首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
International investors seem incapable of ending their love affair with the dollar. America’s economy has slowed sharply this ye
International investors seem incapable of ending their love affair with the dollar. America’s economy has slowed sharply this ye
admin
2009-06-24
46
问题
International investors seem incapable of ending their love affair with the dollar. America’s economy has slowed sharply this year, yet its currency has risen to a 15 year high in trade-weighted terms. Against the euro the dollar touched $0.88—8% higher than in early January an close to the level at which the European Central Bank and the Federal Reserve jointly intervened to prop up the European currency last September. Why is the euro looking sickly?
There are plenty of theories. One is that the markets do not trust the ECB: the euro-area economies are not immune to America’s downturn, yet the central bank still seems more concerned with fighting inflation than with supporting growth.
66.______.
Most economists reckon that the euro is undervalued and expect a rebound over the next year. One of the most optimistic is Goldman Sachs, which is predicting a rate of $1.22 in 12 months.
67.______.
He has found that, over the past decade, movements in the real exchange rate of the euro against the dollar have closely reflected the difference between productivity growth in the euro area and in America. When productivity growth in America has been faster than in Europe—as it was in most of the late 1990s—the euro falls, and vice versa.
68.______.
Mr. Owen uses monthly data for productivity growth in manufacturing, a good proxy for the traded-goods sector. Using annual productivity data for the whole economy (which are available over a longer period), the broad relationship between the exchange rate and relative productivity growth in America and Europe seems to have persisted for most of the past 30 years.
Mr. Owen reckons that, in the short term, America’s downturn will reduce the productivity gap between America and the euro area—and so boost the euro.
69.______.
Only if the downturn completely kills the belief in America’s new paradigm, and its productivity growth plummets, will the euro be able to rebound more permanently.
The strength of the dollar this year does indeed seem to hinge on a belief among investors that America’s slowdown will be brief, and that in the longer run America remains the best place in which to invest. But they may be underestimating the potential for productivity gains in Europe, as the single currency boosts competition and encourages firms to exploit economies of scale through mergers and acquisitions. The adoption of more flexible working practices in many countries should also help to improve productivity.
Studies in America suggest that the bulk of its productivity gains from information technology come from the use of IT rather than from its production.
A. So the euro area, too, should start to enjoy productivity gains over the next decade, as it makes full use of IT. If you believe that Europe really is starting to change, buy euros. If not, stick with the darling dollar.
B. This is exactly what economic theory would predict: Countries with faster productivity growth in the traded-goods sector should see rising real exchange rates.
C. Some euro-skeptics worry that the expanding power of the European Union will eventually lead to the merger of today’s European countries into one new country. They believe that possibility becomes stronger if Britain joins the euro. But pro-euro activist Nick Canning says such fears are unfounded.
D. Another more plausible explanation is that, in an uncertain global economic climate, the dollar has resumed its traditional role as a safe-haven currency.
E. But an analysis by David Owen, an economist at Dresdner Kleinwort Wasserstein, gives pause for thought.
F. But in the long term, he expects productivity growth to remain faster in America—in which case, a sustained rise in the euro is unlikely over the next few years.
选项
答案
F
解析
本题前面一直介绍David Owen的理论和分析,内容集中在欧美之间的对应关系上,且后面一段仍是假设美国如何欧元才会如何,因此所空段落也仍应是论述这两者之间的相互影响和关系。选项中只有F符合这一要求。
转载请注明原文地址:https://kaotiyun.com/show/AwTd777K
本试题收录于:
公共英语五级笔试题库公共英语(PETS)分类
0
公共英语五级笔试
公共英语(PETS)
相关试题推荐
TheBeginningofAmericanLiteratureAmericahasalwaysbeenalandofbeginnings.AfterEuropeans"discovered"Americaint
SurveyFoundManyWomenMisinformedAboutCancerSixty-threepercentofAmericanwomenthinkthatifthere’snofamilyhist
SurveyFoundManyWomenMisinformedAboutCancerSixty-threepercentofAmericanwomenthinkthatifthere’snofamilyhist
LivingAloneIsJoyfulMoreandmoreAmericansarelivingalone.Somelivealonebecauseofdivorceorthedeathofapartne
TheFridge1.Thefridgeisconsideredanecessity.Ithasbeensosincethe1960swhenpackagedfoodfirstappearedwiththe
CoveringtheCostAllbyHimselfUniversitylifeisinnowaycheapinCanada.ItcostsPeterKemp,acomputersciencemajor
CoveringtheCostAllbyHimselfUniversitylifeisinnowaycheapinCanada.ItcostsPeterKemp,acomputersciencemajor
Shemarriedherboss’ssonbecauseshewantedahusbandfromawealthyfamily.Butshehadtobearherhusband’sbadtemper.
TheAmericanFamilyIntheAmericanfamilythehusbandandwifeusuallyshareimportantdecisionmaking.Whenthechildrenar
WeatherandforecastManyofthemostdamagingandlife-threateningtypesofweather-torrentialrains,severethunderstorm,and
随机试题
Therewasonceayoungmanwhosufferedfromcancer.Hewas18yearsoldandhecoulddieanytime.Heneverwentoutside,buthe
什么是ISO9000族标准?2000版ISO9000族标准的主要核心标准有哪些?
有关皮肤磨擦术操作下列哪项是错误的
关于评标委员会成员的义务,下列说法中错误的是()
班主任评价具有________、导向、激励作用。
秦某带着8岁的儿子买肉时,与摊主发生争执,继而互殴。秦某被摊主用刀背打击造成面部骨折,脑部受损。如该案进入诉讼程序,秦某的儿子属于()。
一、给定材料材料1.2016年3月6日,十二届全国人大四次会议在人民大会堂开幕,国务院总理李克强作了政府工作报告。在介绍2016三工作重点时,李克强指出,要加快发展现代农业,促进农民持续增收。继续毫不放松抓好“三农”工作,完善强农惠农富
外部性是指某一主体的活动对其他无直接利益关系的主体造成的影响。如果这种影响是好的,称为外部正效应;如果这种影响是坏的,则称为外部负效应。根据上述定义,下列属于外部性的是()。
以下关于支付模型的描述,错误的是(33)。
最新回复
(
0
)