2020年经济学人 量化宽松政策也适用于新兴市场(1)

Emerging markets have long resented quantitative¹ easing (QE).

新兴市场长期以来都很讨厌量化宽松政策（QE）。

When America's Federal Reserve began its third round of asset purchases in 2012,

2012年，当美联储开始第三轮资产购买计划时，

Guido Mantega, then Brazil's finance minister, accused it of starting a "currency war".

时任巴西财政部长吉多·曼特加指责美国发动了一场“货币战争”。

In 2013 Raghuram Rajan, then the chief economic adviser² to India's government, expressed his displeasure in the manner of Winston Churchill:

2013年，时任印度政府首席经济顾问的拉格拉姆·拉扬以温斯顿·丘吉尔的口吻表达了他的不满：

"Never in the field of economic policy has so much been spent, with so little evidence, by so few."

“在经济政策领域，这么少的人，依据这么少的证据，投放如此多的资金，这是从未有过的情况。”

In response to the covid-19 pandemic, much is being spent again. But not by so few.

为应对covid-19疫情，大量的资金再次被投入，但是这么做的人不少。

The central banks of America, the euro area, Britain and Japan are set to buy $6trn worth of assets between them this year, according to Fitch, a rating agency,

根据评级机构Fitch，美国、欧元区、英国和日本的央行今年将购买价值6万亿美元的资产，

three times what they bought in 2013, the previous peak. And emerging markets are no longer grumbling³ on the sidelines.

是2013年峰值时的三倍。并且新兴市场也不再是旁观者。

Monetary⁴ authorities in Chile, Colombia, Costa Rica, Croatia, Hungary, Indonesia, Poland, Romania,

智利、哥伦比亚、哥斯达黎加、克罗地亚、匈牙利、印度尼西亚、波兰、罗马尼亚、

South Africa and Turkey have prepared or begun purchases of bonds of various kinds.

南非和土耳其都已经准备或开始购买各种债券。

Still more are contemplating⁵ it. Even in Brazil, congress has passed what it calls the "war budget" law,

还有更多国家仍在观望。即使是在巴西，国会已经通过了所谓的“战争预算”法，

amending⁶ the constitution to give the central bank more freedom to buy government bonds and other assets during this crisis.

修改了宪法，赋予中央银行更多的自由，能够在危机期间购买政府债券和其他资产。

The scale of emerging-market purchases is small so far in comparison with the Churchillian appetites of central banks in the rich world.

到目前为止，和发达国家央行的丘吉尔作风相比，新兴市场购买的规模较小。

Bank Indonesia, which already owns about 15% of tradable government bonds, may end up adding significantly to its holdings.

印尼银行已经持有约15%的可交易政府债券，最终可能会大幅增持。

The National Bank of Poland could end up owning bonds worth about 8.7% of GDP, according to UBS, a bank,

根据UBS银行，如果波兰央行买入该国经济刺激计划所需的全部额外债务，

if it buys all of the additional debt required to finance the country's stimulus⁷ plan.

那么该行最终可能会持有相当于GDP约8.7%的债券。

But no other central bank is poised⁸ to buy bonds worth more than 5% of GDP, UBS calculates.

但是据UBS银行的计算，没有其他央行会随时准备着买入超过GDP 5%的债券。

By comparison, the Federal Reserve already held Treasuries⁹ equivalent to about 10% of GDP at the start of 2020,

相比之下，在2020年年初，美联储已经持有相当于GDP10%的国债，

and is expected to roughly double that percentage over the course of the year.

且预计今年这一比例将增长一倍左右。

Critics nonetheless worry that QE is both more dangerous and less necessary in emerging markets than it is elsewhere.

尽管如此，批评者仍担心，与其它地区相比，QE在新兴市场更危险，也更没有必要。

It imperils the hard-won independence of monetary authorities that have struggled in the past to keep their distance from big-spending politicians.

这将危及金融当局来之不易的独立性。过去，金融当局一直挣扎着与开销过度的政客保持距离。

1 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。

2 adviser   

n.劝告者，顾问

参考例句：

• They employed me as an adviser.他们聘请我当顾问。
• Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。

3 grumbling   

adj. 喃喃鸣不平的, 出怨言的

参考例句：

• She's always grumbling to me about how badly she's treated at work. 她总是向我抱怨她在工作中如何受亏待。
• We didn't hear any grumbling about the food. 我们没听到过对食物的抱怨。

4 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。

5 contemplating   

深思，细想，仔细考虑( contemplate的现在分词 )； 注视，凝视； 考虑接受（发生某事的可能性）； 深思熟虑，沉思，苦思冥想

参考例句：

• You're too young to be contemplating retirement. 你考虑退休还太年轻。
• She stood contemplating the painting. 她站在那儿凝视那幅图画。

6 amending   

改良，修改，修订( amend的现在分词 )； 改良，修改，修订( amend的第三人称单数 )( amends的现在分词 )

参考例句：

• Amending acts in 1933,1934, and 1935 attempted to help honest debtors rehabilitate themselves. 一九三三年，一九三四年和一九三五年通过的修正案是为了帮助诚实的债务人恢复自己的地位。
• Two ways were used about the error-amending of contour curve. 采用两种方法对凸轮轮廓曲线进行了修正。

7 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

8 poised   

a.摆好姿势不动的

参考例句：

• The hawk poised in mid-air ready to swoop. 老鹰在半空中盘旋，准备俯冲。
• Tina was tense, her hand poised over the telephone. 蒂娜心情紧张，手悬在电话机上。

9 treasuries   

n.（政府的）财政部( treasury的名词复数 )；国库，金库

参考例句：

• Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
• Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网