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
考研
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
2021-08-17
7
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 no 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 the difference—and paid a heavy price regardless.
Was the crisis a punishment for bad economic management? Like most cliches, 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 International Monetary Fund points to Korea’s recovery—and more generally to the fact that the sky didn’t fall after all—as 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 more 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.
It can be inferred from the passage that IMF policy recommendations________.
选项
A、were far from a panacea in all cases
B、were feasible in their recipient countries
C、failed to work in their recipient countries
D、were rejected unanimously by Asian countries
答案
A
解析
推理判断题。第四段第三句提到,国际货币基金组织以韩国的复苏为例,证明其政策建议是正确的。即韩国采用了IMF的建议并且取得了成效,C项与原文不符。同时可知,IMF的建议没有被亚洲国家全体否决,D项与原文不符。第四段第四句提到,其他IMF客户的表现要糟糕得多。即IMF的建议在某些国家不起作用,B项与原文不符。IMF的建议有时有效,有时无效,故A项“IMF的政策建议并不是万灵药”正确,为答案。
转载请注明原文地址:https://kaotiyun.com/show/Rira777K
本试题收录于:
翻译硕士(翻译硕士英语)题库专业硕士分类
0
翻译硕士(翻译硕士英语)
专业硕士
相关试题推荐
中国国际进口博览会(ChinaInternationalImportExpo,简称CIIE)。2017年5月,习近平主席在“一带一路”国际合作【R31】________上宣布,中国将从2018年起举办中国国际进口博览会。2018年
中国国际进口博览会(ChinaInternationalImportExpo,简称CIIE)。2017年5月,习近平主席在“一带一路”国际合作【R31】________上宣布,中国将从2018年起举办中国国际进口博览会。2018年
Accordingtopsychologists,aperson’sattentionisattracted______bytheintensityofdifferentsignalsasbytheircontext:
Tensofthousandsofdiplomats,scientists,ecologistsand______hangers-onareexpectedtogatherindozensofauditoriumsfor
Despitetheirnames,satinandsomanareexceptionallyuglysisters.Theyareorganophosphorousnervegases.Theyarecheapand
TheWorldBankisundeniablyincrisis.Butnotbecauseitspresident,PaulWolfowitz,gothisgirlfriendaraise.Itisthe
Becausethehighseriousnessoftheirnarrativesresultedinpartfromtheirmetaphysics,Southernwriterwerepraisedfortheir
Catherine’smotherwas______illlastsummer,butfortunately,shewasmakingaslowbutteadyrecoveryafteranoperationwasd
OneNovembereveningin1989Iwasloafinginmyroomatuniversitywhenafriendbeganthumpingonthedoor."Whatisit?"Ish
Iremembermeetinghimoneeveningwithhispushcart.Ihadmanagedtosellallmypapersandwascominghomeinthesnow.Itwa
随机试题
A.肛提肌B.肛门外括约肌C.肛门内括约肌D.会阴深横肌E.会阴浅横肌参与构成尿生殖膈的是()
代谢抑制剂是指在化学结构上与天然代谢物类似,这些物质进入体内可以与正常代谢物拮抗,从而影响代谢的进行。()
A.亚胺培南B.庆大霉素C.氯林可霉素D.氨曲南E.氧氟沙星在神经系统疾病患者易引起惊厥的抗菌药物是
输出功率等于和小于()的移动式无线电通信设备,如陆上、海上移动通信设备以及步话机等,其电磁辐射可以免于管理。
在企业进行财产清查时,发现存货盘盈,在报批前正确的账务处理方法为()。
建国以来,我国的教育目的的表述虽然几经变换,但基本精神是一致的,总的来说有这样几个基本点()
中国班级授课制开始于()京师同文馆的正式创立。
根据下列资料,回答下列问题。截至2012年年底,全国共有社会服务机构136.7万个,比上年增长5.6%,职工总数1144.77万人,固定资产总值为6675.4亿元。2012年全国社会服务事业费支出3683.7亿元,比上年增长14.1%,占国家财政支出比重
海城市甲公司研发部门技术人员A按公司安排开发一项商业秘密,用于甲公司生产的制鞋机中,甲公司生产的制鞋机因此在华东地区长期销路很好,市场影响大,知名度很高,有时甚至缺货。海城市乙公司也生产制鞋机,由于技术相对落后,销路不好,乙公司号召员工献计献策,以打开产品
(1)Whendoeshistorybegin?Itistemptingtoreply"Inthebeginning",butlikemanyobviousanswers,thissoonturnsouttobe
最新回复
(
0
)