第四章

　　一、术语：

　　1.centrally-planned economy 中央计划经济

　　2.market economy 市场经济

　　3.disinflationary （anti-inflationary） policies 反通货膨胀政策

　　4.deflation 通货紧缩

　　5.short-term dollar interest rates 短期美元利率

　　6.commodity market 商品市场

　　7.nominal （dollar） terms 名义（美元）价

　　8.constant （dollar） terms 不变（美元）价9.business cycle 商业周期

　　10.weighted average 加权平均数

　　11.hard currencies 硬通货

　　12.fiscal adjustment 财政调整

　　13.portfolio investment 有价证券投资

　　14.market diversification 市场多元化

　　15.tight credit policy 紧缩的信贷政策16.exchange-rate devaluation 汇率贬值

　　17.accommodative monetary policy 融通性货币政策

　　18.yield curve 收益曲线

　　19.per capita GDP 人均国内生产总值

　　20.GATT： General Agreement on Tariffs and Trade 关贸总协定

　　21.EMS： European Monetary System 欧洲货币体系

　　22.GDP deflator 消除国内生产总值通货膨胀因素指数（ GDP 平减指数）

　　23.CMEA （Comecon）： Council for Mutual Economic Assistance 经互会

　　24.LIBOR： London Inter-Bank Offered Rate 伦敦同业银行优惠利率

　　22.per capita income 人均收入

　　23.multilateral trade agreements 多边贸易协定

　　24.Portfolio investment 证券投资

　　25.cyclical deceleration in investment spending 生产总值通货膨胀因素指数

　　26.the population-weighted growth rate 人口加权增长率

　　二、词语释义：

　　1.in a row： in succession

　　2.easing： slowing down； decrease

　　3.momentum： force of movement

　　4.underlying： being at the basis of

　　5.slackening： slowing of speed

　　6.compound： worsen

　　7.moderate inflation： ease inflation

　　8.robust： strong and healthy

　　9.setbacks： frustrations

　　10.slump： depression

　　11.edge down： move slowly down

　　12.depreciation： devaluation

　　13.spike： abrupt increase

　　14.pick-up： recovery

　　15.rein in： control

　　16.bottoming-out： reaching the lowest point before rising again （ 止跌回升）

　　17.stagnat： stop； almost

　　三、句子翻译：

　　1.International conditions for growth in developing countries deteriorated in 1991. The Seven major industrial countries （the G-7） experienced a significant slowdown in GDP growth-from 2.8 percent in 1990 to 1.9 percent during 1991 as recession gripped Canada， the United Kingdom， and the United States and growth rates slowed in Continental Europe and Japan. In important respects. The slowdown was different from those that occurred during the 1970s and 1980s. Rather than reflecting the effect of disinflationary policies， weakness in demand was more closely related to the loss of momentum that had built up during the long period of expansion that began in 1983. In addition， a common factor underlying the slowdown in many industrial countries was the cyclical deceleration in investment spending.

　　1991年，在发展中国家增长恶化的国际情形下，七个主要工业国的国内生产总值经历了一个急剧的下滑，从1990年的2.8%下降到1991年的1.9%，像加拿大、美国、英国陷入了萧条，欧洲大陆和日本增长率减缓。这个减速与发生在20世纪70年代和80年代的不同。并不是反通货膨胀政策的结果，需求的疲软大多与发展势头的丧失紧密相关，这个势头开始于1983年，在长期扩充中已经形成。此外，在许多工业国减速的一个普遍的根本因素是投资开支的周期性。

　　2.Although the weakness in demand in the United States led to a sharp decline in short-term dollar interest rates—a positive development for many developing countries—it also contributed to a drop of over 6 percent in nominal commodity prices and to a slackening， to 3 percent， in the growth of world trade. These trends were compounded by worsening economic conditions in the soviet Union and its successor states， where a growing shortage of foreign exchange led to a compression of import from Eastern Europe and an acceleration of certain commodity exports to earn hard currencies.

　　尽管美国疲软的需求导致了短期美元利率急剧地下跌，但对于发展中国家的发展是积极的，它也导致了名义产品价格约6%的下跌，世界贸易增长下跌了3%.苏联和它的后继国经济情形的恶化加剧了这一趋势，外汇短缺的增长导致了从东欧进口的压缩，加速了某些产品的出口，获得了硬通货。

　　3.Financial stress brought on by excessive debt in the household and corporate sectors was an example of another kind of structural problem， in particular for the economies of Japan and the United States. Financial institutions in these two countries adopted more conservative lending policies， curtailing financing of higher-risk projects such as commercial construction and highly leveraged corporate transaction. A number of weaker institutions were also consolicated through bankruptcy， merger and reorganization.

　　过多债务的财政压力招致了家族和公司部门是另外一种结构问题的例子，尤其是日本和美国的经济。这两个国家在财政制度上采取了比较保守的借贷政策，削减了对商业建筑这类高风险的财政项目和对公司依靠大量借贷进行交易的融资。大多数疲软的机构也通过破产，合并和重组来联合。

　　4.The major risk facing this highly trade-oriented region is the potential for sluggishness or disruption in world-trade flows. Economic weakness in some of the region's traditional export markets has underlined the importance of market diversification， including a further strengthening of ties within the region. Increasingly buoyant intraregional trade in East Asia may be viewed as evidence of an ongoing process of “market-oriented” regional integration， a development that could partially offset lackluster progress in the area of multilateral trade agreements.

　　这个高度以贸易为导向的地区面对的风险主要是潜在的世界贸易流中的萧条或混乱。一些地区传统出口市场的经济萎靡已强调了市场多样化的重要性。包括进一步加强地区内的联系。

　　日益活跃的东亚内贸易可被视为一个“市场导向”地区一体化的见证，这一点可弥补多边贸易协定领域毫无生气的进展局面。