2020年经济学人 自由兑换——特快专递(1)

Governments around the world are seeing their finances savaged¹ by the pandemic.

世界各地的政府都看到他们的财政因全球性流行病而遭受重创。

And poor ones, who are also suffering from capital flight, are crying out for cash. The IMF, the world's crisis lender, is already parcelling out loans.

那些同样正在遭遇资金外流的贫困国家急需现金。危机贷方IMF已经在分发贷款。

It may yet resort to a weirder² weapon: the special drawing right (SDR), an arcane³ financial instrument designed in the 1960s.

它或许还会求助于一种更加奇怪的武器：特别提款权（SDR），一种设计于20世纪60年代的神秘金融工具。

At present, some 204bn SDRS sit on the balance-sheets of finance ministries⁴ and central banks around the world.

目前，全球各国财政部和央行的资产负债表上约有2040亿SDRS。

Each can, in theory, be swapped⁵ for currency worth $1.36. Governments in poor countries desperately⁶ need cash to retain investors⁷' confidence,

理论上，每一个都可以兑换成为价值1.36美元的货币。贫穷国家的政府迫切需要现金来维持投资者的信心，

pay off creditors⁸ and buy medical supplies. Some economists¹⁰ think an infusion¹¹ of SDRS is part of the answer. Could this help tackle the corona-crisis?

还清债务以及购买医疗用品。一些经济学家认为SDRS的注入是部分答案。这能帮助阻止冠状病毒危机吗？

When SDRS were introduced in 1969 they were intended to reduce the world's dependence¹² on dollars.

1969年，SDRS被引入时，其目的是为了降低世界对美元的依赖。

At the time many of the world's countries pegged¹⁴ their currencies to the greenback,

当时，世界很多国家的货币都和美元挂钩，

which was itself tied to gold, under the so-called "Bretton Woods" system of fixed¹⁵ exchange rates.

而在所谓的“布雷顿森林”固定汇率体系下，美元本身又与黄金挂钩。

But the two components¹⁶ were in tension with one another. When too few dollars circulated in the world economy,

但这两个部分相互矛盾。当世界经济中流通的美元太少时

perhaps as a result of America spending less on imports, countries would hoard¹⁷ greenbacks to defend their pegs¹⁸, and global commerce ground to a halt.

（可能是由于美国减少了进口支出），各国会囤积美元以保护其挂钩汇率，全球贸易将陷入停滞。

But creating enough dollars to satisfy the global demand for reserves imperilled the credibility of the dollar's peg¹³ to gold.

但创造出能够满足全球储备需求的美元又会危及美元挂钩黄金的可信度。

Providing an alternative reserve asset, it was thought, might provide an escape from this dilemma¹⁹.

人们认为提供另一种储备资产或许能够摆脱这种困境。

The idea was reminiscent of "bancor", a global currency proposed by John Maynard Keynes in 1941.

这一想法让人们回忆起了1941年约翰·梅纳德·凯恩斯提议的一种全球货币——“bancor”。

Like bancor, SDRS aim to share the so-called "seigniorage" benefits that accrue²⁰ to America as a result of providing the world's currency.

和bancor一样，SDRS旨在分享美国所享有的所谓的“铸币税”的好处，这是美国提供世界货币的结果。

To reinforce their balance-sheets with dollars, countries must, in aggregate²¹, sell goods and services to America and hold on to the proceeds.

为了用美元来巩固他们的资产负债表，这些国家必须向美国出售商品和服务，并把收益留在手中。

But when SDRS are issued, everyone gets reserves without having to provide anything in return.

但当发行SDRS时，每个国家都可以获得储备，而无需提供任何回报。

Reserves fall like manna from heaven, rather than emerging from trade flows.

储备金像天上掉下来的甘露，而不是从贸易流通中冒出来的。

Yet SDRS failed to take off. The need for them became less pressing after America untethered the dollar from gold in 1971.

但SDRS没能发展起来。1971年美国将美元与黄金脱钩后，对它们的需求就不那么迫切了。

And too few were issued. Keynes had proposed that the stock of bancors would grow in line with world trade.

发行的SDRS很少。凯恩斯曾提议，bancors的存量将随着世界贸易的增长而增长。

But political wrangling²² means that there have been only three allocations of SDRS, the most recent of which was in 2009.

但政治角逐意味着只有三次SDRS的分配，最近一次是在2009年。

They make up less than 3% of non-gold reserves; by contrast, the dollar makes up over half.

它们在非黄金储备中所占的比例不到3%；相比之下，美元占了一半以上。

As a source of liquidity²³, though, SDRS have their advantages. They are not a true currency,

不过，作为一种流动资产来源，SDRS有其自身的优势。它们并非真正的货币，

as they can be exchanged only between IMF members and not in private markets.

因为它们只能在IMF成员国之间兑换，而不能在私人市场上兑换。

Maurice Obstfeld of the University of California, Berkeley—and a former chief economist⁹ at the fund—sees them as a way to share risk.

加州大学伯克利分校的Maurice Obstfeld——兼IMF前首席经济学家——将它们看成是一种分担风险的方法。

Countries are given SDRS in proportion to their IMF "quotas²⁴", which determine their financial commitment to the fund and their voting rights.

各国根据他们的IMF“配额”分配SDRS，配额决定了他们对IMF的财政承担和投票权。

When they face a liquidity crunch²⁵, they can offer cash-rich countries SDRS in exchange for hard currency.

当他们面临资金紧缩时，他们可以向现金充裕的国家提供SDRS，以换取硬通货。

They must pay interest, currently at a rate of 0.05%, on the amount of their SDRS they choose to convert,

他们必须为交换的SDRS支付利息，目前的利率为0.05%，

making exchanging an SDR a bit like drawing on an emergency overdraft—one that does not need to be repaid.

这使得兑换SDR有点像是紧急透支——一种不需要偿还的透支。

1 savaged   

（动物）凶狠地攻击（或伤害）( savage的过去式和过去分词 )； 残害； 猛烈批评； 激烈抨击

参考例句：

• The horse threw its rider to the ground and savaged him. 那马将骑马者摔在地上，乱踢他。
• The drink had savaged him. 酒使他变得野蛮。

2 weirder   

怪诞的( weird的比较级 )； 神秘而可怕的； 超然的； 古怪的

参考例句：

• Actually, things got a little weirder when the tow truck driver showed up. 事实上，在拖吊车司机出现后，事情的发展更加怪异。

3 arcane   

adj.神秘的，秘密的

参考例句：

• The technique at one time was arcane in the minds of most chemists.这种技术在大多数化学家心目中一度是神秘的。
• Until a few months ago few people outside the arcane world of contemporary music had heard of Gorecki.直至几个月前，在现代音乐神秘殿堂之外很少有人听说了戈莱斯基。

4 ministries   

（政府的）部( ministry的名词复数 )； 神职； 牧师职位； 神职任期

参考例句：

• Local authorities must refer everything to the central ministries. 地方管理机构应请示中央主管部门。
• The number of Ministries has been pared down by a third. 部委的数量已经减少了1/3。

5 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。

6 desperately   

adv.极度渴望地，绝望地，孤注一掷地

参考例句：

• He was desperately seeking a way to see her again.他正拼命想办法再见她一面。
• He longed desperately to be back at home.他非常渴望回家。

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

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 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

10 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》

11 infusion   

n.灌输

参考例句：

• Old families need an infusion of new blood from time to time.古老的家族需要不时地注入新鲜血液。
• Careful observation of the infusion site is necessary.必须仔细观察输液部位。

12 dependence   

n.依靠，依赖；信任，信赖；隶属

参考例句：

• Doctors keep trying to break her dependence of the drug.医生们尽力使她戒除毒瘾。
• He was freed from financial dependence on his parents.他在经济上摆脱了对父母的依赖。

13 peg   

n.木栓，木钉；vt.用木钉钉，用短桩固定

参考例句：

• Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
• He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。

14 pegged   

v.用夹子或钉子固定( peg的过去式和过去分词 )；使固定在某水平

参考例句：

• They pegged their tent down. 他们钉好了账篷。 来自《简明英汉词典》
• She pegged down the stairs. 她急忙下楼。 来自《现代英汉综合大词典》

15 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

16 components   

（机器、设备等的）构成要素，零件，成分； 成分( component的名词复数 )； [物理化学]组分； [数学]分量； （混合物的）组成部分

参考例句：

• the components of a machine 机器部件
• Our chemistry teacher often reduces a compound to its components in lab. 在实验室中化学老师常把化合物分解为各种成分。

17 hoard   

n./v.窖藏，贮存，囤积

参考例句：

• They have a hoard of food in the basement.地下室里有他们贮藏的食物。
• How many curios do you hoard in your study?你在你书房里聚藏了多少古玩？

18 pegs   

n.衣夹( peg的名词复数 )；挂钉；系帐篷的桩；弦钮v.用夹子或钉子固定( peg的第三人称单数 )；使固定在某水平

参考例句：

• She hung up the shirt with two (clothes) pegs. 她用两只衣夹挂上衬衫。 来自辞典例句
• The vice-presidents were all square pegs in round holes. 各位副总裁也都安排得不得其所。 来自辞典例句

19 dilemma   

n.困境，进退两难的局面

参考例句：

• I am on the horns of a dilemma about the matter.这件事使我进退两难。
• He was thrown into a dilemma.他陷入困境。

20 accrue   

v.(利息等)增大，增多

参考例句：

• Ability to think will accrue to you from good habits of study.思考能力将因良好的学习习惯而自然增强。
• Money deposited in banks will accrue to us with interest.钱存在银行，利息自生。

21 aggregate   

adj.总计的，集合的；n.总数；v.合计；集合

参考例句：

• The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
• The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

22 wrangling   

v.争吵，争论，口角( wrangle的现在分词 )

参考例句：

• The two sides have spent most of their time wrangling over procedural problems. 双方大部分时间都在围绕程序问题争论不休。 来自辞典例句
• The children were wrangling (with each other) over the new toy. 孩子为新玩具（互相）争吵。 来自辞典例句

23 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。

24 quotas   

（正式限定的）定量( quota的名词复数 )； 定额； 指标； 摊派

参考例句：

• In fulfilling the production quotas, John made rings round all his fellow workers. 约翰完成生产定额大大超过他的同事们。
• Quotas of the means of production are allocated by the higher administrative bodies to the lower ones. 物资指标按隶属关系分配。

25 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。