2020年经济学人 量化宽松政策也适用于新兴市场(2)

Brazil's constitutional limits on the central bank, for example, reflect its history of hyperinflation,

例如，巴西对央行的宪法限制反映了其恶性通货膨胀的历史，

when governments resorted to the printing press to finance their populism.

当时，政府求助于印钞机来资助他们的民粹主义。

And although inflation is now firmly under control in most big emerging markets (exceptions include Argentina, Nigeria and Turkey),

尽管在大多数大型新兴市场（阿根廷、尼日利亚和土耳其除外），通货膨胀已被牢牢控制，

many of these countries still worry that monetary¹ indiscipline can lead to destabilising runs on their currency.

但其中很多国家仍担心无纪律的货币政策会导致对本国货币的不稳定挤兑。

QE is also, surely, less needed in the emerging world. In Chile and Peru benchmark interest rates are already about as low as they can go.

当然，新兴市场对QE的需求也较少。在智利和秘鲁，基准利率已经低得不能再低了。

But in most of their peers, central banks still have room to ease monetary policy by conventional means.

但在大多数同类国家，央行仍有通过传统方式放松货币政策的空间。

In Indonesia and South Africa, for instance, the policy interest rate is still over 4%.

例如，在印尼和南非，政策利率仍在4%以上。

Why then are central banks pressing ahead? They believe their bond purchases serve a distinct purpose.

那么，各国央行为什么要向前推进呢？他们认为，他们购买债券是为了不同的目的。

They are neither an unconventional way to lower borrowing costs nor an illicit² one to finance the government.

它们既不是降低借贷成本的非传统方式，也不是为政府融资的非法方式。

The aim instead is to stabilise financial markets.

相反，其目的是为了稳定金融市场。

In Brazil the president of the central bank says its bond purchases will resemble foreign-exchange intervention³.

巴西央行行长表示，他们购买债券将类似于外汇干预。

It will not try to peg⁴ bond yields any more than it pegs⁵ the real. But it will try to smooth out jumps.

它不会像限制现实一样，限制债券市场利息率。但是它会尝试消除暴涨。

The South African Reserve Bank says that its purchases are not meant "to stimulate⁶ demand", but to ensure a "smoothly⁷ functioning market".

南非储备银行表示，其买入债券不是为了“刺激需求”，而是为了确保“市场平稳运转”。

In some quarters QE is still a tainted⁸ term, associated either with mercantilism, as a weapon in a currency war, or monetary adventurism.

在某些领域，QE仍是一个有污点的术语，要么与重商主义（作为货币战争中的武器）有联系，要么与货币冒险主义有联系。

But the stigma⁹ is fading. Indeed some central banks now say they are doing QE even when they aren't.

这种污名正在消失。一些央行现在确实表示自己正在实施量化宽松政策，尽管他们并没有这么做。

The Bank of Korea, for example, has resolved to buy unlimited¹⁰ amounts of bonds from financial institutions that promise to repurchase them after three months.

例如，韩国银行已经决定从金融机构购买无限量的债券，这些机构承诺在3个月后回购这些债券。

These "repo" operations amount to collateralised loans, not outright¹¹ purchases. Few economists¹² would describe them as QE.

这些“回购”操作相当于抵押贷款，而不是直接购买。很少有经济学家会将这种方式描述为QE。

But far from resisting the term, the Bank of Korea has embraced it ("It wouldn't be wrong to say we began quantitative¹³ easing," noted¹⁴ one official).

但韩国银行并没有抵制这一术语，反而欣然接受了它（一名官员指出，“我们开始进行量化宽松，这么说也没错。”）。

Never in the field of central banking¹⁵ have so many worried so little about buying so much.

在中央银行领域，从来没有这么多人对购买这么多债券如此不担心。

1 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 illicit   

adj.非法的，禁止的，不正当的

参考例句：

• He had an illicit association with Jane.他和简曾有过不正当关系。
• Seizures of illicit drugs have increased by 30% this year.今年违禁药品的扣押增长了30%。

3 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

4 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。

5 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

6 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

7 smoothly   

adv.平滑地，顺利地，流利地，流畅地

参考例句：

• The workmen are very cooperative,so the work goes on smoothly.工人们十分合作，所以工作进展顺利。
• Just change one or two words and the sentence will read smoothly.这句话只要动一两个字就顺了。

8 tainted   

adj.腐坏的；污染的；沾污的；感染的v.使变质( taint的过去式和过去分词 )；使污染；败坏；被污染，腐坏，败坏

参考例句：

• The administration was tainted with scandal. 丑闻使得政府声名狼藉。
• He was considered tainted by association with the corrupt regime. 他因与腐败政府有牵连而名誉受损。 来自《简明英汉词典》

9 stigma   

n.耻辱，污名；(花的)柱头

参考例句：

• Being an unmarried mother used to carry a social stigma.做未婚母亲在社会上曾是不光彩的事。
• The stigma of losing weighed heavily on the team.失败的耻辱让整个队伍压力沉重。

10 unlimited   

adj.无限的，不受控制的，无条件的

参考例句：

• They flew over the unlimited reaches of the Arctic.他们飞过了茫茫无边的北极上空。
• There is no safety in unlimited technological hubris.在技术方面自以为是会很危险。

11 outright   

adv.坦率地；彻底地；立即；adj.无疑的；彻底的

参考例句：

• If you have a complaint you should tell me outright.如果你有不满意的事，你应该直率地对我说。
• You should persuade her to marry you outright.你应该彻底劝服她嫁给你。

12 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》

13 quantitative   

adj.数量的，定量的

参考例句：

• He said it was only a quantitative difference.他说这仅仅是数量上的差别。
• We need to do some quantitative analysis of the drugs.我们对药物要进行定量分析。

14 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

15 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。