外刊阅读6.docx

1、外刊阅读6Central banks欧洲央行Dont give up永不言弃Central banks cannot substitute for incompetent politicians. But they can do more to support weak economies.欧洲银行虽然不能够代替不争气的政治家，但是可以做出更多努力来改善萧条的经济。FOR almost half a decade the worlds bigcentral banks have been energetic paramedics to their sickly economies. Both

2、in2007-08 and, more recently, in the euro crisis, they warded off a financialcollapse by pumping banks full of emergency liquidity. And they have actedrepeatedly to prop up demand, first by slashing short-term interest rates and,when those rates in effect hit zero, with more experimental medicine, s

3、uch as“quantitative easing” (printing money to buy bonds in order to push downlong-term borrowing costs).近半个世纪以来，世界各大中央银行都在悉心调理着各自的病态经济。在2007-2008年的金融危机以及最近的“欧债危机”中，通过给各大银行输入大量的紧急性流动资产，他们避开了金融崩溃的风险。同时为拉动需求也再三地做出努力，其中包括开始的降低短期存款利率和在这些利率达到零点时采取的更多的“临床药剂”，如“量化宽松政策”（通过不断发行现钞来购买债券以降低长期借款成本）。For a while t

4、hemedicine seemed to work. Deflation was staved off and tentative recoveries tookhold. But as economies sink back into recession and long-term bond yields hitrecord lows (see article), a debateis raging about whether central banks are doing the right thing.在一段时间内这一剂药似乎起了作用。通货紧缩被成功规避，经济也开始暂时性地复苏。但是由于

5、经济陷入衰退以及长期债券市场形势接近最低水平，人们对中央银行决策的正确性展开了激烈的争论。One camp, led by some prominenteconomists, argues that central banks are not doing enough. These academicactivists want them to embrace even bolder measures to boost demand, such astargeting temporarily higher inflation (which would reduce real borrowing

6、costsand induce more spending) or using newly minted money to buy a broader range ofassets, such as corporate bonds. They often cite the work of Ben Bernanke, theFeds chairman (pictured left): as an academic a decade ago, Mr Bernankeimplored Japans central bank to be bolder.由一些杰出经济学家引领的一方指出，央行的调节措施是

7、远远不够的。这些激进分子们希望央行方面可以采取更加大胆的措施来拉动需求，比如控制暂时性的通胀上升（此举可以减少实际借贷成本并且刺激更多消费），又或者用新发行的货币来购买更多的资产（如公司债券）。他们常引BenBernanke，美联储主席（左图），的工作为例，他作为十年前学术界的传奇人物，就曾恳请日本中央银行采取更加激进的措施。The other camp, which includes manycentral bankers themselves, urges caution. Mr Bernanke now frets publicly aboutthe economic distortio

8、ns created by large-scale Fed bond-buying. In the run-upto yet another make-or-break European summit on June 28th-29th, Mario Draghi,the president of the European Central Bank (pictured right), has made it clearthat the ECB should not, and will not, fill the vacuum left by the failures ofEuropean po

9、liticians. In a report published on June 24th the Bank forInternational Settlements (BIS), the central bankers club, argued that centralbanks were becoming “overburdened” and that the “extraordinary persistence” ofloose monetary policy was becoming increasingly dangerous (see article).而包括许多央行行长自身在内的

10、另一大阵营却极力要求要谨慎行事。Bernanke先生现在就公开表示对美联储大量购买债券造成的经济紊乱的担忧。在近来于6月28-29举行的又一关键的欧洲峰会前期，欧洲央行行长MarioDraghi（右图）就明确表示过欧洲中央银行不应该也将不会为欧洲政治家们失误举措造成的后果买单。在6月24日国际结算银行发行的一份报告中，欧洲央行行长们表示欧洲各银行已过度负荷，同时过度地坚持使用宽松的货币政策也变得愈加危险。Who is right? Critics of central-bankactivism, particularly the BIS, worry that loose monetary p

11、olicy has become acrutch that lets governments put off difficult decisions, such as restructuringtheir banks or sorting out their own medium-term finances. To some degree thisis true. Cheap central-bank money has doubtless kept some dud banks and theircustomers afloat. It has allowed politicians to

12、dither (particularly in theeuro zone) and to put off tough fiscal choices. The world economy would be inbetter shape if politicians had focused more on writing down unpayablemortgages and overhauling their pension and health-care promises.孰是孰非？批评家们为央行尤其是国际清算银行的激进主义感到担忧，在他们看来宽松的货币政策已助长政府推卸掉一些艰难决策，如重组

13、各自的银行以及重理各国的中期财政。在一定程度上他们是对的。低息的央行贷款无疑已帮助许多营运能力低的银行以及他们的顾客渡过难关。这也已容许政治家（尤其是欧元区的）可以有缓冲空间同时推掉一些艰难的财政决议。如果政治家们更专注于冲销一些未付的抵押贷款和重审他们的养老金和医疗保健承诺，世界经济形式将可以得到改善。But this does not mean that central bankshave erred. The line between illiquidity and insolvency is a blurry one: lesscentral-bank largesse would p

14、ush many illiquid institutions into insolvency.And although politicians pusillanimity is regrettable, it is not up tounelected central bankers to punish them. Central bankers should do theirjobstabilise prices, secure financial stability and, in Americas case,maximise employmentwhatever the politici

15、ans get up to.但是这并不意味着欧洲央行做出了错误决定。在“难变现”和“无法偿还”之间的界线是非常模糊的：更少的央行救助将促使很多难变现的财产变成无法产偿付的财产。尽管政治家们的怯懦令人懊悔，这也并不足以让未选举的中央银行家们去惩罚他们。中央银行家们应该做好自己的份内工作- 稳定物价，保障金融稳定和，如在美国，扩大就业- 一切政治家们希望实现的情况。By those yardsticks central banks have hardlydone too much. Americas jobless rate remains far too high, at 8.2%, while

16、 boththe actual rate of inflation and Americans expectation of what inflation willbe in future are falling. Although the euro zones headline inflation rate isstill, at 2.4%, above the ECBs target of 2%, it is coming down as growthslumps and looks likely to undershoot the target soon.由于这些标准限制，中央银行家们很

17、难做出更多的努力。美国的失业率一直维持在高水平线上，8.2%，然而实际通货膨胀率和美国的预期通货膨胀率却在下降。尽管在欧元区整体的通胀率保持不变，在2.4%，高于ECB的2%的标准，它也随着增长水平的骤降而保持下降趋势，并且有很快就可以降到标准线上的势头。Err on the side of action行动上的错误The central banks mandates thus pointclearly towards doing more. But the incremental impact of more quantitativeeasing is shrinking as long-t

18、erm bond yields hit record lows. Huge central-bankholdings of sovereign bonds distort financial markets. The potentialdifficulties of controlling future inflation will rise as the balance-sheets ofcentral banks swell. Leaving interest rates at zero for too long could producebubbles. And more radical

19、 measures, such as changing inflation targets, couldfrighten financial markets.因此央行的指令非常明显地要求要有更多的作为。但是量化宽松政策的边际效应却随着长期债券收益水平达历史新低而呈现着收缩的趋势。央行大量持有国家债券也将造成金融市场的紊乱。随着央行资产负债表水平的膨胀，控制未来通胀率的困难也将加大。把利率水平降到零点过久也将滋生金融泡沫。并且，更多激进的措施，如变动通胀率目标，将引起金融市场的恐慌。These risks are real, but they aremanageable. Nascent bub

20、bles and financial-market distortions can be addressedby, for instance, raising the amount of capital banks must put aside. Largecentral-bank balance-sheets do not automatically imply high inflation, eithernow or in the future; much depends on how resolutely policy is tightened when adurable recover

21、y arrives. The costs of doing nothing, meanwhile, range fromprolonged stagnation in America to a worsening recession in Britain and a farnastier one in the euro zone.尽管存在着这些风险，但它们也具有可控性。新生的经济泡沫以及金融市场的紊乱可以通过像提高银行的必要留存资产等措施取得控制。而大额的央行资产负债表，不管现在还是将来，都并不代表着高通胀率；这很大程度上依赖于，在经济持续复苏时，果断性政策的加强。与此同时，从美国的持续性经济

22、不景气到英国的经济衰退形势恶化以及整个欧元区的萧条情况，都体现着不采取政策应对的代价。So the central bankers should be listening tothe academics. On July 5th, at its next meeting, the European Central Bankshould cut rates and begin quantitative easing. The Bank of England and the Fedshould both start employing more unconventional tools to lo

23、osen monetaryconditions. Central bankers have helped avert disaster so far. Now is not thetime for them to give up.所以央行行长们应该多多听取经济学家们的意见。在7月5日举行的下一次会议上，欧洲中央银行应该降低利率开始量化宽松政策。英格兰银行和美联储也都应采取更多打破惯例的措施，同时采取宽松的货币政策。欧洲央行行长们已经克服了重重险阻。而现在行长更不应轻言放弃Fake degrees 假文凭A quick study 学得真快Bogus degrees from non-exist

24、ent colleges cause headaches for employers不存在的院校的假文凭让雇佣者头痛Jul 7th 2012 | BEIJING | from the print edition ALMOST 7m students are graduating from Chinese universities this summer, and there is plenty of pressure to turn newly minted qualifications into well-paid jobs. The competition is increased by

25、the ease with which almost anyone in China can buy a fake degree.今夏中国有近700万名学子从高等院校毕业，要让这些刚取得毕业证书的人都找到一份好工作，这当中存在不小压力。而在中国假文凭门槛之低让就业竞争更加激烈。On July 3rd a former Ministry of Education official went on trial in Beijing charged with swindling students who hoped to study in America. The man, and three ot

26、hers, are alleged to have posed as agents for a non-existent American college called “Nation University”.7月3日，前教育部官员因欺骗意欲留美的学子而被告上法庭，接受审讯。据称，该男子连同另外三名同犯是一所叫做“民族大学”而实质上不存在的美国大学的代理人。As well as ripping off aspiring students, Chinese crooks also cater to businessmen who want to plump up their CVs. In Ap

27、ril nine people stood trial in the capital charged with selling fake degree certificates from non-existent American colleges. They charged up to 190,000 yuan ($30,000) each, selling the diplomas mainly to corporate executives. The businessmen paid up, went to a few classes and received the diplomas,

28、 with no exam required.除了野心勃勃的学生以外，那些想要让简历增光的商人也同样受到中国骗子的青睐。四月份，九人被告因兜售实质上不存在的美国院校文凭而站在首都审判法庭上。他们每人被处罚金19万元（合3万美元），其销售对象只要是企业管理层人员。这些企业家只需付款后上几堂课就可以拿到文凭，不需要接受测试。For those who cannot afford a degree from a fake foreign university, more than 100 fake Chinese universities now offer diplomas for sale. M

29、any of them have websites and use names similar to those of real colleges. Some even use doctored photographs to advertise their qualifications: one image online shows a group of students said to be from the non-existent Wuhan University of Industry and Commerce standing in Tiananmen Squarethe origi

30、nal photograph shows the same group under a banner proclaiming who they really are: students from the Beijing Institute of Petrochemical Technology.虚假外国院校提供的文凭费用高昂，对于那些无法支付的人，还有另外100多所虚假中国学校作为选择。这些院校当中，有很多还拥有自己的网站，他们采用的名称也与那些真实院校类似。有些甚至采用一些做过手脚的图片来宣传他们的资格：网上有一幅照片展示的是一群宣称自己来自武汉工商学院（该院校实质上不存在）的学生站在天安门

31、广场上实际上，原始照片指的是同样这群学生站在一个真实展现其身份的横幅下：他们是来自北京石油化工学院的学生。In one case that came to light in June a group of 68 students had been paying to attend class at what they thought was a programme affiliated with the Shandong Institute of Light Industry. After four years they found out that everything about the

32、programme had been a scam (even though the institute was real), and that the man behind the scheme had vanished.六月份一案件引起了人们的关注，68名学子为一个他们自以为是山东轻工业学院的项目交了学费。四年后，他们发现，这是一场骗局（尽管该学院确实存在），而骗子已经人去楼空。Xiong Bingqi of Shanghais (genuine) Jiaotong University says the problem is a lack of government regulation. Slowly, though, computerised anti-fraud systems are being introduced to stop those with dubious certificates from landing government jobs. A growing number of foreign and Chinese companies now check the authenticity of diplomas as well. The Beijing case in April