[研究生入学考试题库]考研英语(二)模拟题43.docxVIP

[研究生入学考试题库]考研英语(二)模拟题43 Section Ⅰ Use of EnglishDirections: Read the following text. Choose the best word(s) for each numbered blank and mark A, B, C or D on ANSWER SHEET.  BANKS may be frail and dangerous things, but most economists see them as essential to growth. According to the centuries-old model, which tries to explain 1 money moves between firms and households, it is their job to 2 private savings into business loans. That helps firms invest and grow. Places where 3 cash is routinely stuffed under mattresses, 4 , will tend to grow less fast.  In practice, not all savings make their way 5 investment. For instance, it is possible to have savings gluts (储蓄淤积) periods when households are more willing to 6 than firms are to borrow and invest. Ben Bernanke, a former chairman of the Federal Reserve, has shown that scarred banks curtail their lending to companies after financial crises even if they have 7 funds, 8 economic growth. But it is not enough for banks to be handing out cash: just as important, a growing body of research suggests, is where the money goes.  According to a new paper by Oscar Jorda, Moritz Schularick and Alan Taylor, the traditional view that banks 9 lend to businesses is out of date. In 1900 only 30% of bank lending was to buy residential 10 ; now that figure is around 60%. Since the 1970s 11 the entire increase in the ratio of private-sector debt to GDP 12 the world has been caused by rising levels of mortgage lending. Corporate borrowing has remained flat. Far from channelling money to companies, modern banks 13 real-estate funds, the authors claim, in which long-term mortgage lending is 14 by short-term borrowing from the public.  The same authors also find that the 15 of mortgage lending has led to property 16 and financial instability. Their data suggest that rising levels of mortgage debt are