Forthcoming in International Finance FINANCIAL GLOBALIZATION UNEQUAL BLESSINGS …
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1. abandon [ə'bændən] v.放弃;抛弃2. abstract ['æbstrækt, æb'stræ3. academy [ə'kædəmi] n.研究院;学院;学会4. access ['ækses, 'æksəs, æk'ses]n.接近;入口5. accommodate [ə'kɔmədeit] v.容纳;给…提供住宿;使适应6. accompany [ə'kʌmpəni] v.陪伴;伴随7. accumulate [ə'kju:mjuleit] v.积累8. accurate ['ækjurət] a.准确的9. achieve [ə'tʃi:v] v.完成;到达10. acknowledge [ək'nɔlidʒ] v.成认;致11. acquire [ə'kwaiə] v.获得12. adapt [ə'dæpt] v.使适应;改编13. adequate ['ædikwit] a.足够的14. adjacent [ə'dʒeisənt] a.毗连的;紧接着的15. adjust [ə'dʒʌst] v.调整;修改16. administration [əd,mini'streiʃən] n.管理;管理局;行政;政府17. adult ['ædʌlt, ə'dʌlt] n.&a.成人18. advocate ['ædvəkeit, 'ædvəkət] n.拥护者v.拥护19. affect [ə'fekt, 'æfekt] v.影响20. aggregate ['æɡriɡət, 'æɡriɡeit] a.总的n.总计v.总计22. albeit [ɔ:l'bi:it] conj.虽然23. allocate ['æləukeit] v.分派24. alter ['ɔ:ltə] v.改变25. alternative [ɔ:l'tə:nətiv] n.替代物a.选择的26. ambiguous [æm'biɡjuəs] a.模棱两可的27. amend [ə'mend] v.修订;改正自新28. analogy [ə'nælədʒi] a.类似;比较;类推29. analyze ['ænəlaiz] v.分析30. annual ['ænjuəl] a.每年的n.年鉴31. anticipate [æn'tisipeit] v.预料32. apparent [ə'pærənt] a.明显的33. append [ə'pend] v.附上34. appreciate [ə'pri:ʃieit] v.欣赏;感谢35. approach [ə'prəutʃ] v.靠近n.方法36. appropriate [ə'prəuprieit, ə'prəupriət] a.恰当的37. approximate [ə'prɔksimit] a.近似的v.与…近似38. arbitrary ['ɑ:bitrəri] a.任意的;专断的39. area ['εəriə] n.地区;面积;领域40. aspect ['æspekt] n.方面;面貌41. assemble [ə'sembl] v.集合;装配;收集42. assess [ə'ses] v.对…估价;评价43. assign [ə'sain] v.指定;分配44. assist [ə'sist] v.帮助45. assume [ə'sju:m, ə'su:m] v.假设;认为;承当;呈现46. assure [ə'ʃuə] v.向…保证47. attach [ə'tætʃ] v.系;贴;使附加;使依恋48. attain [ə'tein] v.到达;获得49. attitude ['ætɪtjuːd, -tuːd] n.态度;姿势50. attribute [ə'tribju:t, 'ætribju:t] v.把…归因于n.性质51. author ['ɔ:θə] n.作者;作家;创始人52. authority [ɔ:'θɔrəti] n.当局;权威;权力53. automate ['ɔ:təmeit] v.使自动化54. available [ə'veiləbl] a.可得到的55. aware [ə'wεə] a.意识到的56. behalf [bi'hɑ:f] n.利益57. benefit ['benifit] n.利益;津贴v.有利于;获益58. bias ['baiəs] n.偏见;爱好59. bond [bɔnd] n.纽带;债券60. brief [bri:f] a.简短的61. bulk [bʌlk] n.体积;主体62. capable ['keipəbl] a.能够;有能力的63. capacity [kə'pæsəti] n.容量;潜在能力64. category ['kætiɡəri] n.种类;畴65. cease [si:s] n.&v.停止66. challenge ['tʃælindʒ] n.挑战67. channel ['tʃænəl] n.海峡;渠道;频道68. chapter ['tʃæptə] n.章69. chart [tʃɑ:t] n.图表v.制图表70. chemical ['kemikəl] a.化学的n.化学药品71. circumstance ['sə:kəmstəns] n.情况72. cite [sait] v.引用73. civil ['sivəl] a.公民的;国的;民用的74. clarify ['klærifai] v.说明75. classic ['klæsik] n.名著a.古典的76. clause [klɔ:z] n.条款;从句77. code [kəud] n.法典;代码;习俗78. coherent [kəu'hiərənt] a.一致的;连贯的79. coincide [,kəuin'said] v.巧合,同时发生80. collapse [kə'læps] v.&n.倒坍;瓦解81. colleague ['kɔli:ɡ] n.同事82. commence [kə'mens] v.开场83. comment ['kɔment] n.&v.评论;注释84. commission [kə'miʃən] n.委员会;委托;委托书;佣金85. commit [kə'mit] v.犯罪86. commodity [kə'mɔditi] n.日用品87. communicate [kə'mju:nikeit] v.通信;交流88. community [kə'mju:niti] n.社区;社会;界89. compatible [kəm'pætəbl] a.和睦的;兼容的90. compensate ['kɔmpenseit] v.补偿91. compile [kəm'pail] v.编92. complement ['kɔmplimənt] v.&n.补充93. complex ['kɔmpleks] a.复杂的94. component [kəm'pəunənt] n.组成局部a.组成的95. compound ['kɔmpaund, kəm'paund] n.化合物a.复合的96. comprehensive [,kɔmpri'hensiv] a.综合的97. comprise [kəm'praiz] v.包含;构成98. compute [kəm'pju:t] v.计算99. conceive [kən'si:v] v.构思;怀胎;认为100. concentrate ['kɔnsəntreit] v.集中;浓缩101. concept ['kɔnsept] n.概念102. conclude [kən'klu:d] v.完毕;下结论103. concurrent [kən'kʌrənt] a.同时发生的;并存的104. conduct ['kɔndʌkt, kən'dʌkt] n.行为v.实施;指挥;导电105. confer [kən'fə:] v.授予;协商106. confine [kən'fain, 'kɔnfain] v.限制;禁闭107. confirm [kən'fə:m] v.证实108. conflict [kən'flikt, 'kɔnflikt] n.冲突v.冲突109. conform [kən'fɔ:m] v.遵守;符合110. consent [kən'sent] n.&v.同意111. consequent ['kɔnsi,kwənt] a.作为结果的112. considerable [kən'sidərəbl] a.相当的113. consist [kən'sist] v.由…组成114. constant ['kɔnstənt] a.不断的115. constitute ['kɔnstitju:t] v.构成116. constrain [kən'strein] v.限制;强制117. construct [kən'strʌkt] v.建造118. consult [kɔn'sʌlt, 'kɔnsʌlt] v.商量;咨询;查阅119. consume [kən'sju:m] v.消耗;消费120. contact ['kɔntækt, kən'tækt] v.&n.接触;联系121. contemporary [kən'tempərəri] a.当代的n.同代人122. context ['kɔntekst] n.上下文;背景123. contract ['kɔntrækt, kən'trækt] n.合同v.收缩124. contradict [,kɔntrə'dikt] v.反驳;与…矛盾125. contrary ['kɔntrəri] a.&n.相反126. contrast [kən'trɑ:st, -'træst, 'kɔntrɑ:st, -træst] n.比照v.形成比照127. contribute [kən'tribju:t] v.捐献;奉献;投稿128. controversy ['kɔntrə,və:si] n.争论129. convene [kən'vi:n] v.召集130. converse [kən'və:s] a.相反的131. convert [kən'və:t] v.转化132. convince [kən'vins] v.使确信133. cooperate [kəu'ɔpəreit] v.合作134. coordinate [kəu'ɔ:dinit, kəu'ɔ:dineit] a.同等的v.使协调135. core [kɔ:] n.核心136. corporate ['kɔ:pərit] a.公司的137. correspond [,kɔ:ri'spɔnd] v.通信;符合;对应138. couple ['kʌpl] n.两个;夫妇139. create [kri'eit] v.创造;引起140. credit ['kredit] n.信用;学分;功绩142. crucial ['kru:..l] a.决定性的143. culture ['k.lt..] n.文化;修养145. cycle ['saikl] n.循环;周期146. data ['deit.] n.[复]数据147. debate [di'beit] n.&v.辩论148. decade ['dekeid] n.十年149. decline [di'klain] v.绝;下倾;衰退n.衰退150. deduce [di'dju:s] v.演绎151. define [di'fain] v.给…下定义;明确152. definite ['definit] a.明确的153. demonstrate ['dem.nstreit] v.说明;演示;示威154. denote [di'n.ut] v.表示155. deny [di'nai] v.否认156. depress [di'pres] v.使沮丧157. derive [di'raiv] v.引伸;起源159. despite [di'spait] prep.尽管160. detect [di'tekt] v.觉察;检测161. deviate ['di:vieit, 'di:vi.t] v.背离162. device [di'vais] n.装置;设计163. devote [di'v.ut] v.致力;为…献身164. differentiate [,dif.'ren.ieit] v.区分165. dimension [di'men..n, dai-] n.尺寸;维166. diminish [di'mini.] v.减少167. discrete [dis'kri:t] a.别离的168. discriminate [dis'krimineit, dis'krimin.t] v.区别;歧视169. displace [dis'pleis] v.移置;置换170. display [,dis'plei] v.&n.展览;显示171. dispose [dis'p.uz] v.处置172. distinct [dis'ti.kt] a.清晰的;独特的;不同的173. distort [dis't.:t] v.歪曲;扭曲174. distribute [di'stribju:t, 'dis-] v.分发;分配;分布175. diverse [dai'v.:s, di-] a.多样的177. domain [d.u'mein] n.领域;域;幅员178. domestic [d.u'mestik] a.国的;家庭的179. dominate ['d.mineit] v.支配180. draft [drɑ181. drama ['drɑ:m., dr.m.] n.戏剧182. duration [dju.'rei..n] n.持续时间183. dynamic [dai'n.mik] a.有活力的185. edit ['edit] v.编辑186. element ['elim.nt] n.元素;要素187. eliminate [i'limineit] v.消灭;消除188. emerge [i'm.:d.] v.出现189. emphasis ['emf.sis] n.强调190. empirical [em'pirik.l] n.经历的191. enable [i'neibl] v.使能够192. encounter [in'kaunt.] v.&n.遇到194. enforce [in'f.:s] v.实施;强制195. enhance [in'hɑ:ns, -h.ns] v.增强196. enormous [i'n.:m.s] a.巨大的;大量的197. ensure [in'.u.] v.保证198. entity ['ent.ti] n.实体200. equate [i'kweit] v.使相等;使平等201. equip [i'kwip] v.装备203. erode [i'r.ud] v.腐蚀204. error ['er.] n.错误205. establish [i'st.bli.] v.建立;确立206. estate [i'steit] n.房地产;财产207. estimate ['estimeit] v.估计n.208. ethic ['eθik] n.伦理209. ethnic ['eθnik] n.种族的210. evaluate [i'v.ljueit] v.对…估价;评价212. evident ['evid.nt] a.明显的213. evolve [i'v.lv] v.进化;演变214. exceed [ik'si:d] v.超过215. exclude [iks'klu:d] v.排除216. exhibit [iɡ'zibit] v.显示;展览n.展览217. expand [ik'sp.nd] v.扩大;膨胀219. explicit [ik'splisit] a.明晰的;详述的;直率的220. exploit ['ekspl.it, ik's-] v.剥削;利用;开采n.功绩222. expose [ik'sp.uz] v.暴露;揭露;使接触223. external [ik'st.:n.l] a.外部的224. extract [ik'str.kt, 'ekstr.kt] v.取出;榨取n.摘录225. facilitate [f.'siliteit] v.使容易;促进226. factor ['f.kt.] n.因素;因子227. feature ['fi:t..] n.特征;容貌229. fee [fi:] n.费230. file ['fail] n.档案;文件;锉231. final ['fainl] a.最后的;决定性的232. finance [fai'n.ns] n.财政;金融v.给…提供资金233. finite ['fainait] a.有限的234. flexible ['fleksibl] a.易弯曲的;灵活的235. fluctuate ['fl.ktjueit] v.波动237. format ['f.:m.t] n.格式238. formula ['f.:mjul.] n.公式239. forthcoming ['f.:θ'k.mi.] a.即将到来的240. found [faund] v.创立;建立241. foundation [faun'dei..n] n.创立;根底;基金会242. framework ['freimw.:k] n.框架;体制243. function ['f..k..n] n.功能;函数v.运行244. fund [f.nd] n.基金245. fundamental [,f.nd.'ment.l] a.根底的;根本的246. furthermore ['f.:e.m.:] ad.此外247. gender ['d.end.] n.性别249. generation [,d.en.'rei..n] n.一代;产生250. globe [ɡl.ub] n.球;地球251. goal [ɡ.ul] n.球门;目标252. grade [ɡreid] n.等级;年级;成绩253. grant [ɡrɑ:nt, ɡr.nt] n.授予物;拨款;助学金v.授予254. guarantee [,ɡ.r.n'ti:] n.&v.保证255. guideline ['ɡaidlain] n.方针256. hence [hens] ad.因此257. hierarchy ['hai.,rɑ:ki] n.等级制度259. hypothesis [hai'p.θisis] n.假设;假说260. identical [ai'dentik.l] a.同一的261. identify [ai'dentifai] v.认出;识别263. ignorance ['iɡ264. illustrate ['il.streit] v.举例说明;图解265. image ['imid.] n.像;图像;形象266. immigrate ['imiɡreit] v.移民入境267. impact ['imp.kt, im'p.kt] n.碰撞;影响269. implicate ['implikeit] v.暗示;使牵连270. implicit [im'plisit] a.含蓄的;含的271. imply [im'plai] v.暗示272. impose [im'p.uz] v.征(税);强加273. incentive [in'sentiv] n.&a.刺激274. incidence ['insid.ns] n.发生276. income ['ink.m] n.收入278. index ['indeks] n.索引;指标;指数279. indicate ['indikeit] v.说明280. individual [,indi'vidju.l, -d..l] n.个人;个体a.单个的;独特的281. induce [in'dju:s, in'du:s] v.劝诱;导致282. inevitable [in'evit.bl] a.不可防止的283. infer [in'f.:] v.推断284. infrastructure ['infr.,str.kt..] n.根底设施286. inhibit [in'hibit] v.抑制289. injure ['ind..] v.使受伤290. innovate ['in.uveit] v.创新291. input ['input] v.&n.输入293. insight ['insait] n.洞察力;见识294. inspect [in'spekt] v.检查;视察295. instance ['inst.ns] n.例子296. institute ['institjut, -tu:t] n.研究所;学院v.设立297. instruct [in'str.kt] v.教;指导298. integral ['intiɡr.l] a.整体的299. integrate ['intiɡreit, 'intiɡrit, -ɡreit] v.使结合300. integrity [in'teɡr.ti] n.诚信;完整301. intelligence [in'telid..ns] n.智力;情报302. intense [in'tens] a.强烈的304. intermediate [,int.'mi:dj.t, -dieit] a.中间的;中级的305. internal [in't.:n.l] a.部的306. interpret [in't.:prit] v.解释;口译308. intervene [,int.'vi:n] v.干预309. intrinsic [in'trinsik,-k.l] a.在的310. invest [in'vest] v.投资311. investigate [in'vestiɡeit] v.调查312. invoke [in'] v.恳求;实施313. involve [in'v.lv] v.使卷入314. isolate ['ais.leit, -lit] v.隔离;孤立316. item ['ait.m] n.条款;条317. job [d..b] n.工作318. journal ['d..:n.l] n.杂志319. justify ['d..stifai] v.证明…有理320. label ['leibl] n.标签;标记321. labor ['leib.] n.&v.劳动322. layer ['lei.] n.层323. lecture ['lekt..] n.&v.讲课;讲座324. legal ['li:ɡ.l] a.合法的;法律的325. legislate ['led.isleit] v.为…立法328. license ['lais.ns] n.执照329. likewise ['laikwaiz] ad.同样地331. locate [l.u'keit, 'l.u] v.使位于;找到333. maintain [mein'tein] v.维持;维修335. manipulate [m.'nipjuleit] v.操作;操纵337. margin ['mɑ:d.in] n.页边距;边缘;余地338. mature [m.'tju.] a.&v.成熟339. maximize ['m.ksimaiz] v.使最大化341. media ['mi:di.] n.媒体342. mediate ['mi:dieit] v.调停343. medical ['medik.l] a.医学的344. medium ['mi:di.m, -dj.m] n.媒质;中间a.中等的345. mental ['ment.l] a.精神的;脑力的346. method ['meθ.d] n.方法347. migrate [mai'ɡreit, 'maiɡ-] v.迁移348. military ['milit.ri] a.军事的349. minimal ['minim.l] a.最小的350. minimize ['minimaiz] v.使最小化352. ministry ['ministri] n.部354. mode [m.ud] n.模式355. modify ['m.difai] v.修改;修饰356. monitor ['m.nit.] n.班长;显示器v.监视359. negate [ni'ɡeit, 'neɡeit, 'ni:-] v.否认360. network ['netw.:k] n.网络361. neutral ['nju:tr.l] a.中立的;中性的362. nevertheless [,nev.e.'les] ad.然而363. nonetheless [,n.ne.'les] ad.然而364. norm [n.:m] n.标准365. normal ['n.:m.l] a.正常的;正规的366. notion ['n.u..n] n.概念;想法367. notwithstanding [,n.twiθ'st.ndi., -wie-] prep.&conj.虽然368. nuclear ['nju:kli., 'nu:-] a.核的;核心的370. obtain [.b'tein, .b-] v.获得371. obvious ['.bvi.s] a.明显的372. occupy ['.kjupai] v.占;使忙碌373. occur [.'k.:] v.发生;出现;想起374. odd [.d] a.奇怪的;奇数的;临时的376. ongoing ['.n,ɡ.ui., '.:n-] n.进展中的377. option ['.p..n] n.选择…定位379. outcome ['autk.m] n.结果380. output ['autput, ,aut'put] n.产量;输出381. overall ['.uv.r.:l, ,.uv.'r.:l] n.[overalls]工作服a.总体的383. overseas ['.uv.'si:z] ad.&a.海外384. panel ['p.nl] n.专门小组;面板386. paragraph ['p.r.ɡrɑ:f, -ɡr.f] n.段落388. parameter [p.'r.mit.] n.参数389. participate [pɑ:'tisipeit] v.参加390. partner ['pɑ:tn.] n.伙伴391. passive ['p.siv] a.被动的;消极的392. perceive [p.'si:v] v.感觉到;理解393. percent [p.'sent] n.百分之…394. period ['p..r..d] n.时期;句号395. persist [p.'sist, -'zist] v.坚持;持续396. perspective [p.'spektiv] n.角度;观点397. phase [feiz] n.阶段400. physical ['fizik.l] a.物质的;身体的;物理的402. policy ['p.lisi] n.政策403. portion ['p.:..n, 'p.u-] n.局部;份v.分404. pose [p.uz] v.摆姿势;提出n.姿势407. practitioner [pr.k'ti..n.] n.开业者408. precede [pri:'si:d, pri-] v.先于;优先于409. precise [pri'sais] a.准确的410. predict [pri'dikt] v.预言412. preliminary [pri'limin.ri] a.预备的;初步的n.初试;预赛413. presume [pri'zju:m, -'zu:m] v.假定414. previous ['pri:vj.s] a.先前的415. primary ['praim.ri] a.初级的;主要的418. principle ['prins.pl] n.原那么419. prior ['prai.] a.在先的420. priority [prai'.r.ti] n.在先;重点421. proceed [pr.u'si:d] v.继续进展424. prohibit [pr.u'hibit] v.禁止426. promote [pr.u'm.ut] v.促进;提升;促销427. proportion [pr..p...(.)n] n.比例;相称431. publication [,p.bli'kei..n] n.出版;出版物432. publish ['p.bli.] v.出版433. purchase ['p.:t..s] n.&v.购置434. pursue [p.'sju:, -'su:] v.追;追求;从事436. quote [kw.ut, k.ut] v.引用439. range [reind.] n.围;山脉;炉灶v.排列441. rational ['r...n.l] a.理性的;合理的442. react [ri'.kt, ri:-] v.反响443. recover [ri'k.v.] v.恢复;挽回444. refine [ri'fain] v.提炼445. regime [rei'.i:m, ri-, ri'd.i:m] n.政权;制度446. region ['ri:d..n] n.地区;领域447. register ['red.ist.] n.&v.登记;注册;挂号n.登记簿448. regulate ['reɡjuleit] v.调整449. reinforce [,ri:in'f.:s] v.增援;加强450. reject [ri'd.ekt] v.拒绝451. relax [ri'l.ks] v.使放松452. release [ri'li:s] v.&n.释放;公布455. rely [ri'lai] v.依靠;信赖456. remove [ri'mu:v] v.移开;搬迁;消除457. require [ri'kwai.] v.需要;要求458. research [ri's.:t., 'ri:s-] n.研究459. reside [ri'zaid] v.居住460. resolve [ri'z.lv] v.解决;决心n.决心461. resource [ri's.:s, -'z.:s, 'ri:s-, 'ri:z-] n.资源;谋略462. respond [ri'sp.nd] v.答复;响应463. restore [ri'st.:] v.恢复;归还464. restrain [ri'strein] v.抑制465. restrict [ri'strikt] v.限制466. retain [ri'tein] v.保持;保存467. reveal [ri'vi:l] v.显示;告诉468. revenue ['rev.nju:, -nu:] n.税收470. revise [ri'vaiz, 'ri:vaiz] v.修订471. revolution [,rev.'lu:..n] n.革命;旋转472. rigid ['rid.id] a.刻板的473. role [r.ul] n.角色;作用474. route [ru:t, raut] n.路线475. scenario [si'nɑ:ri.u, -'n.-, -'nε.-] n.剧本;方案478. scope [sk.up] n.围479. section ['sek..n] n.局部;截面480. sector ['sekt.] n.扇形;部门482. seek [si:k] v.寻找;试图483. select [si'lekt] v.选择484. sequence ['si:kw.ns] n.顺序;连续485. series ['si.ri:z, -riz] n.系列486. sex [seks] n.性别;性487. shift [.ift] v.&n.转移488. significant [sig'nifik.nt] n.有意义的;重要的489. similar ['simil.] a.相似的490. simulate ['simjuleit] v.假装;模仿491. site [sait] n.地点;场所492. so-called ['s.u'k.:ld] a.所谓的493. sole [s.ul] n.脚底;鞋底a.唯一的495. source [s.:s] n.源;来源496. specific [spi'sifik] a.具体的;特有的497. specify ['spes.fai, -si-] v.指定;详细说明498. sphere [sfi.] n.球;领域500. statistic [st.'tistik] a.统计的501. status ['steit.s, 'st.-] n.地位502. straightforward [,streit'f.:w.d] a.坦率的;明确的504. stress [stres] n.压力;重音v.强调505. structure ['str.kt..] n.结构;建筑物506. style [stail] n.风格507. submit [s.b'mit] v.服从;提交508. subordinate [s.'b.:din.t, -neit, s.'b.:dineit] a.下级的;附属的n.部下510. subsidy ['s.bsidi] n.补助;津贴512. successor [s.k'ses.] n.继任者513. sufficient [s.'fi..nt] a.足够的514. sum [s.m] n.总数;金额v.总计517. survey [s.:'vei, 's.:vei, s.-] v.俯瞰;测量;调查n.俯瞰;测量;调查518. survive [s.'vaiv] v.幸存519. suspend [s.'spend] v.悬挂;推迟520. sustain [s.'stein] v.保持;忍受521. symbol ['simb.l] n.象征;符号522. tape [teip] v.捆;录(磁带) n.带子;磁带523. target ['tɑ:ɡit] n.靶子;目标524. task [tɑ:sk, t.sk] n.任务525. team [ti:m] n.队;团队v.协作526. technical ['teknik.l] a.技术的527. technique [tek'ni:k] n.技术;技巧531. terminate ['t.:mineit] v.终止532. text [tekst] n.正文,文本533. theme [θi:m] n.主题534. theory ['θi.ri, 'θi:.-] n.理论535. thereby [,eε.'bai, 'eε.bai] ad.从而536. thesis ['θi:sis] n.论文;论点537. topic ['t.pik] n.话题539. tradition [tr.'di..n] n.传统540. transfer [tr.ns'f.:] v.&n.转移;换车;调动541. transform [tr.ns'f.:m, -, trɑ:n-] v.转变;改革542. transit ['tr.nsit, -zit, 'trɑ:n-] n.通过;运输;过渡543. transmit ['mit, tr.ns-, trɑ:n-] v.传播;传递544. transport [tr.ns'p.:t; -tr.ns'p.:t, -, trɑ:n-, 'tr.nsp.:t, '-, 'trɑ:n-] n.&v.运输545. trend [trend] n.趋势546. trigger ['triɡ547. ultimate ['.ltim.t] a.最终的;根本的548. undergo [,.nd.'ɡ.u] v.经历549. underlie [,.nd.'lai] v.是…的根底550. undertake [,.nd.'teik] v.承受;从事552. unify ['ju:nifai] v.统一553. unique [ju:'ni:k] a.独一无二的554. utilize ['ju:tilaiz] v.利用555. valid ['v.lid] a.有效的;正当的556. vary ['vε.ri] v.变化;使多样化557. vehicle ['vi..k(.)l] n.车辆558. version ['v.:..n] n.译文;说法559. via ['vai.] prep.经由560. violate ['vai.leit] v.违犯562. visible ['viz.bl] a.可看见的563. vision ['vi..n] n.视力;眼光564. visual ['vizju.l] a.视觉的565. volume ['v.lju:m] n.卷,册;体积;额;音量567. welfare ['welfε.] n.福利568. whereas [hwε.'.z conj.而569. whereby [hwε.'bai] ad.由此570. widespread ['waid'spred] a.普遍的。
1. American Economic Review/aer/2. Journal of Financial Economic/article/eeejfinec//reprint.htm3. Journal of Finance/journal/10.1111/(ISSN)1540-6261JF杂志除了上面这个链接以外,还有网站/,上面可以查到即将发表的论文(forthcoming articles)4. Financial Review/journal/10.1111/(ISSN)1540-62885. Journal of Accounting Research/journal/10.1111/(ISSN)1475-679X6. Accounting Review/loi/accr7. Accounting & Finance/journal/10.1111/(ISSN)1467-629X8. Journal of Applied Corporate Finance/journal/10.1111/(ISSN)1745-66229. Journal of Corporate Accounting & Finance/journal/10.1002/(ISSN)1097-0053 10. Journal of Financial Research/journal/10.1111/(ISSN)1475-6803 11. Review of Financial Studies/content/current12. Journal of Accounting and Economics/science/journal/0165410113. Financial Management/journal/10.1111/(ISSN)1755-053X 14. International Review of Finance/journal/10.1111/(ISSN)1468-2443 15. International Journal of Finance & Economics/journal/10.1002/(ISSN)1099-1158 16. Journal of Business Finance & Accounting/journal/10.1111/(ISSN)1468-5957 17. Journal of Corporate Finance/journal-of-corporate-finance 18. Journal of International Financial Management & Accounting /journal/10.1111/(ISSN)1467-646X 19. Journal of Financial and Quantitative Analysis/article/cupjfinqa/20. Contemporary Accounting Research/journal/10.1111/(ISSN)1911-3846 21. Journal of Empirical Finance/article/eeeempfin/上面很多都是wiley的在线图书馆,很好用,大家查阅其他相关杂志也可以上里面去找,链接是:/subject/code/000057/titles。
北京大学光华管理学院龚六堂教授简历————————————————————————————————作者:————————————————————————————————日期:北京大学光华管理学院龚六堂教授简历龚六堂:专业:国民经济学,系别:应用经济学系,职称:教授,通信地址:北京大学光华管理学院应用经济学系,邮政编码:100871,Tel:(010)6275-7768,Fax:(010)6275-7764,Email:ltgong@教育背景:1988年9月-1992年7月:武汉大学数学系本科,1992年获得学士学位;1992年9月-1994年7月:武汉大学数学系研究生,1994年获得硕士学位;1994年9月-1997年7月:武汉大学数学系研究生,1997年获得理学博士学位工作经历:1997年7月-1999年9月: 武汉大学高级研究中心副教授;1999年9月-2004年8月: 北京大学光华管理学院应用经济学系副教授.2004年8月-至今: 北京大学光华管理学院应用经济学系教授.主要教学经历:1.中级宏观经济学教材:Macroeconomic Theory and Policy, Branson, W2.线性和非线性规划教材:Introduction to Linear and Nonlinear Programming, Luenberger, D.E.The Theory of Linear Economy, Gale, D.3.动态优化教材:Dynamic Optimization, Kamien, M.I. and Schwartz,N. L.4.消费者和厂商理论教材:Microeconomic Theory, Varian, H.5.市场和均衡理论教材:Microeconomic Theory, Varian, H.6.经济增长理论教材:Economic Growth, Barro, R.J. and Sala-i-Martin,X.7.高级宏观经济学教材:Macroeconomic Theory, Sargent, T.J.Lectures on Macroeconomic, Blanchard, O.J. and Fischer, R.W.8.最优控制理论教材:Deterministic and Stochastic Optimal Control, Fleming, W.H. and Rishel, R.W.9.动态宏观经济学教材:Methods of Macroeconomic Dynamics, Turnovsky, S. T.10.投资理论教材:Investment Under Uncertainty, Dixit, A. K. and Pindyck, R. S.11.公共财政理论教材:Public Finance, Myles.12.动态国际经济学教材:International Macroeconomic Dynamics, Turnovsky S.J.13.经济增长理论专题14.公共财政理论专题1997年3月应邀为中南民族学院研究生讲授宏观经济学课程。
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gradual graduate grand grant grasp grateful great greed greedy greet grief grind ground group grow growth guaranteeguardguessguidanceguideguidelineguiltyhabithandhandlehanghappenhappyhardhardenhardlyhardshipharmharmfulharnessharvesthatehatredhavehealhealthhealthyhearheavyheighthelphelpfulhenceherehesitatehidehighhighlighthinderhinthirehistoricalhithobbyholdhollowholyhonesthonestyhono(u)rhookhopehopefulhopelesshorizonhorizontalhosthothowhoweverhumanhumblehumo(u)rhumoroushungerhungryhunthurryhurticeideaideal identical identify idleifignorance ignorant ignoreillillegal illness illusion illustrate image imaginary imagination imagine 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tradition traditional traffic transcend transfer transform transit translate translation transmit transparent transport travel treasure treat treatment tremble trend trialtricktriggertroubletruetrusttruthtrytuneturntutortwisttypetypicaluglyultimateuncertainunconsciousuncoverunderundergounderlieundermineunderstandundertakeundounfairuniformunifyunionuniqueuniteuniversalunlessuntilunusualupupgradeuponuprightupsetupwardurgeurgentuseusefuluselessusherusualusuallyutilize/-isevainvalidvaluablevaluevarietyvariousvaryvehicleveilverseversionverticalveryvesselviavictoryview viewpoint violate violence violent virtual virtue visible visionvisit visualize/-is evital volume volunteer votevoyagewagewaitwakewalk wanderwantwarmwarmthwarnwashwastewatchwaterwavewayweakweakenwealthwearweaveweekweeklyweighwelcomewelfarewellwetwhatwhateverwhenwheneverwherewhereaswherebywhetherwhichwhicheverwhile/whilstwhipwhisperwhistlewhowhoeverwholewhywickedwidewidespreadwidthwildwillwillingwinwindwipewisdomwisewishwithwithinwithoutwitnesswonderworkworriedworryworshipworthworthwhilewouldwrap write wrongyearlyyetyieldyoung积极词汇参考:1) Nation’s first 1000 vocabulary (980) Nation’s second 1000 vocabulary (983) Nation’s Academic Vocabulary (570)2) From Longman Language ActivatorKey Words List (872)3) Longman Defining Vocabulary (2222)附录四:常用前缀、后缀一、常用前缀anti-auto-be-bi-bio-centi-co-con-, col-, com-, cor-contra-counter-de-dis-e-en-, em-ex-extra- fore-in-, il-, im-, ir-inter-intra-kilo-macro-mal-micro-mid-mini-mis-mono-multi-non-out-over-poly-post-pre-pseudo-re-semi-sub-super-tele-therm-, thermo-trans-tri-ultra-un-under-uni-vice-二、常用后缀1、名词后缀-ability,-ibility-age-al-an, -ian, -arian-ance, -ence -ancy, -ency -ant, -ent-cy -dom-ee-er, -or, -ar-ery-ese-ess-ful-hood-ics-ion, -ition,-ation-ism-ist-ity, -ty-ment-ness-ology-ship-sion, -ssion-ure2、动词后缀-en -ify -ize, -ise3、形容词后缀-able, -ible -al-an, -arian, -ian-ant, -ent-ary, -ory-ate -en-ese-free-ful-ic, -ical-ish-ive-less-like-ly-ous, -ious-some-ward-y4、副词后缀-ly -ward, -wards -wise 大学英语词组表a bita case in pointa far cry froma fewa good/great deala good/great manya littlea lota lot/lots ofa number ofa piece of cakea sea ofa variety ofabandon oneself toabide byabove allabove boardabove/over one's head according toaccount foraccuse sb of sth across the boardact onact outact upadd inadd onadd upadd up toafter allagain and again ahead ofahead of schedule ahead of timeall alongall at onceall butall in allall manner ofall of a suddenall overall over againall rightall the sameall the timeall the wayall the whileall things considered all thumbsallow forallow ofalong withamount toand so on/forthangle foranswer foranything butanything likeapart fromapply toarm in armaround/round the corner as a matter of factas a resultas a result ofas a ruleas a wholeas far asas followsas for/toas good asas if/thoughas it isas it wereas often as notas opposed toas regardsas soon asas suchas wellas well asas yetas/so far as…be concerned as/so long asas…asaside fromassociate withat (long) lastat a glanceat a lossat a stretchat a timeat allat all costsat all eventsat all timesat any priceat any rateat bestat easeat faultat firstat first glanceat first sightat full blastat handat heartat homeat intervalsat largeat leastat leisureat lengthat libertyat mostat no timeat onceat one timeat one with sbat one's wits' endat peaceat presentat riskat sb's disposalat seaat short/a moment's noticeat stakeat the cost ofat the expense of at the latestat the mercy of at the momentat the outsideat the risk ofat the same time at timesat willat workat/in a pinchat/on sightavail oneself of back and forth back awayback down/off back outback upbadly offbank onbargain for/onbarge inbe about to dobe addicted tobe aware ofbe bound up inbe bound up withbe composed ofbe fed up withbe friends withbe in forbe mad aboutbe made up ofbe named afterbe to blamebe/get used to doing sth be/stand in awe ofbear downbear on/uponbear outbear upbear withbear/keep in mindbeat downbeat upbecause ofbecome ofbefore longbeg offbehind barsbehind sb's back behind the scenes behind the times believe inbeside oneselfbeside the pointbetter offbeyond (a) doubt beyond all question beyond beliefbeyond measurebeyond/without compare bit by bitblack and blueblock inblock offblock upblot outblow upboard upboil down toboil overbook inborder on bounce backbox inbranch outbreak awaybreak downbreak evenbreak inbreak intobreak offbreak outbreak sb's heart break the ice。
f开头的单词寓意好的 F 开头的英文单词导读:就爱阅读网友为您分享以下“F开头的英文单词”资讯,希望对您有所帮助,感谢您对的支持! fablen.寓言fabricn.织物;织品;结构;构造;建筑物fabricatev.捏造,编造(谎言,借口等);建造,制造fabulousa.极好的;极为巨大的;寓言中的,传说中的facen.脸,面貌;表情;正面v.面对着;朝,面向facilitatev.使变得(更)容易;使便利;推动;帮助;处进facilityn.灵巧,熟练;(pl.)设备,设施,便利条件factn.事实,实际factorn.因素,要素factoryn.工厂facultyn.才能;学院,系;(学院或系的)全体教学人员fadev.褪色;衰减,消失n.淡入(出)n.乏味(平淡)的failv.失败,不及格;衰退,减弱failuren.失败,不及格;失败者;故障,失灵;未能fainta.微弱的;不明显的;暗淡的n./v.昏倒;昏晕faira.公平的,合理的;相当的n.集市,交易会fairlyad.公正地,正当地;相当,还算fairya.幻想中的;虚构的;优雅的n.仙女;精灵faithn.信任,信用;信仰,信条faithfula.守信的,忠实的,如实的,可靠的faken.假货,赝品a.假的,冒充的v.伪造;伪装fallv.跌倒;下降;减弱;坠落;变成,陷于n.秋季falsea.谬误的,虚伪的,伪造的,假的famen.名声;名望;传说vt使出名;传扬…的名familiara.熟悉的;通晓的;亲近的n.熟客;密友familyn.家,家庭成员;氏族,家庭;族,科faminen.饥荒,饥馑famousa.著名的fann.扇子,风扇;(影,球等)迷v.扇,扇动,激起fancyn.爱好,迷恋v.想象,幻想a.花式的,奇特的fantastica.(fantastical)奇异的,幻想的,异想天开的fantasyn.幻想,空想;空想的产物,幻想作品fara./ad.远,久远,遥远ad.到…程度,…得多faren.车费,船费;伙食;乘客v.过活;进展;经营farewellint.再会,别了n.告别farmn.农场,饲养场v.种田,经营农牧业farmern.农民,农场主fartherad.更远地,再往前地a.更远的fascinatev.迷住,强烈吸引fashionn.流行式样(或货品),风尚,风气;样子,方式fashionablea.流行的,时髦的fasta.快的,迅速的;坚固的ad.紧紧地;迅速地fastenv.扎牢,使固定fata.多脂肪的,肥胖的;丰厚的n.脂肪,肥肉fatala.致命的,毁灭性的faten.命运fathern.父亲;创始人,发明者;(Father)神父fatiguen./v.(使)疲劳faultn.过失,过错;缺点,毛病faultya.有错误的,有缺点的,不完善的favorn.(favour)好感;喜爱;关切v.赞成,支持,偏爱favorablea.(favourable)赞许的,有利的,讨人喜欢的favoriten.(favourite)最喜欢的人或物a.喜爱的faxn./v.传真(机)fearn.害怕,恐惧;危险vt.畏惧,害怕,担心fearfula.可怕的,吓人的;害怕,担心,惊恐feasiblea.可行的;切实可行的;行得通的;可用的feastn.节日;宴会featn.功绩,伟业,技艺feathern.羽毛featuren.特征;容貌;特色;特写v.以...为特色Februaryn.二月federala.联邦的;联邦制的;联合的;同盟的federationn.同盟;联邦;联合;联盟;联合会feen.费(会费,学费等);酬金feeblea.虚弱的,无力的feedv.(on,with)喂养,饲养;(with)向…供给feedbackn.反馈;反应;回授feelv.触;认为vi.摸上去有…感觉;摸索;觉得feelingn.感情;心情;知觉;同情fellv.击倒;打倒(疾病等);砍伐a.凶猛的;可怕的fellown.人,家伙;伙伴,同事a.同样的,同事的fellowshipn.伙伴关系;联谊会,团体femalen.女性;女人;雌兽a.女性的;雌的;柔弱的femininea.女性的;娇柔的fencen.篱笆;围栏;剑术v.用篱笆瓦围住;击剑ferryn.摆渡;渡船;渡口v.摆渡;渡运(人,车或物等)fertilea.肥沃的,富饶的;能繁殖的fertilizern.(fertiliser)肥料festivaln.节日;音乐节;戏剧节a.节日的;快乐的fetchv.取来;接来;引出;售得;吸引n.取得;拿feudala.封建的;封地的;领地的fevern.发热,狂热fewa.[表肯定]有些,几个;[表否定]几乎没有的fibern.(fibre)纤维;构造;纤维制品fictionn.虚构,编造;小说fieldn.田野;运动场;(电或磁)场;领域,范围fiercea.凶猛的,残忍的;狂热的,强烈的fifteennum.十五pron./a.十五(个,只...) fiftynum.五十,五十个fightv./n.打(仗),搏斗,斗争,战斗figuren.体形;轮廓;数字;图形v.描绘;计算;推测filen.锉刀;文件,档案v.锉fillv.(with)填满,充满filmn.电影;胶片;薄膜,薄层vt.把..拍成电影filtern.滤器,滤纸finala.最终的,决定性的n.结局;决赛;期末考试finallyad.最后,最终;决定性地financen.财政,金融v.为…提供资金financiala.财政的,金融的findv.(found,found)找到;发现;发觉;感到findingn.发现,发现物;(常pl.)调查/研究结果finea.晴朗的,美好的,细致的v./n.罚金,罚款fingern.手指;指状物;指针finishn.完成;结束;磨光v.完成;结束;用完;毁掉finitea.有限的;[数]有穷的,限定的firen.火;火灾,失火;炉火vi.开火vt.放(枪) firemann.消防队员fireplacen.壁炉firma.坚固的;坚决的,坚定的n.公司,商号firsta./ad.第一;最初;首次n.开始pron.第一名fishn.(pl.fish(es))鱼;鱼肉v.捕鱼;钓鱼fishermann.渔夫,捕鱼人fistn.拳头vt.用拳头打;紧握fita.(病的)发作,痉挛v./a.n.合适,试穿,安装fittinga.适当的,恰当的n.(常pl.)配件,附件;装配fivenum.五pron./a.五(个,只...)fixv.(使)固定;修理;安装;决定;注视n.困境fixturen.固定设备;预定日期;比赛时间;定期存款flagn.旗flamen.火焰,火苗;热情;光辉v.发火焰,燃烧flapn.垂下物,帽沿,袋盖n./v.拍打,拍动flarev./n.闪耀,闪烁flashn./a.闪光(的) v.发闪光,闪亮;闪现flata.平坦的,扁平的,平淡的n.一套房间;平面flattervt.奉承;使高兴;使满意;胜过flavorn.(flavour)情味;风味;滋味v.给…调味flawn.裂缝;缺陷v.使破裂;使有缺陷fleev.逃走;逃避fleetn.舰队,船队fleshn.肉,肌肉flexiblea.柔韧的,易弯曲的,灵活的,能变形的flightn.飞翔,飞行;航班;航程;逃跑;楼梯的一段flingv.(用力地)扔,抛,丢floatn.飘浮;漂流物v.浮动;漂浮;传播;动摇flockn.(一)群,(禽,畜等的)群;大量v.群集,成群floodn.洪水,水灾v.淹没,发大水,泛滥floorn.地板,(楼房)的层flourn.面粉flourishn./v.繁荣,茂盛,兴旺flowv.流,流动n.流量,流速flowern.花;精华,精粹,精英;盛时vi.开花flun.(influenza)流行性感冒fluctuatev.(使)波动;(使)起伏fluenta.流利的,流畅的fluida.流动的,液体的n.流体,液体flushn.脸红v.发红;奔流a.洋溢的;富裕的;齐平的flyn.飞行;苍蝇v飞行;飘杨a.机敏的foamv./n.泡沫,起泡沫focusn.焦点,(活动,兴趣等的)中心v.(on)使聚集fogn.雾气,雾v.以雾笼罩,被雾笼罩foldv.折叠;合拢;抱住n.褶,褶痕;羊栏;信徒folkn.人们;民族;亲属a.民间的followv.跟随,接着;领会;沿着…前进,遵循;结果是followinga.下列的,下述的,其次的,接着的fonda.(of)喜爱的,爱好的foodn.食物,粮食,养料fooln.傻子,笨蛋vt.欺骗,愚弄vi.干蠢事foolisha.愚笨的,愚蠢的footn.(pl.feet)脚,足;英尺;底部footballn.足球footstepn.脚步(声),足迹forprep.为了;给;代替;向;支持conj.因为?forbidv.禁止,不许forcen.力量,力;势力;(pl.)(总称)军队v.强迫foread.在前面a.先前的;在前部的n.前部forecastv./n.预测,预报foreheadn.前额;(任何事物的)前部foreigna.外国的,(to)无关的;外来的;异质的foreignern.外国人foremosta.最先的;最初的; 主要的ad.首要地foreseev.预见,预知forestn.森林foreveradv.(for ever)永远;总是forgev.锻造,伪造n.锻工车间;锻炉forgetv.忘记,遗忘forgivev.原谅,饶恕forkn.叉,耙;叉形物;餐叉formn.形状,形式;表格v.组成,构成;形成formala.正式的;形式的formatn.(出版物的)开本,版式,格式vt.设计;安排formation n.形成;构成;组织;构造;编制;塑造formera.以前的,在前的pron.前者formidablea.强大的;令人敬畏的;可怕的;艰难的formulan.(pl.formulae)公式;规则;分子式;药方formulatev. 用公式表示;规划;设计;系统地阐述forthad.向前;向外,往外forthcominga.即将到来的;准备好的;乐意帮助的;n.来临fortnightn.两星期fortunatea.幸运的,侥幸的fortunen.运气;命运;财产;财富fortynum./a.四十pron.四十(个,只...)forumn.论坛,讨论会forwardad.(also forwards)向前a.向前的v.转交fossiln.化石fostervt.养育;收养;怀抱;鼓励a.收养的n.养育者foula.污秽的;邪恶的v.弄脏;妨害;犯规n.犯规foundvt.建立;创立;创办;使有根据;铸造;熔制foundationn.基础,根本,建立,创立;地基,基金,基金会fountainn.泉水,喷泉,源泉fournum.四pron./a.四(个,只...)fourteennum.十四,十四个foxn.狐狸fractionn.碎片,小部分,一点儿;分数fracturen.裂缝(痕);骨折v.(使)断裂,(使)折断fragilea.易碎的,脆的,易损坏的;虚弱的,脆弱的fragmentn.碎片,小部分,片断fragranta.香的;芬芳的framen.框架;体格;骨架;组织;机构v.设计;制定11。
会议发言稿英文(精选多篇)目录第一篇:英文学术会议主持人发言稿第二篇:会议的各种英文第三篇:国际会议--英文第四篇:学术会议英文邀请函第五篇:会议布展英文更多相关范文正文第一篇:英文学术会议主持人发言稿good morning,ladies and gentleman.welcome to harbin,a beautiful northland ice city of china.i’m abc,from school of economics and management of hit.its a very very great pleasure to participate in the 5th international finance conference as the chairman,its my first time to do so.and i really really enjoy being stay here with you this morning.the international finance conference has been held 4th times by cfa institute since 1998. the purpose of the conference is to share our experiences and knowledge in regard to the theory, frontier developments and reaserches, as well as possible applications of them in solving practical problems a lot of current issues have been discussed,and some of them have been effectively soluted..today,as the first time of the conference debut in this city,we’ll have a unique session.the topic of prepared presentations is the application of quantitative methods in finance ,today’s speakerswill share their thoughts on how to effectively run models in different issues and give a reasonable answer.then,we’ll have a q&a session,which allows the everyone to ask some questions you may be interested.i am sure that you will find some topics to be presented both interesting and informative. now,let me introduce the first speaker,who is very very rich,not in dollars,but in knowledges and experiences,he got his ph.d in financial economics at the ucb,followed by a series of teaching and research positions at mit and harvard. please dont hesitate to join me in welcoming our first speaker, prof.syc, whose topic is entitled threshold effect between the scale of se.thank you for the impressive speech .as far as we konw,shadow banking system played an important role in the last financial crisis mainly derived from its high leverage and asymmetric information characteristics.which produced a supervision dilemma.because lack of information, regulators were unable to measure the actual risk of the financial system.it is crucial for to take a further knowledge of appr(小编推荐你关注网)oaches to gauge the risk exposure more entirely and more precisely.prof syc has given an eye opener aswell as a very meaningful lesson.thank you again,prof syc.plz alow me to introduce the next speaker, wusiqin,who is the corporate department manager of china construction bank in harbin. she holds abachelor degree of science in engineering of hit,she also holds a master of business administration of renmin university of china.her topic today is ce miss wu.thank you for your speech,miss wu. we aredelighted to be able to share your new specific strategies and techniques. miss wu’s speech is about frontier science,which is profound andpredictive,greatly widen our horizon,as least my horizon. anyway, i would like to express to her the most sincere appreciationthe next speaker,mr.jxs, has hosted a daily tv program with respect to economic issues on the and has appeared on cctv,who is also the author of an upcoming book named <more money than nation>.so to speak to you on innovation capability of high tech enterprises by gray theory, please weclome mr jxs with the warmest applause.wow what an innovative idea,to quantify the inonovation ability and classify into different categories. try to think about it and you’ ll find its very enlightening. thank you for the excellent presentations andideas.now,i ll be very pleased and excited tointroduce the next speaker,mrs hujianjie,who is the vice president of cfa institute.to represent the sponsor host unit ,it’s the fifth time for her to be the final presenter.her breadth and depth of knowledge,profound discoveries and distinctive ideas always cause shock at the conference.today,mrs hu will panies,i cant wait to her inspiring ideas.welcome!!!thank you very much for the extremely enlightening presentation. generally,we wanna investigate the correlation of asset liquidity and stock liquidity, thereby linking stock liquidity to corporate finance decisions.but the relationship between asset liquidity and stock liquidity is ambiguous.in her speech, mrs hu introduce a useful model to explore the ambiguous relationship,which may shed new light on the importance of firm’s investment and financing decisions.ladies and gentleman,our distinguished speakers hv finished their presentations,we now enter into the question and answer session.during thissession,prof.syc,miss.wu,mr.jxs,mrs.hujianjie and i will be very happy to answer as many of your questions as we could.are there any questions?ok,well,i m sorry to say that this session will have to stop here.thank you for your questions.i hope this was as good a session for you as it was for dies and gentlemen,i shall end here by thanking you for coming to thethe 5th international finance conference. i hope that you have benefited much from the conference and from discussions with colleagues.i would like to thank mrs.hu and the cfa institute for offering me the opportunity to be the chairman.thanks to everybody who has contributed to the conference and all other participants.thank you for your time and attendance.ladies and gentlemen, you have my best wishes for your still greater achievements in your career. now, i declare the conference closed.lets meet again in beijing in 2020.第二篇:会议的各种英文会议场地:1.pening ceremony开幕典礼2.onference room. 会议厅3.nternational conference room国际会议厅4.eeting-place;venue会议地点5.ffical meeting 正式会议6.eliberate conference 研讨会7.forum;symposium座谈会8.tea party茶话会9. hall大堂10.leisure bar餐厅11.cafeteria自助餐厅12.entrance, 会议厅入口13. exit 会议厅出口会议各种名称:1.报会(status meeting):领导组织(leader-led),单向交流(one-way communication)的汇报(reporting)。
【英文教学参考书】⑴AICPA,1994,"Improving Business Reporting:A Customs Focus".⑵FASB,2001,"Improving Business Reporting:Insights into Enhancing Voluntary Disclosures".⑶Storey and Teague,1995,"Foundation of Accounting Theory and Policy",The Dryden Press.⑷Previts and Merino,1979,"A History of Accounting in American",John Wilet&Son Press.⑸Scott,1997,"Financial Accounting Theory",Prentice-Hall Publishing Company..⑺Upton,2001,"Business and Financial Reporting,Challenges from The New Economy",FASB.⑻Zeff and Dharan,1994,"Readings and Notes on Financial Accounting:Issues and Controversies", McGraw-Hill Company.外文经典文献:Watts , Ross , and Jerold L. Zimmerman. Toward a Positive Theory of Determination of Accounting standards .The Accounting review (Jan 1978)Watts , Ross , and Jerold L. Zimmerman. Positive Accounting Theory: A Ten Year Perspective. The Accounting review (Jan 1990)Sorter , George H. An Event Approach to Basic Accounting Theory . The Accounting review (Jan 1969)Wallman,1995.9,1996.6,1996.12,1997.6,"The Future of Accounting and Financial Reporting " (I ,II,III,IV),Accounting Horizon.Jenson ,M.C. , and W.H. Meckling . Theory of the firm: managerial behavior, agency costs and ownership structure . Journal of financial economics (Oct .1976)Robert sprouse “developing a concept framework for financial reporting” Accounting Review, 1988(12) Schuetze ,,Walter P.”what is an Asset ?” Accountinghorizons,1993(9)Samuelson ,Richard A. ,”The concept of Assets in Accounting Theory” Accounting horizons,1996(9)AAA ,”American Accounting Association on Accounting and Auditing Measurement:1989-1990” Accounting Horizons 1991(9)L.Todd Johnson and Kimberley R.Petrone “Is Goodwill an Asset?” Accounting Horizons1998(9)Linsmeier, Thomas J. and Boatsman ,Ja mes R. ,”AAA’s financial accounting standard response to IASC ED60 intangible assets” Accounting Horizons 1998(9)Linsmeier, Thomas J. and Boatsman,JamesR.”Response to IASC ExposureDraft ,’Provisions,Contingent Liabilities and Contingent Assets’ ” Accoun ting Horizons1998(6)L.Todd Johnson and Robert. Swieringa “derivatives, hedging and comprehensive income” Accounting Horizons 1996(11)Stephen A. .Zeff ,”The Rise of Economics Concequences”, The Journal of Accountancy 1978(12)David Solomons “the FASB’s Conceptual Framework:An Evaluation ” The Journal of Accountancy 1986(6)Paul Miller , “Conceptual Framework:Myths or Realities” The Journal of Accountancy 1985(3)Part I Financial Accounting TheorySuggested Bedtime Readings:1. C.J. Lee, Lecture Note on Accounting and Capital Market2. R. Watts and J. Zimmerman: Positive Accounting Theory3. W. Beaver: Revolution of Financial ReportingAlthough these three books are relatively "low-tech" in comparison with the reading assignments, but they provide much useful institutional background to the course. Moreover, these books give a good survey of accounting literature, especially in the empirical area.1. Financial Information and Asset Market Equilibrium*Grossman, S. and J. Stiglitz, "On the Impossibility of Informationally EfficientMarkets," American Economic Review (1980), 393-408.*Diamond, D. and R. Verrecchia, "Information Aggregation in a Noisy Rational Expectations Economy," Journal of Financial Economics, (1981), 221-35.*Milgrom, P. "Good News and Bad News: Representation Theorems and Applications," Bell Journal of Economics, (1981): 380-91.Grinblatt, M. and S. Ross, "Market Power in a Securities Market with Endogenous Information," Quarterly Journal of Economics, (1985), 1143-67.2. Financial Disclosure* Verrecchia, R. "Discretionary Disclosure," Journal of Accounting and Economics (1983),179-94.2Dye, R., "Proprietary and Nonproprietary Disclosure," Journal of Business, 59 (1986), 331-66.Dye, R., "Mandatory Versus Voluntary Disclosures: The Cases of Financial and Real Externalities," Accounting Review, (1990), 1-24.Bhushan, R., "Collection of Information About Public Traded Firms: Theory and Evidence," Journal of Economics and Accounting, (1989), 183-206.Diamond, D. "Optimal Release of Information by Firms," Journal of Economic Theory (1985), 1071-94.Verrecchia, R. "Information Quality and Discretionary Disclosure," Journal of Accounting and Economics, 1990.Trueman, B. "Theories of Earnings-announcement Timing," Journal of Accounting and Economics, 13 (1990), 1-17.Joh, G. and C. J. Lee "Timing of Financial Disclosure in Oligopolies," mimeo.* Joh, G. and C. J. Lee "Stock Market Reactions to Accounting Information in Oligopoly," Journal of Business, 1992.Darrough, M.N. and N.M. Stoughton, "Financial Disclosure Policy in an Entry Game," Journal of Accounting and Economics, (1990), 219-243.Wagenhofer, A. "Voluntary Disclosure with a Strategic Opponent," Journal of Accounting and Economics, 12 (1990), 341-363.Chang, C. and C.J. Lee, "Information Acquisition as a Business Strategy," Southern Economic Journal, 1992.Chang, C. and C.J. Lee, "Optimal Pricing Strategy in Marketing Research Consulting," International Economic Review, May 1994.Chang, C. and C.J. Lee, "Selling Proprietary Information to Rivaling Clients," mimeo.3. Earnings Manipulation and Accounting Choice* Watts, R. and J. Zimmerman,"Toward a Positive Theory of the Determination ofAccounting Standards," Accounting Review, January 1978, pp.112-34.*Healy, P.M. "The Effect of Bonus Schemes on Accounting Decisions" Journal of Accounting and Economics, April 1985, 85-108.*Chen, K. and C.J. Lee, "Executive Bonus Plans and Accounting Trade-off: The Case of the 3Oil and Gas Industry, 1985-86," Accounting Review, January, 1995.*Lee, C.J. and D. Hsieh, "Choice of Inventory Accounting Methods: A Test of Alternative Hypotheses," Journal of Accounting Research, Autumn 1985.*Lee, C.J. and C.R. Petruzzi, "Inventory Accounting Switch and Uncertainty", Journal of Accounting Research, Autumn 1989.*Chau, D. and C.J. Lee, “Big Bath and Dress Up in the Process of Chapter 11 Restructuring,” working paper.*Aharony, J., C.J. Lee, and T.J. Wong, “Financial Packaging of IPO Firms in China” Journal of Accounting Research, Spring 2000.Gu, Z. and C.J. Lee, “How Widespread is Earnings Management? A Measurement Based on Seasonal Heteroscedasticity.” working paperGu, Z. and C.J. Lee, “Cross-sectional Heteroscedasticity of Accounting Accruals,” working paper.Holthausen, R.W. and R.W. Leftwich, "The Economic Consequences of Accounting Choice: Implications of Costly Contracting and Monitoring," Journal of Accounting and Economics, August 1983, PP. 77-118.Moyer, S.E. "Capital Adequacy Ratio Regulations and Accounting Choices in Commercial banks," Journal of Accounting and Economics, (1990), 123-154.Blacconiere, W.G., R.M. Bowen, S.E. Sefcik, and C.H. Stinson, "Determinants of the Use of Regulatory Accounting Principles by Savings and Loans," Journal of Accounting and Economics, (1991) 167-202.Hand, J.R.M. and P.J. Hughes, and S.E. Sefcik, "Insubstance Defeasances," Journal of Accounting and Economics, (1990), 47-89.Duke, J.C. and H.G. Hunt III, "An Empirical Examination of Debt Covenant Restrictions and Accounting-Related Debt Proxies," Journal of Accounting and Economics, 12 (1990), 45-64.Malmquist, D.H., "Efficient Contracting and the Choice of Accounting Method in the Oil and Gas Industry," Journal of Accounting and Economics, 12 (1990), 173-207.Holthausen, R.W., "Accounting Method Choice: Opportunistic Behavior, Efficient Contracting, and Information Perspectives," Journal of Accounting and Economics, 12 (1990), 207-218.Watts, R. L. and J. L. Zimmerman, Positive Accounting Theory, Prentice Hall, 1985, Chapters 7-15.44. Measurement and Valuation Role of Accounting*Ball, R. and P. Brown, “Empirical Evaluation of Accounting Income Numbers,” Journal of Accounting Research, 1968.*Lee, C.J. and A. Li, “Risk, Contrarian Strategies, and Analysts’ Over-reaction: A Study of B/M and E/P Anomaly in Cross-sectional Returns.” Working Paper.Lee, C.J. "Inventory Accounting and Earnings/Price Ratios: A Puzzle," Contemporary Accounting Research, Fall, 1988.Chen, K. and C.J. Lee, "Accounting Measurement of Economic Performance and Tobin's q Theory," Journal of Accounting, Auditing, and Finance, Spring, 1995.Gu, Z. and C.J. Lee, "Co-integration and Test of Present Value Model: A Revisit," mimeo.Ghosh, A. and C.J. Lee, "Accounting Information and Market Valuation of Takeover Premium," Financial Management, Forthcoming* Joh, G. and C. J. Lee "Stock Market Reactions to Accounting Information in Oligopoly," Journal of Business, 1992.Part II Managerial Accounting5. Agency Theory*Holmstrom, B. "Moral Hazard and Observability," Bell Journal of Economics, (1979), 74-91Rogerson, "The First Order Approach to Principal-Agent Problems," Econometrica, March 1985.*Jesen, M. and W. Meckling, "Theory of the Firm, Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economcs, (1976), 305-60.*Grossman, S. and O. Hart, "An Analysis of the Principal-Agent Problem," Econometrica, (1983), 7-46.Holmstrom, B. "Moral Hazard in Teams," Bell Journal of Economics, (1982), 224-40.Milgrom, P. and J. Roberts, "Relying on the Information of Interested Parties," The Rand Journal of Economics, (1986), 18-32.Malcomson, J. "Rank-order Contract for a Principal with Many Agents," Review of Eonomic Studies, (1986), 807-817.Lambert, R. "Long-term Contracts and Moral Hazard," Bell Journal of Economics, (1983),5.441-452.Malcomson, J. and F. Spinnewyn, "The Multiperiod Principal-Agent Problem," Review of Economic Studies, (1988), 391-408.6. Theory of Firm and Organization*Coase, R.H. "The Nature of the Firm," Economica, (1937), 386-405.*Alchian, A.A. "Uncertainty, Evolution and Economic Theory," Journal of Political Economy,(1950), 211-21.*Alchian, A.A. and H. Demsetz, "Production, Information Costs and Economic Organization," American Economic Review, (1972), 777-795.* Sah, R. and J. Stiglitz, "The Architecture of Economic Systems: Hierarchies and Polyarchies," American Economic Review (1986), 716-727Aoki, M. "Horizontal vs. Vertical Information Structure of the Firm," American Economic Review (1986), 971-983.Tirole, J. "Hierarchies and Bureaucracies," Journal of Law, Economics and Organization (1986), 181-214.Christensen, J. "Communication in Agencies," Bell Journal of Economics, (1981), 661-674.Grossman, S. and O. Hart, "The Costs and Benefits of Ownership: A Theory of Vertical and Horizontal Integration," Journal of Political Economy, (1986), 691-719.Mookherjee, D. "Optimal Incentive Schemes with Many Agents," Review of Economic Studies (1984), 433-46.Demski, J. and D. Sappington, "Optimal Incentives with Multiple Agents," Journal of Economic Theory (1984), 152-71.Holmstrom, B. and J. Tirole, "The Theory of the Firm," in Handbook of Industrial Organization, 1990.Williamson, O. Markets and Hierarchies, 1975Williamson, O. The Economic Institution of Capitalism, 1985, Ch.6, 9, 11.7. Accounting and Internal Control*Demski, J. and D. Sappington, "Hierarchical Structure and Responsibility Accounting," Journal of Accounting Research, 1989.6*Coase, R.H., "Accounting and the Theory of Firm," Journal of Accounting and Economics, (1990), 3-13.Jordan, J., "The Economics of Accounting Information Systems," American Economic Review, 1989.Antle, R. and J. Fellingham, "Resource Rationing and Oganizational Slack in aTwo-Period Model," Journal of Accounting Research, (1990) 1-24.Demski, J., J. Patell, and M. Wolfson, "Decentralized Choice of Monitoring Systems," Accounting Review, (1984), 16-34.Penno, M. "Accounting Systems, Participation in Budgeting, and Performance Evaluation," Accounting Review, (1990), 303-314.Melumed, N.D. and S. Reichelstein, "Centralized vesus Delegation and the Value of Communication," Journal of Accounting Research, (1987 Supplement), 1-21.8. Field Studies of Management Accounting*Baiman, S., D.F. Larcker, and M.V. Rajan, "Organizational Design for Business Units," Journal of Accounting Research, 33 (Autumn 1995): 205-231.Lee, C.J. “Financial Restructuring of State-owned Enterprises in China: The Case of Shanghai Sunve Co.” Accounting, Organization and Society, fo rthcoming.Part 3. Auditing and Accounting Regulation9. Role of Auditing*R.A. Dye, B.V. Balachandran, and R.P. Magee, "Contingent Fees for Audit Firms," Journal of Accounting Research, (1990), 239-266.*L. DeAngelo, "Auditor Independence, 'Low Balling,' and Disclosure Regulation," Journal of Accounting and Economics, (1981), 113-27.*Lee, C.J. and Z. Gu, " Low Balling, Legal Liability and Auditor Independence,” Accounting Review, 1998.Magee, R.P. and M. Tseng, "Audit Pricing and Independence," Accounting Review, (1990), 315-336.Datar, S., G.A. Feltham, and J.S. Hughes, "The Role of Audits and Audit Quality in Valuing New Issues," Journal of Accounting and Economics, (1991), 3-50.7Penno, M. "Auditing for Performance Evaluation," Accounting Review, (1990),520-536.Melumad, N.D. and L. Thoman, "On Auditors and the Courts in an Adverse Selection Setting," Journal of Accounting Research, (1990) 77-120.Baiman, S., J.H. Evans III, and N.J. Nagarajan, "Collusion in Auditing," Journal of Accounting Research, (1991), 1-18.10. Financial Accounting Standards*Dye, R. and R.E. Verrecchia, "Discretion vs. Uniformity: Choices Among GAAP," Accounting Review, July 1995, 389-415.Farrell, J. and G. Saloner, "Standardization, Compatibility, and Innovation," Rand Journal of Economics. 16 (Spring 1985): 70-83.*Lev, B. "Toward a Theory of Equitable and Efficient Accounting Policy," Accounting Review, January 1988.11. The Market of CPAs*Dye, R. "Incorporation and the Audit Market," Journal of Accounting and Economics, 19 (1995): 75-114.*Lee, C.J., C. Liu, and T. Wang, “The 150 Hours Rule,” Journal of Accounting and Economics, 1999.Liu, C., C.J. Lee, and T. Wang, “Human Capital, Auditor Independence, and Legal Liability,” working paper.Riodan, M. and D. Sappington, "Information, Incentives, and Organizational Mode,"Quarterly Journal of Economics, 102 (1987): 243-264.*Gigler, F. and M. Penno, "Imperfect Competition in Audit Markets and its Effects on the Demand for Audit-Related Services," Accounting Review, 70 (April 1995):317-336.。
北京大学光华管理学院龚六堂教授简历龚六堂:专业:国民经济学,系别:应用经济学系,职称:教授,通信地址:北京大学光华管理学院应用经济学系,邮政编码:100871,Tel:(010)6275-7768,Fax:(010)6275-7764,Email:ltgong@教育背景:1988年9月-1992年7月:武汉大学数学系本科,1992年获得学士学位;1992年9月-1994年7月:武汉大学数学系研究生,1994年获得硕士学位;1994年9月-1997年7月:武汉大学数学系研究生,1997年获得理学博士学位工作经历:1997年7月-1999年9月: 武汉大学高级研究中心副教授;1999年9月-2004年8月: 北京大学光华管理学院应用经济学系副教授.2004年8月-至今: 北京大学光华管理学院应用经济学系教授.主要教学经历:1.中级宏观经济学教材:Macroeconomic Theory and Policy, Branson, W2.线性和非线性规划教材:Introduction to Linear and Nonlinear Programming, Luenberger, D.E.The Theory of Linear Economy, Gale, D.3.动态优化教材:Dynamic Optimization, Kamien, M.I. and Schwartz,N. L.4.消费者和厂商理论教材:Microeconomic Theory, Varian, H.5.市场和均衡理论教材:Microeconomic Theory, Varian, H.6.经济增长理论教材:Economic Growth, Barro, R.J. and Sala-i-Martin,X.7.高级宏观经济学教材:Macroeconomic Theory, Sargent, T.J.Lectures on Macroeconomic, Blanchard, O.J. and Fischer, R.W.8.最优控制理论教材:Deterministic and Stochastic Optimal Control, Fleming, W.H. and Rishel, R.W.9.动态宏观经济学教材:Methods of Macroeconomic Dynamics, Turnovsky, S. T.10.投资理论教材:Investment Under Uncertainty, Dixit, A. K. and Pindyck, R. S.11.公共财政理论教材:Public Finance, Myles.12.动态国际经济学教材:International Macroeconomic Dynamics, Turnovsky S.J.13.经济增长理论专题14.公共财政理论专题1997年3月应邀为中南民族学院研究生讲授宏观经济学课程。
Forthcoming inInternational FinanceF INANCIAL GLOBALIZATION:U NEQUAL BLESSINGSAugusto de la TorreWorld BankEduardo Levy YeyatiUniversidad Torcuato Di TellaandSergio L. SchmuklerWorld BankOctober 1, 2002AbstractThis paper presents a framework to analyze financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of value), asset and factor price flexibility, and contractual and regulatory institutions. Countries that have the “blessed trinity” (international currency, flexible exchange rate regime, and sound contractual and regulatory environment) can integrate successfully into the (imperfect) world financial markets. But developing countries normally display the “unblessed trinity” (weak currency, fear of floating, and weak institutional framework). The paper defines and discusses two alternative avenues (a “dollar trinity” and a “peso trinity”) for developing countries to safely embrace international financial integration while the blessed trinity remains beyond reach.JEL classification codes: F30, F31, F33, G20, G28Keywords: financial globalization; dollarization; floating; currency regime; financial crises; emerging marketsWe thank Benn Steil (the editor), Rick Mishkin, Guillermo Perry, Luis Servén, two anonymous referees, and seminar participants at the ECLAC (UN)-World Bank conference on globalization (Santiago, Chile 2002) and the World Bank 2002 Finance Forum for very helpful comments. We thank Marina Halac for excellent research assistance. The views expressed in this paper are entirely those of the authors and do not necessarily represent the views of the institutions where they work. E-mail addresses: adelatorre@, ely@, and sschmukler@.1. IntroductionFinancial globalization, that is, the integration of countries into international financial markets, is not a new phenomenon. However, it is taking new forms and posing complex problems to emerging economies. This paper proposes a new framework to understand the challenges that emerging countries face as they integrate with the international financial system, as well as to discuss the realistic options open to them as they strive to control the risks of financial globalization while capturing its benefits.Historically, the gold standard period (1880-1914) saw a major wave of financial globalization, as cross-border capital flows surged, incorporating countries in the center and the periphery into a worldwide network of finance and investment. With the advent of the First World War, global growth halted and international financial integration was disrupted, with minimal capital movement between 1914 and 1945. A slow reconstruction of the world financial system took place during the Bretton Woods era (1945-1971), although domestic financial markets remained heavily regulated and controls were typically imposed on capital flows. It was not until the 1970s that the world witnessed the beginning of a new wave of international financial integration, reflecting the dismantling of capital controls, de-regulation in domestic financial systems, and revolutionary technological innovations (not just in information and telecommunications but also in financial product engineering). Emerging markets joined this new wave of financial globalization with vigor starting in the latter part of the 1980s.Obstfeld and Taylor (2002) argue that the different historical phases of financial globalization can be understood in terms of the “impossible trinity.”1 According to this proposition a country can consistently pursue only two out of the three policy objectives: free capital mobility, a fixed (or highly stable) nominal exchange rate, and an autonomous monetary policy. Obstfeld and Taylor explain that international capital mobility has, thus, prevailed in periods of political support either for subordinating monetary policy to exchange rate stability (as in the gold standard), or for giving up exchange rate stability so as to enable monetary policy to pursue domestic objectives (as in the post-Bretton Woods era). In contrast, when countries attempted simultaneously to target their exchange rates and use monetary policy in pursuit of domestic objectives (e.g., to combat the slowdown of economic activity in the interwar period), they had to impose controls to curtail capital movements.Obstfeld and Taylor characterize well the post-Bretton Woods process of financial globalization for developed countries. But emerging economies have lived a different reality. While they have tried a wide range of exchange rate arrangements—soft pegs, hard-pegs, crawls, bands, and flexible exchange rate systems—more recently, particularly since 1995, the share of emerging countries declaring themselves as having flexible exchange rates has 1 The concept of an impossible trinity is not new. It dates back, at least, to the work of Mundell in the 1960s.been on the rise (Larraín and Velasco 2001). However, even countries that have opted for flexible arrangements in principle display “fear of floating” in practice2 and are thus unable to fully profit from an autonomous monetary policy.3 Moreover, emerging markets that have embraced financial globalization have in many cases been severely bruised by financial crises. Witness the crises in Latin America in the 1980s, Venezuela 1994, Mexico 1994-95, East Asia 1997-98, Russia 1998, Brazil 1999, Ecuador 1999, Turkey 2001, and Argentina 2001-02.Although financial globalization alone cannot explain the frequency and severity of financial crises, its post-Bretton Woods incarnation has been associated with a rising incidence of twin (currency and banking) crises, and even triple (currency, banking, and debt) crises such as the recent ones in Ecuador and Argentina.4 The current wave of financial globalization has been, especially for the periphery, punctuated by painful episodes of capital flow reversals or “sudden stops.” The integration of the domestic financial systems from middle-income countries into the world’s financial markets has not led to the materialization of such promised benefits as a truly counter-cyclical monetary policy, consumption smoothing, deepening and diversification of their domestic financial markets, noticeable reduction in the cost of capital, and significant availability of long-duration financial contracts denominated in the domestic currency.5 In all, it is hard to escape the conclusion that the post-Bretton Woods wave of financial globalization has not worked as advertised for the periphery.In this paper we argue that, under the current wave of financial globalization, the successes and failures experienced by countries as they integrate into international financial markets can be linked to the nature of interactions between three elements: (1) money, particularly in its role as store of value; (2) nominal (asset and factor price) flexibility; and (3) the quality of contractual and regulatory institutions. We introduce the notion of the “blessed trinity” (international currency, flexible exchange rate, and sound institutions), as a benchmark that defines conditions under which countries can integrate successfully into the world financial markets. In contrast, developing countries generally exhibit what we call the “unblessed trinity” (weak currency, fear of floating, and weak institutions), which sets them up for nasty experiences as they integrate into international financial markets. Inasmuch as it is difficult for these countries to reach the blessed trinity, we argue that, realistically, their option is to pursue either a “dollar trinity” or a “peso trinity,” the achievement of which is enough of a complex challenge.The rest of the paper is organized as follows. Section 2 examines the elements of the blessed trinity and how they interact to empower financial globalization. Section 3 analyzes 2 See, for example, Calvo and Reinhart (2002), Hausmann et al. (2001), and Levy Yeyati and Sturzenegger(2001).3 See, for example, Frankel, Schmukler, and Servén (2002).4 See, for example, Kaminsky and Reinhart (1999). Also, Bordo et al. (2001) show, for instance, that currency crises were more frequent during the Bretton Woods era (1945-1971), a period of low financial globalization, compared to the gold standard era (1880-1914), a time of high financial globalization.5 Obtsfeld (1998), Stulz (1999), and Mishkin (2001) discuss the benefits of financial globalization.the unblessed trinity and how it handicaps the ability of emerging countries to integrate successfully into the international financial system. Section 4 explores the dollar trinity and the peso trinity, and the pitfalls and options on the road to building them. Section 5 concludes.2. The Blessed TrinityThe international finance literature has argued for a long time that financial markets, both domestic and international, are far from perfect.6 Finance is subject to problems like incomplete markets, asymmetric information, noise trading, bubbles, herding, multiple equilibria, moral hazard, and contagion. Some of these problems are more prevalent at the domestic level (like incomplete markets), while others are more prevalent when a country integrates with the international financial system (like asymmetric information and moral hazard).7Despite these problems, a country can integrate successfully into the imperfect international financial markets to the extent that it exhibits the “blessed trinity,” defined as the fundamental (mutually reinforcing) setup of: (1) international currency, (2) flexible exchange rate, and (3) sound contractual and regulatory environment. To these we turn next.2.1. DefinitionsAn international currency is one that is accepted as a store of value both at home (so that it is used for domestic financial intermediation) and abroad (so that the country can issue local-currency denominated debt in international markets). This international stature is underpinned by credible macroeconomic policies and, in particular, by a sustainable fiscal process that ensures the solvency of the currency issuer.A country has a flexible exchange rate if it allows its currency to float relatively freely against other currencies, without the need to hold large amounts of reserves of international currency (“life jackets”) in an attempt to give credibility to the float.8The effectiveness of the flexible exchange rate system is institutionally underpinned by a reputable central bank that pursues price stability.9A sound contractual and regulatory environment is one that adequately minimizes principal-agent problems that are inherent to financial systems.10 It does so by ensuring6 See, for example, Allen and Gale (2000a and 2000b), De Long et al. (1990), Obstfeld and Rogoff (1996).7 See Calvo (2002).8 See Calvo (2000a).9 One might argue that the optimality of a flexible exchange rate should be weighted against the gains from integration, which might be promoted by exchange rate coordination (in the form of a fixed exchange rate, de-jure dollarization, or a monetary union). This does not change the basic point of the paper, namely that flexible exchange rates have the advantage of allowing a country to benefit from an autonomous monetary whenever the other two pillars of the blessed trinity are present.10 Ultimately, the soundness of the contractual and regulatory environment is directly linked to the quality and strength of government and of democratic institutions.contract enforcement (finance is contract-intensive) and reducing its costs, and by minimizing information asymmetries. Contract enforcement is underpinned by clear shareholder and creditor rights and reflects the operation of the rule of law backed by a trustworthy judiciary. A sound regulatory environment reduces incentives for undue risk taking and looting through, among other things, good accounting and information disclosure standards, risk-based capital requirements, and private sector monitoring complemented by a type of official monitoring that is both rigorous and conducted in a manner that fosters risk awareness. It also features a financial safety net that carefully controls risk shifting to the government (moral hazard) while limiting contagion risk and fostering financial deepening.2.2. The Blessed Trinity Empowers GlobalizationA country blessed with the trinity can integrate successfully into (imperfect) international financial markets because the components of the trinity interact in virtuous ways to control the risks of financial globalization while maximizing its benefits.Being a credible store of value at home, the local currency becomes the axis around which domestic financial intermediation and contracting is effectively organized. This, complemented by sound regulatory and contractual institutions, gives rise to deep and liquid markets for long-duration, domestic-currency denominated financial assets (e.g., equity securities and long-term debt at fixed interest rates). As a result, currency and maturity mismatches can be minimized, which is key to reducing country risk and its volatility. In particular, households and firms with incomes in the non-tradable sector can easily contract liabilities denominated in the domestic currency (or, more precisely, denominated in terms of non-tradables) at a reasonable cost.11To the extent that the domestic currency is also a credible store of value abroad, the government and residents of a trinity-endowed country can issue debt denominated in the domestic currency in international markets. This simple but remarkable feat enables the domestic economy to deepen its financing sources as they access international capital markets, without incurring foreign exchange risk.The combination of an international currency with a flexible exchange rate underscores two privileged policy capacities. The first is the central bank’s ability to conduct counter-cyclical monetary policy (i.e., to smooth out cyclical output and employment fluctuations to the extent that monetary policy has transitory real effects). Note that this capacity stems from both elements of the trinity and not, as often believed, from exchange rate flexibility alone. In a world of highly mobile capital, giving up a policy of exchange rate stability may not suffice to enable the simultaneous achievement of the two other sides of the Mundellian trilemma, that is, complete financial openness and full monetary policy autonomy (including a counter-cyclical capacity). In contrast, we argue that an international currency is a sufficient condition to achieve counter-cyclical monetary policy in the context of a flexible exchange rate. This point will become clearer later on in this paper, as we discussed the features of the “unblessed trinity.”11 The fixed-rate 30-year domestic-currency denominated mortgage loan is indeed a wonderful creature of the blessed trinity, and the object of healthy envy of trinity-challenged countries.The second is the ability of the blessed country to rapidly adjust the real exchange rate (i.e., the relative price of tradables to non-tradables) to a more depreciated equilibrium level, without unnecessary output losses and without significant balance sheet disruptions. As wages and goods prices are typically slow to adjust downwardly, flexibility in the nominal exchange rate permits a fast depreciation of the real exchange rate towards a new equilibrium, with the associated expenditure switching effects sparing the country from the unnecessary pain of having to adjust only through aggregate expenditure reduction and the resulting unemployment and deflation.12 Expenditure switching effects also imply that, for a blessed country that is temporarily suffering from excess capacity and unemployment, a real exchange rate depreciation will typically lead to an expansion in economic activity.Moreover, as mentioned earlier, in a trinity-endowed country, households and firms whose income is derived from the non-tradable sector can easily borrow in the domestic currency (i.e., in terms of non-tradables). As a result, a real exchange rate adjustment through a nominal depreciation of the currency has favorable balance sheet effects as it reduces the real value of their outstanding local-currency debts. These salutary balance sheet (stock) effects reinforce the above-mentioned positive (flow) effects of a real exchange rate depreciation on economic activity. At the same time, tradable-sector firms can avoid currency mismatches by hedging their domestic-currency liabilities in well-functioning spot and derivatives markets (whose presence is a consequence of the international nature of the domestic currency) or by borrowing in foreign currency (i.e., denominating their debts in terms of tradables).13Given the international acceptance of the domestic currency, the central bank can provide last resort assistance to its banking sector by borrowing both domestically or abroad, thus fending off unnecessary contagious runs while avoiding the recourse to the inflationary tax. This validates the type of financial stability that is a precondition for the local currency to be attractive internationally.The combination of a reputable central bank with savings that are invested in local-currency assets curbs the risk that governments would succumb to time inconsistency (i.e., the incentive to inflate away its liabilities after having issued them), as the benefits of defaulting on their debts through inflation are overshadowed by short- and long-run economic and political costs if the value of the savings of their influential constituencies (e.g., pension fund beneficiaries) are eroded through surprise inflation. The trinity thus protects savers, who respond by sticking to the local currency as a store of value for their savings.12 As Friedman (1953) keenly noted in his classic defense of flexible exchange rates, adjusting the nominal exchange rate upward is superior to adjusting nominal wages and prices downward for analogous reasons that the automatic move to daylight savings time is easier than coordinating the will of a large number of people to begin all habitual activities one hour earlier.13 Recall that the payments for international trade and financial contracts are typically settled in hard, international currencies.Few countries in the world (United States, Germany followed by the European Union, England, Japan until recently) are blessed with the trinity and can thus embrace financial globalization in a relative safe manner and reap its benefits, in spite of the highly deficient international financial architecture.3. The Unblessed TrinityAt the other extreme, dramatically far from the blessed trinity, are typically open (to trade and finance) and unstable emerging economies that exhibit the “unblessed trinity,” defined as the perverse interaction of: (1) weak currency, (2) limited exchange rate flexibility (“fear of floating”), and (3) weak contractual and regulatory environment. For unblessed countries, integrating into international financial markets is a perilous affair.3.1. DefinitionsAn unblessed emerging economy has a weak currency, that is, a currency that is not accepted either internationally or domestically as a reliable store of value. Even after years of low inflation, domestic investors in the unblessed country shy away from local-currency-denominated financial assets (financial dollarization).14 As a result, non-tradables producers end up with debts denominated in tradables—a most troublesome version of “liability dollarization.” On the other hand, when domestic dollar intermediation is restricted by outright prohibition or regulatory controls, a country with a weak currency displays pronounced short-termism in financial contracts that re-price very frequently (e.g., deposits with interest rates that adjust daily in line with the overnight rate). In sum, a weak currency leads to financial fragility since, as markets for long-duration, domestic-currency financial assets are virtually non-existent, currency or maturity mismatches in the domestic financial system are inevitable.15A country with the unblessed trinity has fear of floating. Even those declaring to have a flexible exchange rate systematically reveal a preference for exchange rate stability, heavily relying on interest rate policy and foreign exchange intervention to limit fluctuations in the exchange rate. Calvo and Reinhart (2001) discuss the factors underlying this preference. In financially dollarized economies where non-dollar earners are indebted in dollar, a discrete depreciation may generate corporate and household bankruptcies and, consequently, bank failures, with serious fiscal consequences. This is aggravated by the fact that the central bank’s capacity to fulfill the role of lender of last resort without inflationary costs is limited to its capacity to be a borrower of last resort, itself curtailed by the 14 On the pervasiveness of financial dollarization in emerging economies, see Baliño et al. (1999) and Ize and Levy Yeyati (2001). Note that, without loss of generality, we use the dollar to denote any internationally accepted currency.15 The coexistence of maturity and currency mismatches, perhaps the main manifestation of the weak-currency problem, relates to Eichengreen and Hausmann’s (1999) “original sin,” that is a situation in which the domestic currency cannot be used to borrow abroad or to borrow long term, even domestically. The origin of the weak-currency problem relates to various factors, including the existence of incomplete markets, and the combination of weak institutions and moral hazard (namely, the temptation to reduce fiscal obligations through inflation).procyclicality of international capital markets vis-à-vis weak-currency countries.16On the other hand, depreciations tend to be avoided also because of their adverse impact on inflation due to the propensity for dollar indexation in inflation-prone, financially dollarized economies. In addition, as argued by Calvo and Reinhart (2002), policy makers may prefer exchange rate to interest rate stability since by doing so they provide the economy with a readily verifiable (hence, more credible) nominal anchor.17The third component of the unblessed trinity is the presence of weak institutions that yield a deficient contractual and regulatory environment. The unblessed country rates poorly in terms of rule of law and its judiciary is unreliable and plagued by corruption. Fiscal, monetary, and regulatory institutions are weak, reflecting deeper weaknesses in overall governance and democratic institutions. Central banks are subject to political maneuvering. Accounting and disclosure practices are sub-standard, and shareholder rights and creditor rights are ill defined and poorly enforced. As a result, principal-agent and information asymmetry problems are severe, fostering excessive risk taking and looting in the financial system, thus compounding the vulnerabilities that stem from the poor performance of its currency as a store of value.183.2. The Unblessed Trinity Handicaps GlobalizationThe above elements conspire to intensify risks as the unblessed country integrates into international financial markets. This is due to a web of vicious interactions and feedback loops between the elements of the unblessed trinity that result in fragile macro-financial conditions and a financial system highly vulnerable to shocks and self-fulfilling attacks.Due to fear of floating, international reserves in unblessed countries provide a “double guarantee,” for bank deposits and for the currency. This, as Dooley (2000) shows, heightens the country’s vulnerability to speculative attacks—that is, a crisis caused by a devastating run engineered at a time where there are no perceptible changes in fundamentals, by agents that, to avoid capital losses, anticipate the inevitable.19Unblessed countries are typically (and increasingly) affected by financial (deposit and loan) dollarization, to some extent a by-product of the interaction of financial globalization with unblessed trinities.20 Financial globalization, by giving access to a large pool of foreign funds, only intensifies the dilemma between high-cost short-duration peso debts (with the 16 Indeed, when central banks in unblessed economies try to fulfill this role they tend to aggravate balance-sheet problems by fueling the depreciation of the local currency. This, in turn, feeds back on the weakness of the currency, exacerbating the fear to float, the counter-cyclicality of monetary policy, and the perceived need for “life jackets.” See Calvo (2000b).17 Emerging countries may also want to avoid large appreciations. That is, fear of floating in times of buoyant capital inflows can reflect concerns with loosing international competitiveness (Dutch-disease-type problems).18 See, for example, Mishkin (2001) and Akerlof and Romer (1993).19 See also Aghion et al. (2001) and Burnside et al. (2001).20 Baliño et al. (1999) find that, by 1995, foreign-currency deposits exceeded on average 45 percent of M2 in 18 countries, and were on average over 16 percent of M2 in other 34 countries. Honohan and Shi (2002) find that deposit dollarization has continued to increase since then in most countries that allow dollar deposits.associated interest rate risk) and more affordable dollar debts (with the associated currency risk). In turn, weak institutions distort the process of risk pricing (for example, by creating the perception of implicit public guarantees against the event risk associated with a sharp depreciation of the currency), inducing a preference for the first source of funds, and, as stressed by McKinnon and Pill (1997), over-borrowing in the foreign currency.21 In turn, in a financially dollarized economy, a sharp depreciation can not only unleash inflation, but also erode the solvency of dollar debtors in the non-tradable sector harming the banking system (and the fiscal accounts to the extent of the existing safety nets) in the process. A similar dynamic is to be expected from a dollar-indebted public sector. Hence, the negative feedback between real depreciation and insolvency undermines the stability properties of the real exchange rate and outweighs any expansionary effect of a real depreciation on economic activity.22It is precisely the adverse real impact of a nominal devaluation, rooted in the weakness of the local currency that underlies the well-known procyclicality of capital markets faced by developing countries. Indeed, as the capacity to pay of the country as a whole is positively correlated with the exchange rate, it is compelled to play the “credibility game” and raise interest rates during times of economic recession to convince investors not to flee the currency.23 Access to international capital markets, inasmuch as they increase the flows to and from the domestic economy, only accentuates the procyclical nature of monetary policy in an unblessed country.In sum, the unblessed trinity is associated with a severe problem of missing markets—for the country’s currency, for long-term domestic-currency denominated finance, and for hedges and other insurance products, among others. As a result, financial globalization tends to magnify the deficiencies in both domestic policies and institutions and the international markets themselves, leading to a higher incidence of multiple equilibria problems, sudden stops, and self-fulfilling runs.While some emerging countries may be able to eventually achieve the blessed trinity in the long run, for most of them the blessed trinity appears to be an impossible dream. In the next sections we argue that developing countries are, however, not without options, for they can work on either one of two more realistic solutions: the “dollar trinity” and the “peso trinity.”4. Two Trinities for the Unblessed21 In addition, credit and asset bubbles exacerbate information asymmetry problems and plant the seeds for subsequent crises. See Gavin and Hausmann (1996).22 Ecuador’s 1999 crisis illustrates the dire consequences of floating with liability dollarization and a weak fiscal position. The crisis deepened dramatically as devaluation and debtor insolvency were caught in a feedback loop, leading the real exchange rate to spiral away (De la Torre, García-Saltos, and Mascaró 2002). The exchange rate vulnerability of financially dollarized economies has been the subject of much recent debate. See, e.g., Mishkin (1999), Calvo (2000b), and, more recently, De la Torre, Levy Yeyati, and Schmukler (2002).23 Evidence on this is presented in Hausmann et al. (2001).。