外文翻譯--世界經(jīng)濟(jì)中的中央銀行（節(jié)選）

1、<p>　　588單詞，3200英文字符，中文1000字</p><p>　　Central banks in a global economy</p><p>　　In the world of central banking, the importation of monetary policy from another country has been a growing

2、trend in recent years. For some years now, countries such as Austria and the Netherlands imported their monetary policy from Frankfurt. In the 1990s, Argentina joined Panama, Hong Kong, and others in the importation of t

3、heir monetary policy from the Federal Reserve System. Once 11 sovereign countries of Western Europe implemented their plan to shift monetary policy decision-making from the</p><p>　　Aside from national pride

4、, the idea that a nation-state should have its own currency and independent monetary policy was intellectually supported by the idea that some positive rate of inflation was optimal. Even when economists would not defend

5、 deliberate debasement of the currency, authorities often rationalized inflation on grounds of political necessity, especially in the face of often large and growing national debts. The political expediency of the ‘‘unle

6、gislated tax of inflation’’ seems t</p><p>　　Over time, the political benefits of deliberate inflation have been counterbalanced by financial innovations in domestic and global markets. In fact, the balance

7、appears now to have shifted such that the costs associated with rising inflation outweigh any residual benefits. First central bankers, then ministers of finance, and finally politicians generally are finding that a repu

8、tation for tolerance of inflation is undesirable.</p><p>　　Twenty years ago, it was fairly common to hear even prominent, well-respected economists argue the merits of a weak external value of the national c

9、urrency (devaluation) in order to gain some presumed competitive advantage over trading partners. Such notions now seem increasingly quaint. It is now unimaginable that a politician anywhere would achieve success by argu

10、ing that accelerating inflation and a weak currency would benefit local constituents. Much of what has happened in recent years perh</p><p>　　Neither monetary sovereignty nor independent monetary policy is d

11、eemed to be worth very much in today’s global financial markets. Moreover, seigniorage is quite small in a noninflationary world. Hence, it is becoming more widely understood that any net benefits associated with maintai

12、ning a national central bank and a national currency are quite small. Increasingly, the behavior of businesses and households around the world has included the pragmatic adoption of standards of value that serve the</

13、p><p>　　For the past couple of decades, the people of the former Yugoslav republics have used the Deutsche mark as their preferred monetary standard for the same reason that people of Mexico and elsewhere in La

14、tin America use the U.S. dollar. A reputation for stability of purchasing power means more to the consumer than the local content or national origin of the currency. As we have seen in the case of consumer goods, when th

15、e barriers to the free importation and use of superior quality products and se</p><p>　　世界經(jīng)濟(jì)中的中央銀行</p><p>　　世界上越來(lái)越多國(guó)家的中央銀行引入另一個(gè)國(guó)家的貨幣體系是近幾年來(lái)的發(fā)展趨勢(shì)。近些年來(lái)，奧地利和荷蘭等國(guó)從德國(guó)法蘭克福引入了貨幣體系。上世紀(jì)90年代，阿根廷通過(guò)聯(lián)邦儲(chǔ)備銀行制度

16、加入巴拿馬、香港等地區(qū)的貨幣體系。一旦西方歐洲11個(gè)主權(quán)國(guó)家實(shí)施由各主權(quán)國(guó)家決定的轉(zhuǎn)變貨幣政策決策——?jiǎng)?chuàng)建一個(gè)新的超國(guó)家中央銀行，逐步淘汰11種國(guó)家貨幣，取而代之的是被所有國(guó)家使用的單一貨幣標(biāo)準(zhǔn)，將會(huì)涌現(xiàn)大量對(duì)國(guó)家放棄任何貨幣自主性和本國(guó)貨幣概念的研究。就在今年厄瓜多爾開(kāi)始用美元替代蘇克雷（厄瓜多爾的貨幣單位）。 (Economist， 2000)</p><p>　　除了民族尊嚴(yán)之外，通貨膨脹的積極意義的概念也

17、支持一個(gè)民族國(guó)家應(yīng)該有自己的貨幣和獨(dú)立的貨幣政策。即使經(jīng)濟(jì)學(xué)家不會(huì)故意為貨幣貶值掩護(hù)，但當(dāng)局往往出于政治目的將通貨膨脹合理化，特別是當(dāng)面對(duì)不斷大量增長(zhǎng)的國(guó)家債務(wù)的時(shí)候。出于政治私利的“通貨膨脹非法稅收”似乎有普遍的吸引力。</p><p>　　隨著時(shí)間的推移，故意通貨膨脹的政治利益已經(jīng)抵消了國(guó)內(nèi)和全球市場(chǎng)的金融創(chuàng)新。事實(shí)上，現(xiàn)在的平衡似乎已經(jīng)轉(zhuǎn)移，這樣成本上升的通貨膨脹超過(guò)任何剩余收益。首先是央行行長(zhǎng)，然后是財(cái)政

18、部長(zhǎng)，最后是政治家們都普遍認(rèn)為對(duì)通貨膨脹的容忍度是不可取的。</p><p>　　二十年前還經(jīng)常有著名的、受人尊敬的經(jīng)濟(jì)學(xué)家認(rèn)同國(guó)家貨幣疲軟（貶值）外部?jī)r(jià)值的優(yōu)點(diǎn)，以爭(zhēng)取在貿(mào)易伙伴中獲得一定的競(jìng)爭(zhēng)優(yōu)勢(shì)。現(xiàn)在這樣的想法越來(lái)越少見(jiàn)。如果現(xiàn)在有任何一個(gè)地方的政治家因?yàn)橹鲝埣铀偻ㄘ浥蛎浐推＼涁泿艑⒂欣诋?dāng)?shù)剡x民的利益而獲得成功，那真是一件難以想象的事情。近幾年來(lái)的發(fā)展趨勢(shì)或許反映了所謂的“金融市場(chǎng)”的興起，這是幾年前所沒(méi)

19、有預(yù)料到的。</p><p>　　無(wú)論是國(guó)家的貨幣主權(quán)還是獨(dú)立貨幣政策，在今年的全球金融市場(chǎng)都尤為重要。此外，在非通貨膨脹的情況下貨幣鑄幣稅是很小的。因此，維持一個(gè)國(guó)家中央銀行和貨幣的純收益是相當(dāng)小的，這開(kāi)始得到人們的廣泛理解。世界各地越來(lái)越多的企業(yè)和家庭開(kāi)始務(wù)實(shí)采用服務(wù)他們目的的價(jià)值標(biāo)準(zhǔn)，而不考慮民族起源。</p><p>　　在過(guò)去的幾十年里，前南斯拉夫共和國(guó)的人民已經(jīng)使用德國(guó)馬克作為