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
Pundits who want to sound judicious are fond of warning against generalizing. Each country is different, they say, and no one st
Pundits who want to sound judicious are fond of warning against generalizing. Each country is different, they say, and no one st
admin
2013-01-12
53
问题
Pundits who want to sound judicious are fond of warning against generalizing. Each country is different, they say, and no one story fits all of Asia. This is, of course, silly: all of these economies plunged into economic crisis within a few months of each other, so they must have had something in common.
In fact, the logic of catastrophe was pretty much the same in Thailand, Malaysia, Indonesia and South Korea. (Japan is a very different story.) In each case investors------mainly, but not entirely, foreign banks who had made short-term loans------all tried to pull their money out at the same time. The result was a combined banking and currency crisis: a banking crisis because on bank can convert all its assets into cash on short notice; a currency crisis because panicked investors were trying not only to convert long-term assets into cash, but to convert baht or rupiah into dollars. In the face of the stampede, governments had no good options. If they let their currencies plunge inflation would soar and companies that had borrowed in dollars would go bankrupt; if they tried to support their currencies by pushing up interest rates, the same firms would probably go bust from the combination of debt burden and recession. In practice, countries’ split difference------and paid a heavy price regardless.
Was the crisis a punishment for bad economic management? Like most clichés, the catchphrase "crony capitalism" has prospered because it gets at something real: excessively cozy relationships between government and business really did lead to a lot of bad investments. The still primitive financial structure of Asian business also made the economies peculiarly vulnerable to a loss of confidence. But the punishment was surely disproportionate to the crime, and many investments that look foolish in retrospect seemed sensible at the time.
Given that there were no good policy options, was the policy response mainly on the fight track? There was frantic blame-shifting when everything in Asia seemed to be going wrong: now there is a race to claim credit when some things have started to go right The IMF points to Korea’s recovery------and more generally to the fact that the sky didn’t fall after all-----a s proof that its policy recommendations were right Never mind that other IMF clients have done far worse, and that the economy of Malaysia------which refused IMF help, and horrified respectable opinion by imposing capital controls------also seems to be on the mend. Malaysia’s prime Minister, by contrast, claims full credit for any good news------even though neighbouring economies also seem to have bottomed out.
The truth is that an observer without any ax to grind would probably conclude that none of the policies adopted either on or in defiance of the IMF’s advice made much difference either way. Budget policies, interest rate policies, banking reform------whatever countries tried, just about all the capital that could flee, did. And when there was no mere money to run, the natural recuperative powers of the economies finally began to prevail. At best, the money doctors who purported to offer cures provided a helpful bedside manner, at worst, they were like medieval physicians who prescribed bleeding as a remedy for all ills.
Will the patients stage a full recovery? It depends on exactly what you mean by "full". South Korea’s industrial production is already above its pre-crisis level; but in the spring of 1997 anyone who had predicted zero growth in Korean industry over the next two years would have been regarded as a reckless doomsayer. So if by recovery you mean not just a return to growth, but one that brings the region’s performance back to something like what people used to regard as the Asian norm, they have a long way to go.
According to the passage, which of the following is NOT the writer’s opinion?
选项
A、Countries paid a heavy price for whichever measure taken.
B、Countries all found themselves in an economic dilemma
C、Withdrawal of foreign capital resulted in the crisis.
D、Most governments chose one of the two options.
答案
D
解析
原文第二段指出“In the face of the stampede,governments had no good options.If they let their currencies plunge…if they tried to support their currencies by pushing up interest rates…debt burden and recession.”表明经济危机时,亚洲各国陷入两难境地,既不能任由本国币值猛跌,也不能提高存款利率。
转载请注明原文地址:https://kaotiyun.com/show/EC9O777K
0
考博英语
相关试题推荐
Someweeksago,ridinginacabfromBostontoCambridge,mydriverturnedandaskedmewhatIdidforaliving."TeachEnglish,
TheEnglishvocabularyisknownfora(an)______ofwordswhicharecomparativelyseldomusedinordinaryconversations.
Forgatheringdataaboutindividualsorgroupsatdifferentdevelopmentallevels,researcherscanusetwo.relatedresearchdesi
InhistypicallyAmericanopenstyleofcommunication,Mr.HayesconfrontedIsabetaaboutnotlookingathim.Reluctantly,shee
InhistypicallyAmericanopenstyleofcommunication,Mr.HayesconfrontedIsabetaaboutnotlookingathim.Reluctantly,shee
ThemembersoftheHouseofCommonswereshockedwhentheoppositionspeaker______thecharacterofthePrimeMinister.
Extraordinarycreativeactivityhasbeencharacterizedasrevolutionary,flyinginthefaceofwhatisestablishedandproducing
Groomingandpersonalhygienehavebeenaroundforages.It’shardtoimagineatimewhenpeopleweren’tconcernedwithtakingc
Therehavebeenmanytechnologicaldevelopmentsinthe20th.century,forexample,computersandelectricpower.Chooseeithero
随机试题
教学方法是指为完成教学任务()。A.教师教育学生的方法B.教师指导学生学习的方法C.教师讲授课程的方式D.师生共同活动的方式
表示物料流动性的方法有
划拨土地使用权抵押时,其抵押价值应当为划拨土地使用权下的市场价值。()
质量监督机构对水利工程质量进行()的监督管理。
从用户需求的角度,可将功能类型分为()。
甲公司对投资性房地产采用成本模式进行后续计量。自2019年1月1日起,甲公司将一幢自用厂房出租给某单位,租期为4年,每年末收取租金650万元。该厂房原价为12000万元,预计使用年限为40年,预计净残值为零,采用年限平均法计提折旧;至2019年1月1日已
君乐公司在甲银行开立基本存款账户。2013年7月,君乐公司发生的结算业务如下:(1)7月3日,君乐公司与乙银行签订短期借款合同后,持相关开户资料向乙银行申请开立了一般存款账户。(2)7月10日,君乐公司出纳王某填写一张转账支票(以下简称
Don’tworrymenow,Iwillmendthatcoat______.
A.indicativeB.reachC.immediateD.lackE.content-freeF.trackingG.specifyingH.atleastI.cluesJ.sameK.pr
SevenStepstoaMoreFulfillingJobA)Manypeopletodayfindthemselvesinunfulfillingworksituations.Infact,oneinfo
最新回复
(
0
)