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
77
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
D
解析
本题前面一段中谈论的是解释欧元疲软的一种理论。由其中的One...可知应选含有与之对应的Another...的D,说明另一种理论。
转载请注明原文地址:https://kaotiyun.com/show/fwTd777K
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
TooLatetoRegretItWhenIwasajunior,Imetasecond-yearstudentinmydepartment.Hewasn’ttallorgood-looking,but
TooLatetoRegretItWhenIwasajunior,Imetasecond-yearstudentinmydepartment.Hewasn’ttallorgood-looking,but
HowcanBritainreacttothethreatscomingfromRussiaaswellasfromthedevelopingcountries?Thereisalimit,ofcourse,t
ThetwoboysinChicagowereWhichofthestatementsisNOTtrueaccordingtothispassage?
ForjobseekersThereisanewtypeofsmalladvetisementbecomingincreasinglycommoninnews-papersclassifiedcolumns.Itis
Accordingtothepassage,whichofthefollowinghaschangedthemostinthelast500years?Whichofthefollowingstatements
TheDangersofSecondhandSmokeMostpeopleknowthatcigarettesmokingisharmfultotheirhealth.Scientificresearchshow
TheDangersofSecondhandSmokeMostpeopleknowthatcigarettesmokingisharmfultotheirhealth.Scientificresearchshow
Whatwasthemaincauseoftheseverecasualties?
Whatwasthemaincauseoftheseverecasualties?
随机试题
毒扁豆碱点眼,有时引起头痛,是由于
观察意识障碍所采用的方法,错误的是
某机电工程项目,业主通过招标与甲施工单位签订了合同,包括A、B、C、D、E、F、G、H八项工作,合同工期360天。业主与乙安装公司签订了设备安装施工合同,包括设备安装与调试工作,合同工期180天。通过相互的协调,编制了如下图所示的网络进度计划。
背景资料:某桥梁3号墩为桩承式结构,承台体积约为200m3。,承台基坑开挖深度为4m,原地面往下地层依次为:0~50cm腐殖土,50~280cm黏土,其下为淤泥质土,地下水位处于原地面以下100cm。根据该桥墩的水文地质,施工单位在基坑开挖过程中采取了
①真正的友谊储蓄,是不可能单向支取的②友谊,是人生一笔收获颇丰的储蓄③任何带功利性的友谊储蓄,不光得不到利钱,而且连资本都会牺牲殆尽④而是要通过互相的堆集减轻其重量⑤这储蓄,是患难中的倾囊相助,是迷途上的忤耳忠言⑥是跌倒时一把竭诚的扶持,是苦楚时
《侵权责任法》第19条规定,侵害他人财产的,财产损失按照()的市场价格或者其他方式计算。
∫02=_________.
操作系统内存管理的基本任务是内存分配、保护和自动扩充。在下列有关Window98内存管理的叙述中,错误的是______。
A、没有他的签字证明无效B、我不得不去找他作证明C、我不敢要求他证明什么D、这份证明已有他的签字A
Humansocietieshaveexperiencedsomanywars,buthaveyoueverthoughtaboutwhatawarreallyis?Warmaybeanaturalexpres
最新回复
(
0
)