商务英语阅读(第二版) 王关富 Unit9 Econ-Beyond bretton woods 课后答案

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1、Unit9BeyondBrettonWoods2Exercises1.Answerthequestionsonthetext:1)Accordingtothearticle,whatistheessenceof“quantitativeeasing”restartedbytheFed?Printingmoneytobuygovernmentbonds.2)Whyisnoonesatisfiedwithtoday’sinternationalmonetarysystem?Because:Reason1:Dominanceofthedollarasareservecurrencya

2、ndAmerica’smanagementofitfailtoreflecttherealitiesoftheworldeconomyandleaveothersvulnerabletoAmerica’sdomesticmonetarypolicy.Reason2:Thesystemhasfosteredthecreationofvastforeign-exchangereserves,particularlybyemergingeconomies,thuspoorcountrieslendtorichonesandloseinvestmentopportunities.Rea

3、son3:Scaleandvolatilityofcapitalflowrenderunsteadinessforemergingeconomies.3)Whatis“trilemma”accordingtothetext?Theindependenceofdomesticmonetarypolicies,stabilityofexchangerateandperfectcapitalmobilitycan’tberealizedatthesametime.Onemustgiveuponefactortoupholdtheothertwo.4)Whatisthereasonfo

4、rafreercapitalflowinthesedays?Globalizationasmuchastotheremovalofrestrictions.5)Whyarecountriesunwillingtohavetheircurrencyexchangeratetorisegreatlyandhowdotheycontrolit?Becauseabruptriseinexchangeratewouldcrippleexportandcountrieswantanundervaluedcurrencytoencourageexport-ledgrowth,sotheybu

5、yforeignexchangetostemtherise.6)Howis“BrettonWoods2”created,accordingtotheauthor?EmergingeconomiesarecopingthebehaviorofChina,keepingtheirexchangerateatalowlevelsoastomaintaintheirinternationalcompetitiveness,thustheyhavetobetiedtoUSdollars.ThisphenomenonthenresultsinBrettonWoods2.7)Whatis“T

6、riffindilemma”?Theconflictbetweenthebenefitsandcostsofacountrywithareservecurrencyrunningalargecurrentaccountdeficit.Thereserve-currencycountryenjoystheconsumptionbenefitofrunningatradedeficit,whiletherestoftheworldbenefitsfromtheadditionalliquidity,whichhelpsfacilitatetrade.Thecostcomesfrom

7、thedecliningvalueandcredibilityofanycurrencywhichrunsapersistenttradedeficit-eventuallyleadingtoareluctanceofcreditorstoholdthereservecurrency.1)Whycan’tSDRsbecomeacentralreserveasset?BecauseasMrEichengreenwrites:“Noglobalgovernment…meansnoglobalce