大学英语专业大二泛读练习

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1、Passage1TheAsianFinancialCrisisInabreath-takingturnofevents,Asia'seconomieshavegonefrommiracletomeltdowninamatterofweeks.ManyforecasterswhorecentlypredictedGDPgrowthof6%inSouthKoreaandSoutheastAsiafor1998aresuddenlyprojectingzeroorevennegativegrowth.Inth

2、eoftenshort-sightedworldofinternationalfinance,anewconventionalwisdomisquicklyforming:thatineptpolicy-makingisdraggingdownAsianeconomies,andthatonlythetoughausteritymedicineoftheInternationalMonetaryFund,plusagoodstiffrecession,willbringtheregion'seconom

3、iesbacktotrack.Inrecentyears,foreignanddomesticinvestorsinEastAsiagotatouchofwhatU.S.FederalRe-serveChairmanAlanGreenspanhasfamouslytermed"irrationalexuberance".SpurredbyyearsofhigheconomicgrowthinAsia,theseinvestorspouredbillionsofdollarsofloansintother

4、egion,financingmanyworthwhileinvestmentsbutalsoanunsustainablerealestateboom.Thisover-investmentneednothavecausedacrisis.Ahealthyreactionwouldhaveinvolvedagradualcutbackinforeignlending,agradualweakeningofAsia'sovervaluedcurrenciesandgradualshiftofinvest

5、mentsfromover-inflatedpropertysectorsbacktolong-termexport-orientedprojects.Mostshort-termboomsarebroughtdowntoearthwithoutextremecrisis,andsuchanadjustmentwasthemostlikelyscenariountilthesummerin1997.Intheevent,Asiaexperiencedafinancialmeltdown.Agradual

6、withdrawaloffundsfromThailandsuddenlybecameastampede.Thailand'sgovernmentdalliedinrespondingtotheoverheatinglongafterithadbecomeapparent,andasaresultsquanderedThailand'sforeignexchangereservesinamisguidedattempttodefendtheovervaluedbaht.Thestampedecamewh

7、enforeigncreditorsrealizedthatThailandhadmoreshort-termforeigndebtsthantheremainingshort-termforeignreserves.Arationalpanicbegan.EachinvestorstartedtodumpassetssimplytogetoutofThailandaheadofotherinvestors.PanicinThailandsoontookatollontheeconomiesofitsn

8、eighbors.ThechainreactionofnervouswithdrawalsledtoameltdownthathowincludesmostofEastAsia.ConfidencehasbeensodrainedthatAsia'spositivefundamentals--historicallyhighratesofgrowth,savingsandexports--arebeingoverlooked.Economi