金融英语句子翻译

Chapter 1

1. However, research has shown that countries often reversed the steps mentioned above and sterilized gold flows, that is sold domestic assets when foreign reserves were rising and bought domestic assets as foreign reserves fell. Government interference with private gold exports also undermined the system. The picture of smooth and automatic balance of payments adjustment before World War I therefore did not always match reality.

然而，研究表明各国经常反道而行之，他们制止黄金的流动，也就是说，当外国储备升高时他们售出国内资产，而当外国储备下降时，他们购买国内资产。政府对私人黄金出口的干预也破坏了该体系。第一次世界大战前平衡自动的国际收支调整情形常常与现实不相吻合。

2. The gold standard regime has conventionally been associated with three rules of the game. The first rule is that in each participating country the price of the domestic currency must be fixed in terms of gold. Since the gold content in one unit of each currency was fixed, exchange rates were also fixed. This was called the mint parity. The second rule is that there must be a free import and export of gold. The third rule is that the surplus country which is gaining gold, should allow its volume of money to increase while the deficit country, which is losing gold, should allow its volume of money to fall.

金本位制按惯例与三条规则有关联。第一条规则是每个参加国其国内货币价格以黄金来确定。由于每一货币单位的黄金含量是固定的，所以汇率也是不变的。这叫做铸币平价。第二条规则是黄金须自由进出口。第三条规则为顺差国，即得到黄金的国家应允许其货币量增加，而逆差国，即失去黄金的国家则允许其货币量减少。

3. Central banks experiencing persistent gold out flows were motivated to contract their domestic asset holdings for the fear of becoming unable to meet their obligation to redeem currency notes. Thus domestic interest rates were pushed up and capital would flow in from abroad. Central banks gaining gold had much weaker incentives to eliminate their own imports of the metal. The main incentive was the greater profitability of interest-bearing domestic assets compared with “barren” gold.

经历持续黄金输出的央行为了避免不能履行其兑换现钞的职责而趋于减少其国内资产的拥有量。这样国内的利率会提高，资金会从国外流入。而获得黄金的央行取消自己黄金进口的动机要弱得多。其主要动机在于与“贫瘠”的黄金相比，有利可图的国内资产具有巨大的获利性。

4. Given the prices of currencies fixed in terms of gold, the price levels within gold standard countries did not rise as much between 1870 and 1914 as over the period after World war II, but national price levels moved unpredictably over shorter horizons as periods of inflation and deflation followed each other.

因为是根据黄金储备而确定货币的价格，在金本位制国家内部的价格水平在1870年到1914年间并未像第二次世界大战后时期那样上涨。但是，全国的价格水平在短时期内出现了像通货膨胀和通货紧缩相互交替时期的不可预见的波动。

Chapter 2

1. They thought a devaluation was a sign of national weakness and a revaluation would reduce the competitiveness of a country.

他们（这些发达国家）认为，货币贬值表示一个国家经济不景气（疲软），而货币升值则会削弱一个国家的竞争能力。

2. The unwillingness of industrial nations to change their par values as a matter of policy when in fundamental disequilibrium had two significant effects. First, it robbed the Bretton Woods system of most of its flexibility and the mechanism for adjusting balance of payments disequilibria. Second, and related to the first point, the reluctance of industrial nations to change their par value when in fundamental disequilibrium gave rise to huge destabilizing international capital flows by providing an excellent one-way gamble for speculators.

在严重失衡状态下，发达国家不愿改变其货币面值作为一项政策有两个重大影响。首先它使布雷顿森林体系失去了大部分弹性功能和国际收支失衡的调节功能。其次，仍与第一点有关，这些发达国家在严重失衡时不情愿改变其货币的面值为投机商提供了极好的单向赌博的机会，因此，也就大大地提高了国际资本流通的不稳定性。

3. The IMF articles also called for convertibility on current account transaction only because the designers of the Bretton Woods system hoped to facilitate free trade while avoiding the possibility that private capital flows might tighten the external constraints faced by policymakers.

国际货币基金组织的条款也提倡经常账户货币的可兑换性，仅因为是布雷顿森林体系的设计者们希望为自由贸易提供方便，同时，避免私人资本流动可能收紧政策制定者所面临的外部约束。

4. The most significant change introduced into the Bretton Woods system during the 1947-1971 period was the creation of Special Drawing Rights (SDRs) to

supplement the international reserves of gold, foreign exchange, and the reserve position in the IMF. Sometimes called paper gold, SDRs are accounting entries in the books of the IMF.

1947至1971年间作为最为重大的改革机制而引入布雷顿森林体系的是特权提取款，以补充国际黄金储备，外汇储备以及在国际货币基金组织的储备净值。特权提取款有时也称为纸黄金，在国际货币基金组织的的账户里作为会计分录。

5. Alternative policies were adopted but resulted in very limited success. They included the increase of short-term interest rates to discourage short-term capital outflows, the decrease of the long-term interest rates to stimulate domestic production, interventions in foreign exchange markets, and a number of direct controls over capital outflows.

尽管采取了多种政策但收效极其有限。这些政策包括提高短期利率以阻止短期资金的外流，降低长期利率以刺激国内生产，干预外汇市场，以及一系列直接控制资金外流的措施。6. In short, the immediate cause of the collapse of the Bretton Woods system was the huge balance of deficits of the United States in the early 1970s and the inability of the U.S. to devalue the dollar. Thus, the Bretton Woods system lacked an adequate adjustment mechanism that nations would be willing and able to use as a matter of policy. Consequently the U.S. balance of payments deficit persisted and this undermined the confidence in the dollar. Therefore, the fundamental cause of the collapse of the Bretton Woods system is to be found in the interrelated problems of adjustment, liquidity, and confidence.

总之，布雷顿森林体系崩溃的直接原因在于20世纪70年代初美国国际收支的巨大赤字及

其美国贬值美元的无能为力。因此，布雷顿森林体系缺乏一种合适的各成员国都愿意并且能够用做策略的调节机制。后来美国的国际收支赤字持续无变，这就破坏了人们对美元的信心。结果，在调节、流通和信心相互关联的种种难题中找到了布雷顿森林体系崩溃的根本原因。

Chapter 3

1. At the same time, there has been a movement away from a gold-based international monetary system. The role of gold has diminished as a result of the Jamaica Accords. The official price of gold was abolished. One-sixth of the gold paid into the IMF in quotas was to be returned to members, one-sixth to be auctioned by the IMF to private buyers with the proceeds being used to benefit the developing countries. The IMF was to retain the remaining two-thirds. Finally, gold was no longer to be the unit of account of the system. Since 1974, the IMF has measured all reserves and other official transactions in terms of SDRs instead of U.S. dollars.

同时人们一直趋向脱离基于黄金的国际货币体系。随着《牙买加协定》的生效黄金的作用大为降低。黄金的官方定价被取消。按配额付给国际货币基金组织的黄金的六分之一返还给了各成员国，另一六分之一由国际货币基金组织拍卖给私人买家，拍卖所得款项用于帮助发展中国家；国际货币基金组织保留其余的三分之二。最终，黄金不再充当国际货币体系的记账单位。自1974年起，国际货币基金组织一直以特权提取款而不是美元来衡量所有的储备额和其他官方的交易量。

2. The European Monetary Community System (EMS) began in March 1979 with eight of the nine members of the European Community (all but Great Britain)