经济学人双语

CORRUPTION conjures up images of shadowy deals among lobbyists, corporations and crooked government officials. But it is often more mundane, as officials demand bribes even to deliver routine public services. Figures from Gallup, a pollster, reveal just how widespread such corruption is (see chart).

腐败总是让人想起院外活动分子、企业和腐化政府官员之间的肮脏交易。但通常腐败远没有这么复杂，比如，有的官员即使在提供日常公共服务时也会索贿。盖洛普调查公司的数据揭示了这类腐败有多么普遍（见图）。

Economists argue that such small-scale graft does great damage. Official extortion erodes trust. As authorities in countries like Greece are discovering, fighting tax evasion is hard if people have little trust in the honesty of tax officials themselves.

经济学家指出，这样的小规模行贿受贿危害很大。官员索贿会破坏信任。希腊等国的当局正在发现，如果人民不信任税务官员的诚信的话，与逃税的斗争是非常艰难的。

An Indian website, https://www.sodocs.net/doc/c08682254.html,, set up last summer by anti-corruption activists, reveals just how grasping officials can be. It has documented over 8,500 instances of bribery adding up to nearly 375m rupees ($8.4m) in backhanders. These include 100 rupees to get a policeman to register a complaint about a stolen mobile phone and 500 rupees for a clerk to hand over a marriage certificate. The amounts are much larger to facilitate income-tax refunds, where the standard “charge” is 10%; sums between 5,000 and 50,000 rupees change hands.

去年，印度反腐败活跃分子成立了一个名叫https://www.sodocs.net/doc/c08682254.html,的网站，专门揭露官员的贪婪能达到什么程度。该网站已公布了8500桩行贿案，总额近3.75亿卢比（840万美元）。这些案子包括：100卢比行贿一名警察登记一起手机被盗案；500卢比行贿一位工作人员提交结婚证。为了获得返还所得税便利而行贿的数量则要大得多，标准“费用”是10%，总数多在5000到50000卢比之间。

But such initiatives can do little beyond allowing people to vent their anger about corruption. Kaushik Basu, the chief economic adviser to India’s finance ministry, suggests that this may be partly because the law treats both bribe-giving and bribe-taking as crimes. This makes it hard to blow the whistle on corrupt officials, because the bribe-giver has also broken the law. If he complains, he risks prosecution or, more likely, being asked for another bribe by the police. In a provocative paper based on game theory, Mr Basu argues for the legalisation of some kinds of bribe-giving. His proposal has instigated a furious debate in India, with television channels even assembling panels to discuss it.

但这样的做法充其量也就是宣泄一下人们对腐败的愤怒。印度财政部长首席经济顾问巴苏（Kaushik Basu）指出，这部分是因为法律将行贿和受贿均视为犯罪。这样做会加大告发受贿行为的难度，因为行贿者也触犯了法律。如果他起诉的话，他也可能受到审判，或者（更有可能的是）被警察询问其他贿赂案件。在一篇颇具争议的基于博弈论的论文中，巴苏呼吁让几种行贿合法化。他的建议在印度激起了激烈的争论，甚至有电视太组织了专家组来讨论这个问题。

Some thunder that the economist is condoning corruption. But Mr Basu makes clear that paying an official to bend the rules in one’s favour should continue to be illega l. The category of payments he would like to legalise are “harassment bribes”, made by a person to get things to which he is legally entitled. In such cases, Mr Basu argues, the giver should be granted immunity from prosecution and a proven complaint should result not only in punishment for the corrupt official but also in a “refund” for the bribe-giver. These steps, he believes, will align the incentives of those asked for bribes and law-enforcement agencies which seek to prosecute corrupt officials by giving their victims the confidence to lodge complaints and encouraging them to hang on to evidence of bribery. Fear of being caught should make officials more wary of asking for bribes in the first place.

有人怒称这位经济学家在纵容腐败。但巴苏清楚地指出，付钱给官员让他为某人的利益而践踏法律将继续被认定为非法。他建议合法化的贿赂是“骚扰贿赂”，即某人为了获得应依法获得之物而行贿。巴苏指出，在这些情形中，行贿者应该免于起诉，而受贿投诉一旦被证实，就应该不光惩罚腐败官员，还要向行贿者“返金”。他认为，这些举措能够校正索贿者和试图通过给予受害者投诉信心和鼓励他们上交贿赂证据来起诉腐败官员的执法机构的激励。担心被抓应该能够让官员在首次伸手前三思而后行。

This sounds promising in theory. But India’s courts are notoriously slow. Jean Drèze, an Indian development economist, reckons that the difficulty of pursuing a legal case against a corrupt official may mean that few will complain. If so, Mr Basu’s idea may inadvertently result in an increase in the incidence of corruption. At least some people who would earlier have refused when asked for a bribe, Mr Drèze reckons, would now pay up.

这在理论上看来颇有些道理。但印度的法律程序向来以慢著称。印度发展经济学家德莱兹（Jean Dreze）认为，向腐败官员提起法律诉讼太难，因此很少有人会起诉。如果这样的的话，巴苏的办法可能会好心办坏事，反而增加腐败的发案率。德莱兹认为，至少一部分先前断然对索贿说不的人现在会乖乖就范。

Y et when the bribes are for things that are their due, refusal to pay is unrealistic for most people. The tone of those posting on the bribe-reporting website suggest that people are keen to strike back at corrupt officials. Because Mr Basu’s idea should make this easier, it is worth considering. So are steps such as moving more transactions online, to reduce contact with officials. Fighting corruption will need more than one clever idea.

不过，多于大部分人来说，当行贿是为了得到应得之物时，要他们对索贿说不有些强人所难。在贿赂曝光网站上的发帖语气表明，人们对倒腐败官员的期望颇为迫切。巴苏的办法可以让这一点变得更容易，因此值得考虑。其他措施将更多的交易拿到网上进行、减少和官员的联系等。和腐败作斗争，光有明智的想法是不够的。

from the print edition | Finance and Economics

Few woes in Warsaw

华沙没有悲哀

The third in our series looks at Poland, an emerging market that remained insulated from shocks on its doorstep

关于波兰的第三篇系列报道，一个始终将冲击隔绝于门外的新兴市场。

Apr 28th 2011 | from the print edition

POLAND is the only economy in the European Union that kept growing all the way through the crisis. Its ability to insulate itself from external shocks stems partly from history and geography. It is by far the biggest economy in central Europe (making up 40% of the GDP of the EU’s ten new ex-communist members), and gets lots of oomph from domestic demand. Expansion in neighbouring countries, mainly Germany, is now stoking Polish growth, forecast at around 4% this year and next

波兰是欧盟中唯一一个在金融危机中保持经济增长的经济体，其有效的阻隔外部冲击的能力部分得益于其历史和地理因素。目前为止，波兰是中欧最大的经济体（占据了欧盟十个前共产主义国家成员GDP的40%），并且其国内市场也欣欣向荣。在邻国的投资（主要是德国）将为波兰的发展推波助澜，据估计在今明两年将会达到4%左右。

But Poland also entered the crisis in sound shape. Its banks were stodgy in their lending. The property market stayed unbubbly in most of the country. Monetary policy had been overly tight in the early years of the last decade. That slowed growth then, but proved a blessing later.

但是波兰在管理的有效性上却陷入过危机。银行任然惜贷，众多国家房产市场依然冷清。在前十年的早些时候，其货币政策过于谨慎。这滞后了波兰经济的发展，但却在后来有效的抵御了金融危机。

Another advantage was a floating exchange rate: the Polish zloty plunged during the downturn, helping exporters and the tourism industry. In the Baltic states (which had currency boards) and Slovakia (which adopted the euro in 2009) the burden of adjustment went uncushioned, meaning cuts in nominal wages.

另一个优势是浮动汇率制度：波兰兹洛特在经济不景气的时候曾贬值趋势，有效地帮助了出口商和观光业。波罗地海国家（有共同的通货委员会）和斯洛伐克（其在2009年加入欧盟），压力调整未能得到缓冲，致使名义工资下降。

Protection against external shocks gave Poland’s policymakers plenty of room for manoeuv re. They did not need to hike interest rates to save the currency and soothe investors. They did not need a pro-cyclical fiscal policy to stave off default or devaluation. Instead Poland could afford a classic Keynesian response to the downturn. The government ran big budget deficits (7.3% in 2009 and 7.9% last year), a hefty fiscal stimulus that kept domestic consumption purring along while it collapsed elsewhere. For many of Poland’s peers the crisis exposed the narrow base of their economies. When construction, exports and investment plunged, nothing could take up the slack. In Poland, the consumer kept spending.

针对外部影响的保护措施，给予波兰的决策们足够的空间来进行调整。他们不需要提高利率来对货币保值和稳定投资者的情绪。他们也不需要一个周期性的金融政策来规避偿还违约和货币贬值。取而代之，波兰采取的是经典的凯恩斯主义来应对经济下滑。政府维持着较高的预算赤字（2009年为7.3%，2010年为7.9%），一个强有力的财政刺激使得当别处经济纷纷凋敝的时候，唯独波兰国内消费一直曾上升趋势。对于众多波兰议员来说金融危机拓宽了他们原本狭隘的经济模式。当建造业、出口和投资纷纷萧条是，没有什么可以阻止衰退。但在波兰，消费者却在持续消费。

For the stimulus to work, outsiders had to be willing to lend. Poland was well served by its finance minister, Jacek Rostowski, a sardonic English-born economics professor, who adeptly managed the borrowing splurge. Poland’s credit rating barely budged as that of some other ex-communist countries plunged. It helped that Poland in 2009 gained, and did not need to use, a $20 billion credit line from the International Monetary Fund.

Wider worries about the euro zone and currencies on its periphery may have helped Poland, too. They kept away the hot money that has sent exchange rates soaring in other emerging-market stars. Even when the zloty hardened, demand from Germany kept exports booming (keen prices and flexible workers make Polish subcontractors a vital part of the Teutonic trade machine). “Germany helped save Mitteleuropa,” says Marcin Piatkowski, a Warsaw-based World Bank economist. Polan d has replaced Russia as Germany’s main eastern trading partner, even including energy.

为使经济刺激计划运转，需要外部借款。波兰财政部长Jacek Rostowski，一个在英国出生的经济学家很好的打理着波兰的经济，他精通于管理贷款项的使用。在其他前社会主义国家信贷评级被下调的时候，波兰的信贷评级丝毫没有影响，这使得波兰在2009年有盈余，并且不需要使用IMF提供的200亿美元的信贷额度。更广泛的关切是欧元区和周边区域的货币也将帮助了波兰的经济。他们把让其他的新兴市场的汇率发生剧烈波动的热钱拒之门外。甚至在兹洛特坚挺的时候，来自德国的需求仍使出口业猛增（有诱惑力的价格和灵活的劳动力让波兰的承销商成为了日耳曼市场的一个重要组成部分）。世界银行驻华沙的经济学家，Marcin Piatkowski认为“德国的帮助拯救了中欧地区”。包括能源在内，波兰取代俄罗斯成为德国在东欧的主要贸易伙伴。

Another boon has been money from abroad. A million or more emigrants send home remittances (worth $9 billion in 2010, according to the World Bank). Poland wa s also allocated €67 billion ($92 billion) in EU funds for 2007-13. That is paying for new roads, faster railways and lavish training programmes. After a slow start, the Polish bureaucracy has proved one of the most effective spenders of this bonanza (efficiency is another story).

另一个颇有裨益的是来自于境外的资金。超过百万的波兰裔移民往波兰汇款（据世界银行统计，在2010年约有9百万美元）。根据2007-13号议案，波兰从欧盟基金组织获得了670万欧元（约合920万美元）。这将用于新道路、高铁及大型运输项目的建设。经历了缓慢的起步期之后，波兰政府证明了其是一个对于所拥有资源利用最有效益的政府(效率那是另一回事情)。

The result is a superficially happy picture: broad-based growth, falling unemployment, affordable borrowing and rising investment. But the current account and inflation are worries; so is the budget deficit, which the government said on April 26th it would cut to 2.9% in 2012.

从表面上看是一个令人高兴的结果：经济全面发展、失业率下降、贷款的可偿付和投资的不断增长。但是国家的经常项账户和通货膨胀仍令人担忧；介于财政预算的赤字，政府在4月26号声明将在2012年消减至2.9%。

Y et if Poland still wants to join the euro (perhaps in 2015), it will do so in better shape than many existing members. Mr Piatkowski speaks of a “New Golden Age”, with Poland converging on west European levels of well-being soon after 2020. That is a fine goal. But first Poland must master its public finances, stoke innovation, widen labour-market participation and deal with the

red tape that drags it down international rankings. Poles grumble about such things. They should fix them, too.

然而，如果波兰想要加入到欧元区（或许在2015年），其将要比现有的成员做的更好。Piatkowski所说的“新的黄金时代”，指的是波兰在2020年后追赶上西欧国家的福利水平。这是个良好的目标。但波兰首先要良好的国家财政、源源不断的创新、广泛的劳工市场和政府内官僚作风的处理，这将降低其国际地位。波兰人对于这些事情颇有微词，但还是需要处理这些事情。

American banks

美国本土银行

Where's the growth?

增长何在？

The worst is over for American banks. Shame about the recovery

美国本土银行最艰难的日子已经过去，然而其复苏步伐之慢着实可耻。

IN THE second world war America's army developed a reputation for unsentimentally sacking divisional commanders who lost battles. The effect was to clear out the incompetents but also remove those who were merely unlucky. The policy may sound strangely familiar to the chief financial officers of America's banks.

在第二次世界大战期间，人们都听说美军会无情地开除吃了败仗的师长。此种做法不仅是为了开除无能之辈，同时也清除了不走运的人。美国本土银行的首席财务官们或许会不可思议地发现这一政策特别耳熟。

The door has revolved fastest at Bank of America (BofA). It is now on its sixth finance chief in seven years, having announced the appointment of Bruce Thompson when it released lacklustre first-quarter earnings on April 15th. The bank typifies many of the problems facing the industry. Almost all are still reporting steep falls in revenue from investment banking, and commercial banking is proving to be a lot less profitable than it was.

美国银行的首席财务官更替最为频繁。4月15日，美国银行发布了了无生气的第一季度财报，同时宣布任命布鲁斯?汤普森为其七年来的第六任首席财务官。美国银行面临的诸多问题典型地代表了整个美国银行业的现状。几乎所有投资银行的收益仍在大幅下滑，商业银行的盈利能力也大不如前。

A casual observer could be forgiven for thinking it was a decent quarter, with many banks posting higher year-on-year operating profits. Y et the numbers have been flattered by a steep fall in the provisions that banks have to set aside for loans that may not be repaid, continuing a trend set in 2010 (see chart). Pre-provision revenues look a lot less healthy.

年初以来许多银行的同比经营利润都有所上升，乍看之下容易认为银行业第一季度复苏情况良好，这是可以理解的。然而，根据规定，银行必须为不良贷款留出一定部分的准备金，如此一来，银行的经营利润就大大下挫了。延续2010年的走势（见图示），提取坏账准备金前的银行收益亦不容乐观。

The sharpest falls in income were in investment banking. At Goldman Sachs, BofA and Citigroup, revenues from fixed income, currency and commodity trading, the main contributors to investment-banking profits over the past decade, were up to a third lower than a year ago. JPMorgan Chase stood out by containing its decline to 4%.

投资银行收益下挫最为严重。对于高盛投资银行，美国银行及花旗集团来说，在过去几十年，银行收入主要来自于固定收益、货币及货物贸易，今年，上述领域收益比去年下降三分之一。摩根大通银行收益仅下跌百分之四，傲视投行群雄。

Last year may have been one to forget for these businesses but analysts at Nomura believe that banks will be lucky if income from them scrapes the same level in 2011. Nervy clients have cut back on trading, and banks are under regulatory pressure to reduce their proprietary-trading activities. New rules on capital and liquidity are also likely to make these businesses less profitable. Reform of derivatives markets will probably push a lot of the trading of bespoke contracts out into the open, where standardised contracts will offer thinner margins. Legal risks have not gone away, either: the Securities and Exchange Commission is continuing to parlay with Wall Street banks to settle fraud allegations related to the sale of dodgy mortgage-backed securities.

对于银行业来说，去年经营惨状是它们再也不愿回想的。但是野村证券的分析师则认为，在2011年各大银行若能保持它们以往的业绩就已经很幸运了。客户已减少贸易投入，银行面临减少所有权交易的规范压力，关于资本和流动资产的新规则也许会抑制银行的盈利。衍生产品市场的改革也极有可能将量身定制的合同贸易推向公开市场，而公开市场上的标准化合同贸易则收益甚微。同时，法律风险依然存在。美国证券交易委员会将继续与华尔街的银行合作，打击与按揭证券交易有关的欺诈。

The quarter also points to worrying trends in retail banking. Earnings are being flattered by falling non-performing loans: in credit cards, early delinquencies are the lowest for a decade, according to Nomura. But demand for loans from consumers is weak, especially in areas such as credit cards and mortgages, although banks hope that these will soon start to rebound. Ultra-low interest rates also squeeze the profits that banks can usually make by paying below-market returns to retail depositors.

第一季度财报同时也揭示了零售银行令人担忧的发展趋势。它们将盈利的希望寄予不良贷款上，根据野村证券的调查，在信用卡领域，初期债务拖欠现象目前为近十年来最低。但是，消费者有违于银行的希望，对于信用卡贷款、抵押贷款的需求持续疲软，尚无反弹迹象。且银行本能够以低于市场回报率的存款利率吸收零星存款，进行市场运作盈利，然而，超低的利率加大了零售银行吸收存款的难度，从而一再压榨其在此领域的收益。

Here, too, regulatory and legal risks remain. Mortgage lenders and banking regulators reached a settlement this month to review loans where homes were seized and for banks to pay back losses if they were in the wrong. The agreement gives banks two months to draft plans to fix weaknesses in their systems. Negotiations on a separate settlement over foreclosures with attorneys-general from all 50 states continue and could yet result in big financial penalties.

同样的，在零售银行业，规范风险及法律风险并存。抵押放款人与银行业监管部门在本月达成协议，决定重审贷款。如因银行过错而致房屋被抵押，则银行需支付造成的损失。这个协议要求银行在两个月内草拟修改计划来弥补自身系统的不足。与此同时，来自美国50个州

的司法部长也参与谈判，以促成另一个有关抵押物品赎回权的协议的制定，此项协议会为银行业施加更大的经济性惩罚。

Regulators are also trying to write the final rules that will limit how much banks may charge when retailers swipe debit cards, as well as restricting banks' ability to levy overdraft and other fees on current accounts. Banks are already responding by trying to charge for services that previously appeared to customers to be free: several, including JPMorgan Chase, have proposed monthly fees for accounts. All this adds up to a very uncertain environment, and not just for finance chiefs.

监管方还试图出台限制性的终局规定，当零售商非法解码借记卡时，控制银行收取的费用，同时对银行征收透支利息和活期储蓄的其他费用做出限制性规定。作为回应，银行决定对先前免费向客户提供的服务收取费用。包括摩根大通银行在内的数家银行已计划对账户收取月管理费用。所有这一系列的行为都为本已不甚稳定金融环境带来了新的不确定因素，不仅对于财务主管是如此，对于普通民众也是如此。

经济学人科技类文章中英双语

The Brain Activity Map 绘制大脑活动地图 Hard cell 棘手的细胞 An ambitious project to map the brain is in the works. Possibly too ambitious 一个绘制大脑活动地图的宏伟计划正在准备当中，或许有些太宏伟了 NEWS of what protagonists hope will be America’s next big science project continues to dribble out. 有关其发起人心中下一个科学大工程的新闻报道层出不穷。 A leak to the New York Times, published on February 17th, let the cat out of the bag, with a report that Barack Obama’s administration is thinking of sponsoring what will be known as the Brain Activity Map. 2月17日，《纽约时报》刊登的一位线人报告终于泄露了秘密，报告称奥巴马政府正在考虑赞助将被称为“大脑活动地图”的计划。 And on March 7th several of those protagonists published a manifesto for the project in Science. 3月7日，部分发起人在《科学》杂志上发表声明证实了这一计划。 The purpose of BAM is to change the scale at which the brain is understood. “大脑活动地图”计划的目标是改变人们在认知大脑时采用的度量方法。 At the moment, neuroscience operates at two disconnected levels. 眼下，神经学的研究处在两个断开的层次。 The higher one, where the dimensions of features are measured in centimetres, has many techniques at its disposal, notably functional magnetic-res onance imaging, which measures changes in tissues’ fuel consumption. 在相对宏观的层次当中各个特征的规模用厘米来衡量，有很多技术可以使用，尤其是用来测量组织中能量消耗变动情况的核磁共振成像技术。 This lets researchers see which bits of the brain are active in particular tasks—as long as those tasks can be performed by a person lying down inside a scanner. 该技术可使研究人员找出在完成具体的任务时，大脑的哪些部分处于活跃状态。At the other end of the scale, where features are measured in microns, lots of research has been done on how individual nerve cells work, how messages are sent from one to another, and how the connections between cells strengthen and weaken as memories are formed. 而另一个度量的层次则要求用微米来测量各种特征，这一层次的研究很多都是关于单个神经细胞是如何工作的、信息在神经细胞之间是如何传递的以及当产生记忆的时候神经细胞之间的联系是如何得到加强和减弱的。 Between these two, though, all is darkness. 然而，位于这两个层次之间的研究还处于一片漆黑当中。 It is like trying to navigate America with an atlas that shows the states, the big cities and the main highways, and has a few street maps of local neighbourhoods, but displays nothing in between.

13英语阅读-经济学人《Economics》双语版-Go forth and multiply

《经济学家》读译参考（第13篇）：一路繁衍——你知道外来入侵物种吗？ Go forth and multiply 一往无前，生生不息 WHAT makes for a successful invasion? Often, the answer is to have better weapons than the enemy. And, as it is with people, so it is with plants—at least, that is the conclusion of a p_______①published in ★Biology Letters[1] by Naomi Cappuccino, of Carleton University, and Thor Arnason, of the University of Ottawa, both in Canada. 怎样才能成功入侵？答案常常是：拥有比敌人更好的武器。人是这样，植物也是如此——至少，《生物书简》上发表的一篇论文是这么认为的，作者是来自加拿大加里敦大学的纳奥米?卡普奇诺和渥太华大学的索尔?阿纳森。 The phenomenon of alien species ★popping up[2] in unexpected parts of the world has grown over the past few d________② as people and goods become more mobile and （1）?plant seeds and animal larvae have ★hitched[3] along for the ride?. Most such aliens blend into the ecosystem in which they arrive without too much fuss. (Indeed, many probably fail to establish themselves at all—but those failures, of course, are never noticed.) Occasionally, though, something ★goes bananas[4] and starts trying to take the place over, and an invasive species is born. Dr Cappuccino and Dr Arnason asked themselves w_______③. 过去的几十年，随着人和货物的流动日益频繁，植物种子和动物幼体也乘机“搭便车”四处播散，世界各地无意间出现了越来越多的外来物种。这些外来物种大多数都轻而易举地融入了所到之处的生态系统。（事实上，许多物种可能还没有站稳脚跟——当然，人们从未注意到这一点。）不过，偶尔也有某些物种疯狂繁殖，开始企图占领原有物种的生长空间，一种入侵物种就这样形成了。卡普奇诺和阿纳森对此感到百思不得其解。 One hypothesis is that aliens leave their predators b________④. Since the predators in their new homelands are not adapted to exploit them, they are able to reproduce unchecked. That is a nice idea, but it does not explain why only certain aliens become invasive. Dr Cappuccino and Dr Arnason suspected this might be because native predators are [b]（2）

经济学人中英对照Brave new words

Central banks 各国央行 Brave new words 大胆新言论 Rich-world central banks explore more doveish strategies 发达国家央行探索更加温和的政策 FOR four years rich-world central banks have done their best to rejuvenate economies with conventional and unconventional monetary policy. Now, with short-term interest rates still stuck near zero and their balance-sheets stuffed with government bonds, the central banks of America, Britain and Japan are experimenting with a shift in approach: coupling monetary action with commitments designed to alter the public’s expectati ons of interest rates, inflation and the economy. The sense of change is reinforced by the prospect of new leaders at the Japanese and British central banks, and the increasing prominence of several doves at America’s. 4年来，发达国家央行为经济复苏想尽了一切办法，常规和非常规货币政策你方唱罢我登场。时至今日，短期利率依然近乎于零，资产负债表上依然满是政府债券。美国、英国和日本央行正在尝试改变路线：为了改变公众对于利率、通胀和经济前景的预期，他们做出一系列承诺，并将货币政策与承诺相结合。日本和英国央行新领导人即将走马上任，加上美国几位鸽派人物的声音日益突出，使改变即将到来的感觉愈发强烈。 A more doveish stance would entail tolerating higher inflation, at least temporarily, in pursuit of higher output: a significant shift given the primacy central banks have long given to low inflation. Bond investors have begun to price in higher inflation (see chart). But just how far each central bank is prepared to go is still uncertain. 为了提高产值，更加温和的政策意味着必须要容忍更高水平的通胀，至少短期内会是如此：央行长期以来将低通胀率视为第一要务的政策即将迎来重大改变。一些大胆的投资人已经开始以更高的通胀率定价（见图）。但是各国央行的新政力度到底有多大尚不得而知。 In Japan, Shinzo Abe, the prime minister, has used the term “regime change” to describe the Bank of Japan’s (BoJ’s) agreement to raise its inflation targe t to 2% from 1%, and pursue it with unlimited asset purchases. There are expectations for even more forceful action once Masaaki Shirakawa, the current governor, and his two deputies depart on March 19th. Under Mr Shirakawa the BoJ bought lots more assets, but critics said he undercut the positive impact by repeatedly saying they were not enough to end deflation and by restricting the maturity of bonds the bank bought. 日本首相安倍晋三曾以“制度改革”一词来形容日本央行的政策变化。日本央行同意将通胀目标从1%提高到2%，并表示为了实现这一目标资产收购将不设上限。有人预期现任行长白川方明和两位副行长3月19日离任之后，会有力度更大的政策出台。白川在任期间日本央行购入了大量资产，但是有人批评到，由于白川经常强调购入的资产数量仍不足以结束通货紧缩，而且对买入债券的期限种类

经济学人

China in Laos Busted flush How a Sino-Lao special economic zone hit the skids May 26th 2011 | BOTEN, LAOS | from the print edition ?Tweet ? Soon all this will be jungle again AT HOME and abroad, China is a byword for fast-track development, where yesterday’s paddy field is tomorrow’s factory, highway or hotel. Less noticed is that such development can just as quickly go into reverse. Golden City, in Boten, just over the border from China in tiny Laos, is a case in point. When a Hong Kong-registered company signed a 30-year, renewable lease with the Lao government in 2003 to set up a 1,640-hectare special economic zone built with mainland money and expertise, Golden City was touted as a

经济学人双语阅读 1教学文案

经济学人双语阅读1

经济学人杂志双语阅读 Consumer spending in Asia：Shopaholics wanted Consumer spending in Asia亚洲消费状况 Shopaholics wanted 购物狂时代该来了？ Jun 25th 2009 | HONG KONG From The Economist print edition Can Asians replace Americans as a driver of global growth? 亚洲人能够代替美国人做全球经济的发动机吗？ ASIA'S emerging economies are bouncing back much more strongly than any others. While America's industrial production continued to slide in May, output in emerging Asia has regained its pre-crisis level (see chart 1). This is largely due to China; but although production in the region's smaller economies is still well down on a year ago, it is rebounding in those countries too. Taiwan's industrial output rose by an annualised 80% in the three months to May compared with the previous three months. JPMorgan estimates that emerging Asia's GDP has grown by an annualised 7% in the second quarter. 时下亚洲新兴经济体们的恢复势头比其他任何国家都要迅猛。在美国工业生产继续下滑的5月，亚洲新兴国家的产出已经回到了它们危机前的水平(见表一)。这很大程度上要归功于中国，此外尽 管该地区较小经济体的生产比去年仍有所下降，但最近这些国家也

15年每周经济学人报刊中英文对照讲课讲稿

15年每周经济学人报刊中英文对照

空气污染英国需要采取更多措施来净化污浊的空气 Air pollution空气污染The big smoke雾都 Britain needs to do more to clean up its dirty air 英国需要采取更多措施来净化污浊的空气VISITING Oxford Street, a road teeming with tatty shops and overcrowded with people, is plainly a trial. Less plainly, levels of nitrogen dioxide (NO2), a noxious gas, have been found to be around three times higher there than the legal limit. In 2013 the annual mean concentration of NO2 on the street was one of the highest levels found anywhere in Europe. 来到牛津街，你会看到街道两边布满了各式杂乱的商店，而道路上人满为患。行走在这条街上，很明显是个磨练。不为人觉察的是，这里有毒气体二氧化氮(NO2)测出含量超出法定水平的约三倍以上。２０１３年，这条街的NO2年均浓度是欧洲最高之一。 British air is far cleaner than it was a few decades ago. Fewer people use coal-burning stoves; old industrial plants have been decommissioned. But since 2009 levels of nitrogen oxides and particulate matter, coarse or fine particles that are linked to lung cancer and asthma, have fallen more slowly. The exact number of deaths caused by dirty air is unknown. But in 2010 a government advisory group estimated that removing man-made fine particulate matter from the atmosphere would increase life expectancy for those born in 2008 by an average of six months. 英国的空气比几十年前干净多了。使用燃煤炉灶的人越来越少；老工业厂已经停产。但自2009年起，氧 化氮、微粒物质、以及与肺癌和哮喘相关的粗、细颗粒含量的下降速度减慢了。因污浊空气所引发的死亡人数是未知的。但2010年，一个政府顾问组估算如果将大气中人为造成的微粒物质除去的话，2008年的出生人口人均寿命将增加六个月。 Much of the slowdown is the result of fumes from diesel cars, which were championed by successive governments because they use less fuel and thus produce less carbon dioxide than petrol cars. In 2001 only 14% of all cars ran on diesel; by 2013 the proportion had increased to 35%. (Greener “hybrid” and electric cars have increased ninefold since 2006, but account for just 0.5% of the entire fleet.) Second-hand cars are particularly noxious, but even newer ones have not been as clean as hoped. Many cars that belched out few pollutants in tests produced more when on the roads. 下降速度放缓的大部分原因在于柴油汽车排放的尾气—这为历任政府所支持，因为柴油汽车耗用更少的能源，比汽油汽车排放更少的二氧化碳。2001年，仅14%的汽车使用柴油。2013年，这个比例上涨到了35%。（更绿色的“混合动力”和电瓶车自2006年以来增加了九倍，但仅占汽车总量的0.5%。）二手汽 车尤其有害，但新车也没所期望的那样清洁。很多车在污染物排放测试中排放量低，车在上路时却排放了更多。 Climate change and geoengineering气候变化与地质工程学Fears of a bright planet 地球发光，令人担心Experiments designed to learn more about ways of geoengineering the climate should be allowed to proceed为更好地利用工程学手段研究气候问题所设计的实验应该获准进行下去。SHINY things absorb less heat when left in the sun. This means that if the Earth could be made a little shinier it would be less susceptible to global warming. Ways to brighten it, such as adding nanoscale specks of salt to low clouds, making them whiter, or putting a thin haze of particles into the stratosphere, are the province of “geoengineering”. The small band of scientists which have been studying this subject over the past decade or so have mostly been using computer models. Some of them are now proposing outdoor experiments—using seawater-fed sprayers to churn out particles of the exact size needed to brighten clouds, or spewing sulphur particles from underneath a large balloon 20km up in the sky.发光的物体放在太阳下面会吸收较少的热量。这就意味着如果让地球发一点光的话，受到全球变暖的影响就会小一些。让地球发光的方式，比方说在低空云层上添加纳米级的盐微粒，让云变得更白，或者是将一层薄的雾状物洒向平流层，这些都属于地质工程学的范畴。过去十年左右研究这一领域的一小批科学家主要使用计算机模型，其中一些人现在提出要做室外实验――就是用装有

经济学人双语阅读：政治遗传学 人体政治

【经济学人】双语阅读：政治遗传学人体政治 Science and technology 科学技术 The genetics of politics 政治遗传学 Body politic 人体政治 Slowly, and in some quarters grudgingly, the influence of genes in shaping political outlook and behaviour is being recognized 在某些方面，塑造政治前景和行为的基因影响正在慢慢地被人们所接受，虽然还是不情愿。 IN 1882 W.S. Gilbert wrote, to a tune by Sir Arthur Sullivan, a ditty that went I often think it's comical how Nature always does contrive/that every boy and every gal that's born into the world alive/is either a little Liberal or else a little Conservative. 在1882年，W.S吉尔伯特写的一首小诗-是为阿瑟-沙利文爵士的一首曲子而作，我一直认为，大自然的精工雕作是那么可笑/每个出生到这个世界上，并存活下来的男孩和女孩们/不是有一点自由倾向，就是有一点保守。 In the 19th century, that view, though humorously intended, would not have been out of place among respectable thinkers. 在十九世纪，这个观点虽然有一点幽默的意味，但是在那些备受尊敬的思想家眼中，也并不是一无是处。 The detail of a man's opinion might be changed by circumstances. 一个人意见的详细观点可能会由于环境而改变。 But the idea that much of his character was ingrained at birth held no terrors. 但是，这种与生俱来的，由他的性格决定的观念也没什么恐怖的。 It is not, however, a view that cut much ice in 20th-century social-scientific thinking, particularly after the second world war. 然而，它在二十世纪的社会科学思想中没有占到一席之地，特别是二战之后。 Those who allowed that it might have some value were generally shouted down and sometimes abused, along with all others vehemently suspected of the heresy of believing that genetic differences between individuals could have a role in shaping their behavioural differences. 那些认为它有一些价值的人们发出的呐喊，通常会被持不同观点人们的声音所掩盖，有时还会遭到辱骂，和那些对当时的异端邪说----即个体之间的遗传差异在塑造他们各自不同的行为上起了一定的作用----有些猜测的人们一样受到不公平对待。

《经济学人》英中对照翻译版(考研英语必备)

来源于https://www.sodocs.net/doc/c08682254.html,/wordpress/（The Economist《经济学人》中文版）和https://www.sodocs.net/doc/c08682254.html,/（《The Economist》《经济学人》中文版） 11月10, 2008 [2008.11.08] 美国大选：无限期望 America's election：Great expectations NO ONE should doubt the magnitude of what Barack Obama achieved this week. When the president-elect was born, in 1961, many states, and not just in the South, had laws on their books that enforced segregation, banned mixed-race unions like that of his parents and restricted voting rights. This week America can claim more credibly that any other western country to have at last become politically colour-blind. Other milestones along the road to civil rights have been passed amid bitterness and bloodshed. This one was marked by joy, white as well as black (see article). 相信无人质疑奥巴马于本周取胜的重要意义。这位新总统出生于1961年，那时美国很多州的法律都要求强化种族分离、禁止像奥巴马父母那样的跨族通婚、限制选举权利；这些不仅限于南部地区，而出现在全国范围内。从本周开始，美国可以更加自信的宣称：任何其他的西方国家都变得有些政治色盲了。在通向民权的道路上，其它里程碑似的重大历史事件都是在痛苦与血泊中通过的；而此次总统选举则以愉快著称，受到了包括白人及黑人在内的全国选民的称赞。 Mr Obama lost the white vote, it is true, by 43-55%; but he won almost exactly same share of it as the last three (white) Democratic candidates; Bill Clinton, Al Gore and John Kerry. And he won heavily among younger white voters. America will now have a president with half-brothers in Kenya, old schoolmates in Indonesia and a view of the world that seems to be based on respect rather than confrontation. 奥巴马丢掉了大约43%-55%的白人选票，这是不争的事实；但他与过去三位白人民主党候选人–克林顿、戈尔和肯尼迪–得到的白人选票几乎相同。同时，他在年轻一代的白人选民中取得了重大胜利。这位新总统有一个同父异母的兄弟在肯尼亚，有老同学在印尼，他的世界观似乎建立在尊重而不是对抗的基础之上。 That matters. Under George Bush America’s international standing has sunk to awful lows. This week Americans voted in record-smashing numbers for many reasons, but one of them was an abhorrence of how their shining city’s reputation has been tarnished. Their country will now be easier for its friends to like and harder for its foes to hate. 这很重要。在布什治下，美国的国际声誉降到了糟糕地步。本周美国选民的投票数量突破了历史纪录，其中原因很多，有一个就是他们对曾经辉煌无比的城市形象已然黯淡无光而感到愤恨。现在他们的国家将会更易赢得朋友的喜爱，而不易引起敌人的仇恨。 In its own way the election illustrates this redeeming effect. For the past eight years the debacle in Florida in 2000 has been cited (not always fairly) as an example of shabby American politics. Yet here was a clear victory delivered by millions of volunteers-and by the intelligent use of technology to ride a wave of excitement that is all too rare in most democracies. Mr Obama showed that, with the right message, a candidate with no money or machine behind him can build his own.

经济学人双语阅读3

经济学人杂志双语阅读：Fatalism v fetishism宿命论VS进口至上说 Economics focus 经济聚焦 Fatalism v fetishism 宿命论VS进口至上说 Jun 11th 2009 From The Economist print edition How will developing countries grow after the financial crisis? 金融危机后发展中国家将如何成长？ FORTY years ago Singapore, now home to the world's busiest port, was a forlorn outpost still garrisoned by the British. In 1961 South Korea was less industrialised than the communist north and dependent on American aid. In 1978 China's exports amounted to less than 5% of its GDP. These countries, and many of their neighbours, have since traded their way out of poverty. Given their success, it is easy to forget that some development economists were once prey to “export fatalism”. Poor countries, they believed, had little to gain from venturing into the world market. If they tried to expand their exports, they would thwart each other, driving down the price of their commodities. 现今世界最繁忙的港口坐落于新加坡-在40年前它还只是英国人驻军的遥远哨所。1961年的南朝鲜靠美国援助度日，在产业化的路上远远落后于他们北面的社会主义邻居。1987年的中国出口额占GDP总量不到5%。之后，这些国家和他们的邻居们靠开放商路脱离了贫穷。在这些国家成功的光环下，过去许多发展经济学家深受“出口宿命说”(注一)折磨的往事被淡忘了。他们曾经相信，穷国投身全球市场并无利可图。一旦他们试图扩大出口，那么穷国之间便会互相伤害并造成他们出产的商品价格下降。 The financial crisis of the past nine months is stirring a new export fatalism in the minds of some economists. Even after the global economy recovers, developing countries may find it harder to pursue a policy of “export-led growth”, which served countries like South Korea so well. Under this strategy, sometimes called “export fetishism”, countries spur sales abroad, often by keeping their curr encies cheap. Some save the proceeds in foreign-currency reserves, rather than spending them on imports. This strategy is one reason why the developing world's current-account surplus exceeded $700 billion in 2008, as measured by the IMF. In the past, these surpluses were offset by American deficits. But America may now rethink the bargain. This imbalance, whereby foreigners sell their goods to America in exchange for its assets, was one potential cause of the country's financial crisis. 过去九个月里的金融危机在某些经济学家的脑海里搅起了新的出口宿命论。就算是在金融危机过后，也许发展中 国家也可能会觉得他们要想采用那种使南朝鲜一类的国家受益颇多的“出口带动型增长”政策变得更加困难了。在这种被称为“出口至上主义”的策略下，政府常以保持本国货币的廉价来激励跨国贸易。一些国家选择把出口收益存入外汇储备，而不是用它们来进口。国际货币基金组织统计出，2008年发展中国家的经常账户(注二)有7千亿美元的结余，这(出口至上主义的策略)也许就是原因之一。在过去，这些结余会被美国的贸易逆差抵消。但是美国现在可能要重新考虑一下

经济学人双语版1

Europe's debt crisis 欧洲债务危机 Spot the pattern 看变化模式 Jul 5th 2011, 18:55 by R.A. | WASHINGTON 2011年7月5日18：55 R.A./华盛顿 HERE'S a chart showing the yields on 10-year Greek debt over the past three months. See the pattern? 本图显示的是在过去3个月10年期希腊债券的收益率。变化模式看清楚了吧？ There's a spike, followed by a decline, followed by a higher spike, followed by a decline to a higher trough, and so on. European leaders keep taking steps to avert disaster, and each time markets are less assuaged. 有个尖峰，接着是下跌，然后又是稍高一些的尖峰，接着跌入一个较高的波谷，如此反复。欧洲国家的领导人一直在采取措施避免灾难，而每一次市场都没有大的起色。 The latest spike corresponds to the stalemate over the IMF's willingness to continue making bail-out payments without a new, long-term rescue package in place (and the corresponding disagreement over how to rollover Greek debt, plus the drama surrounding the passage of Greece's new austerity plan). The IMF agreed to keep paying, French and German banks seemed willing to sign on to a rollover plan, and Greece got its new austerity programme through parliament. But it wasn't long before trouble kicked up again. 最近的尖峰反映了这样一个困境：国际货币基金组织愿意继续救助，但又没有制定出一个长期的一揽子救助计划（同时也反映出如何缓解希腊债务各方存在分歧，以及希腊的新紧缩计划能否通过依然有变数）。国际货币基金组织同意继续提供支付，法国和德国的银行似乎愿意签署资金周转计划书，希腊国会通过了新的紧缩计划。但是，没过多久，麻烦又来了。 Moody's and Standard and Poor's have both suggested that the agreed-upon rollover plan might well constitute a default. Since that's precisely the outcome European leaders were hoping to avoid, this news has sent everyone scurrying to come up with a new and better deal. Meanwhile, Moody's has cut Portugal's debt rating to junk. Portugal may well need a new rescue package, which will surely include debate over the fate of creditors, which will mean more questions about bank finances and more brinksmanship. And the European economy continues to slow, even as the European Central Bank continues to tighten policy. 穆迪和标准普尔都暗示，商定好的周转计划很可能得不到执行。因为这种结果正是欧洲国家的领导人们想避免的，所以这条消息让每个人都急不可待地要制定出一个新的、更好的解决办法。与此同时，穆迪公司已经将葡萄牙的债务评级降至垃圾级。葡萄牙很可能需要一个新的一揽子救援计划，这必将包括对债权人命运的辩论，而辩论的内容将更多的是关于银行财政方面的问题和边缘政策。欧洲经济增长速度持续放缓，尽管欧洲央行继续收紧货币政策。 I don't know that there's any broad lesson here, other than: for all the steps already taken by European leaders, the euro zone hasn't really gotten any closer to solving the underlying issues of insolvency and institutional weakness.