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
Brad Setser, an economist at the Council on Foreign Relations, is the author of a new discussion paper looking at "the return of
Brad Setser, an economist at the Council on Foreign Relations, is the author of a new discussion paper looking at "the return of
admin
2023-02-22
55
问题
Brad Setser, an economist at the Council on Foreign Relations, is the author of a new discussion paper looking at "the return of the East Asian savings glut". A summary of his paper begins in arresting fashion with statistics:【B1】______________
Prior to the financial crisis, many economists fretted about the problem of global imbalances. Measurement error aside, global trade balances; surpluses in some countries offset deficits in others.
Why do such imbalances matter? They can create problems in a few ways. Large surpluses can be a side effect of very high savings rates, for example. The large imbalances of the 2000s seemed to reflect unnaturally high savings, which contributed to a "global savings glut" that depressed interest rates and
encouraged reckless borrowing.【B2】_______________These sorts of problems still apply in some circumstances.
Yet another worry has grown more salient in the post-crisis period: the demand drain imposed on the global economy by surplus countries. A rising surplus in one country implies a rising deficit in another. That deficit represents a demand drain; spending that might otherwise have taken place within the economy flowing abroad into another economy.【B3】____________However, when interest rates are near
zero and political constraints prevent governments from using active fiscal policy, the demand drain is dangerous: it generally results in weaker demand, and slower growth.
Imbalances today look slightly different than they did a decade ago. Then, America accounted for nearly all of the global deficit, while oil-exporting economies were responsible for most of the surplus. Oil balances are less important now, since America produces much more oil domestically than it used to, and since global oil prices have fallen. Instead, the surplus countries are high-saving goods exporters in Europe and East Asia. The big deficit economies, somewhat strikingly, are now America, Australia,
Britain and Canada.【B4】_____________The split is a weird one which deserves more investigation.
The tricky matter is to work out what will happen next to global imbalances. Mr Setser notes that East Asian surpluses are rising partly because rates of domestic saving are high, but also because
investment rates in countries like Korea have been falling.【B5】__________Depending on how Brexit unfolds, Britain, which had been a rather generous contributor to global demand thanks to its whopping current-account deficit, might find itself pushed rather roughly by financial reality toward a more balanced current account—as the tumbling pound forces Britons to cut back on imports, for example.
[A] These economies are all of a type: English-speaking, of course. Rich. But they are also highly financialised economies which specialise in the export of high-value services and safe assets, in the form of both government securities and land.
[B] Large imbalances can be unhealthy for countries on both sides of the zero; the deficit countries consuming more than they produce risk accumulating unmanageably high debts, while surplus countries can suffer from economic distortions associated with the policies that boost net exports.
[C] After shrinking dramatically during the crisis and global recession, the imbalances have begun to rebound and are now back to about 1.5% of GDP.
[D] These countries do suggest a growing vulnerability across the global economy to any future shocks to demand, from excessively rapid increases in American interest rates, for instance.
[E] The combined savings of China, Japan, Korea and Singapore is about 40 percent of their collective
GDP, a thirty-five-year high.
[F] Meanwhile, Japan continues to run a rather large budget deficit; were it not for that, its current-account surplus would likely be larger. And in Europe, recovery has been built atop large and growing current-account surpluses.
[G] It is not a terribly big deal when the deficit economy can easily use monetary or fiscal policy to step on the accelerator and boost domestic spending: from the government, for instance, or through increased domestic investment.
【B3】
选项
答案
G
解析
第四段论述全球经济中的需求流失,指出贸易逆差和需求流失的关系。空格前提到贸易逆差代表着一种需求的流失.即消费需求从贸易逆差国转移到其它国家;空格后是转折,指出当利率趋近零且政府不能使用有效的财政政策时.需求的流失将会很危险。根据这个转折,推断空格前应该是说在何种情况下需求流失并不危险。G提及贸易逆差及消费需求,与本段语境相符,其中It is not a terribly big deal(It指前句提到的消费需求流失现象),与空格后的dangerous相对立,体现出前后句的转折关系(However),故G为答案。
转载请注明原文地址:https://kaotiyun.com/show/haMD777K
0
考研英语一
相关试题推荐
Skepticsofhighereducationoftencomplainthatuniversitiesoffertoomanyboringdegreeswithlittlevalueintheworkplace.【
Inourcontemporaryculture,theprospectofcommunicatingwith—orevenlookingat—astrangerisvirtuallyunbearable.Everyone
Inourcontemporaryculture,theprospectofcommunicatingwith—orevenlookingat—astrangerisvirtuallyunbearable.Everyone
Inourcontemporaryculture,theprospectofcommunicatingwith—orevenlookingat—astrangerisvirtuallyunbearable.Everyone
Thinnerisn’talwaysbetter.Anumberofstudieshave【C1】________thatnormal-weightpeopleareinfactathigherriskofsomedi
Theworldeconomyhasrunintoabrickwall.Despitecountlesswarningsinrecentyearsabouttheneedtoaddressaloominghung
Happypeopleworkdifferently.They’remoreproductive,morecreative,andwillingtotakegreaterrisks.Andnewresearchsugge
Couldyoursmartphonepreventacarfromhittingyou?GeneralMotorsandotherresearchersthinkthat’sapossibility【C1】_______
Thenewsaboutvitaminskeepsgettingworse.Manystudiespublishedinthelastfewyearsshowsthatavarietyofpopularsupple
Thenewsaboutvitaminskeepsgettingworse.Manystudiespublishedinthelastfewyearsshowsthatavarietyofpopularsupple
随机试题
A.区域性交感神经切除B.动脉切开取栓术C.动脉内膜剥脱术D.大网膜移植术
诊断为右下肢深静脉血栓形成。深静脉血栓是
蛛网膜下腔出血最常见的病因是
下列属于偏向式提问的问题是
肿瘤局限于一侧或双侧输卵管,达到或穿透输卵管浆膜层,或在腹水或腹腔冲洗液中发现癌细胞,属于哪一期
下列有关前庭大腺的描述不正确的是
关于发行公告,下列说法中,正确的有()
甲公司于2×17年2月20日外购一栋写字楼并于当日对外出租,取得时成本为24000万元,采用公允价值模式进行后续计量。2×17年12月31日,该写字楼公允价值跌至22400万元。税法规定,该类写字楼采用年限平均法计提折旧,折旧年限为20年,预计净残值为0。
①如果回声比较强,混响时间较长,就会使人听不清楚,但如果没有回声,又会使人觉得声音发“干”,不好听②这些实际上都是混响和回声对直达声的影响问题③两千多年前就有人注意到在乐池里铺放稻草会影响乐队的发声④我国还有在戏台下放瓦缸以增加共鸣的做法⑤所谓混响
Writeanessayof160-200wordsbasedonthepicturebelow.Inyouressay,youshould:(1)describethepicturebriefly(2
最新回复
(
0
)