金融時(shí)報(bào):全球經(jīng)濟(jì)走向何方

全球經(jīng)濟(jì)走向何方

油價(jià)下跌將會(huì)提振經(jīng)濟(jì)，但也導(dǎo)致了通脹水平急劇下降，同時(shí)歐洲央行出臺(tái)量化寬松的前景也為全球經(jīng)濟(jì)前景蒙上了一層不確定性。

測(cè)試中可能遇到的詞匯和知識(shí)：

precipitous魯莽的，險(xiǎn)峻的[pr??s?p?t?s]

choppy起伏的['t??p?]

grist谷物[ɡr?st]

sovereign bond主權(quán)債券

The economy is worse than you hoped but better than you think (893 words)

by Gavyn Davies, January 16, 2015 7:15 pm Though Europe faces deflation, the fall in oil price is a boon for consumers

The oil price has fallen by more than half in a little over six months, and you might expect investors to be cheering. Perhaps they would have been — had the result not been a precipitous drop in inflation.

A flight to the safety of government bonds has caused yields to fall lower than they have been at any time other than the darkest days of the euro crises of 2012. Although stock markets are still only 3.5 per cent from their all time highs, they have become a lot choppier. Prices are bouncing up and down, suggesting investors have become more nervous about the prospects for economic growth.

Economists believe the fall in the oil price was triggered mainly by an increase in the supply of oil, following a rise in US production, and the decision by Opec to keep output high. Standard economic models suggest this should boost global output by between 0.5 and 1 per cent this year, if present oil prices are maintained. There will be significant losses among oil producers — but even bigger gains to oil consuming households and businesses.

Investors initially accepted this, sending equity prices higher outside the energy sector. But lately, they have become sceptical, as inflation expectations have fallen off a cliff — for reasons that are not obvious, if the oil shock really is a boon for economic growth.

The answer lies in the eurozone. Although lower oil prices should have boosted growth there, the economy keeps crawling along with growth of less than 1 per cent, and inflation expectations have been torn loose from the European Central Bank's inflation target of below but close to 2 per cent. A deflationary process — in which consumers put off spending money because they expect prices to fall, companies cut prices to lure people into the shops, and households sit tight because their expectations have been confirmed — may be taking an inexorable grip on the single currency. The consequences would be disastrous, and far-reaching.

Mario Draghi, the ECB president, is aware of this threat, and has strongly hinted that the central bank will begin quantitative easing — that is, purchasing sovereign bonds with newly created money — at its meeting this coming Thursday. This week the European Court of Justice indicated that such bond purchases are likely to be deemed legal under the EU treaties, subject perhaps to some minor safeguards.

Meanwhile, the Swiss National Bank unexpectedly decided last Thursday to allow its currency to move freely instead of keeping its value below a predetermined cap. This has been taken as a signal that Swiss central bankers are unwilling to soften the fall in the value of the euro that is likely to occur when the ECB starts buying bonds. The alternative was to print Swiss francs in large quantities and use them to buy euros, so that — relative to one another, at least — the value of the two currencies would stay the same. But a glut of francs would have created the risk of instability in the Swiss financial system, and it would have exposed the SNB to losses on its foreign exchange reserves if it had been forced to backtrack later on.

Whatever the motives, the SNB's action has added to the jitters in financial markets. Its volte face leaves traders wondering whether they can take central bankers at their word when they promise unlimited intervention to meet an announced goal. Many investors are becoming sceptical about the efficacy of QE, even in “unlimited” quantities. This will be grist to their mill.

It will not, however, stop Mr Draghi from announcing sovereign bond purchases next Thursday — probably about €500bn worth. Adding in purchases of private-sector assets that have already been announced, this is enough to swell the ECB balance sheet by €750bn — the target he has previously indicated. But two large uncertainties remain.

First, we do not know whether the two German members of the ECB governing council, Jens Weidmann and Sabine Lautenschläger, will support QE in any form. And if they do, we also do not know whether they will insist that, if the ECB bears losses on sovereign bonds, they should be paid for by the country concerned. (Many economists believe that such an insistence would make QE far less effective, arguing that losses should instead be “mutualised” on the ECB balance sheet and spread out among the eurozone members.) Mr Draghi faces a crucial choice: does he seek to achieve unanimity even at the cost of undermining the size and efficacy of his QE programme?

Then there is the worry that the American economy may be in trouble. The dollar has been rising and it will rise further when the eurozone embarks on QE. This will damp growth, offsetting the boost from lower oil prices. Statistical models suggest that the real growth rate has slowed from 4 per cent in November to 3 per cent in January. But it is too early to turn pessimistic about America. The slowdown is roughly what the Federal Reserve expected. Joblessness is still coming down, and consumer confidence is very robust.

Last week, Christine Lagarde, managing director of the International Monetary Fund, complained that global growth is “lopsided”, because it is too reliant on lower oil prices and the US recovery. This is clearly true. But do not lose sight of the rays of optimism amid the recent gloom.

請(qǐng)根據(jù)你所讀到的文章內(nèi)容，完成以下自測(cè)題目：

1.What caused the yield of government bond to fall lower than they have been at any time other than the days of euro crises of 2012？

A.The U.S quit the QEIII.

B.The ECB announced QE in the eurozone.

C.Capital fled to the government bond.

D.Interest rate fluctuated too frequently.

答案(1)

2.According to the article, which of the statement below is true？

A.The stock price stayed steady only 3.5 per cent from their all time highs.

B.The fall in the oil price was triggered only by an increase in the supply of oil.

C.Investors have become more confident about the prospects for economic growth.

D.What caused the fall in the oil price was the eurozone.

答案(2)

3.According to paragraph 5, if the households expect that the prices of goods will fall in the future, what action will they take?

A.They will tend to buy more goods now.

B.They will tend to save money now to buy more in the future..

C.They will tend to exchange their money into another kind of currency.

D.They may withdraw money from banks.

答案(3)

4.According the article, which of the statements below is not true?

A.Mario Draghi hinted that the central bank will begin quantitative easing.

B.Swiss National Bank decided not to keep its exchange rate below a predetermined cap

C.Quantitative easing is to set a floating exchange rate.

D.Many investors are becoming doubtful about the efficacy of QE.

答案(4)

5.According to the article, for Mario Draghi's QE decision, what factors were uncertain?

A.The attitude of two German members of ECB governing councils and American economy.

B.The oil price and American economy.

C.C.The volume of FDI and the attitude of two German members of ECB governing councils.

D.D.The attitude of two German members of ECB governing councils and the oil price.

答案(5)

* * *

(1)答案：C.Capital fled to the government bond.

解釋?zhuān)何闹械诙蚊鞔_提到是資金涌入政府債券，使政府債券的收益率降到了2012年歐元危機(jī)以來(lái)的冰點(diǎn)。

(2)答案：D.What caused the fall in the oil price was the eurozone.

解釋?zhuān)旱谒亩畏瘩g了原先供給增加使石油降低的觀點(diǎn)，第五段給出了解釋?zhuān)菏徒祪r(jià)的原因是歐元區(qū)。

(3)答案：B.They will tend to save money now to buy more in the future..

解釋?zhuān)何恼碌谖宥我约敖?jīng)濟(jì)學(xué)原理告訴我們，如果消費(fèi)者預(yù)期商品價(jià)格今后會(huì)下降，他們會(huì)減少現(xiàn)在的需求從而未來(lái)能以更低價(jià)格買(mǎi)到更多商品。

(4)答案：C.Quantitative easing is to set a floating exchange rate.

解釋?zhuān)何恼碌诹我约敖?jīng)濟(jì)學(xué)常識(shí)告訴我們，量化寬松是央行購(gòu)買(mǎi)債券以增加流動(dòng)性的行為，這是貨幣政策工具。

(5)答案：A.The attitude of two German members of ECB governing councils and American economy.

解釋?zhuān)何恼?0、11段寫(xiě)道不確定性的兩個(gè)來(lái)源分別于1.歐洲央行治理委員會(huì)的兩名德國(guó)委員延斯·魏德曼(Jens Weidmann)和薩拜因·勞滕施萊格(Sabine Lautenschläger)是否支持任何形式的量化寬松；2.美國(guó)經(jīng)濟(jì)可能會(huì)出問(wèn)題。