutting
spending?
A. Indifferent B. Dissatisfied （protest） C. Supportive D.
exchange
道琼斯工业指数 经济制裁
紧急援助
兑换，交易
Federal Reserve futures
idle money
depreciation
联邦储备
期货
闲散资金
贬值
face value
fixed asset
real estate
housing bubble
面值
固定资产
房地产
房地产泡沫
freeze
margin
monopoly
收入
有价证券
利润
垄断
oil reserve
premium
speculation
surplus
石油储备 transfer 转帐，过户 Euro 欧元
额外费用，奖金 投机
剩余
turnover
merge
sub-prime mortgage crisis
营业额
合并
次贷危机
ห้องสมุดไป่ตู้
debt ceiling
B. Consumers’ reluctance to spend results in slow sales in housing
market.
C. Housing prices are likely to rise gradually.
D. A weak housing market is the cause of recent US economic
Economic and financial news
BBC news--News item1
1. Who offered $200 billion to financial institutions?
A. Some European banks B. The US Federal Reserve
C. Market investors
A. The US stock market is in trouble. B. European markets are also
unstable.
C. The new interest rate is 3%.
D. Shares prices in Asia also
drop.
参考答案
BBC News item 1—BA BBC News item 2—ACD CNN News item 3
D. Housing industry investors
2. What is one important reason why the US economy might now be in
recession?
A. The bank’s reluctance to lend.
B. The intervention of the US Federal Reserve.
C. The rise of the Dow Jones prices.
D. The supplying of American government bonds to financial
institutions.
BBC news-- News item2
3. The news is mainly about _______.
4. Sales of existing homes in January fell _______ from the previous month.
A. 2.3% B. 4% C. 0.4% D. 23%
5. What do we know from some analysts?
A. They are confident of a strong housing market.
boom 繁荣
Recreation 娱乐
Taxpayer 纳税人
stock exchange investment
productive forces
enterprises/entrepreneur
股票交易
投资
生产力
企业/企业家
economic prosperity globalization
manufacturer
—CB VOA News item 7--BC
经济核心词汇
economy/economic market
market
management competition
advertising campaign
经济 commercial 商业的
市场管理 promotion 促销
市场竞争
广告、促销活动
awarding sales fake commodities
company
经济稳定
经济政策
经济复原
控股公司
economic trend infrastructure
standard of living purchasing
power
经济趋势
基本建设
生活水平
购买力
scarcity
stagnation
underdevelopment free trade