回复3#学长在图书馆网站下载过类似的文献么我看外文网站好像都是理工科的资料
INTO THE STORMFOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world’s financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.过去一年的大部分时间里,高速发展的新兴国家一直在远处观望着西方国家的金融风暴。他们的银行仅持有少量抵押资产,而类似的资产已经破坏了发达国家的金融公司。商品出口商因为原材料的高价格而日渐富有。中国不可抗拒的经济力量已然开启,而且信贷刺激的内需从布达佩斯到巴西利亚都表现得非常充足。尽管大萧条后关于西方国家受难于金融崩塌的话题与日俱增,但新兴国家似乎距离金融风暴的中心还有一段距离。No longer. As foreign capital has fled and confidence evaporated, the emerging world’s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.不过目前的情况不再是那样了,随着境外资本的流失和经济信心的消失,新兴国家股市暴跌(有些地区已经腰斩),本币迅速贬值。由于外国银行突然中断贷款,并且收缩了包括贸易信贷在内的基础银行服务,新兴国家的信贷市场突发混乱,并引发了一场浩劫。Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services industry. South Korea has guaranteed $100 billion of its banks’ debt. Less well-endowed countries are asking for help. Hungary has secured a EURO5 billion ($ billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.新兴国家的政府和发达国家的政府一样都在为控制损失程度而奋斗。不过对于外汇储备充足的国家来说难度会小一些:俄罗斯斥资2200亿美元重振金融服务行业;韩国政府担保了1000亿美元的银行债务。而那些储备并不充足的国家正在四处求援:匈牙利成功向欧洲央行求得了50亿欧元(约66亿美元)的生命线,同时也在同国际货币基金组织协商借款事宜,同时向国际货币基金组织求援的还有乌克兰。近一打儿的国家在向基金组织求助。Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seemingly to stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China’s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.有持续问题的国家正棋行险招:阿根廷正在将私人养老金国有化,意图阻止违约的发生。即使强有力的国家也表现出虚弱一面:本周公布的数字表明今年中国的增长率在第三季度减缓为9%,虽然增速还算快,但是与近些年的两位数增率相比缓慢了不少。Blowing cold on credit对信贷没兴趣The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.众多新兴经济的意愿并不相同,但是累计在一起的影响力却非同一般。最明显的就是这些国家的表现将会决定世界经济所面临的是一个较为缓和的衰退还是更可怕的情况。在过去18个月的全球经济增长中,新兴经济贡献了75%。但是他们的经济命运也会有一些政治后果。In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today’s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.在类似东欧的很多地区,金融混乱目前的打击目标是软弱的政府;但强硬的政权同样会尝到苦果。一些专家认为中国每年需要7%的增长率来阻止社会动荡的发生。总体来说,如此争端必将影响全球经济一体化的讨论。与以往数次新兴经济危机不同,这次的混乱始于发达国家,很大程度上要归咎于一体化的资本市场。一旦新兴经济崩溃,无论是货币危机还是剧烈的经济萧条,大家对于金融全球化是否属明智之举会有更多的质疑。Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.幸运的是上述恐怖的场景没有发生在全球的每个角落:所有的新兴经济都会减缓发展速度,有一些也必将面临深度萧条;但是更多的国家在面临当下危机的时候却拥有比以往任何时候都强壮的形式,用充足的储备、弹性的货币和强大的预算武装自己。新兴国家及发达国家良好的政策可以避免大灾难的发生。One reason for hope is that the direct economic fallout from the rich world’s disaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurts commodity-exporters from Russia to South America, it helps commodity importers in Asia and reduces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.至少有一个原因值得抱有希望:发达国家此次灾难的直接经济影响还是在可控的范围内。欧美锐减的需求对出口来说无疑是一个打击,特别是对亚洲和墨西哥。商品价格走低:原油价格与巅峰时期比较已经下降了60%,很多粮食和金属类商品跌幅更大。这两个现象有混合效果:尽管从俄罗斯到南美的商品(能源)出口企业备受打击,但却帮助了亚洲的商品(能源)进口商,并且缓和了各地对通胀的恐惧。委内瑞拉的情形一直很糟糕,也很脆弱;不过由于过去极度的繁荣,商品价格下跌目前还不会引发大范围传播的危机。The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China’s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.比商品价格更令人震惊的事情发生在金融领域。由于资产价格的下降,财富水平正在被挤压缩水。以中国房价为例,目前已经开始下跌。尽管新兴国家的消费者比发达国家的负债水平低很多,上述情况还是会挫伤国内的经济信心。在其他方面,国外银行借款骤然匮乏、对冲基金以及其他投资者逃离债券市场,这些因素给信贷增长踩了一脚急刹车。正如发达的信贷曾经强力支撑国内支出那样,信贷紧缩将意味着增长放缓。Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world’s bank bail-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers’ group, expects a 30% decline in net flows of private capital from last year.需要再次重申的是,冲击的表现会因国家的不同而有所区别。多亏中国和海湾产油国经常项目下的巨额顺差,新型经济整体还不断的向发达国家输送资本。但是80 多个国家的财政赤字已经超过GDP的5%,其中的多数是那些依靠国外救助过活得贫困国家;不过也有一些依靠私人资本的大国。对于类似土耳其和南非的国家来说,突然减缓的境外融资迫使其进行大幅调整。东欧的情况特别令人担忧,那里的不少国家赤字水平已经达到了两位数。另外,象俄罗斯这样处于顺差的国家,其银行也逐渐适应了可以轻易从外国取得的贷款,原因自然是全球金融一体化。发达国家的救助计划也许可以限制财富被挤压的水平,但资本流向新兴世界的速度无疑会减慢。国际金融研协会预测私人资本的净流量比去年回减少30%。A wing and a prayer飞行之翼与祈祷者This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The more vulnerable ones can (and should) be helped.信贷紧缩必将令人生畏,不过多数新兴市场可以躲过一劫,最大的市场形势还相当不错。比较脆弱的市场可以(也应该)得到帮助。Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country’s leaders have made clear that they will do whatever it takes to cushion growth, China’s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.在那些坚强的巨人中,中国卓然不群:手握2万亿美元的储备,经常项下的顺差状态,与国外银行罕有关联,过剩的预算给推动支出留有足够空间。鉴于国家领导人已经明确表示将不惜一切代价为经济增长减速缓冲,中国的经济增长应该会减缓到大约8%的水平,但是决不会崩溃。虽然这不足以挽救世界经济,但是该增长率将会为商品价格建底并帮到新兴世界的其他国家。The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil’s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.其他的经济大国会受到更大的冲击,不过应该可以禁受住风暴侵袭。印度的财政赤字巨大,巴西很多公司面临巨大的外汇风险。但巴西经济已经实现多样化,同时上述两个国家拥有充足的储备来平稳过渡到缓慢的增长。俄罗斯掌握着5500亿美元的储备,应该能够阻止对卢布的抢购。至少在短期内,小国家才是最弱不禁风的。There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America’s Federal Reserve for liquidity support; some hope that China will bail them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.受到紧缩信贷压力进行的调整必然带来痛苦,但快速的国际援助是明智之举,因为这会让结果很不相同。一些新兴国家已经向美联储求援以缓解流动性问题;有一些则希望中国可以拯救他们与水火。更佳的求救路线莫过于国际货币基金组织,因为它掌握大量的专门知识和2500亿美元的可出借款项。不幸的是人们认为向基金借款有辱其名,国际货币基金组织应该推出更快捷、更灵活的金融工具,同时实现借贷条件最小化。过去数月中,机敏的决策驱散了发达国家的灾难。现在也正是新兴世界发生类似事情的时候了。
Microeconomics is a branch of economics that studies how individuals, households and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services, which determines prices; and how prices, in turn, determine the supply and demand of goods and services.[2][3] Macroeconomics, on the other hand, involves the "sum total of economic activity, dealing with the issues of growth, inflation and unemployment, and with national economic policies relating to these issues"[2] and the effects of government actions (such as changing taxation levels) on them.[4] Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations' — . based upon basic assumptions about micro-level behaviour. One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics analyzes market failure, where markets fail to produce efficient results, as well as describing the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system. Assumptions and definitions The theory of supply and demand usually assumes that markets are perfectly competitive. This implies that there are many buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods and services. In many real-life transactions, the assumption fails because some individual buyers or sellers or groups of buyers or sellers do have the ability to influence prices. Quite often a sophisticated analysis is required to understand the demand-supply equation of a good. However, the theory works well in simple situations. Mainstream economics does not assume a priori that markets are preferable to other forms of social organization. In fact, much analysis is devoted to cases where so-called market failures lead to resource allocation that is suboptimal by some standard (highways are the classic example, profitable to all for use but not directly profitable for anyone to finance). In such cases, economists may attempt to find policies that will avoid waste directly by government control, indirectly by regulation that induces market participants to act in a manner consistent with optimal welfare, or by creating "missing markets" to enable efficient trading where none had previously existed. This is studied in the field of collective action. It also must be noted that "optimal welfare" usually takes on a Paretian norm, which in its mathematical application of Kaldor-Hicks Method, does not stay consistent with the Utilitarian norm within the normative side of economics which studies collective action, namely public choice. Market failure in positive economics (microeconomics) is limited in implications without mixing the belief of the economist and his or her theory. The demand for various commodities by individuals is generally thought of as the outcome of a utility-maximizing process. The interpretation of this relationship between price and quantity demanded of a given good is that, given all the other goods and constraints, this set of choices is that one which makes the consumer happiest. [edit] Modes of operation It is assumed that all firms are following rational decision-making, and will produce at the profit-maximizing output. Given this assumption, there are four categories in which a firm's profit may be considered. A firm is said to be making an economic profit when its average total cost is less than the price of each additional product at the profit-maximizing output. The economic profit is equal to the quantity output multiplied by the difference between the average total cost and the price. A firm is said to be making a normal profit when its economic profit equals zero. This occurs where average total cost equals price at the profit-maximizing output. If the price is between average total cost and average variable cost at the profit-maximizing output, then the firm is said to be in a loss-minimizing condition. The firm should still continue to produce, however, since its loss would be larger if it were to stop producing. By continuing production, the firm can offset its variable cost and at least part of its fixed cost, but by stopping completely it would lose the entirety of its fixed cost. If the price is below average variable cost at the profit-maximizing output, the firm should go into shutdown. Losses are minimized by not producing at all, since any production would not generate returns significant enough to offset any fixed cost and part of the variable cost. By not producing, the firm loses only its fixed cost. By losing this fixed cost the company faces a challenge. It must either exit the market or remain in the market and risk a complete loss. [edit] Market failure Main article: Market failure In microeconomics, the term "market failure" does not mean that a given market has ceased functioning. Instead, a market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers. Economists normally apply the term to situations where the inefficiency is particularly dramatic, or when it is suggested that non-market institutions would provide a more desirable result. On the other hand, in a political context, stakeholders may use the term market failure to refer to situations where market forces do not serve the public interest. The four main types or causes of market failure are: Monopolies or other cases of abuse of market power where a "single buyer or seller can exert significant influence over prices or output". Abuse of market power can be reduced by using antitrust regulations.[5] Externalities, which occur in cases where the "market does not take into account the impact of an economic activity on outsiders." There are positive externalities and negative externalities.[5] Positive externalities occur in cases such as when a television program on family health improves the public's health. Negative externalities occur in cases such as when a company’s processes pollutes air or waterways. Negative externalities can be reduced by using government regulations, taxes, or subsidies, or by using property rights to force companies and individuals to take the impacts of their economic activity into account. Public goods are goods that have the characteristics that they are non-excludable and non-rivalous and include national defense[5] and public health initiatives such as draining mosquito-breeding marshes. For example, if draining mosquito-breeding marshes was left to the private market, far fewer marshes would probably be drained. To provide a good supply of public goods, nations typically use taxes that compel all residents to pay for these public goods (due to scarce knowledge of the positive externalities to third parties/social welfare); and Cases where there is asymmetric information or uncertainty (information inefficiency).[5] Information asymmetry occurs when one party to a transaction has more or better information than the other party. For example, used-car salespeople may know whether a used car has been used as a delivery vehicle or taxi, information that may not be available to buyers. Typically it is the seller that knows more about the product than the buyer, but this is not always the case. An example of a situation where the buyer may have better information than the seller would be an estate sale of a house, as required by a last will and testament. A real estate broker purchasing this house may have more information about the house than the family members of the deceased. This situation was first described by Kenneth J. Arrow in a seminal article on health care in 1963 entitled "Uncertainty and the Welfare Economics of Medical Care," in the American Economic Review. George Akerlof later used the term asymmetric information in his 1970 work The Market for Lemons. Akerlof noticed that, in such a market, the average value of the commodity tends to go down, even for those of perfectly good quality, because the buyer has no way of knowing whether the product they are buying will turn out to be a "lemon" (a defective product). [edit] Opportunity cost Main article: Opportunity cost Although opportunity cost can be hard to quantify, the effect of opportunity cost is universal and very real on the individual level. In fact, this principle applies to all decisions, not just economic ones. Since the work of the Austrian economist Friedrich von Wieser, opportunity cost has been seen as the foundation of the marginal theory of value. Opportunity cost is one way to measure the cost of something. Rather than merely identifying and adding the costs of a project, one may also identify the next best alternative way to spend the same amount of money. The forgone profit of this next best alternative is the opportunity cost of the original choice. A common example is a farmer that chooses to farm his land rather than rent it to neighbors, wherein the opportunity cost is the forgone profit from renting. In this case, the farmer may expect to generate more profit himself. Similarly, the opportunity cost of attending university is the lost wages a student could have earned in the workforce, rather than the cost of tuition, books, and other requisite items (whose sum makes up the total cost of attendance). The opportunity cost of a vacation in the Bahamas might be the down payment money for a house. Note that opportunity cost is not the sum of the available alternatives, but rather the benefit of the single, best alternative. Possible opportunity costs of the city's decision to build the hospital on its vacant land are the loss of the land for a sporting center, or the inability to use the land for a parking lot, or the money that could have been made from selling the land, or the loss of any of the various other possible uses—but not all of these in aggregate. The true opportunity cost would be the forgone profit of the most lucrative of those listed. One question that arises here is how to assess the benefit of dissimilar alternatives. We must determine a dollar value associated with each alternative to facilitate comparison and assess opportunity cost, which may be more or less difficult depending on the things we are trying to compare. For example, many decisions involve environmental impacts whose dollar value is difficult to assess because of scientific uncertainty. Valuing a human life or the economic impact of an Arctic oil spill involves making subjective choices with ethical implications.
这几个都很好用免费下载国外工作论文的地方: 美国经济研究局,免费工作论文下载 著名的IDEAS 世界银行网站上也提供工作论文下载 国际货币基金组织,大量的工作论文。 社会科学研究类,当然也包括经济学论文。SSRN中国知网(cnki) 也有很多的有最新经济数据的网站 中国经济信息网 这个是美国商务部的统计数据网站 另外几个网站也可能找到你想要的 美国普查局 美国劳工部 国内有个淘金网汇集了国际发达国家主要宏观经济数据不错的 各国CPI和GDP的数据在世界银行(World Bank)的数据库里有,FX的数据在国际清算银行(BIS)的数据库里有。
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