后布雷顿森林体系

后布雷顿森林体系后布雷顿森林体系Passage 16Notes1 两次世界大战之间的惨痛经验以及二战后其死灰复燃的危险促使美英迈出第一步来创立一种自由、稳定与多边的货币体系。The bitter experiences of the inter-war years and the danger of their recurrence after the Second World War induced USA and Great Britain to take the first steps to create a free,stable and multilateral monetary system.Passage 16Induce v.to bring in;to draw on;to prevail on;to bring into being,such as,Nothing shall me to go.我怎么着都不会去我怎么着都不会去Indigestion d overeating 因饮食过多而引起的消化不良因饮食过多而引起的消化不良3Recurrence n.returning at intervals;running back in the opposite direction or toward the place of origin,such as,Let there be no of this error不要再发生这种错误不要再发生这种错误Acupuncture treatment cured his headache,which had been of frequent.针刺疗法治好了他经常复发的头痛症。针刺疗法治好了他经常复发的头痛症。2Bitter adj.painful;sharp;acrimonious,etc.1Passage 16Notes2 Gold standard:a monetary system formerly used by many countries under which the value of the standard unit of currency was by law made equal to a fixed weight of gold of a stated fineness.Thus the rates of exchange between various gold-standard countries remained fixed,which helped international trade,but the system limited the power of the monetary authorities to control the supply of money in fighting inflation and unemployment.金本位制Passage 16Notes:contd.2 Under a full gold-standard system,such as existed in Britain from the 1870s to1914,gold coin and bullion(bars of gold)could be freely imported and exported;gold coin circulated freely;and the central bank bought and sold gold in any quantity at the fixed price.The system was set up again by 1928 in a limited form but it broke down in the 1930.After the Second World War some countries in Europe agreed to make their currencies freely convertible into gold for international payments only,thus forming a gold standard that was entirely external.Passage 16Notes3 to dissuade countries with balance-of-payments difficulties from restrictions on payments and trade damaging to the world economy,the IMF set up a credit fund to help them the Ordinary Drawing Rights.为了阻止国际收支出现困难的国家不至于过快地降低汇率或者对支付与贸易做出有害于世界经济的限制，国际货币基金组织建立了普通提款权这一信贷基金来帮助他们。Dissuade v.to give advice against;to seek to divert by advice,etc.,e.g.somebody from going.劝阻某人不要去。劝阻某人不要去。1Ordinary Drawn Right:the account a member country is entitled to purchase of a foreign currency in exchange for its own from the IMF.普通提款权。普通提款权。2Passage 16Notes4 Reserve Currency:one which is held as part of their official reserves by the governments of other countries,because these governments have confidence in its value remaining high and in its usefulness in settling future international debts.The two main reserve countries are the US dollar and the pound sterling.储备货币Passage 16Notes5Gross National Product:the total wealth earned or bought into existence in a particular year by a country.It is the total value of all the goods and services produced by the country during that year including net income from abroad,before allowing for depreciation and for any reduction in the stock of capital goods.It is calculated in three different ways:at constant prices,adjusted to allow for changes in the value of money over a period;or at market prices for comparison with similar figures for other countries;or at factor cost,for use when measuring the part played by the various of production.国民生产总值，国民总产值。Passage 16Notes6 Europe,ravaged by war and still heavily implicated in exchange rationing and bilateral agreements,could only liberalize its international payments arrangements,step by step.遭受战争创伤并深陷于汇率定额与双边协议之中的欧洲，只能一步一步地对其国际支付安排实行自由化。Ravage v.to lay waste;to destroy;to pillage,etc.1Implicate v.to entwine together;to involve;to entangle;to enfold,etc.2Rationing:an allowance,use.Fixed by authority,which each person may buy,of food,fuel or other essential commodities3Passage 16Notes7 Convertibility came into force on December 27,1959.on the same date the EPU was superseded by the European Monetary Agreement,which had already been ratified in 1955.自由兑换自1958年12月27日实行。同一天，欧洲支付同盟被早在1955年就得到批准的欧洲货币协定所取代。Convertibility:of currency,originally the right of the holder of notes and coin of certain currency to exchange them for gold.Nowadays it is the right of the holder to convert(change)a currency freely into other currencies可兑换性，自由兑换。可兑换性，自由兑换。1Passage 16Ratify v.to approve and sanction,esp.by signature;to give validity or legality to the correctness of,e.g.a convention 批准公约批准公约4European Monetary Agreement:an association of European countries set up in 1958 under the management of the O.E.C.D.to replace the EPU as their currencies became convertible.The aim of the EMA is to encourage and develop international trade and convertibility of currencies between its members.Through the European Fund,which it operates,it arranges monthly settlements of debts between members and provides them with short-term loan when needed.Membership of EMA consists of members of the EEC,EMA and some other countries 欧洲货币协定欧洲货币协定3 supersede v.to set aside in favor of another;to replace,The new s the old.新陈代谢新陈代谢 somebody as ambassador 接替某人出任大使。接替某人出任大使。2Force n.power;efficiency;validity;influence,etc.e.g.The agreement shall come into upon signature.该协议于签字后立即生效。该协议于签字后立即生效。1Passage 16Notes8 the international monetary system brought into being at Bretton Woods was effective for about half of a century,though crisis and serious disturbances made their appearance from the early days onwards,尽管危机与风暴从早期以来就时有出现，但布雷顿森林会议产生的国际货币体系却已经生效了约半个世纪Passage 16Onwards adv.towards a place or time in advance or in front;forward;e.g.From this day 从今天起从今天起4Disturbance n.agitation;tumult;interruption;perplexity,etc.Make a 扰乱，制造事端扰乱，制造事端3Effective adj.having power to effect;causing something;successful in producing a result or effect;actual;in force,e.g.Take measures.采取有效措施采取有效措施2Being n.existence;any person or thing existing,e.g.The project was brought into in 1958 in the spirit of self-reliance prevailing at that time.这个工程是这个工程是1958年按当时盛行的自力更生精神建立的年按当时盛行的自力更生精神建立的1Passage 16Notes9Gold pool:a financial institute formed in 1961 by 8 leading countries to support the gold market against temporary heavy demands.At a meeting in 1968 in Washington D.C.,a two-tier system was agreed upon where there should be a market for gold open only to central banks in which the gold price was to be fixed,and a free market in which the price would be determined by the market force of supply and demand.The pool,therefore,was no longer required.黄金总库。Passage 16Notes10 the monetary scene was also perturbed by the effects of differences in growth rate between individual countries.各个国家之间经济增长速度上的差异使货币走势受到很大影响。Scene n.the stage;the place of action in a play(hence in a story,an actual occurrence,etc.)1Perturb v.-to disturb greatly;to agitate.2Effect n.-result of an action3Passage 16Notes11 this brought in its train a heavy run on gold.这就产生了拼命挤兑黄金的后果。Train n.a sequence;a number of things in a string,as a line of combustible material to fire a charge,such as The production cut which comes in the of an economic crisis.随着经济危机而来的生产缩减。随着经济危机而来的生产缩减。Things proceeded in this for several days.一连几天事情就这样进行着。一连几天事情就这样进行着。1