Chapter1 The Global Economic Crisis

CollegeEnglishforInternationalBusiness刘莹SarahLiuE-mail:[e-mail]ContinuousAssessment1.classattendance2.classperformance3.assignmentTerminalExaminationEvaluationFrameworkoftheCourseInternationalTradePractices(Ch17-21)WorldEconomicPicture(Ch1-3)InternationalTradeTheories(Ch4-16)Chapter1TheGlobalEconomicCrisis世界经济危机BackgroundInformationWorldEconomicSituationandProspects(2013)Fouryearsaftertheeruptionoftheglobalfinancialcrisis,theworldeconomyisstillstrugglingtorecover.During2012,globaleconomicgrowthhasweakenedfurther.Agrowingnumberofdevelopedeconomieshavefallenintoadouble-diprecession（二次衰退）.Thoseinseveresovereigndebtdistress（主权债务危机）movedevendeeperintorecession,caughtinthedownwardspirallingdynamics（向下的螺旋动力机制）fromhighunemployment,weakaggregatedemandcompoundedbyfiscalausterity（财政紧缩）,highpublicdebtburdens,andfinancialsectorfragility.Growthinthemajordevelopingcountriesandeconomiesintransitionhasalsodeceleratednotably,reflectingbothexternalvulnerabilitiesanddomesticchallenges.Mostlow-incomecountrieshavehelduprelativelywellsofar,butnowfaceintensifiedadversespillovereffects（溢出效应）fromtheslowdowninbothdevelopedandmajormiddle-incomecountries.Theprospectsforthenexttwoyearscontinuetobechallenging,fraughtwithmajoruncertaintiesandrisksslantedtowardsthedownside.ConditionedonasetofassumptionsintheUnitedNationsbaselineforecast,growthofworldgrossproduct(WGP)（世界生产总值）isexpectedtoreach2.2percentin2012andisforecasttoremainwellbelowpotentialat2.4percentin2013and3.2percentin2014(figureI.1).Whatistheglobaleconomiccrisis?Whatcausedthecrisis?Howcanwedealwiththecrisis?Warm-upQuestionsDefinitionDefinitionItreferstoworldwideeconomicslowdownorrecession.Someeconomistsalsoregardglobaleconomiccrisisasdeterioratingeconomicconditionsonaworldwidescale.Manypeoplebelievethecurrentglobalslowdown,toalargeextent,wasofAmericanmaking,whichbeganfirstinAmericaintheformoffinancialcrisisinSeptember2008thenquicklyspreadtothefourcornersoftheworld.IllustrationsIllustrationsHousingindustryFDICreditcrunchConsumerspendingStockmarketUnemploymentrateBudgetdeficitsNumberofinternationaltouristsRichpopulationGDPgrowthCausesCausesNoadequateappreciationoftherisks,failedtoexerciseproperduediligence;weakunderwritingstandards,unsoundmanagementpractices,increasinglycomplexandopaquefinancialproducts;excessiveleverage→vulnerabilitiesinthesystemNoadequateappreciationandaddressoftherisksbypolicymakers,regulatorsandsupervisorsinsomeadvancedcountries→noproperactionsCausesinconsistentandinsufficientlycoordinatedmacroeconomicpolicies,inadequatestructuralreforms;unsustainableglobalmacroeconomicoutcomes→excesses;severemarketdisruptionNegativeimpactsofswinefluorpandemicofH1N1Virusonaglobalscale.WaysofCombatingtheCrisisWaysofCombatingtheCrisis1.Providingliquidityincludinghelpingemerginganddevelopingeconomiesgainaccesstofinanceincurrentdifficultfinancialconditionssoastounfreezecreditmarkets2.Strengtheningthecapitaloffinancialinstitutions3.Protectingsavingsanddepositsofthepeopleandenterprises4.AddressingregulatorydeficienciesbyenhancingsoundregulationWaysofCombatingtheCrisis5.Ensuringthatinternationalfinancialinstitutions(IFIS)canprovidecriticalsupportfortheglobaleconomy6.Reforminginternationalfinancialinstitutionsbyenablingthepoorestcountriestohaveagreatervoiceandrepresentation7.UsingbothfiscalandmonetarymeasurestostimulatedomesticdemandwhilemaintainingapolicyframeworkconducivetofiscalstabilityWaysofCombatingtheCrisis8.EnsuringthattheIMFandWorldBankandotherinfluentialfinancialinstitutionshavesufficientresourcestocontinueplayingtheirroleinovercomingthecurrentworldeconomiccrisis9.Reinforcinginternationalcooperationinthefieldofworldeconomicdevelopment10.Steppingupfinancialsupervisionandregulation11.FightingallsortsoftradeprotectionismTheWorldEconomicOutlookfor2009andBeyondDuetosubstantialslowdownintheworld’smajoreconomies,theglobaloutlookfor2009hasweakened,fullofuncertainties,inspiteofsomegoodsignsofslightrecoveryandslowingeconomiccontractionintheU.S.andsomeotheradvancedcountriessincethestartofthesecondhalfof2009.1.todeterioratevi.恶化（deterioratingeconomiccondition不断恶化的经济形势=worseningeconomicsituation)2.prolongeda.长期的（long-lasting)3.appreciationn.评估（withoutadequateappriciationoftherisk，缺少对风险的正确评估，动词为appreciate）4.duea.应有的(duediligence应有的谨慎)5.underwritingstandards承保标准NewWordsNewWords6.unsounda.不健全的（unsoundmanagementpractices不健全的管理做法/行为）7.opaquea.不透明的(nottransparentorlackingtransparency)8.leveragen.此课文中作“影响”讲（excessiveleverage过度的影响）9.vulnerabilityn.脆弱性10.toaddressvt.应对；专心致力于……NewWords11.ramificationn.后果（一般用复数，如:theramificationsofaproblem)12.underlyinga.根本的；主要的（underlyingfactors主要因素）13.unsustainablea.不能持续的，支撑不住的14.swineflu猪流感(与H1N1flu意同)15.pandemicn.大流传；广泛传染（指传染病）NewWords16.virusn.病毒17.tocombatvt.跟……作斗争18.flagginga.逐渐衰退的，逐步萎缩的（shrinking）19.unfreezevt.使解冻20.criticala.重要的EconomicTerms1.recession衰退（aphaseofthebusinesscyclethatshowsaslowdownorcontractionofeconomy)2.housingstart房屋建造的开工率（美国的一种经济指标）3.foreigndirectinvestment(FDI)外国直接投资（investmentmadebyforeignindividualsorcompanie