段落翻译答案

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1、Chapter11.However,researchhasshownthatcountriesoftenreversedthestepsmentionedaboveandsterilizedgoldflows,thatis,solddomesticassetswhenforeignreserveswererisingandboughtdomesticassetsasforeignreservesfell.Governmentinterferencewithprivategoldexportsalsounderminedthesystem.Thepictureofsmoothandaut

2、omaticbalanceofpaymentsadjustmentbeforeWorldWarIthereforedidnotalwaysmatchreality.然而，研究表明各国经常反其道而行之，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.Thegoldstandardregimehasconventionallybeenassociatedwiththreerulesofthegame.Thefirstruleisth

3、atineachparticipatingcountrythepriceofthedomesticcurrencymustbefixedintermsofgold.Sincethegoldcontentinoneunitofeachcurrencywasfixed,exchangerateswerealsofixed.Thiswascalledthemintparity.Thesecondruleisthattheremustbeafreeimportandexportofgold.Thethirdruleisthatthesurpluscountry,whichisgaininggo

4、ld,shouldallowitsvolumeofmoneytoincreasewhilethedeficitcountry,whichislosinggold,shouldallowitsvolumeofmoneytofall.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.Centralbanksexperiencingpersistentgo

5、ldoutflowsweremotivatedtocontracttheirdomesticassetholdingsforthefearofbecomingunabletomeettheirobligationtoredeemcurrencynotes.Thusdomesticinterestrateswerepushedupandcapitalwouldflowinfromabroad.Centralbanksgaininggoldhadmuchweakerincentivestoeliminatetheirownimportsofthemetal.Themainincentive

6、wasthegreaterprofitabilityofinterest-bearingdomesticassetscomparedwith"barren"gold.经历持续黄金输出的央行为了避免无能履行其兑换现钞的职责而受激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。而获得黄金的央行其取消自己黄金进口的动机要弱得多。主要的动机在于与“贫瘠”的黄金相比，有利可图的国内资产有着更大的获利性。4.Giventhepricesofcurrenciesfixedintermsofgold,thepricelevelswithingoldstandardcountriesdi

7、dnotriseasmuchbetween1870and1914asovertheperiodafterWorldWarⅡ,butnationalpricelevelsmovedunpredictablyovershorterhorizonsasperiodsofinflationanddeflationfollowedeachother.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