BIS QUARTERLY REVIEW
November 2000
INTERNATIONAL BANKING AND FINANCIAL MARKET DEVELOPMENTS
BANK FOR INTERNATIONAL SETTLEMENTS
Monetary and Economic Department
Basel, Switzerland
Copies of publications are available from:
Bank for International Settlements
Information, Press & Library Services
CH-4002 Basel, Switzerland
Fax: +41 61 / 280 91 00 and +41 61 / 280 81 00
This publication is available on the BIS website (https://www.doczj.com/doc/2f5610969.html,).
?Bank for International Settlements 2000. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.
ISSN 1012-9979
Also published in French, German and Italian.
Contents*
I.Overview of global financial developments:
Markets confront shifting expectations (1)
Equity markets harbour renewed doubts about earnings (3)
Apprehension spills over into corporate bonds and emerging market debt (4)
Liquidity in fixed income markets stabilises (5)
The depreciating euro poses a quandary for markets and policymakers (5)
Rising oil prices add to nervousness (7)
Borrowers turn to convertible bonds, floating rate notes
and syndicated loans (8)
Box: Credit spreads and equity market volatility (10)
II.Highlights of international financing
1. The international banking market (14)
Interbank lending slows but purchases of bank securities
remain near record levels (15)
Flows to US non-banks surpass those to euro area borrowers (15)
Japanese banks return to the international banking market (16)
Box: Syndicated credits in the third quarter of 2000 (17)
Claims on developing countries continue to contract (18)
Deposits by developing countries soar (20)
Box: International bank and securities financing in Africa (22)
2.The international debt securities market (24)
Agencies issue heavily while other borrowers pull back (25)
The strong US dollar attracts increased issuance (27)
Floating rate issuance continues to grow (28)
Developing countries concentrate on debt exchanges (29)
Box: Bond issues by European telecommunications companies (30)
3. Derivatives markets (32)
Exchange-traded instruments: slowdown highlights
growing divergence with OTC market (32)
Over-the-counter instruments: continued market expansion (34)
Box: Recent developments in the credit derivatives market (37)
III.Special feature: Market liquidity and stress:
selected issues and policy implications (38)
What is market liquidity? (38)
Why do we care (increasingly) about market liquidity? (39)
What determines market liquidity under stress? (42)
*Queries concerning the contents of this commentary in general should be addressed to Eli Remolona (Tel. +41 61 280 8414, e-mail: eli.remolona@https://www.doczj.com/doc/2f5610969.html,). Queries about specific parts should be addressed to the authors, whose names appear at the head of each part. Queries concerning the statistics should be addressed to Rainer Widera (Tel. +41 61 280 8425, e-mail: rainer.widera@https://www.doczj.com/doc/2f5610969.html,).
i
What can be done to promote robust market liquidity? (45)
Box: Forex trading volumes, volatility and spreads
in emerging market countries (49)
IV.Special feature: Size and liquidity of government bond markets (52)
The search for liquidity (53)
Does size matter for liquidity? (53)
Creating size through lumping (55)
The trade-off between size and crowding-out (56)
Liquidity during the transition in shrinking and growing markets (58)
Box: Composition of US dollar foreign exchange reserves by instrument (59)
V.Special feature: Hedge funds (61)
Structure, characteristics and attractiveness of hedge funds (61)
Hedge funds and episodes of financial market turmoil (64)
The 1992 ERM crisis (65)
The Asian currency crises of 1997, and beyond (65)
The near-collapse of LTCM (67)
The policy response (68)
Hedge funds post-1998: dinosaurs or Darwinian survivors? (69)
V.Structural and regulatory developments (72)
Initiatives and reports concerning financial institutions (72)
Initiatives and reports concerning financial markets (73)
Initiatives and reports concerning market infrastructure (74)
Statistical annex
List of recent BIS publications
ii
BIS Quarterly Review , November 2000
1
Benjamin H Cohen
(+41 61) 280 8921benjamin.cohen@https://www.doczj.com/doc/2f5610969.html,
Eli M Remolona
(+41 61) 280 8414eli.remolona@https://www.doczj.com/doc/2f5610969.html,
I. Overview of global financial developments:
Markets confront shifting expectations
From the summer to early autumn of 2000, financial markets moved from a climate of cautious optimism to one of growing apprehension. In July and August, macroeconomic data releases and policy measures signalled a more or less benign financial environment. In September, however, as macroeconomic and corporate earnings forecasts were revised downwards and oil prices rose, market participants suddenly began to show signs of nervousness. In the equity market, a brief rally in August was decisively reversed in September and October. Apprehension spread to corporate bonds, which experienced wider credit spreads and increased scrutiny of highly leveraged issuers, including telecommunications firms. These events were accompanied by a resumption of the euro’s weakening trend, which continued until the end of October. Among other things, this trend appeared to reflect renewed market concerns about growth prospects in the euro area.
To some degree, financial market jitters have reflected continued attempts to find equilibrium in a situation of rapid technological change and uncertainty about the persistence of recent high rates of productivity growth in the United States. Equity valuations have tended to rely on optimistic expectations about prospects for continued profit growth, which for a time were reinforced by earnings reports. Once earnings began showing signs of slowing and prominent credit downgrades began to be made, however, equity and debt valuations became vulnerable to sharp revisions of expectations. The strength of the dollar against the euro and other currencies has resulted at least in part from
Graph I.1
Activity in cross-border bank loans and securities markets
In billions of US dollars
-300
0300
600
96
97
98
99
00
Announcements
-300
300
600
96
97
98
99
00
Effective financing: total
1 Includes both money market instruments and long-term bonds and notes. 2 Exchange rate adjusted changes in cross-border bank loans.Data for bank loans are available only up to 2000 Q2. 3 Gross issues minus repayments.
Sources: Bank of England; Capital DATA; Euroclear; International Securities Market Association (ISMA); Thomson Financial Securities Data; national data; BIS.
BIS Quarterly Review , November 2000
2
Graph I.2
Global fixed income and equity markets
Weekly averages
2468
199819992000
Ten-year yields (swap rates in %)
100200300400
19981999
2000
Equity indices (end-December 0
25
50
75
100
1999
2000
S&P 500 earnings surprises (%)
1 Prior to 1999, Deutsche mark. 2 Dow Jones index of European stocks Sources: Bloomberg; Datastream; national data.
long-term capital flows from overseas investors into the United States driven by strong confidence in future returns. These flows may also have reflected a complementary scepticism about the ability of Europe and other regions to achieve similar levels of productivity growth through structural reforms.The adverse conditions in financial markets led some firms to defer their borrowing plans. Financial institutions, the largest group of borrowers, reduced their net issuance of international debt securities in the third quarter by 27% relative to the previous quarter. Other borrowers shifted from issuing long-term fixed rate bonds to floating rate or convertible instruments, or went to the syndicated loan market. Nonetheless, the aggregate level of fund raising was maintained, in part because a third group of issuers were relatively less sensitive to concerns about credit risks. In particular, highly rated state agencies and government-sponsored enterprises stepped up their issuance to make up for the absence of other borrowers in the market for long-term fixed rate securities.
Despite investors’ increased sensitivity to credit risk, developing country borrowers were able to maintain the recent moderate pace of debt issuance during the third quarter. Latin American and Caribbean countries issued $6.9 billion of international debt securities net of repayments and continued to refinance their Brady debt with cheaper issues at longer maturities. However, spreads on emerging market bond issues widened sharply in October, after more than a year during which they had narrowed appreciably. Equity markets and exchange rates in some countries, particularly in East Asia, were adversely affected by worries about rising oil prices, political instability and the uncertain progress of reform measures.
BIS data for the second quarter show that the role of the international banking market continued to accommodate the shift of borrowers to the securities market (Graph I.1), both through banks’ own large-scale purchases and through the provision of bridge loans to borrowers who would subsequently refinance these loans by issuing long-term securities. Evidence from the syndicated loan market shows that telecommunications firms were among the principal users of bridging finance in the first quarter.These firms stepped up their issuance of securities in the second quarter, before the rise in credit spreads in the third sent them back to the syndicated loan market.
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Equity markets harbour renewed doubts about earnings
The sell-off in global equity markets, which began in late March but showed signs of a reversal over the summer, regained momentum in September and October (Graph I.2, middle panel). The sell-off was concentrated in high-technology stocks. Over the five and a half months from mid-March to end-August, the broad-based S&P 500 index and the Europe-based Dow Jones STOXX index both experienced significant swings but ended up virtually unchanged in local currency terms, while the Nasdaq and Tokyo (TOPIX) indices fell by roughly 15%. A brief rally in August was decisively reversed in early September when analysts revised downwards their earnings projections for semiconductor manufacturers and wireless equipment makers.
In October, Nasdaq prices fell by a further 8% as disappointing earnings announcements accumulated,mostly from technology firms. Despite the March-April correction, market valuations had in many cases continued to reflect extremely optimistic forecasts of future earnings growth. Thus, it was frequently the case that a company would report healthy current earnings growth but encounter a negative market response because it did not offer a sufficiently optimistic outlook for the future. The third quarter was also the second in a row to record a decline in the number of companies reporting earnings that exceeded forecasts (Graph I.2, right-hand panel). Because of the interconnected nature of the supply chain and the difficulties of forecasting future growth patterns in high-tech industries,reports of slower sales or investment growth in one sector often had a sharply negative impact on earnings forecasts for other sectors. Investors were also worried about the impact on corporate earnings of a potential growth slowdown in Europe, as well as about the effect of the weak euro on the income of those firms that had not adequately hedged their exposures to foreign exchange risk.The downward revisions in revenue forecasts for high-tech companies and the accompanying decline in their stock prices led investors in East Asia to reduce their expectations about the prospects for the electronics industries based in that region. These expectations added to the woes of those Asian countries that depend heavily on electronics exports, some of which also happened to have stock markets already weakened by other factors. The Seoul market, for example, had suffered from a perception that efforts at financial and corporate reform were faltering, and the Taipei market from political problems. The Seoul market fell 25% in the third quarter and the Taipei market 23%. As the Nasdaq index continued to decline in October, the Seoul market fell a further 16% and the Taipei market a further 13%, that is, by even more than the Nasdaq index.
Graph I.3
Credit spreads over 10-year swap rates
Weekly averages, in basis points
-500
50
100
150
19992000
600
1,200
1,800
199819992000
1 Merrill Lynch US High Yield Master II. 2 JP Morgan's Emerging Market Bond Index (EMBI+) spread over 10-year US swap rate.3 Euro/ECU denominated Merrill Lynch high-yield bond index.Sources: Bloomberg; Datastream, Moody's; national data.
BIS Quarterly Review , November 2000
4
Graph I.4
Liquidity in government bond markets
In basis points
-40-200
20
199819992000
On-the-run liquidity premia1
4
8
12
199819992000
Yield curve arbitrage indicator2
1 Static spread of the 10-year on-the-run government bond over a zero coupon yield curve. 2 Standard deviation of static spreads of all bonds over a zero coupon yield curve (excluding callable bonds).Sources: Datastream; BIS calculations.
Apprehension spills over into corporate bonds and emerging market debt
Concerns about the health of the corporate sector also resulted in wider corporate credit spreads (Graph I.3). The spread of the Merrill Lynch index of triple-A bond yields over 10-year US dollar swaps rose from virtually zero in early August to nearly 20 basis points in early October, while comparable triple-B spreads rose from 100 basis points to 140. The BBB spread had also widened in February and March, at a time when the market’s attention was focused on the debt buyback strategies of the US Treasury and on the status of US agency paper, but this spread had then stabilised throughout the spring and early summer. Spreads on AAA issues had been more or less constant since autumn 1999. The renewed widening of spreads in the third quarter of 2000 may have reflected concerns about increased leverage, particularly in investment-intensive sectors such as telecommunications.1 The higher spreads in the corporate bond market mirrored the tighter credit standards that, according to a survey by the Federal Reserve, have recently been imposed by bank lending officers in the United States. More generally, both volatile equity markets and higher credit spreads reflected increasing uncertainty over asset values.2 Declines in the overall level of yields for government bonds in the United States and Europe reinforce the picture of a flight to safety among investors.
Sensitivity to credit risk also extended to emerging market debt. After narrowing steadily in the previous 12 months, spreads widened sharply in October. A tiering of risk in this market was evident in the fact that the most pronounced widening of spreads was experienced by such countries as Argentina, Brazil, the Philippines and Turkey, countries which had already been facing the widest spreads among the major borrowing countries in their respective regions. Emerging economies that are oil importers were also considered to be more vulnerable than the developed economies to higher oil prices. The problems experienced by the Argentine economy, which led to the announcement of a support package by the International Monetary Fund in November, may have contributed to a further
1 See the box “Bond issues by European telecommunications companies” on pages 30-31.2
See the box “Credit spreads and equity market volatility” on pages 10-13.
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5
worsening of sentiment towards emerging market debt in the fourth quarter. Nevertheless, as discussed below, capital markets continued to be fairly receptive to debt issues from the developing world for most of the third quarter.
Liquidity in fixed income markets stabilises
In contrast to earlier episodes of widening credit spreads, recent credit concerns about non-financial companies have not been associated with a decline in market liquidity or with worries about the health of the financial sector. The spreads of interest rate swap yields over those on government issues such as US Treasuries and German bunds were more or less unchanged over the period.3 Other closely watched indicators of illiquidity, such as the spreads between on-the-run and off-the-run issues, have been stable or declining (Graph I.4). Stable swap and liquidity spreads are also a sign that, for the moment at least, fixed income markets have adapted to the declining supply of new government issues, after being preoccupied with this question for much of the first half of the year.4 Another sign of the market’s ability to adapt to the new supply conditions has been the fact that yields on 30-year bonds now once again exceed 10-year yields in the United States, after being below them for much of the year. The 30-year yield had been particularly affected by shifting market expectations regarding the path of future supply. At the same time, yields in the two- to 10-year section of the yield curve have fallen significantly below those at the very short end, reflecting downward revisions to the expected course of policy rates and producing an unusual U-shaped term structure.The depreciating euro poses a quandary for markets and policymakers
During the period under review, the steady weakening of the euro against the US dollar and other currencies raised questions about prospects for price stability in the euro zone and about the market’s
Graph I.5
Growth forecasts and economic surprises
-3
-2
-10
1
1999
2000
Growth differentials (EMU-US)1
-3
-1.5
1.5
3
1999
2000
Announcement surprises2
1 Difference between EMU area and US GDP forecasts. 2 Actual less expected normalised by the standard deviation.Sources: Bloomberg; Consensus Economics; national data.
3
See the special feature “Market liquidity and stress: selected issues and policy implications” on pages 38-48 for a further discussion of the relationship between liquidity and credit risk.
4
See the special feature “Size and liquidity of government bond markets” on pages 52-58 for a discussion of recent trends in government bond supply and their implications.
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Graph I.6
Exchange rates and commodity prices
70
8090
100
1101201301998
1999
2000
Exchange rates (1998 = 100)
050
100
150
200
250
1998
1999
2000
Commodity prices (1998 = 100)
Commodity Index.
Sources: Datastream; Reuters; BIS calculations.
confidence in the European economy. Discussion of causes of the euro’s weakness has focused on the relative growth outlook across the developed economies and on the flow of capital into the United States. The recent bout of weakness was precipitated by the release in August of the closely watched Ifo survey of German business sentiment (Graph I.5). Similar surveys from other euro area countries and the September release of the Ifo survey continued to indicate sluggish economic prospects, while higher inflation figures raised the possibility of further tightening moves by the European Central Bank. More recent releases, such as industrial production data for various countries and the producers’confidence index from the European Commission, suggested a more mixed picture for Europe. Data for the US economy, such as preliminary figures suggesting annualised growth of 2.7% in the third quarter, also indicated a mild slowdown, but these were at first treated positively by financial markets since they supported the optimistic scenario of a “soft landing”.
During 1999, some market observers cited the relatively high level of euro-denominated debt issuance as a factor contributing to the euro’s weakness that year. Data for the third quarter of 2000 indicate that issuers have recently begun to revert to their earlier pattern of issuing in the stronger currency. In particular, as has tended to be the case in past periods of dollar strength, the share of dollar-denominated securities in international issuance was relatively high. This shift may in turn remove one of the factors that has been contributing to the euro’s weakening trend.
While the euro’s gradual depreciation during 1999 and the early part of 2000 had been seen by market participants as having helped to promote a needed recovery in European output, its more recent weakness against the other major currencies raised fears of rising euro zone inflation, a continued tightening of monetary policy by the ECB and an associated decline of confidence, with negative consequences for growth. After trading in a narrow range of 0.94-0.95 to the US dollar and 100-102 to the Japanese yen throughout June and July, the euro resumed its fall in late July (Graph I.6). By mid-September it had reached $0.85 and ￥90. Concerted intervention by the ECB, the Federal Reserve, the Bank of Japan, the Bank of Canada and the Bank of England on 22 September temporarily supported the euro at $0.87 and ￥95 up to early October. The probability distributions implied by risk reversal prices indicate that, after the intervention, short-run market expectations about the dollar/euro rate returned more or less to where they had stood at the end of August (Graph I.6).The euro continued to weaken during most of October, even against economically linked currencies
BIS Quarterly Review , November 2000
7
such as the Swiss franc and pound sterling, before recovering somewhat towards the end of the month accompanied by a new round of ECB intervention.
Ordinarily, rising interest rates in Europe might have been expected to support the euro, particularly when US rates have been flat or declining. While the ECB’s summer tightening moves had already been priced into forward interest rates and thus did not lead to a revision of market expectations, the weakening US growth outlook led to a downward shift in the near-term path of forward US dollar rates. As of end-October, a neutral or slightly looser monetary policy stance by the Fed had been priced into the yield curve up to two years (Graph I.7). Nevertheless, and despite the decline in US equity prices since March, the promise of high returns in US equity markets appears to have continued to support the dollar.5 The strong dollar has in turn been perceived as a positive factor for the US economy, in that it has helped to dampen inflationary pressures in conditions of strong domestic demand. Conversely, the weak euro has been seen to have exacerbated inflationary pressures and to have signalled waning market confidence regarding growth prospects in the euro area.
The Japanese yen has also strengthened against the euro, trading in a range of ￥105-110 to the dollar,with the help of data indicating 1.0% GDP growth in the second quarter and a rise in the Tankan business sentiment index in September. However, confidence in a strong Japanese recovery was restrained by the persistent weakness of the financial sector, which was further shaken by the failure of a large retailer in July and two insurance companies in October.Rising oil prices add to nervousness
Another factor clouding the outlook for policymakers and market participants has been the 18-month long increase in crude oil prices (Graph I.6, right panel). In US dollar terms, most of the increase in oil
Graph I.7
Three month implied forward rates
6
6.57
7.5
09.00
03.01
09.01
03.02
09.02
Eurodollar
4.55
5.56
09.00
03.01
09.01
03.02
09.02
Euro libor
00.5
1
1.5
09.00
03.01
09.01
03.02
09.02
Euroyen
Each curve shows the three-month implied forward rates for futures contracts commencing on the dates shown on the horizontal axis, as observed on the date listed in the legend. The forward rates are derived from interest rate deposit contracts of different maturities.Source: Bloomberg.
5
For a discussion of the interactions between stock market returns, equity flows and exchange rates, see Henri J Bernard and Gabriele E B Galati, “Special feature: The co-movement of US stock markets and the dollar” in the August 2000issue of the BIS Quarterly Review.
BIS Quarterly Review, November 2000
prices had already occurred in 1999, with prices rising about two and a half times from January 1999 to March 2000, in line with stronger growth in the developed economies and the revival of demand from the emerging economies. While dollar prices fluctuated widely in the spring and summer of 2000, they returned to their March levels in August before rising again in the autumn as the situation in the Middle East worsened. For European countries, the weak euro has exacerbated the effect of the oil price increases. In euro terms, oil prices more than tripled from January 1999 to March 2000, and rose by an additional 25% between March and early October 2000. High ad valorem taxes on petrol in European countries have magnified the ultimate price impact for consumers. These factors may have accounted both for the wave of petrol-related strikes and protests in several European countries in September, and for the perception that the ECB may respond more aggressively to energy price inflation than the Fed. However, it is also widely recognised that oil represents a smaller fraction of consumption throughout the developed world today than it did at the time of the 1970s price shocks, so that the overall inflationary and growth impact is likely to be less pronounced.
Borrowers turn to convertible bonds, floating rate notes and syndicated loans
Apprehension in financial markets had an immediate impact on borrowers in the international securities market. Some firms postponed their borrowing plans, while others turned to ways of raising funds that were relatively less sensitive to rising credit spreads. Financial institutions, the largest group of borrowers, reduced their presence in the primary market, raising a net $115 billion in the third quarter of 2000, a 27% decline from the previous quarter. Net issuance by German financial institutions, in particular, declined significantly, because of the less favourable market conditions for euro-denominated paper. Among non-financial corporations, those lacking triple-A credit ratings found it increasingly difficult to raise funds from the securities market. Issuance by telecommunications firms, in particular, slowed down sharply in the third quarter, some of them turning instead to the syndicated loan market. To raise funds without paying the full credit spread on fixed rate securities, most of those telecom firms that did tap securities markets for large amounts issued bonds that would be exchangeable for equity. Other corporate issuers turned to floating rate structures.
The rise in credit spreads, however, did not lead to an aggregate decline in net issuance of international debt securities. Issuers raised a net $259 billion in the third quarter, almost as much as they had raised in the second. State agencies and government-sponsored enterprises largely made up for the reduced activity of other borrowers in the primary market. With the advantage of triple-A credit ratings, these agencies more than doubled their net debt issuance in the third quarter. In the United States, the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) launched over $50 billion of new international issues combined, accounting for the bulk of gross issuance by the agency sector during the quarter. With a view to offering alternative benchmarks to government securities, these agencies concentrated their issuance in large long-term, fixed rate issues.
Developing countries for their part brought a moderate amount of new debt issues to market and engaged in debt exchanges, with the benefit of generally narrower sovereign spreads during the summer. These countries raised a net $8 billion from the securities market in the third quarter. Latin American issuers were especially active, while Asian and central and eastern European issuers stayed away from the primary market (Graph I.8). Some Latin American issuers floated eurobonds in order to buy back relatively more costly Brady bonds. In August, Brazil successfully issued some $5 billion of 40-year debt in exchange for an equivalent amount of Brady bonds. Other countries were said to be exploring similar exchange offers.
In contrast to the trend in securities issuance, bank lending to developing economies remained limited in the second quarter of 2000 (the most recent one for which comprehensive data are available), with claims on developing countries contracting by a relatively small amount. A small increase in claims on Latin American countries was not enough to offset continued repayments by Asian borrowers. However, the 1998-99 cycle of net repayments by developing countries appears to have ended, and
8
BIS Quarterly Review , November 2000
9
Graph I.8
International bank and securities financing in developing countries
In billions of US dollars
-40
-20
02040
96
97989900
Asia & Pacific 1
-40
-2002040
96
97
98
99
00
Latin America & Caribbean
-40
-20
20
40
96
97
98
99
00
Europe
1
Excluding Hong Kong and Singapore. 2
Exchange rate adjusted changes in cross-border loans of BIS reporting banks. Data on bank lending are not yet available for the third quarter of 2000. 3 Net issues of international money market instruments, bonds and notes.
Sources: Bank of England; Capital DATA; Euroclear; ISMA; Thomson Financial Securities Data; national data; BIS.
some countries, such as Mexico and Turkey, were able to borrow relatively significant amounts. As oil prices rose, oil-exporting countries increased their deposits with foreign banks, perhaps providing the liquidity for a further expansion of international lending in coming quarters.
More generally, as borrowers have shifted from bank loans to securities issuance in recent years, the cross-border activity of the world ’s major banks has increasingly taken the form of investment in debt securities and the extension of bridge loans rather than traditional direct lending. This was especially evident in the second quarter, when banks in the BIS reporting area purchased an estimated $129 billion of international debt securities. The banks have also accommodated the securities market by providing bridge loans to borrowers who subsequently refinance the loans by issuing long-term securities. Hence, a surge in international loan flows to non-bank borrowers in Europe during the first quarter was followed by a substantial increase in securities issuance in the second quarter. Evidence from the syndicated loan market shows that telecommunications firms were among the principal users of bridging finance in the first quarter, and that they stepped up their issuance of securities in the second quarter. In the third quarter, these borrowers found themselves in need of financing for national auctions of third-generation wireless licences, particularly in Germany, and for mergers and acquisitions. Faced with wide credit spreads in the securities market, telecommunications firms reduced their securities issuance and returned to the syndicated loan market.6
6
See the box “Syndicated credits in the third quarter of 2000” on page 17.
BIS Quarterly Review, November 2000
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BIS Quarterly Review, November 2000
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BIS Quarterly Review, November 2000
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BIS Quarterly Review, November 2000
Coefficients from regressions of credit spreads on equity volatility
1980-851986-901991-951996-9920001Adj R2 GM2 2.97* 2.63 2.46*0.57
AT&T20.04 1.53** 1.16**0.14
US Aaa–1.050.070.31 5.43** 5.21**0.69
US Baa 3.88 1.35–1.10 5.61* 4.71**0.45 Germany 1.10 1.950.24 2.73**0.62 Japan–0.04–2.5914.45** 6.330.39
1 Up to September for GM and AT&T; up to June for US, German and Japanese spreads.
2 See notes to Graph B for the bond issues used. Note: Each line of the table is derived from a regression of the monthly average of the proportionate credit spread (the corporate yield minus a corresponding government yield, divided by the government yield) on a constant, the monthly average three-month eurocurrency interest rate, the change in the average log equity price or index relative to two months previously, the standard deviation of the daily change in the log equity price or index during the month, and this standard deviation interacted with dummy variables for the time periods indicated in the first line. Credit spread and equity index variables are the same as in Graphs B and C. Equity volatility and price change observations for October 1987 were replaced by the averages of the corresponding observations for September and November 1987. A double asterisk (**) indicates that the coefficient is significant at a 95% confidence level, and a single asterisk (*) indicates significance at a 90% confidence level, using Newey-West standard errors.
Sources: Bloomberg; national data; BIS calculations.
13
BIS Quarterly Review , November 2000
14
Melissa Fiorelli
(+41 61) 280 8191melissa.fiorelli@https://www.doczj.com/doc/2f5610969.html,
Philip Wooldridge
(+41 61) 280 8819
philip.wooldridge@https://www.doczj.com/doc/2f5610969.html,
II. Highlights of international financing
1. The international banking market
International banking activity continued to expand in the second quarter of 2000, propelled by banks’substantial purchases of securities and the return of Japanese banks to the international banking market. The cross-border claims of banks in the reporting area increased by $110 billion, less than in the first quarter – when the rechannelling of funds through the interbank market to non-bank borrowers in Europe had resulted in an exceptionally large increase – but above average levels of activity in 1998 and 1999 (Table II.1.1). Flows from international banks remained by and large limited to borrowers in developed countries, with the United States replacing the euro area as the largest
Table II.1.1
Main features of cross-border claims of BIS reporting banks 1
In billions of US dollars
19981999
2000
Year
Year Q2Q3Q4Q1
Q2Stocks at end-June 2000Claims on developed countries 554.1444.460.0191.395.4496.4109.07,965.0of which: intra-euro 11296.7252.135.084.7– 1.3107.2–12.9
1,558.0Interbank loans 2
285.829.7–83.4126.4– 2.5330.57.64,718.2Loans to non-banks 21.5100.667.2 2.425.351.9–9.91,373.2Securities 3
246.7314.176.362.572.6114.0111.21,873.7Claims on offshore centres –204.9–104.8–44.7–26.435.3–48.7 6.41,166.8Interbank loans 2
–166.7–140.1
–51.7
–47.236.9–64.1
–17.5785.7Loans to non-banks –26.77.1 1.012.6–9.3
1.513.5239.7Securities 3
–11.428.2 5.98.27.713.910.4141.4Claims on developing countries –141.9–69.9–21.1–31.2– 2.9 1.7– 4.1914.9Interbank loans 2
–63.6–58.6–20.4–22.5– 4.5 6.0–8.7363.1Loans to non-banks –8.9–17.8
– 3.3
–8.8
–
2.1–15.0–
0.8410.7Securities 3–69.4 6.5 2.60.1 3.6
10.8 5.4141.0Unallocated –37.9–27.9–
6.4
–
4.3–12.611.60.820
5.5Total
173.2245.6–11.4129.7115.8461.2109.610,252.2Interbank loans 2
31.9–218.2–156.042.8 1.8277.0–20.8
5,937.0Loans to non-banks –26.786.562.28.722.741.8 1.22,058.8Securities 3
168.0377.482.478.291.2142.4129.22,256.3
Memorandum item:Syndicated credits 4
902.0
957.1
271.1
264.3
249.2
268.2
330.0
1
Exchange rate adjusted changes in amounts outstanding. 2 Including inter-office transactions. 3 Partly estimated. The data include other assets, which account for less than 5% of the total claims outstanding. 4 Announced new facilities.
BIS Quarterly Review, November 2000 recipient. Claims on offshore centres increased modestly in the second quarter, but claims on
developing countries turned negative again, following the first period of inflows in nearly two years. Even though net repayments by developing countries bottomed out in the final quarter of 1999, no clear upward trend in bank lending to developing countries has yet emerged. Claims on a select few, most notably Mexico and Turkey, continued to expand in the first half of 2000 however. Another notable development in the first half of the year was a sharp increase in deposit flows from developing countries to international banks, arising from an improvement in the external position of oil-exporting countries.
Interbank lending slows but purchases of bank securities remain near record levels
Interbank activity slowed sharply in the second quarter of 2000, as was to be expected following the extraordinary surge in lending to banks in the developed countries in the first quarter. To some extent, banks in the reporting area unwound the large interbank positions that they had built up during the first quarter, with funds moving from banking centres in the euro area to London and then being passed on to Tokyo, Zurich, the Bahamas and the Cayman Islands. Despite flows from banks in the United Kingdom to their branches in the Caribbean, reporting banks’ claims vis-à-vis banks in offshore centres continued to decline in the second quarter. Most of the outflows from offshore centres arose from transactions by Japanese banks with their offices in Hong Kong, and by US banks with their offices in the Bahamas.
In contrast to interbank lending, banks’ purchases of debt securities and other assets issued by banks reached near-record amounts. As a result, cross-border claims on banks increased by $53 billion in the second quarter. Banks in the reporting area have stepped up their investment in bank securities in recent quarters, purchasing $150 billion worth of such securities in the first half of 2000 compared to $189 billion worth in the whole of 1999.7 In 1998-99, securities issued by banks in Europe had accounted for the bulk of banks’ purchases, but, since mid-1999, purchases of US banks’ securities have picked up. Of purchases of bank securities in the second quarter, nearly half was invested in securities issued by US banks. According to the consolidated banking statistics, Japanese and UK banks were responsible for most of the increase in reporting banks’ claims on US banks.
Flows to US non-banks surpass those to euro area borrowers
Purchases of securities also accounted for most of the $57 billion rise in claims on non-bank borrowers in the second quarter. Bank lending to non-bank borrowers, which had showed signs of strengthening in the first quarter, dried up in the second. Lending to non-bank borrowers in Europe slowed especially sharply, reflecting in part the slower pace of syndicated lending to telecommunications companies.8 More recent data on syndicated credits show a surge in lending to telecom firms in the third quarter, suggesting that direct lending to non-banks in Europe may have also recovered. Banks in the reporting area continued to purchase substantial amounts of securities issued by non-bank borrowers in Europe. Nevertheless, international bank flows to non-banks in the euro area more than halved in the second quarter, to $20 billion, and flows to UK non-banks virtually ceased (Graph II.1.1). Banks resident in the United Kingdom and the euro area, which had provided massive sums to non-bank borrowers in Europe in the first quarter of this year, were wholly responsible for the slower growth of claims in the second (Graph II.1.1).
Banks’ cross-border claims on non-banks in the United States have increased since late 1999, and the increase in the second quarter even surpassed the rise in claims on euro area borrowers, who have
7The United States does not report banks’ investment in securities.
8See the box “Syndicated credits in the third quarter of 2000” on page 17.
15
BIS Quarterly Review , November 2000
16
Graph II.1.1
Cross-border claims on non-banks 1
In billions of US dollars
-20
0204060
80
1999 Q3
1999 Q42000 Q12000 Q2
By residence of borrower
-20
20
4060
80
1999 Q3
1999 Q4
2000 Q1
2000 Q2
By residence of lender
1
Exchange rate adjusted changes in amounts outstanding.
historically been the largest non-bank recipients of international bank flows (Graph II.1.1). Flows from banks in the reporting area to US non-bank borrowers totalled $26 billion in the second quarter, four fifths of which took the form of purchases of securities. The locational banking statistics indicate that banks in the United Kingdom were the single largest source of international bank credit for non-banks in the United States in the first half of this year, but a substantial proportion of these funds were from euro area banks resident in the United Kingdom rather than UK banks. Based on the consolidated banking statistics, which are compiled on a nationality basis, euro area banks’ claims on public sector and non-bank private sector borrowers in the United States increased by $44 billion in the first half of 2000, with German banks accounting for a little under half of this increase. UK banks’ consolidated exposure to the US public and non-bank private sectors increased by $6 billion over the same period.Japanese banks return to the international banking market
The slowdown in European banks’ lending to non-bank borrowers in the second quarter was partially offset by renewed lending from Japanese banks. The cross-border claims of banks resident in Japan on non-bank borrowers increased by an exceptionally large $52 billion in the second quarter of this year,compared to $55 billion in the whole of 1999 (Graph II.1.1). The consolidated banking statistics show a similarly large increase in the cross-border exposure of Japanese banks in the second quarter:$87 billion, of which nearly half was related to claims on public sector and non-bank private sector borrowers.
The return of Japanese banks to international lending was especially evident in Europe. The claims of banks in Japan on non-bank borrowers resident in Europe increased by a record $27 billion in the second quarter, equalling the amount for the whole of 1999 and accounting for half of the total increase in Japanese banks’ claims on non-banks. Notably, over two thirds of flows to Europe were denominated in yen. European telecommunications companies were responsible for a surge in yen issuance in the international debt securities market in the second quarter of 2000, to finance mergers,
试论《伤逝》子君、涓生的爱情悲剧 内容提要：文章讲述了两个觉醒的新青年涓生和子君大胆地追求个性解放，婚姻自主，并且不顾强大的封建势力和世俗偏见，勇敢地冲出封建家庭的樊篱，走到了一起，但是沉滞腐朽的旧社会，他们自身性格的弱点以及经济上的困顿，使他们的爱情成为一个人生、社会悲剧，从而批判走个性解放道路的脆弱性，提示了社会解放才是个性解放的前提。同时《伤逝》引起我们对爱情的深思：爱情是否需要理性，婚姻以后爱情如何发展。 ?关键词：伤逝个性解放性格悲剧 《伤逝》写于1925年，是鲁迅唯一的一部以青年的恋爱和婚姻为题材的作品。它以独特的角度，描写了涓生和子君的恋爱及其破灭过程。作者以一般作为追求目标的自主婚姻的完成的喜剧性结局，作为自己所揭示的一出社会悲剧的出发点。鲁迅先生写这篇《伤逝》的真正要旨：即批判走个性解放道路的脆弱性，向人们，尤其是知识分子，揭示了社会解放才是个性解放的前提，而这些思想就是通过对人物的塑造而表现出来的。 鲁迅一生中真正的爱情体验是许广平给他带来的，用世俗人眼光看来，鲁迅跟许广平的结合存在诸多障碍，除年龄、外貌、金钱、地位外，他还有一位形式上的太太。如果离婚，按绍兴旧习女方会因为被休而被受歧视，后果不堪设想。鲁迅宁可陪着做一世的牺牲，也不愿伤害虽然无爱但无辜的朱安。然而，许广平仍然主动果敢地向鲁迅献出了纯真的爱情。他在旧式婚姻的囚室里自我禁闭20年之后，终于逃出来了。鲁迅就以自己婚恋为题材，写了充满生活哲理和抒情色彩的小说《伤逝》。里面的两位主人公涓生、子君折射了鲁迅、许广平的影子。 一、涓生与子君的爱情 ?? （一）子君追求个性解放。子君，作为五四时期的新女性，她对封建势力的反抗，她的大胆和坚决的性格，确实证明了“中国女性，并不如厌世家所说的那样的无法可施，在不远的将来，便要看见辉煌的曙色。”①她对自由的追求，对爱情的忠贞确是大无畏的。子君不但“只为了爱——盲目的爱——而将别的人生要义全盘疏忽了”②，而且勇敢地喊出了个性的最强音“我是我自己的，他们谁也没有干涉我的权利！”③这是妇女个性解放的呼声，她以此为思想武器，为自己的恋爱婚姻自由而奋斗。他们一起“谈家庭专制，谈打破旧习惯，谈男女平等、谈伊孛生，谈泰戈尔，谈雪莱……”④说明他们的思想有着共同的基础。他们受西方自由平等、个性解放思想的影响，奋起追求恋爱自由、婚姻自主。 ?? （二）子君与涓生成功地同居。共同志趣和追求使两颗年轻的心贴在一起，涓生因为看不见子君而感到“百无聊赖”，并为子君的安全忧心忡忡，“莫非她翻了车么？”“莫非她被电车撞伤了么？”⑤一旦子君来到自己身边，他就感到内心充实，提着的心也就“宁帖”下来。子君更是为了和涓生恋爱，不顾一切议论和阻拦，毅然冲出封建家庭，表现出大无畏的勇气和决心。她对路上遇到的各种敌意的眼光“全不关心”，两个青年人为着他们的纯真爱情和个人幸福，勇敢地跟周围的封建势力作斗争，并以两人的结合向封建社会予以强有力的回击。“仅仅为了彼此结合，双方甘冒很大的危险，直到拿生命孤注一掷，”⑥这就为悲剧的产生埋下了隐患。 ?? （三）子君与涓生爱情的破裂。他们同居后，幸福和甜蜜的生活却没有多久就开始有裂痕。子君在建立小家庭后，缺乏远大的生活理想，全部精力忙于烧饭、做菜，忙于饲油鸡、喂阿随，见识越来越短，经常和官太太暗斗。她沉入日常生活而不作超越性人生追求是她生命中的缺陷。而涓生从恋爱转入婚姻后，由于不能在浪漫中整合日常生活的现实内涵，不能对自我心灵进行扩容，因而失去了爱情，面临生有危机时，如何处理基本“求生”的难题时，他却避免与爱人共患难，从而在不顾惜爱人或曾爱过的人的生死的情况下先保证自己的生存，涓生虽标榜男女平等，也真心希望子君能与他共同奋进，却仍摆脱不了男权意识，最后
分析涓生，子君的形象 涓生：电影中的涓生给我的感觉是一个很正派，有思想、有活力、有激情的勇敢的向封建社会挑战的战士形象。他敢于表达自己对封建社会的不满，敢于追求自己想要的新生活，敢于挑战封建思想而向子君大胆示爱，虽然是毫无新意模仿电影情节似的单膝跪地突然冲到子君面前，不过从中可以看出涓生对子君的爱之强烈，他为子君努力付出过，尽管艰难不易，就算当自己失去工作时仍然饱含信心，他相信他们可以一起度过难关，可是子君的表现让他失去了继续的勇气，他不知道怎么再去面对子君，以至于他最后说出了“我已经不爱你了”之类的话，他选择与子君分手，此时他已无力对抗封建社会，子君的勇气不在了，他的信心也不在了，尽管之前的他是多么有激情，最后还是无力对抗这个封建社会了，也许是封建社会的摧残让他们最后成为悲剧把！子君离开之后绝望选择了永远的离开这个世界，涓生毫无疑问的要对子君的死负主要责任。书中鲁迅先生对于涓生的一系列描写让我发现涓生并不像电影中的那么好，形容涓生最多的一个词是空虚和虚空，我开始怀疑涓生对子君的爱，也许涓生只是想找到了一个可以让自己倾诉对这个世界不满的人吧，也许涓生只是想让自己可以在子君的崇拜中沉浸的久一点吧，也许涓生在子君身上看到了世人都没有的纯真和稚气吧，也许涓生对于子君并不是男女之间的爱！他的冲动让子君毫不犹豫的接受了他的爱，让子君和家人也因此决裂，让子君不顾一切和他同居生活，他让子君从天堂忽然坠入地狱，子君承受不了而选择离开，他的行为有些不负责任，先是将子君唯一可以寄托感情的阿随丢弃，可见涓生残忍，随后又将子君抛弃，文中有些句子也可以看出，在他想到对子君示爱方式的时候，他会愧，记忆上却偏有这一点永远留遗，他甚至怕子君看到他那可笑的电影一闪，他认为自己可笑甚至可鄙，而子君从未这样认为过，或许就是子君这样不同于他自己对自己看法而让涓生喜欢吧，涓生缺少子君所拥有的很多美好之处，在他们寻住所的路上会遇到讥笑和轻蔑，涓生会感到身体瑟缩，只好提起自己的骄傲和反抗来支持，而子君是自豪的大步向前，完全不在意他人的看法。封建社会不仅摧残了广大人民群众，就连仅有的进步青年也遭受毒害，涓生没有背负着虚伪的重担的勇气，他是一个卑怯者。 子君：无论是电影中的还是书本中的子君她都是一个勇敢，进步，充满活力的一位女性。起初受涓生影响，她常常与涓生一起谈论家庭专制，谈论男女平等，谈论泰戈尔雪莱等，是涓生给力她奋斗的希望，让她说出了“我是我自己的，他们谁也没有干涉我的权利”壮语，也是她这一句话让涓生看到了辉煌的曙色，让她一步一步的陷入爱情的深渊，是她自己选择的路，怪不得谁，她有勇气时常去找涓生谈论，不顾家人反对和旁人的冷眼，她甚至有勇气做出与家人决裂的勇气从而与涓生同居生活在一起，她的勇气的确是当时那个社会女性甚至男性都不能具备的，涓生因此从她的身上看到了希望，可是她自由的思想也有很大的局限性，她没有发现当她自己开始接受涓生的同时，自己已经开始在步入封建妇女后尘之中，从此她整天忙于家庭琐事，围着自己的丈夫转，就像涓生说子君的一样“子君的功业完全建立在吃饭中了，她似乎将先前知道的全部忘掉了”，可见子君思想的局限性，与其说她天真不如说她无知，她轻易的接受了出现在自己面前的这个男人，她都没有认真思考过这个男人是否值得自己这样牺牲，完全不顾自己的家人，完全被爱情冲昏头脑，就连她最后的选择也让人很无语，为了这样一个男人选择了死，她这样做是否值得，也许当初她
青春之歌 ——林道静的感情《青春之歌》是一部充满理想，激情昂扬的红色经典文学作品。以林道静为主要人物的一批进步青年，从对待世俗的超然冷漠到投身革命的热血沸腾，从反对封建统治到抗击日本帝国主义侵略，并在共产党领导下，积极投身于无产阶级伟大革命之中。其中女主人公林道静的传奇成长故事也是小说的主要线索。 这一时期的爱国学生运动为背景，描写了一群爱国青年所走的道路，谱写了一曲中国知识分子的青春之歌，是建国后出现的一部描写党领导的爱国学生运动的优秀作品，塑造了林道静这个从个人反抗走上革命道路的知识青年的艺术典型，反映了在阶级矛盾、民族矛盾日益尖锐激烈的动荡年代，知识分子的觉醒和分化，表现了中国的一代青年在党的领导教育下的成长，歌颂了革命的青春。主人公林道静是一个逐渐觉醒成长的人物，这一艺术形象是在自身艰苦的革命活动和曲折的锻炼改造过程中逐渐完成的。刚开始，她是一个逃出封建家庭，寻找个人出路的失业青年。她生长在官僚地主家庭，佃农生母惨遭迫害致死，自己也受到地主异母的百般凌辱和虐待，从小就养成了孤僻执拗、倔强的反抗性格。为了反抗不幸的命运，她毅然离开了罪恶的家庭，走向社会寻找“自己养活自己”的生活出路。然而“刚刚逃出了那个要扼杀她的黑暗腐朽的家庭牢笼，想不到接着又走进了一个更黑暗、更腐朽、张大血口要吞噬她的社会”。在孤立无援的情况下，
她既不甘屈服，又无力抗争，想以自杀作为反抗。这种不幸的遭遇，反映了当时广大小资产阶级知识分子，在黑暗的旧社会生活没有出路和个人反抗的软弱无力。小说一开始就将人物的个人命运和广阔的社会现实联系起来了。《青春之歌》塑造了一个从小资产阶级知识分子成长为共产主义战士的艺术典型，真实的描写她小资产阶级的思想感情。作品在描写她的不幸遭遇，揭露黑暗现世的同时，细致的描绘了她在黑暗现实中特有的情绪和精神状态。她同余永泽从爱恋到同居的过程，是小说的重要情节，比较充分的暴露出她的幼稚、狂热和不切实际的幻想,但是她与余的爱恋我们认为并不能全部否定。。本文所写林道静的探索和追求，只有遇到了党，投入时代的洪流，才算找到真正的出路，因而她艰苦曲折的成长过程，始终是放在革命斗争活动中来展现的，处处突出党的启迪和教育作用。小说通过她两次巧遇卢嘉川而被引导加入爱国学生运动的偶然事件，反映了时代召唤青年的历史必然性。思想上的初步觉醒，使她看清了余永泽的真面目以及和他一起生活的庸俗、空虚，决心与之决裂；但真的要分手时，却又感到缠绵惆怅，若有所失。在党的引导和时代的推动下，她还是迈出了第一步。小说一方面满怀热情描写林道静积极参加抗日救亡活动，深入农村开展工作，坚持狱中斗争和领导北大学生运动走向新的高潮，表现她献身革命的勇气、忘我的工作精神和政治上的日益成熟；另一方面又通过一些典型情节和细节（如第一次入狱想到牺牲时的急躁情绪，在农村看到佃农郑德富充满阶级仇恨的“白眼仁”时的心理活动，从定县回到北京路过旧居时的思念之情，地下工作处于艰难情况下想
《中国现当代文学作品选》课程教学大纲 Modern Chinese Literature and Contemporary Chinese Literature 课程编码：0301008 课程性质：专业课程 适用专业：新闻、文秘方向 学时：152 学分：9 开课学期：1-3 一、课程的性质目的和要求 中国现当代文学作品选是普通高等师范院校汉语语言文学专业的一门专业基础课。在中国现代文学所开设的课程中，新闻和文秘专业本科生仅开设此门必修课。 开设本课程的主要目的是培养学生阅读、分析和鉴赏中国现当代文学作品的能力，提高文学修养。同时，通过对作家、作品的剖析，使学生初步掌握中国现当代文学的发展脉络、特征和取得的艺术成就。 教学任务是通过学习，使学生了解中国现当代文学作品的主要思想和艺术成就；使学生掌握文学作品的分析方法，学会鉴赏文学作品。通过训练，让学生学会写鉴赏性的文章，为进一步研究作家作品打下基础。 二、教学内容、要点和课时安排 绪论（6课时） 一、教学目的和要求 绪论部分讲授中国现当代文学的概况，课程的性质、内容和任务，要求学生对中国现代文学有进一步的认识，掌握分析文学作品的方法。 二、教学重点、难点 中国现当代文学作品研究、文学作品分析的方法 三、教学内容
1．关于中国现当代文学作品研究。 2．与课程相关的问题。 3．分析文学作品的方法。 四、思考题： 1．以一部小说为例，具体说明如何分析作品。 作品一：《狂人日记》（6学时） 一、教学目的和要求 使学生掌握《狂人日记》“表现的深切”及“格式的特别”。 二、教学重点、难点 狂人的文学形象；《狂人日记》艺术的独创性。 三、教学内容 1．《狂人日记》的创作准备情况。 2．《狂人日记》与果戈理的同名小说的关系。 3．作品中的“识”与十三则日记的关系。 4．狂人的形象分析。 5．《狂人日记》的艺术特色。 四、思考题 1.分析狂人的形象。 2.小说中“表现的深切和格式的特别”是如何表现作品艺术的独创性的？ 3.小说结尾（第十三则日记）的含义是什么。 作品二：《阿Q正传》（6学时） 一、教学目的和要求
《伤逝》中子君的人物形象分析[内容摘要] 子君是一个农村小地主或富农家庭出身的女子,寄居在北京的叔叔家里,是一个只受过初级文化教育的人,是一个在五四新思潮影响下成长起来的具有资产阶级民主主义思想的小资产阶级知识分子,具有了个性解放,男女平等,恋爱和婚姻自主的新思想.她生性温顺、善良，幼稚而又充满幻想，但在爱情面前又表现得坚贞、勇敢、执着，表现了英勇无畏的反抗精神。为了争取恋爱和婚姻自由，敢于同旧势力进行较量，勇敢地背叛封建礼教和封建专制家庭，高傲地宣称：我是我自己的，他们谁也没有干涉我的权力。和涓生同居，表现了她对封建道德和封建婚姻制度的勇敢反抗。她带着对涓生的崇拜，在涓生的热烈追求下接受了涓生的爱情，但所识非人。另一方面，子君又表现得软弱、妥协，思想停滞不前，沉浸在家庭凝固的安宁与幸福里，忘记了人生的全盘要义，把精力倾注到家务里，恭顺地侍奉丈夫，表现出旧式妇女贤妻良母式的，失去了奋飞的能力和勇气，变得平庸短浅，由一个勇敢无畏的新时代女性变成庸庸碌碌的家庭奴隶。最后不得不回到曾经背叛的旧家庭去，走进了连墓碑也没有的坟墓。 [关键词] 温顺、善良，勇敢、坚贞、执着，幼稚而充满幻想的小知识分子
《伤逝》是鲁迅小说中惟一的一篇以男女青年爱情为题材的作品，这篇小说从根本上改变了“五四”时期大多数爱情婚恋小说的艺术构思:它不像很多爱情婚恋小说那样只着眼于婚恋、爱情双方的离合际遇或者道德情感的趋向，也不只着眼于恋人一方的失恋的痛苦或性的苦闷，而是第一次把笔触深入到青年男女婚后的情感关系中去，男女主人公不是不能结婚的痛苦，而是结了婚以后的痛苦，这在五四时期是很少有的。在艺术构思上超出了同时代作家同类题材的作品；小说从正面刻画的不是黑暗势力的破坏和迫害，而是作品主人公涓生和子君本身的思想弱点。涓生和子君冲破阻力争得了自主婚姻，但是家庭的建立，反而成了他们不幸的开端。社会的压力，经济的威逼，使他们的爱情很快就失去了光彩，终于以悲剧告终。 现在，我来分析一下小说中主人公之一的子君的形象。 一、出身大致为农村小地主或富农家庭，寄居在北京的叔叔家里。 二、受过初级教育的小知识分子。 涓生与子君是在会馆（某个地区的人在家乡之外某个地方建立的供家乡来的人活动和居住的场所）里互相认识的，他们是同乡。由于采用手记的形式，作者对于涓生和子君的人生经历、社会背景及外貌等没有详细的交代或描述。但从作品中的一些较为零散的有关描述上看，涓生是一个比较高级的青年知识分子，他在政府部门担任文员之类的职务，会写小品文、能翻译外文作品；而子君大概是一个只受过初级文化教育的人，她没有工作，寄居在北京的亲戚（叔叔）家里。 三、温顺善良。 这从以下几点可以看出：一是子君喜欢养小动物，并且善待它们；二是和涓生相处的态度；三是临走时还留下了几乎所有的钱物。 四、勇敢、坚贞、执着，幼稚而充满幻想。
涓生和子君人物形象之比较(一) 一九二五年十月，鲁迅创作了直接反映青年知识分子恋爱婚姻问题的小说《伤逝》。《伤逝》的巨大意义不是在于描绘“五四”以后青年们在追求恋爱自由、婚姻自主的动人故事：《伤逝》突出反映了在纷繁复杂的社会生活中，不能光是追求爱，“只为了爱，一一盲目的爱，——而将别的人生的要义全盘疏忽了。”针对当时文艺创作中宣扬“恋爱至上”、“婚姻至上”的倾向，鲁迅通过小说，鲜明地提出：“第一，便是生活。人必生活着，爱才有所附丽。” 在“五四”新思想浪潮的冲击下，青年们追求恋爱自由和婚自由，这无疑是对千百年来封建传统观念的无畏斗争。但是，究竟应当怎样去追求?这个问题并没有很好解决。《伤逝》以形象的图画向青年们提出了这么一个问题，同时又予以鲜明的回答。 鲁迅的高明在于巧妙地抓住涓生和子君的不同思想性格，更深刻地揭示出他们这场悲剧的社会乃至个人原因。从涓生与子君的比较分析中，我们便可深刻领会这一点。 涓生是《伤逝》中的主人翁，也是全篇故事的讲述者。在如泣如诉的言语中，我们看到了一个“五四”时期的新青年形象，他有对恋爱、婚姻自由的追求；对生活的接二连三打击也能有所思想准备；在极其困难的情况下，他能够寻找一条生活的新路。但是，面临重重生活压力，他却抛弃了自己过去妁志同道合者，做出了一件十分错误的事情，因此换回一颗难咽的苦果而饮恨终生。 小说为表现涓生的形象而成为四个阶段。 第一，对子君的一片爱情和新婚生活的开始。 涓生是个青年知识分子，在一个局的秘书处工作。他有理想、爱学习、热爱文学，还会翻译文艺作品。由于生活的穷困，他只能暂时住在会馆里。 小说的倒叙，从他与子君的恋爱开始。每当他在会馆的小房子里，便“在久待的焦躁中”渴望子君的到来。久久没等到，还会猜测：“莫非她翻了车么?莫非她被电车撞伤了么……” 与子君在一道，涓生总喜欢“谈家庭专制，谈打破旧习惯，谈男女平等，谈伊孛生，谈泰戈尔，谈雪莱……。” 纯真的爱情，使他们两颗年轻的心连结在一起。涓生和子君终于生活在一起。 新婚的生活是幸福的。这是他们冲破了长辈的桎梏、社会习俗的偏见而赢得的胜利啊l每天，他们两人默默相视，接着是放怀而亲密的交谈，后来又是沉默。 但是，子君却在这时渐渐将兴趣移向生活琐的事：养了四只小油鸡，一只取名阿随的花白的叭儿狗。 涓生对此产生了想法，他开始领悟到“爱情必须时时更新，生长，创造一，对于这一点，子君仿佛并没有完全理解。是的，婚姻并不是恋爱的终结，爱情的花朵仍须夫妇两人加以细心的爱护、浇灌。 这是涓生和子君出现的初步分歧。 第二，涓生失业以后。 由于涓生和子君的相爱是冲破社会习俗和偏见的，．因此，必然遭受社会旧势力的打击和摧残。涓生终于被“谕”“毋庸到局办事。” 对此，涓生早在会馆里便已预料到了。他以为，这“在我不能算是一个打击”，他准备给别人钞写，或者教读，或者译点书。涓生满怀信心，“说做，就做罢!来开一条新的路!”生活是严峻的，也是残酷的，涓生的努力全部失败了。半个月的辛勤，只换来两张书券。生活无着落了，减少饭量、吃掉油鸡、送走阿随，火炉也没法点了……。 涓生终于感到实在生话不下去了。 第三，向子君提出分开的要求。 面临种种打击，一特别是生活的穷困到了极点，涓生从先是对子君整天忙着小鸡．小狗的不满开始，又发展到对子君为了小油鸡与房东小官太太的暗斗的不满。子君面对生活打击变得
涓生子君人物形象分析 【内容摘要】《伤逝》一九二五年发表，是鲁迅先生的惟一一部爱情小说。作者将一对青年的爱情故事放置到“五四”退潮后依然浓重的封建黑暗背景中，透过他们的悲剧命运寓示人们要将个性解放与社会解放结合起来，引领青年去寻求“新的生路”，具有深刻的历史意义。 【关键词】自由恋爱婚姻自主封建社会 涓生： 涓生是一个力图与个人主义决裂的觉醒的小资产阶级知识分子的典型。所以，我们应该肯定，他是醒了的。涓生生命的归宿，是一个从谎言世界里超脱出来，真实世界里苦闷徘徊了一阵之后，又终于在现实生活所给予的苦痛之中重新回到谎言世界里去的人，绝不是一个勇敢、坚定的探索者和革命者。自然，涓生的路，也只能是作者是最终所要否定的路。 然而，既然涓生是娜拉形象的异化，毫无疑问，无论是于家庭还是于社会，他都必然成为一个悲剧人物。究其悲剧性，一方面，表现在和子君的爱情的毁灭，另一方面，则表现在他和个人主义决裂的不彻底。他爱子君，这是事实，但只在先前。先前，子君和涓生一样，都是醒了的人，醒了的人是不会与熟睡中的人为友的，所以他们彼此的相爱应该说是真诚的，直到他们一同私奔，到吉兆胡同建立了自己的家庭以后，他们的感情才逐渐起了变化。 涓生这个形象，在强大的黑暗势力压迫下，怯懦、自私、逃避、动摇妥协、改变初衷、消沉颓废。正是这些致命弱点，给他自己和他人制造着空虚的怪圈。生活的教训不能说不够严重，然而他离醒悟还差得太远，他的“悔恨与悲哀”太不透彻，等待他的还将是失败，是生活给他的更惨痛的教训。生活是实在的、美好的，人活着唯有面对，积极地面对，这里面才有自主与开路的欣喜，才有“我”。否则，只能随波逐流，被命运玩弄于股掌之间。 子君： 子君是个人主义的忠实的维护者，她的全部希望只在于操劳家务以维持现有的“安宁和幸福”。 《伤逝》中的子君其实是以两副面孔出现在读者面前的。一个是会馆时期的子君——我们也不妨把她称作恋爱时期的子君。这个子君在小说中是一个新女性的形象，果敢，有知识，有主见。而吉兆胡同时期的子君——即同居时期的子君——却是一个旧女性的形象，怯弱和无知。 “我是我自己的，他们谁也没有干涉我的权利！”与“我真不料这样微细的小事情，竟会给坚决的、无畏的子君以这么显著的变化。”深刻地反映出子君的转变，从原来那个勇敢和坚强的子君变得如此的软弱。一切都是因为她自身性格弱点和传统的思想在她的心中打下的深深的烙印。但是，子君毕竟是那个沉滞的社会中的一个觉醒者，她喊出了数千年来女性不敢喊出的声音：“我是我自己的，他们谁也没有干涉我的权利！”。这一点令所有的人都很受鼓舞。 《伤逝》中的子君虽然在与涓生同居后沉溺于养小油鸡，喂“阿随”。然而她当初毕竟是喊出了“我是我自己的”，并勇敢地与家庭决裂。她是满怀着一颗爱的心来对待涓生的。爱情的消亡不是她的责任，甚至也不能说是涓生的责任。“残酷的现实，黑暗的封建势力，逼死了涓生和子君的爱，但召唤他们的那些个性解放、恋爱自由的‘新理想’，也从男女主人公的血肉淋漓的创伤里暴露了它
或终将独负空虚走下去 在纷繁复杂的社会生活中，不能光是追求爱，“只为了爱，一一盲目的爱，——而将别的人生的要义全盘疏忽了。”于是，鲁迅在他的《伤逝》中，针对当时文艺创作中宣扬“恋爱至上”、“婚姻至上”的倾向，鲜明地提出：“第一，便是生活。人必生活着，爱才有所附丽。” 就这样，涓生与子君以及他们的爱情在那样的时间，那样的境况，在他笔下渐出。 涓生是《伤逝》中的主人翁，也是全篇故事的讲述者。在如泣如诉的言语中，我们看到了一个“五四”时期的新青年形象，他有对恋爱、婚姻自由的追求；对生活的接二连三打击也能有所思想准备；在极其困难的情况下，他能够寻找一条生活的新路。但是，面临重重生活压力，他却抛弃了自己过去的志同道合者，做出了一件十分错误的事情，因此换回一颗难咽的苦果而饮恨终生。 小说以倒叙的形式从涓生与子君的恋爱开始。每当他在会馆的小房子里，便“在久待的焦躁中”渴望子君的到来。久久没等到，还会猜测：“莫非她翻了车么?莫非她被电车撞伤了么……”。 与子君在一道，涓生总喜欢“谈家庭专制，谈打破旧习惯，谈男女平等，谈伊孛生，谈泰戈尔，谈雪莱……。” 纯真的爱情，使他们两颗年轻的心连结在一起。涓生和子君终于生活在一起。 新婚的生活是幸福的。这是他们冲破了长辈的桎梏、社会习俗的偏见而赢得的胜利的每天，他们两人默默相视，接着是放怀而亲密的交谈，后来又是沉默。 但是，子君却在这时渐渐将兴趣移向生活琐的事：养了四只小油鸡，一只取名阿随的花白的叭儿狗。 就此涓生对此产生了想法，他开始领悟到“爱情必须时时更新，生长，创造，对于这一点，子君仿佛并没有完全理解。是的，婚姻并不是恋爱的终结，爱情的花朵仍须夫妇两人加以细心的爱护、浇灌。 可以说涓生是一个力图与个人主义决裂的觉醒的小资产阶级知识分子的典型。所以，首先我们应该肯定，他是醒了的，他的觉醒的表现是，第一，他理解
《伤逝》人物赏析之涓生 吕亦晨12服装2班20121116207 《伤逝》是鲁迅先生唯一的一部爱情小说，里面体现了鲁迅先生对情感，对女性地位，对人性的一些看法。鲁迅先生对人性的理解是深刻的，涓生的心理，从某种角度来说，是具有普遍性的。分析涓生的心理，有助于我们对爱情的了解，对人性的了解。 涓生和子君的爱情到最后结束了，子君死掉了，涓生带着悔恨，是一个爱情悲剧。 涓生回忆起自己像子君求婚的时候，他说他记不起自己说的话了，他只是记得“临时似乎都无用，在慌张中竟用了电影上见过的方法……但在记忆上却偏只有这样一点永远遗留，至今还如暗室的孤灯一般，照见我含泪握着她的手，一条腿跪了下去……”他所记得的只是他为子君含着泪握着她的手，一条腿跪了下去。仿佛是受到了耻辱一般，他回忆这些，仅仅是在怜惜自己，而且当时他求婚的时候，是“一条腿跪了下去”，在跪的时候还“含着泪”，在这里我们依然可以看出涓生的大男子主义思想。他回忆起过去的往事，只能忆起那些让他感到受辱的事。这不能不说涓生是一个很自私的人。 对比涓生，子君就很不同了，子君是一个非常纯洁的女子，当涓生向子君求婚的时候，涓生知道子君允许他了，“她的脸色变成青白，后又渐渐转作绯红——没有见过，也没有再见的绯红，孩子似的眼里射出悲喜，但是夹着惊疑的光。”显然，这是一个未经历过情事的少女的表情。她接受了涓生，但是心中也有一丝疑惑，她不知道涓生能不能给自己带来幸福。 “子君是什么都记得的：我的言辞，竟至于读熟了一般，能滔滔背诵。涓生的举动，子君还记得。”从这些都可以看出子君对涓生是多么地在乎。而涓生却自己不曾记得了，我不知道我们是不是可以这样理解：涓生是不是把自己对子君的求婚行动仅仅是看做逢场作戏而已。所以他不记得了。 涓生没有给子君饱满的爱，他不能给子君幸福，这使得子君一直沉浸在过去的回忆中，子君只能从回忆中才能找到一丝慰藉，子君是可怜的，她爱上了一个不值得她爱的男人——涓生，而这个男人在没有给她幸福的同时，他不仅仅没有好好反省自己，她回忆起过去甜蜜的时候反而觉得可笑与可鄙。我不知道这有什么可笑的。这只能是这个男人的悲哀，从这时，子君就对涓生有些失望了。 子君为涓生付出了自己的所有，她为了涓生背弃了自己的家族，“到了后来两人相对的时候，他们先是沉默的相视，接着是放怀而亲密的交谈，后来又是沉默。”“我也渐渐清醒地读遍了她的身体，她的灵魂，不过三星期，我似乎于她已经更加了解，揭去徐国以前为了了解而现在看起来却是隔膜，即所谓真的隔膜了。”这里，我们可以看出涓生对子君已经产生了厌弃情绪了。”叔本华曾经说过一句话：“人生就像钟摆，只能在空虚和痛苦中度过，得到了自己想要的东西，那就空虚吧，得不到自己想要的东西，那就痛苦吧。” 在得到了子君之后，涓生开始厌烦了。 涓生认为子君是他前进的阻碍了，他忍受生活的苦难，大半是为了她，没了她，涓生就可以远走高飞，生路宽广的很。这里涓生已经难以忍受子君了，当个体生命受到压迫的时候，涓生选择了自保。这也是后来涓生要告诉子君不爱他了的原因。
鲁迅小说中的知识分子 .在《<呐喊>自序》中鲁迅曾指出：“凡是愚弱的国民，即使体格如何健全，如何茁壮，也只能做毫无意义的示众的材料和看客，病死多少是不必以为不幸的。所以我们的第一要著，是在改变他们的精神。”基于这样的知识分子的使命感，鲁迅对当时社会的知识分子的命运和责任就当然给予更为热切的注视和思考了，对于当时变革社会中的各种各样的知识分子以及他们的命运，鲁迅在他的小说里做了形象生动的描绘。但是没有读过太多关于鲁迅的文章，所以就只能从《在酒楼上》和《伤逝》来做个简单的分析。 《伤逝》中的涓生和子君都是20年代初期具有某种程度的民主思想的知识青年。他们互相认识后，在时代精神的感召下，大胆地追求自由恋爱、婚姻自主，并且不顾强大的封建势力和世俗偏见，勇敢地冲出封建家庭的樊篱，走到了一起。女主人公子君原本是一个为了争取婚姻自主而蔑视一切世俗观念的人，但与涓生同居后，她不再读书，不再思考，整日不是忙着操持家务，就是为小油鸡而“和小官太太暗斗”。生活使他变得日渐空虚、庸俗。男主人公涓生原本.是一个能够追求新思想的青年知识分子，.他曾以自己的觉醒唤起了子君的觉醒，并且把纯真热烈的爱情奉献给了子君。但是，在与子君度过了最初的一段“安宁和幸福”的生活后，他不再满足现有的爱情生活。他意识到，他与子君的爱情应“时时更新，生长，创造”，否则，“安宁和幸福是要凝固的”。但是，他们的爱情怎样才能更新、生长、创造？他们新的生活道路到底在哪里？这一切，他自己也并不很清楚。当局长一纸公文断绝了他的生计后，.他刚开始还反抗然而后来却失败了，最后终于提出了和子君分手。涓生和子君这对曾经相爱，并不顾世俗走到一起的青年，最后以悲剧结束了他们的爱情。 而《在酒楼上》的吕维甫曾经是接受过新教育，到城隍庙里去拨神像的胡子，议论改革中国的方法以至于打起来的，虽然激进然而进步而可爱的知识青年。但是随着时光的流逝，他逐渐向旧的势力妥协了，变成了一个迂缓的教“子日诗云”之类误人子弟、无意中成为封建旧势力帮凶的落荒者。到了中年，已经堕落到为母亲的一个梦回老家去迁坟的什么事也无所谓的麻木的人。 这些知识分子他们本身都拥有先进的思想精神，但是社会的时代的黑暗压迫着他们，于是他们开始妥协，开始逃避，开始向麻木发展。鲁迅先生通过这些人物的塑造来批判当时社会中的知识分子的软弱、妥协、不坚定，同时也表现了知识分子的迷茫无助，及表达了自己对知识分子的同情，又对他们的缺点做出了批判，但这更是对整个时代，整个社会的批判和不妥协。 参考文献 《鲁迅全集》人民文学出版社； 《中国现代文学史简编》主编：唐弢人民文学出版社;
目录 摘要 (x) Abstract (x) 一、崔莺莺人物形象的概括 (x) 二、崔莺莺的人物形象特征 (x) (一)崔莺莺的三个表像 (x) (二)崔莺莺对待爱情的表现 (x) 三、西厢记对后世的影响 (x) 参考文献 (x) 结语 (x) 致谢 (x)
崔莺莺人物形象分析 摘要：《西厢记》全名《崔莺莺待月西厢记》，讲述崔莺莺和张生的爱情 故事。而崔莺莺的人物形象流传至今，人们对于她的人生历程有唏嘘，有欢欣，也有认为莺莺作假矫情的。但是莺莺在人们的心中最多的就是与张生的完美爱情。现如今还有不少青年男女羡慕，渴望得到他们那样的爱情。崔莺莺和张生有时更像是自由婚姻的代言者。剧本中，王实甫将崔莺莺描绘成外貌灵魂尽皆完美的一个女子。【1】 关键词：极美的；礼数；才女 Abstract："The West Chamber" Full Name "Cui Yingying to be on the West Chamber", Cui Yingying and Zhang tells the love story. And Cui Yingying characters spread so far, people have sadly her life course, there is joy, but also that Yingying false hypocritical. But Yingying in people's minds the most is the perfect love with Zhang. Today there are many young men and women envy, eager to get their kind of love. Cui Yingying and Zhang Sheng sometimes more like a free marriage Spokesman. Script, Cui Yingying Wang Shifu will portray the appearance of a woman with perfect soul foes Key words: Cui Yingying's literary image；love；the West Chamber 一、崔莺莺人物形象的概括 《西厢记》作为我国古典戏曲名著之一，主要讲述了崔莺莺和张生的爱情故事。崔莺莺是名门之后、大家闺秀，其父是前朝催相国，夫人郑氏携莺莺送丈夫灵柩回河北安葬，路上因故留滞，暂居普救寺。张生是个落魄书生，一人进京赶考，途经此地，住在状元店。听说此间有座寺庙便意欲前往瞻仰。而整部剧作的故事也由此展开。全剧共五本二十一折，戏剧冲突分两方面人物，一方以崔莺莺、张生为主，另一方是崔莺莺的母亲—老夫人。 双方的冲突从本质上讲是封建婚姻制度与追求爱情婚姻自由的冲突、封建礼教与个性自由的冲突。在冲突的产生和发展过程中，作者的创作意图得到了彰显，而各个人物形象也愈见明了，崔莺莺的形象是最令人难忘的。她是作者倾心塑造的全新的艺术形象，她不仅外貌美，而且心灵更美。在她身上寄托了王实甫对封建制度的不满，以及对爱情和婚姻的理想。这一切使得崔莺莺这一人物形象光彩照人，也使得《西厢记》的影响绵延千古而不绝。 金圣叹曾经这样评价崔莺莺：“无双,天下之至尊女子也;双文,天下之至有情女子也;双文,天下之至灵慧女子也;双文,天下之至矜尚女子也。”【2】我认为这句话完美的概括了崔莺莺这个人物的形象。在封建礼教的约束下，崔莺莺这样的才女还为爱情而执着着，是无双的。 二、崔莺莺人物形象的特征 （一）崔莺莺的三个表像 首先，崔莺莺外貌极美。作者从各个方面对女主人公进行了细心的描绘，调
子君的人物分析 杨丽媛13612111 《伤逝》是鲁迅小说中惟一的一篇以男女青年爱情为题材的作品，这篇小说从根本上改变了“五四”时期大多数爱情婚恋小说的艺术构思:它不像很多爱情婚恋小说那样只着眼于婚恋、爱情双方的离合际遇或者道德情感的趋向，也不只着眼于恋人一方的失恋的痛苦或性的苦闷，而是第一次把笔触深入到青年男女婚后的情感关系中去，男女主人公不是不能结婚的痛苦，而是结了婚以后的痛苦，这在五四时期是很少有的。在艺术构思上超出了同时代作家同类题材的作品；小说从正面刻画的不是黑暗势力的破坏和迫害，而是作品主人公涓生和子君本身的思想弱点。涓生和子君冲破阻力争得了自主婚姻，但是家庭的建立，反而成了他们不幸的开端。社会的压力，经济的威逼，使他们的爱情很快就失去了光彩，终于以悲剧告终。 涓生与子君是在会馆（某个地区的人在家乡之外某个地方建立的供家乡来的人活动和居住的场所）里互相认识的，他们是同乡。由于采用手记的形式，作者对于涓生和子君的人生经历、社会背景及外貌等没有详细的交代或描述。但从作品中的一些较为零散的有关描述上看，涓生是一个比较高级的青年知识分子，他在政府部门担任文员之类的职务，会写小品文、能翻译外文作品；而子君大概是一个只受过初级文化教育的人，她没有工作，寄居在北京的亲戚（叔叔）家里。 交往了半年之后，在涓生的影响下的子君已经有了明确的婚姻（或男女关系）自主的思想。她对涓生说出了这样的话："我是我自己的，他们谁也没有干涉我的权利!"可见：当时的子君已经在一定程度上接受了五四时期从西方传来的"个性解放"、"男女平等"等新思想。 默默地相视片时之后，破屋里便渐渐充满了我的语声，谈家庭专制，谈打破旧习惯，谈男女平等，谈伊孛生，谈泰戈尔，谈雪莱......。她总是微笑点头，两眼里弥漫着稚气的好奇的光泽。两人在一起的时候，说话的主角总是涓生，而子君通常只是个听者。 他们走在路上，他仍会觉得到时时遇到别人的探索，讥笑，猥亵和轻蔑的眼光......可见，子君给他的幸福并没有坚定他的爱情，他的勇气在很早时段都已经暗地里隐藏着不稳定性。当
中国当代作家作品赏析 一、“中国现代文学”、“新文学”及其它 1、组成“中国文学史”的四个概念： ●古代文学（1840年以前）●近代文学（1840-1917）●现代文学（1917-1949）●当代文学（1949-今） 2、“中国现代文学”与“中国当代文学”的含义 二、中国现当代文学的性质中国现代文学是无产阶级领导的、人民大众的、反帝反封建的文学。即新民主主义性质的文学。 ●中国当代文学是社会主义性质的文学。 ●“文学现代化”的概念。 ●中国现当代文学是中国文学走向现代化的历史过程。 ●所谓“中国现代文学”，即是“用现代文学语言与文学形式，表现现代中国人的思想、情感与心理的文学。” 三、中国现当代文学的历史特点 ●1、中国现当代文学的主流是人民的文学。 ●2、中国现当代文学是以现实主义为主体并含有多种创作方法和流派的文学。 ●中国现当代文学主要有三大文学潮流：现实主义、浪漫主义、现代主义。 ●现代文学流派林立。 ●3、中国现当代文学的发展是吸收外来文学营养使之民族化、继承民族传统使之现代化的过程。 ●4、中国现当代文学是在积极的思想斗争中向前发展的。 一：鲁迅的《估〈学衡〉》 例学衡派观点之一：认为文言胜于白话，因而攻击白话文和文学革命。 《中国提倡社会主义之商榷》中说：“凡理想学说之发生。皆有其历史上之背影。决非悬空虚构。造乌托之邦。作无病之呻者也。”查“英吉之利”的摩耳，并未做Pia of Uto,虽曰之乎者也，欲罢不能，但别寻古典，也非难事，又何必当中加楦呢。于古未闻“睹史之陀”，在今不云“宁古之塔”，奇句如此，真可谓“有病之呻”了。 鲁迅的《估〈学衡〉》 ●以上不过随手拾来的事，毛举起来，更要费笔费墨费时费力，犯不上，终止了。因此，诸公的说理，便没有指正的必要，文且未亨，理将安托，穷乡僻壤的中学生的成绩，恐怕也不至于此的了。 ●总之，诸公掊击新文化而张皇旧学问，倘不自相矛盾，倒也不失其为一种主张。可惜的是于旧学并无门径，并主张也还不配。倘使字句未通的人也算是国粹的知己，则国粹更要惭惶煞人！“衡”了一顿，仅仅“衡”出了自己的铢两来，于新文化无伤，于国粹也差得远。 ●我所佩服诸公的只有一点，是这种东西也居然会有发表的勇气。 例二：鲁迅：《再来一次》 ●鲁迅文中针对章士钊错解“二桃杀三士”的典故，对其进行了嘲讽。 鲁迅：《再来一次》 ●我们虽然不知道这三士对于旧文化有无心得，但既然古书上说是“以勇力闻”，便不能说他们是“读书人”。倘使《梁父吟》说是“二桃杀三勇士”，自然更可了然，可惜那是五言诗，不能增字，所以不得不作“二桃杀三士”，于是也就害得了章行严先生解作“两个桃子杀了三个读书人”。 ●旧文化也实在太难解，古典也诚然太难记，而那两个旧桃子也未免太作怪：不但那时使三个读书人因此送命，到现在还使一个读书人因此出丑，“是亦不可以已乎”！ 四、中国现当代文学的历史分期
第一阶段基础测验 本卷共分为2大题10小题，总分100 分。 一、单选题(本大题共8小题，共80分) 1[单选题,10分] ______年5月，鲁迅在《新青年》4卷5号上发表了第一篇白话小说《狂人日记》。 A.1915 B.1916 C.1917 D.1918 收藏本题 收起解析 参考答案：D 参考解析： 暂无 2[单选题,10分] ______是鲁迅关于“科学”的一篇重要的论文。（） A.《文化偏至论》 B.《科学史教篇》 C.《人之历史》 D.《破恶声论》 收藏本题 收起解析 参考答案：B 参考解析： 暂无 3[单选题,10分] “______”，这是鲁迅赋予他的“死火”的最后形象。 A.红彗星 B.黑彗星 C.白彗星 D.蓝彗星 收藏本题 收起解析 参考答案：A 参考解析： 暂无 4[单选题,10分] “______”是鲁迅在《论睁了眼看》一文中所表现的重要思想。 A.反对妥协 B.反对瞒和骗 C.反对投降 D.反对复古 收藏本题 收起解析 参考答案：B 参考解析： 暂无
5[单选题,10分] “别求新声于异邦”这句话，出自鲁迅的《______》一文。（） A.《摩罗诗力说》 B.《文化偏至论》 C.《科学史教篇》 D.《人之历史》 收藏本题 收起解析 参考答案：A 参考解析： 暂无 6[单选题,10分] “我是我自己的,他们谁也没有干涉我的权利!”这是小说()中子君喊出的宣言,也是人的觉醒的声音。 A.《幸福的家庭》 B.《伤逝》 C.《肥皂》 D.《离婚》 收藏本题 收起解析 参考答案：B 参考解析： 暂无 7[单选题,10分] “真的猛士，敢于直面惨淡的人生，敢于正视淋漓的鲜血”出自于鲁迅的杂文《______》。() A.长城 B.战士和苍蝇 C.现代史 D.记念刘和珍君 收藏本题 收起解析 参考答案：D 参考解析： 暂无 8[单选题,10分] “只取一点，随意点染，铺成一篇”是鲁迅所说的创作新型历史小说______的方法。（） A.《呐喊》 B.《彷徨》 C.《朝花夕拾》 D.《故事新编》 收藏本题 收起解析 参考答案：D 参考解析： 暂无 二、多选题(本大题共2小题，共20分)
奥涅金“多余人”人格形象分析 刘雨 天津师范大学汉语言文学专业 09501262 内容提要：以叶普盖尼·奥涅金为代表，“多余人”之所以被称为“多余人”，是因为连他们自己都找不到自己存在的价值，自认为是“多余”的。受特定社会环境影响，其人格中，本我和超我强烈冲突，自我渐渐迷失了，只能被动选择各种各样的逃避行为。 关键词：奥涅金多余人精神分析 俄罗斯诗人普希金在他的长篇诗体小说《叶普盖尼·奥涅金》中塑造了一个文学史上的典型形象——“多余人”。这一形象不仅多次出现在俄罗斯文学中，如赫尔岑的小说《谁之罪》里的别里托夫;莱蒙托夫的小说《当代英雄》里的毕巧林;屠格涅夫的小说《罗亭》里的罗亭;冈察洛夫的小说《奥勃洛莫夫》里的奥勃洛莫夫等，对其他国家的文学创作亦有一定影响。日本文学家夏目漱石笔下《后来的事》主人公长井代助、鲁迅《伤逝》的主人公涓生，甚至是《红楼梦》中的贾宝玉，在这些人物身上，我们都能看到“多余人”的影子。 作为文学史上的典型形象，我们可以从诸多人物形象中总结出“多余人”的共同的特征：出身于没落的名门望族，素受文化教养，不为官职钱财所利诱；也能看出现实生活中的某些弊病和缺陷，在反动专制下深感窒息。他们虽有变革现实的抱负，但缺少实践。他们生活空虚，性格软弱，没有向贵族社会抗争的勇气，只是用忧郁、彷徨
的态度对待生活，在社会上无所作为。 “多余人”形象诞生于现实主义文学，必然是对现实社会生活中“多余人”生存状况的真实记录。“多余人”大多是悲剧的，可是“多余人”的悲剧是如何诞生的？贵族知识分子们的“多余人”人格，是如何形成的？关于这个问题，精神分析学派创始人弗洛依德提出的人格结构分析理论或许可以帮助我们找到答案。 弗洛伊德在其著作《自我与本我》一书中将人格的结构概括为三个方面：本我、自我和超我。本我（id）是在潜意识型态下的思想，代表思绪的原始程序——人最为原始的、属满足本能冲动的欲望，如饥饿、生气、性欲等；本我为与生俱来的，亦为人格结构的基础。本我的目的在于遵循享乐原则。自我（ego）处于本我和超我之间，代表理性和机智，具有防卫和中介职能，它按照现实原则来行事，充当仲裁者，监督本我的动静，给予适当满足。自我的心理能量大部分消耗在对本我的控制和压制上。超我（super-ego）是人格结构中的管制者，由完美原则支配，属于人格结构中的道德部份。超我倾向于站在“本我”的原始渴望的反对立场，而对“自我”带有侵略性。超我以道德心的形式运作，维持个体的道德感、回避禁忌。本我，自我，超我构成了人的完整的人格，人的一切心理活动都可以从他们之间的联系中得到合理的解释。 下面将以最典型的“多余人”——叶普盖尼·奥涅金为例，分析“多余人”人格是怎样形成的。 “本我”的发展遵循享乐原则，奥涅金的家世恰恰能充分满足他
内容提要 鲁迅先生的短篇小说《伤逝》是一部以爱情为主题的小说。它所讲述的是两个觉醒的知识分子涓生和子君的爱情故事。他们从积极争取婚姻自主和爱情的自由的斗争到爱情走向失败，演绎了一出始则热恋同居，终则悲惨离异，最后子君死于那无爱的世界的令人痛彻心肺的悲剧。本文结合鲁迅先生的生平与创作背景，从三个方面分析探究涓生和子君爱情悲剧的形成原因： 一、首先，他们生活在那“万难破坏的铁屋子里”，整个社会的沉滞、腐朽很自然地毁灭了他们的“绿洲”。 二、他们本身的性格弱点也注定了他们的爱情必定是一个悲剧。 三、经济上的困顿，使他们失去了轻松自如的心态，他们的爱情也就一步一步地走向灭亡。 总之，涓生和子君的爱情悲剧根源在于社会，小说所揭示的是，在那要“万难破坏的铁屋子里”，仅靠个人的奋斗是得不到真正的爱情的。同时，他们的爱情悲剧也是性格悲剧。因此，必须彻底打破那沉滞的“铁屋子”，做一个真正的觉醒者。同时也要有一定的经济基础，不要“饿着肚子战斗，减了锐气”，才能得到真正的爱情。
浅议鲁迅《伤逝》中涓生和子君爱情失败的原因 《伤逝》是鲁迅先生1925年创作的一部短篇小说，也可以说是鲁迅先生唯一一部以爱情为主题的小说。它讲述的是两个觉醒的知识分子涓生和子君的爱情故事。作为鲁迅的唯一爱情小说，却以涓生和子君他们爱情的破裂为结局，可以说是一个把美好的毁灭给人看的彻底的悲剧，究其悲剧原因，主要有以下几个方面： 首先，他们生活在那“万难破坏的铁屋子里”，整个社会的沉滞、腐朽不可能不毁灭他们爱情的绿洲。从这个意义上讲，他们的悲剧是社会悲剧。 封建社会是吃人的社会，封建礼教吃人的礼教，是容不得真正的爱情的。涓生和子君只是希望获得婚姻自主和爱情自由，可以说，是这个世界上一个小小的愿望，但那些几千年来形成的虚伪、反动的封建“仁义道德”却容不下他们的叛逆！ 封建社会需要的是奴隶！一个“忠诚”的奴隶！那些“德高望重”的封建卫道士和“铁屋子”里面的“沉睡者”们都不允许他们的“屋子”里出现叛逆者！在那间“铁屋子”里，人们永远维护着他们认为是无法替代、无法逾越的礼教精神。封建伦理道德，纲常名教，诸如节烈、孝道等都是吃人的东西，最低限度也是压制人的个性的东西。涓生和子君在追求自己爱情和婚姻自由的时候，便触动了这些“仁义道德”者们。在他们的眼中，青年男女之间是没有爱情自由可言的，有的只是“父母之命，媒妁之言”。一旦脱离了他们的准线，那就是“叛逆者”，当然，他们是不会让那些“叛逆者”好过的。于是，涓生和子君便生活在一个众人白眼的环境里。 涓生和子君经过自己的努力，成功地同居了，似乎找到了自己的爱情，在他们自己看来，一切都是幸福的（最起码刚开始的时候是那样），但在那些封建卫道士的眼里，他们这些坏纲乱常的“激进分子”是不允许存在的。涓生说：“我觉得在路上时时遇到探索，讥笑，猥亵和轻蔑的眼光。”人们为什么要用这样的眼光来看他们？原因很简单，就是因为他们破坏了人们一直以来所认同的“道德”。封建的伦理道德沉重地压在每一位生活在“铁屋子”里面的人身上，他们一旦脱离了这些准则，在社会上就举步维艰。男女之间如果没有经过“父母之命，媒妁之言”便结合，那就是冒天下之大不韪了，在社会上很难抬起头来。一不小心便要落个身败名裂，更有甚者连性命都保不住。因此，许多受害者也不自觉地当起封建卫道士们的帮凶来。鲁迅的《离婚》中的主人公爱姑，可以说是鲁迅笔下最泼辣、最具“反抗精神”的人物。但回想一下，她是用什么来武装自己的呢？是因为家庭殷实，自己家里有六个身强力壮的弟兄，最重要的一点是她是“三茶六礼定来的，花轿抬来的”。反过来说，爱姑的反抗，是因为她认为自己是在“仁义道德”的