GRE阅读练习： 下一场金融危机或被央行触发.docxVIP

Word文档下载后（可任意编辑） 第 第 PAGE 1 页 共 NUMPAGES 1 页 GRE阅读练习： 下一场金融危机或被央行触发 GRE考试模拟：GRE阅读练习： 下一场金融危机或被央行触发 GRE考试精品课程训练  The next financial crisis may be triggered by central banks.  下一场金融危机或被央行触发。  这篇阅读材料还有MP3音频哦!下载传送门  As with London buses, dont worry if you miss a financial crisis; another will be along shortly.  如同伦敦公交车一样，如果错过了一场金融危机，别担心;下一场很快就会来。  The latest study on long-term asset returns from Deutsche Bank shows that crises in developed markets have become much more common in recent decades.  来自德意志银行的有关长期资产回报的必威体育精装版研究表明，在发达国家，危机在近几十年中已经变得越来越常见了。  That does not bode well.  这不是好兆头。  Deutsche defines a crisis as a period when a country suffers one of the following: a 15% annual decline in equities; a 10% fall in its currency or its government bonds; a default on its national debt; or a period of double-digit inflation.  德意志银行把危机定义为国家遭受下列情况之一时的一段时间：股票15%的年化下跌;货币或政府债券10%的下跌;国家债务违约;或者是一段两位数的通胀时期。  During the 19th century, only occasionally did more than half of countries for which there are data suffer such a shock in a single year.  19世纪期间，只有偶尔超过半数的有数据的国家在单独一年中遭受一次这样的冲击。  But since the 1980s, in numerous years more than half of them have been in a financial crisis of some kind.  但是，自上世纪80年代以来，在很多年中，这些国家中的一半以上都处于某种金融危机之中。  The main reason for this, argues Deutsche, is the monetary system.  德意志银行指出，这方面的罪魁祸首是货币体系。  Under the gold standard and its successor, the Bretton Woods system of fixed exchange rates, the amount of credit creation was limited.  在金本位制及其后续者——布雷顿森林体系的固定汇率之下，信用创造的总量是有限的。  A country that expanded its money supply too quickly would suffer a trade deficit and pressure on its currencys exchange rate; the government would react by slamming on the monetary brakes.  太快地扩张了货币供给的国家会遭受贸易赤字之苦以及对其货币汇率的压力;政府会应之以货币政策的急刹车。  The result was that it was harder for financial bubbles to inflate.  结果是，金融泡沫越来越难膨胀。  But since the early 1970s more countries have moved to a fl