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) participating in its Exchange Rate Mechanism(ERM) as part of its aim toward greater monetary integration among its members, including the ultimate goal of creating a common currency and a community-wide central bank.
自1979年3月始，欧共体九个国家中的八个（除了英国）加入了欧洲货币体系的汇率机制，其目标之一是为该体系实现成员国内更大规模的货币一体化，包括其最终目标。
3. It seems likely that with increasing financial and economic interdependence, the evolving international financial system will involve even closer cooperation. One of the consequences of the more even sharing of economic power is the potential emergence of three trading blocs of currencies, a dollar bloc based on the Americas, a yen bloc centered around Japanese trade, and a Euro bloc centered on the place of European trade.
随着金融和经济的不断独立，发展中的国际金融体系很有可能需要更加密切的合作。经济力量更加均享的结果之一是三个货币贸易集团的悄然出现：以美国为基础的美元集团，以日元为中心的日元集团和以种欧洲本土贸易为核心的欧元集团。
4.In June 1989,a committee headed by Jacque Delors, the president of the European Commission, recommended a three-stage transition to the single currency. The first stage included widening the membership of the ERM. The second stage involved narrowing exchange rate bands as well as shifting control over some macroeconomic policies from national control to control by a central European Authority. The third stage would establish a European System of Central Banks to replace national central banks and replace national currencies with a Single European currency. 1989年6月，以欧洲委员会主席雅阁·德勒斯为首的委员会推荐了一个过渡到单一货币的三步走方案。第一步包括扩大汇率机制成员国。第二步涉及缩小汇率的上下限，同时把对宏观经济政策调控由国家控制改由一个欧洲中央权威机构控制。第三步将建立一个欧洲央行体系来替代各国央行并用一种欧洲货币替代各国的货币。
Chapter 4
1. The IMF tracks global economic trends and performance, alerts its member countries when it sees problems on the horizon, provides a forum for policy dialogue, and passes on know-how to governments on how to tackle economic difficulties.
国际货币基金组织追踪全球经济趋势与经济表现，当发现即将发生的问题时对其成员国发出警告，为政策对话提供论坛，并向政府提供应对经济困难的专业知识。
2. Keynes' proposals would have established a world reserve currency (which he thought might be called "bancor”)administered by a central bank vested with the possibility of creating money and with the authority to take actions on a much larger scale (understandable considering
deflationary problems in Britain at the time).
凯恩斯的提案应该是要确立一种世界储备货币（他觉得可以称之为“班科”），该货币由一个可以创造货币和有权在更大程度上（考虑到当时英国的通货紧缩，可以理解）采取行动的中央银行管理。
3. Such market imperfections, together with balance of payments financing, provide the Justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse effects on both national and international economic prosperity.
如此的市场不完全性，加上国际收支资金融通，提供了官方融资的正当性。如果没有这种机制，很多国家会采取措施来纠正对外支付失衡的巨额款项，而这些措施无论对国内还是对国际的经济繁荣都会产生负面的影响。
4. The Board of Governors, the highest decision-making body of the IMF, consists of one governor and one alternate governor for each member country. The governor is appointed by the member country and is usually the minister of finance or the governor of the central bank.
作为IMF的最高决策机构，理事会由一名理事长和每个成员国的候补理事长组成。理事长由成员国选出，通常为财政部长或央行行长。
Chapter 5
1. When the Marshall Plan went into effect in 1947, many European countries bagan receiving aid from other sources. Faced with this competition, the World Bank shifted its focus to non-European countries. Until 1968, its loans were earmarked for the construction of income-producing infrastructure, such as seaports, highway systems, and power plants that would generate enough income to enable a borrower country to repay the loan.
当马歇尔计划于1947年实施的时候，许多欧洲国家开始接受其他来源的援助。面对这一竞争，世行将其重心转移至非欧洲国家。直到1968年，世行贷款专门用于产生效益的基础设施的建设，如海港、公路系统和发电厂，这样资金借入国能够获得足够的收入偿还贷款。
2. During the 1980s, the bank emphasized lending to service Third-World debt, and structural adjustment policies designed to streamline the economics of developing nations. UNICEF reported in the late 1980s that the structural adjustment programs of the World Bank had been responsible for “reduced health, nutritional and educational levels for tens of millions of ch ildren in Asia, Latin American, and Africa.
20世纪80年代，世行着重满足第三世界贷款需要，以及致力于第三世界国家经济重组的结构调整政策。联合国儿童基金会在20世纪80年代后期报道说世界银行的结构调整项目对数千万亚洲、拉丁美洲和非洲儿童的健康、营养和教育层次的下降负有责任。
3. Ending poverty and promoting shared prosperity are unequivocally also about progress in non-monetary dimensions of welfare including education, health, nutrition, and access to essential infrastructure, as well as about enhancing voice and participation of all segments of society in economic, social, and political spheres.
消除贫困和促进共同繁荣也非常清晰地涉及非货币化的福利方面的进步，包括教育、健康、营养和获得必要的基础设施，同时也涵盖加强经济、社会、政治等所有社会阶层的发言权和参与机会。
4. Reaching the target, which would effectively and extreme poverty globally in less than a generation, is an ambitious endeavor. It will require sustaining high rates of economic growth across the developing world, as well as translating growth more effectively into poverty reduction