编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页 共1页Unit 1 EMU Has Exchange Rate Policy Implications for Transition Countries Seeking EU MembershipKey Words European Economic and Monetary Union (EMU) 欧洲经济货币联盟EMU reference values 欧洲经济货币联盟参考标准The new exchange rate mechanism (ERM 2) 新汇率机制IMFs Fiscal Affairs Department 国际货币基金组织财政部The currency risk premium 货币风险溢酬Asymmetric real shocks 非对称性实际冲击An independent monetary and exchange rate policy 独立的货币汇率政策Macroeconomic stability 宏观经济稳定性Budget balance 预算平衡Synchronized cycles 同步的循环Biased toward agriculture and industry 偏重于工农业Non-core EU members 欧盟非核心成员国A managed float (exchange rate arrangement) 有管理的浮动汇率制An undeclared margin against the deutsche mark 钉紧德国马克，保持一个不公开的差额A pre-announced crawling peg 预先公布的缓慢钉紧汇率制度A currency board arrangement 货币局制度、联系汇率制度External current account 对外经常性项目账户The capital account 资本账户Legal reserve requirement systems 法定存款准备金制度Sterilized intervention 对冲操作The nominal exchange rate 名义利率Exchange rate regimes 汇率制度Appropriate flanking policies 适当的配套政策Containment of fiscal imbalances 遏制财政失衡A prudent monetary stance 审慎的货币政策Fixed parity 固定平价Purchasing power parity (PPP) 购买力平价Interest rate parity (IRP) 利率平价Gold parity 金平价Widen the official margins 放宽官方波动幅度Shadow the Euro unilaterally 单方面暗中钉紧欧元Full capital account liberalization 资本项目的完全放开Notes1. Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) created for nonparticipating EU members.2. That is, those that have opted out, or been left out, of EMU.3. Albeit4. Entering the EMU currency area entails both cost and benefits for candidate countries.5. Also, the currency risk premium, reflected in the interest rate, would fall and eventually vanish.6. An important potential cost of joining a currency area is that it impairs a countrys ability to absorb asymmetric real shocks in the absence of an independent monetary and exchange rate policy.7. And, conversely, participation in a currency area leads to trade expansion and thus to more synchronized cycles.8. Their economic structure is only moderately more biased toward agriculture and industry relative to services than that of non-core EU members, except Greece.9. At one end of the spectrum, the Czech Republic follows a managed float subordinate to the inflation target set by the central bank.10. The current macroeconomic situation in these countries is broadly characterized by sustainable growth, underpinned by rapidly increasing labor productivity, and by a deceleration in inflation to low double-digit or high single-digit rates.11. The effect is compounded by a surge in foreign direct investment.12. Insufficient financial and enterprise restructuring has rendered the Czech economy vulnerable.13. All five countries-to varying degrees-will need to make steady progress toward increased wage flexibility, containment of fiscal imbalances supported by a prudent monetary stance, and financial sector restructuring.14. However, accession countries should exercise caution in widening the band during a period of turbulence in the foreign exchange market.15. To preserve credibility, the authorities should declare the countrys commitment to reinstate the former parity following a temporary deviation due to a speculative attack.16. *The other dilemma enters on the requirement of full capital account liberalization while the candidate countries remain vulnerable to destabilizing capital flows prompted by rapid shifts in investor sentiment.Exercise 21 美国是个移民国家，他号称接纳了那些不愿或不能回到自己祖国去的许多人。The USA is an immigrant country, which claimed to have accepted many people who have opted out, or been left out, to their countries.2 科研工作需要具备吃苦耐劳的精神。The work of scientific research entails the spirit of tough.3 在全球经济金融化的趋势下，实体经济与虚拟经济越来越不能同步发展。With the trend of financialization of global economy, the real economy and virtual economy cannot develop synchronize more and more. 4 有人主张农、轻、重并举，不可偏重于其中任何一项。Someone maintains the agriculture and the light industry and the heavy industry should be paid the same attention, and cant be biased toward any one.5 仅仅只用了50多年的时间，金融从属于贸易的局面便被彻底扭转了。Only in more than 50 years, the situation that finance subordinate to trade is turned totally.6 该国的经济以低膨胀、高增长为特征。The economy of this country is characterized by low inflation and high growth. 7 有人担心，广东国投（GITI）的破产会有损于国家的信誉。Some is worried that the bankrupt of GITI will impaired the credit of the country.8 我本人对金融衍生产品在我国的应用持谨慎的态度。On my own, I maintain a prudent stand to the application of the financial derivative products in our country.Exercise 3The fist days and weeks of the Euro were heady times for many in the banking industry, particularl