Unit 9 The Macroeconomics of International Currencies
collap（倒塌）- ending, termination, fall, break down
lead to（导致）- result in, bring about, cau
fundamental（根本上）- esntial, primary
international liquidity（国际清偿力，国际流动性）- (rerves asts) total amount of rerve asts held by a country’s central authority, including monetary gold（货币黄金）, special drawing rights（SDRs 特别提款权）, rerve position of IMF（储备头寸）, foreign exchange（外汇）endogenously（内在地，本身）- intrinsically, by its own nature
fiat system（信用本位，法币体制）- monetary system in which the value of money is determined by government’s decree.
depart from（除了）- go away from, deviated from
commodity standard（商品货币本位）- monetary system in which the value of money is bad on physical commodity such as gold and silver.
prevailed（流行）- popular
limit（范围）- range
given（定义为）- determined
gold points（输金点，黄金输出点）- relationship between changes in foreign exchange rates and costs of importing or exporting gold in the ca of diquilibrium of a country’s balance of payout under gold standard.
a balance of payments surplus（国际收支顺差，国际收支盈余）- excess of receipts over expenditure in the balance of payment
nonmonetary gold（非货币黄金）
hence（因此）- there for, as a result, conquently
participating currencies（参与货币）- key currencies
effectively（实际上）- in fact
currency substitution（货币替代）- adoption of one currency in place of another to function as money
incentive（激励）- motivation
engage in（采取）- adopt
be witnesd by the fact that（见证了）- be obrved that
deviation from（偏离）- departure from
mint parity（铸币平价）
offt（抵消）- to be balanced out
so long as（只要）- as long as
back … with（支持）- support, show up歌手张行
substitute A for B/ substitute B with A（用A替代B）
precily（精确）- exactly
dependability（可靠性）- reliability
on the supply side（政府干预）- by the participating government
realm（同种货币）- the same currency
allied（同盟国）
referred to（称作）- called
适心娱目gold exchange standard（金汇兑本位制）
relative to（涉及）- in terms of
be committed to（定义为）- be determined to
predominant（最重要的）- the most important
par value（平价，面值）- nominal/face value, stated value of currency which reprent how much the holder is to be paid.
in practice（实际上）- in fact
link to（挂钩）- peg, fix A to B
international community（国际社会）
esntially（根本）- fundamentally
devaluation（政府干预贬值）- drop in the foreign exchange value of a currency pegged to another currency
depreciation（市场因素造成贬值）- drop in the foreign exchange value of a floating currency.】capital flow（资本流动）- movement of funds across political border
significant（重大的）- very large感冒发烧吃什么好
deter（使打消念头）- discourage, prevent
question over（质疑）- doubt
in the face of（面对）- in situation of
give ri to（导致）- result in, bring about, lead to
Triffin dilemma（特里芬困境）- the conflict between the need for the US to provide liquidity for conversion of gold into US dollar by running balance of payment current account deficit and the need for the US to maintain confidence in the US dollar by running a balance of payment current account surplus.
curtail（削减）- reduce
in part（某种程度上）- to a certain degree
compound（复合的）- complicated
the ri in inflation（使通胀增长）- inflation pressure
标线demi（瓦解）- collap
address（着重）- emphasis
the closing of the gold window（关闭黄金窗口）- abundant of dollar
generalize（大众化，概念化）- wide spread
free-floating exchange rate（自由浮动利率）
determined（规划成形）- formulated
diminishing（减少）- decreasing
portfolio（投资组合）- combined holdings of asts by an individual or an institution
there has been（出现……的现象）- there exists
considerable（可观的）- large
diversification into（将……投向）
“strong” currency（硬通货，强势货币，坚挺货币）
“soft” currency（软通货）
情侣英语enjoy a role（扮演……角色）- play a role
switch（交换，变换）- shift, move, substitute
hence（因此）- therefore, as a result, conquently
工资支付规定hence + n.（这就是……的由来）- this is how sth. comes about
in particular（尤其）- particularly, especially
move（发展趋势）- development, trend
deregulated/liberalized financial market（自由化的金融市场，取消管制的金融市场）- financial market where legal restrictions impod by the government, such as capital controls and foreign exchange controls are lifted
proliferation（增殖）- rapid growth
define sth. as（将……定义为）
delimit（划界限）- establish the boundary of
go hand in hand（同时发生）- happen at the same time
the same is true（这种情形也同样）
男生卡通头像
人脉的重要性bear no relation to（与……无任何关系）- have nothing to do with
for this reason（因此）- therefore
financial diversification（金融资产多样化）
owe a great deal to（大大归功于）- thanks to
drive down（降低，压低）- reduce, lower
英译汉
Most important among the changes was that the supply and composition of international liquidity became endogenously determined, that is, the international monetary system was bad in a fiat system and departed from a commodity standard.
其中最重要的变化是，国际流动性的供给和构成决定了其本身的特点。即国际货币体系的基础不再是商品货币本位制，而是信用本位制。
The lack of incentive to engage in currency substitution was witnesd by the fact that the small devi
ations from mint parity were offt exactly by the costs of transporting the gold between countries.
缺乏货币替代的动力是，由于小幅偏离铸币平价正好被黄金运送费抵消。
The reason for the lack of substitution of one currency for another was precily the dependability of the commitment to make the currencies perfectly substitutable on the supply side.
货币之间缺乏替代的原因恰恰是货币供应方作出的可靠保证：政府承认货币完全替代。
The main source of the substitution was between tho coins of the realm which were minted in gold and gold bullion which depended on whether the value of the gold content of the coin varied from the coin’s monetary value, rather than between currencies.
货币替代的主要原因不是货币之间的比较而是那些用金子、金块铸成的同种硬币的比较，而这种比较取决于硬币的合金价值与硬币的货币价值是否存在差异。
Therefore, although members were required to state par value for their currencies in terms of gold and to intervene in the foreign exchange markets to keep their currencies within 1 percent of the par value, expresd in gold, in practice members expresd par values in terms of US dollars and the US stood ready to convert dollars into gold at $35 per ounce.
因此，尽管协议要求个成员国应以黄金表述其货币平价，并且为了是货币保持在平价上
下1%范围内波动，而干预外汇市场时，也应以黄金表示，但在实际操作中，成员国常以美元表示平价，美国则随时以每盎司35美元的价格将美元换成黄金。
This has led to the emergence of a proliferation of large numbers of very similar asts, many of which are very clo substitutes for money, which makes it more difficult than ever before to define an appropriate range of asts to delimit as “money”.
这种发展导致了大量相同资产的增生，其中很多是货币的替代品。这就使得划定合适范围的资产并将之定义为“货币”比以前更难了。
总结
Summary 1: Under the gold standard, there was no need for currency substitution becau exchange rate were fixed the small deviations from mint parity were offt by exporting or importing costs of gold and participating countries were committed to converting their national currencies into gold.
Summary 2: Under the gold exchange standard, there was no need for currencies, becau exchang
e rates were fixed. Government intervened in the foreign exchange market to stabilize national currencies and the US stood ready to convert.
Summary 3: Under the flexible exchange rate system, there is an increasing need for currency substitution, becau the US dollar as a key currency becomes less attractive after the abandonment of the dollar-to-gold convertible, whereas more and more financial markets are being deregulated.
