2020年经济学人 自由兑换——特快专递(2)

Are SDRS an appropriate crisis-fighting tool? The IMF reports that several poorer countries have called for it, and that members are discussing the idea.

SDRS是应对危机的恰当工具吗？IMF报告称，几个较贫穷的国家已经提出了这一要求，而且成员国正在讨论这一想法。

Rich countries are offering their citizens wads of cash with very few strings¹ attached, say supporters.

支持者说，富裕国家给他们的公民提供大量现金，几乎不带附加条件。

Why shouldn't the IMF do the same for the world's governments? Some economists² want a huge allocation of SDRS, worth $4trn.

为什么IMF不也为世界各国政府这么做呢？一些经济学家希望获得价值4万亿美元的SDRS。

There are several hurdles³ in the way and these could take months to overcome.

在这条路上也存在一些障碍，还需要数月的时间去克服。

Most important, America is reluctant to issue any SDRS at all, let alone $4trn-worth.

最重要的是，美国完全不愿发行SDRS，更别说价值4万亿美元的了。

Its opposition⁴ stems from a belief that the IMF should not be printing money (when converted, SDRS increase the amount of cash in circulation).

对该想法的反对源于这样一种信念，即IMF不应该印钞（当兑换时，SDRS会增加流通中的现金数量）。

And, like other countries, it also dislikes the idea of handouts⁵ that come with so few strings attached.

而且，和其他国家一样，它也不喜欢这种几乎没有附加条件的施舍。

What if the financial lifeline allowed countries to slacken the pace of reforms, or made life easier for Iran?

如果金融生命线能让各国放慢改革的步伐，或者让伊朗的日子好过些呢？

The IMF is supposed to support governments facing temporary liquidity⁶ problems, but also to insist on restructuring any debts that are unsustainable.

IMF应该支持那些面临暂时性流动资产问题的政府，但也应该坚持重组任何不可持续的债务。

An SDR allocation is described as liquidity support by its advocates, but it could help an otherwise insolvent⁷ country pay off its creditors⁸.

一次SDR分配被其倡导者描述为流动性支持，但它可能有助于一个本来就资不抵债的国家偿还债权人。

America's opposition matters. Issuing SDRS worth more than $648bn would require approval from its Congress.

美国的在野党是关键。发行价值超过6480亿美元的SDRS将需要得到国会的批准。

Even a smaller issuance would require 85% of votes at the IMF. Uncle Sam, with a 16.5% share, has a veto.

即便是规模较小的发行，也需要获得IMF 85%的投票。拥有16.5%份额的美国拥有否决权。

Others point out that securing an SDR allocation would mean spending too much political capital for too little gain.

另一些人指出，确保SDR的分配将意味着花费太多的政治资本而获得的收益太少。

Two-thirds would go to rich countries or those with plenty of reserves. In 2009 183bn SDRS were issued to help fight the global financial crisis.

三分之二的SDR将流向富裕国家或拥有大量外汇储备的国家。2009年，发行了1830亿的SDRS去帮助对抗全球金融危机。

But Ousmene Mandeng of Economics Advisory⁹, a consultancy, finds that emerging markets

但是Economics Advisory咨询公司的Ousmene Mandeng发现，2009年至2010年，

(excluding China and members of the European Union) swapped¹⁰ just 1.9bn for cash in 2009-10.

新兴市场（不包括中国和欧盟成员国）仅用19亿美元换取现金。

However, SDRS do not have to be used to be useful. Their very presence on balance-sheets frees up dollars.

但SDRS不一定要被用来发挥什么作用。它们在资产负债表上的存在放开了美元。

And though the sums involved might be too small to matter to many countries,

尽管涉及的金额可能太小，对许多国家来说无关紧要，

the share of a $500bn issuance flowing to the likes of Liberia or South Sudan would be worth 7-8% of GDP,

但流入利比里亚或南苏丹等国的价值5000亿美元的发行份额将相当于GDP的7-8%，

says Sergi Lanau of the Institute of International Finance, an industry group. With global demand collapsing¹¹ and the world scrambling¹² for dollars,

国际金融研究所的Sergi Lanau说到。在全球需求崩溃、全球争抢美元之际，

now is not the time to dwell on the question of whether countries face solvency¹³ or liquidity crises.

现在不是讨论各国是否面临偿付能力或流动性危机的时候。

Poor countries just need help, fast. It is worth taking some risks to make sure they get it.

贫穷国家只需要帮助，而且要快。为了确保他们得到帮助，冒一些风险是值得的。

It is perhaps no surprise that America has doubts about an instrument first designed to reduce the dollar's dominance.

美国对一种最初旨在削弱美元主导地位的工具产生怀疑，或许并不令人意外。

Keynes proposed bancor just after sterling¹⁴ lost its sway.

就在英镑失去影响力之后，凯恩斯提出了bancor。

It might take the emergence¹⁵ of a serious challenger to the dollar's crown before America sees the appeal of the SDR.

在美国看到SDR的吸引力之前，可能需要出现一个对美元霸主地位构成严重挑战的国家。

1 strings   

n.弦

参考例句：

• He sat on the bed,idly plucking the strings of his guitar.他坐在床上，随意地拨着吉他的弦。
• She swept her fingers over the strings of the harp.她用手指划过竖琴的琴弦。

2 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

3 hurdles   

n.障碍( hurdle的名词复数 )；跳栏；（供人或马跳跃的）栏架；跨栏赛

参考例句：

• In starting a new company, many hurdles must be crossed. 刚开办一个公司时，必须克服许多障碍。 来自《简明英汉词典》
• There are several hurdles to be got over in this project. 在这项工程中有一些困难要克服。 来自辞典例句

4 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

5 handouts   

救济品( handout的名词复数 )； 施舍物； 印刷品； 讲义

参考例句：

• Soldiers oversee the food handouts. 士兵们看管着救济食品。
• Even after losing his job, he was too proud to accept handouts. 甚至在失去工作后，他仍然很骄傲，不愿接受施舍。

6 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

7 insolvent   

adj.破产的，无偿还能力的

参考例句：

• They lost orders and were insolvent within weeks.他们失去了订货，几周后就无法偿还债务。
• The bank was declared insolvent.银行被宣布破产。

8 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

9 advisory   

adj.劝告的，忠告的，顾问的，提供咨询

参考例句：

• I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
• He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。

10 swapped   

交换（工作）( swap的过去式和过去分词 )； 用…替换，把…换成，掉换（过来）

参考例句：

• I liked her coat and she liked mine, so we swapped. 我喜欢她的外套，她喜欢我的外套，于是我们就交换了。
• At half-time the manager swapped some of the players around. 经理在半场时把几名队员换下了场。

11 collapsing   

压扁[平]，毁坏，断裂

参考例句：

• Rescuers used props to stop the roof of the tunnel collapsing. 救援人员用支柱防止隧道顶塌陷。
• The rocks were folded by collapsing into the center of the trough. 岩石由于坍陷进入凹槽的中心而发生褶皱。

12 scrambling   

v.快速爬行( scramble的现在分词 )；攀登；争夺；（军事飞机）紧急起飞

参考例句：

• Scrambling up her hair, she darted out of the house. 她匆忙扎起头发，冲出房去。 来自《现代英汉综合大词典》
• She is scrambling eggs. 她正在炒蛋。 来自《简明英汉词典》

13 solvency   

n.偿付能力，溶解力

参考例句：

• Fears about the solvency of the banks precipitated the great economic crash.对银行偿付能力出现恐慌更加速了经济的崩溃。
• Their targets,including profitability ratios,solvency ratios,asset management ratios.其指标包括盈利比率、偿债能力比率、资产管理比率。

14 sterling   

adj.英币的(纯粹的，货真价实的)；n.英国货币(英镑)

参考例句：

• Could you tell me the current rate for sterling, please?能否请您告诉我现行英国货币的兑换率？
• Sterling has recently been strong,which will help to abate inflationary pressures.英国货币最近非常坚挺，这有助于减轻通胀压力。

15 emergence   

n.浮现，显现，出现，（植物）突出体

参考例句：

• The last decade saw the emergence of a dynamic economy.最近10年见证了经济增长的姿态。
• Language emerges and develops with the emergence and development of society.语言是随着社会的产生而产生，随着社会的发展而发展的。