abc.金融英语 金融世界23（Abc. Finance English world of Finance 23）.docVIP

abc.金融英语 金融世界23（Abc. Finance English world of Finance 23） ABC. Financial English Financial World A total of 24 lectures The financial world twenty-third We are going to talk to you about the financial crisis in Asia at the end of the twentieth Century. Barry Clark, Radio Australias financial presenter, first introduced how the Asian financial turmoil broke out. He used some of the words in his conversation: 1 overseas creditors overseas creditors 2 international capital flows international capital flows 3 short-term capital short term capital 4 herd behavior group panic behavior Barry Clark said: The crisis became evident in July Overseas creditors began withdrawing, 1997. short-term capital from the region, placing intense pressure on the exchange rates for the currencies of Thailand, Indonesia, Malaysia, the Philippines and South Korea. These five countries had been heavily dependent on international capital flows. In there was an inflow 1996, of $US 93 billion. But a year later the flow was reversed. In there was an outflow of 1997 $12 billion. As, capital, was, withdrawn, from, region, and, the, exchange, rates, the, five, countries, depreciated, or, fell,, of, panic, set, in, amongst, the, foreign, creditors. The, result, was, a, deepening, As, capital, was, withdrawn, the, exchange, rate, depreciated, leading, to, spiral., more, capital, outflows. Economists, call, these, panics, behaviour, where, the, creditors, in, a, all, rush, or, stampede, for, the, exit, trying, market,herd, to, get, out, first. Usually, their, behaviour, is, based, on, the, real, economic, conditions, in, the, market (the, Fundamentals), but, rather, on, the, underlying, behaviour, and, expected,, behaviour, not, of, other, creditors. Next, lets listen to Barry Clarks conversation and Chinese Translation The crisis became apparent in 1997 July. Overseas creditors have begun withdrawing short-term capital from the region, putting pressure on the exchange rates of currencies of Thailand,