考研时文阅读(26)
- 格式:doc
- 大小:29.00 KB
- 文档页数:5
考研时文阅读(26) 经济类文章 Background Information 美元持续走低,意味着美国经济存在缺陷,但是否就意味着地球上其他国家也将遭受劫难?答案是否定的。世界经济将从美元的逐步下滑中受益。这将有助于缓解全球流动资金失衡状况,并且通过将生产转移到美国可贸易领域,缓冲房地产泡沫破灭给美国经济带来的震荡。诚然,美元的下滑将影响欧洲及亚洲的出口,但如果这些地区的央行现有的利率走低,进而促进内需---这也正是全球经济达到重新平衡所需要的局面----那么这种影响将会被抵消。现今欧洲及亚洲的强势增长也将有助于防止美国经济的低迷蔓延至整个世界。
The Falling Dollar THE dollar's tumble this week was attended by predictable shrinks from the markets; but as it fell to a 20-month low of $1.32 against the euro, the only real surprise was that it had not slipped sooner. Indeed, there are good reasons to expect its slide to continue, dragging it below the record low of $1.36 against the euro that it hit in December 2004. The recent decline was triggered by nasty news about the American economy. New figures this week suggested that the housing market's troubles are having a wider impact on the economy. Consumer confidence and durable-goods orders both fell more sharply than expected. In contrast, German business confidence has risen to a 15-year high. There are also mounting concerns that central banks in China and elsewhere, which have been piling up dollars assiduously for years, may start selling. So, contrary to popular perceptions, America's economy has not significantly outperformed Europe's in recent years. Since 2000 its structural budget deficit (after adjusting for the impact of the economic cycle) has widened sharply, while American households' saving rate has plunged, causing the current-account deficit to swell. Over the same period, the euro-area economies saw no fiscal stimulus and household saving barely budged. Yet cyclical factors only partly explain why the dollar has been strong. At bottom, its attractiveness is based more on structural factors---or, more accurately, on an illusion about structural differences between the American and European economies. The main reason for the dollar's strength has been the widespread belief that the American economy vastly outperformed the world's other rich country economies in recent years. But the figures do not support the hypothesis. Sure, America's GDP growth has been faster than Europe's, but that is mostly because its population has grown more quickly too. Official figures of productivity growth, which should in theory be an important factor driving currency movement, exaggerate America's lead. If the two are measured on a comparable basis, productivity growth over the past decade has been almost the same in the euro area as it has in America. Even more important, the latest figures suggest that, whereas productivity growth is now slowing in America, it is accelerating in the euro zone. America's growth, thus, has been driven by consumer spending. That spending, supported by dwindling saving and increased borrowing, is clearly unsustainable; and the consequent economic and financial imbalances must inevitably unwind. As that happens, the country could face a prolonged period of slower growth. As for Europe, the old continent is hobbled by inflexible product and labor markets. But that, paradoxically, is an advantage: it means the place has a lot of scope for improvement. Some European countries are beginning to contemplate (and, to a limited extent, undertake) economic reforms. If they push ahead, their growth could actually speed up over the coming years. Once investors spot this, they are likely to conclude that the euro is a better bet than the dollar. 核心词汇: tumble v. ①(使)摔倒;② 打滚,翻腾;n. 摔跤,跌倒 shrink n. v. 萎缩,减少; [同义词]dwindle euro 欧元 slip v. ①滑,滑倒;② 滑落,滑掉;③ 溜走;n. 疏忽,小错,口误,笔误 Step outside and you could break a leg, slipping on your doormat.[1999年阅读1] 如果你走出去,可能会滑倒在门垫上,摔伤一条腿。 trigger n. 扳机,触发器;v. 触发,引发,引起 nasty a. 肮脏的,污秽的,下流的,恶意的 housing market 住房市场 durable-goods 耐用品 in /by contrast 相比之下,on the contrary 相反; mount v. (由名词mountain变来) 爬上去,增长,上升 pile up 堆积,囤积 assiduously 勤勉地,勤恳地 cyclical 循环的,周期性的;recycle 循环,再利用;recyclable 可回收的 illusion 幻觉,错觉;illusory 幻觉的,虚幻的;allusion 典故 outperform v. 表现好于,超额完成;胜过 over the past decade 在过去的十年里 whereas=while 而,尽管 accelerate 加速,加快 contrary to与…相反 perception 观念,理念;art perception 艺术理念; deficit 赤字 plunge 垂直下降 fiscal=financial 财政的 budge v. 编预算 dwindle 缩小,萎缩 unsustainable 不能维持下去 consequent 随后的,后来的 imbalances 不平衡 inevitably 不可避免地 prolonged 延长的,长期的 inflexible 不灵活的 paradoxically 自相矛盾的是,似是而非的是 contemplate 考虑,沉思 to a limited extent 在一定的程度上 spot n. 地点,v. 发现
参考译文: 下跌的美元 本周,由于可预见的市场萎缩,美元继续保持下降的趋势。随着美元兑欧元下降到二十