news sharing 經(jīng)濟英語10班第三組_圖文

1、Davos Takes a Fresh Look at Emerging Markets,Davos Takes a Fresh Look at Emerging Markets,仇朝陽,肖莉芹,牛力,PPT模板下載：www.1ppt.com/moban/ 行業(yè)PPT模板：www.1ppt.

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4、pt.com/jiaoan/ PPT論壇：www.1ppt.cn,1,Ever since emerging markets became a major asset class inthe early 1990s, a parade of (一群…)potentates（當權(quán)者）,&

5、#160;policy makers  and corporate chieftains（企業(yè)負責人） have  flocked to the stylish village of Davos in the Swiss Alps in the hope 

6、;of becoming the latest global meme(文化基因).The growth revolution in China, the emergence of oil-driven sovereign wealth in the Middle&#

7、160;East and Brazil’s econom-ic miracle have all been celebrated, one time or another, by the global elites who gather at

8、0;the World Economic Forum in Davos each January to ponder the world.From 2000 on, the Davos boom and the emerging mark

9、ets boom have been pretty much one and the same, a living ideal  of globalization helped by central banks that have 

10、;printed trilli-ons of dollars of new money.,,,,,,,,,But now, as interest rates in the United States begin to rise, these dol

11、lars have begun to flow out of China, the Middle East and Latin America. Growth rates are stumbling, debt levels rising&

12、#160;and geopolitical fears spreading.,But now, as interest rates in  the  United States begin to rise,  these dollars have be

13、gun to flow out of China, the Middle Eastand  Latin America. Growth rates are stumbling(障礙的), debt levelsrising and  geopolitical fears

14、0;sprea-ding.,Over the last year, the exod-us(大批離去) has gathered pace, fed by  worries that China will lose control of its cu

15、rrency, the price of oil will drop to $20 a barrel and Brazil’s problems will worsen.,And many now say that this rosy, D

16、avos-fueled notion of a world powered by emerging-market growth and innovation needs to be reconsidered.Over the last year, the&#

17、160;exodus has gathered pace, fed by worries that China will lose control of its currency, the price of oil will drop

18、60;to $20 a barrel and Brazil’s problems will worsen.,And many now say that this rosy, Davos-fueled notion of a world po

19、wered by emerging-market growth and innovation needs to be reconsidered.Over the last year, the exodus has gathered pace, fed

20、0;by worries that China will lose control of its currency, the price of oil will drop to $20 a barrel and Brazil’s&

21、#160;problems will worsen.,And many now say that this rosy, Davos-fueled notion of a world powered by emerging-market growth and&#

22、160;innovation needs to be reconsidered.Over the last year, the exodus has gathered pace, fed by worries that China will los

23、e control of its currency, the price of oil will drop to $20 a barrel and Brazil’s problems will worsen.,Over the l

24、ast year, the exodus has gathered pace, fed by worries that China will lose control of its currency, the price of o

25、il will drop to $20 a barrel and Brazil’s problems will worsen.,Over the last year, the exodus has gathered pace, fed

26、60;by worries that China will lose control of its currency, the price of oil will drop to $20 a barrel and Brazil’s

27、 problems will worsen.,And many now say that thisrosy, Davos fueled notion of a world powered by emerging market growth and in

28、novation needs to be reconsidered.,“I have long maintained that the emerging-market hype was over-sold when it was clear that wh

29、at was going on was high commodity prices and cheap money,” said Dani Rodrik,  an expert on globalization at the Harvard Ke

30、nnedy School.,WORLD ECONOMIC FORUM,,As for the World Economic Forum in Davos, he  said that over the last 10 years it had be

31、come an echo  chamber  of sorts.“What we are seeing now is lower growth and  policy  conflicts between the emerging and

32、 the  developed world,“ said Mr. Rodrik, who will not be making the trip this time around. “It is going to

33、 be a different type of Davos this year.”Actually, the echo chamber has not been working  as advertised. Since January 20

34、10, emerging markets as an investment have produced a poor return. BlackRocks benchmark exchange traded fund（新興市場股票交易所基準指數(shù)）for emerging 

35、;market stocks is down 25 percent, and  most of that decline came in the last year.,2,Perhaps the biggest sign that global

36、60;investors have lost faith is that for the first time since 1988 (when only the bravest souls invested in these countr

37、ies), investors have pulled more money out of emerging markets than they have put in, according to research by the Insti

38、tute of International Finance.,Perhaps the biggest sign that global investors have lost faith is that for the first time sinc

39、e 1988 (when only the bravest souls invested in these countries), investors have pulled more money  out of emerging markets t

40、han they have put in, according to res-earch by the Institute of International Finance（國際金融研究所）. In an unusually blunt （直白的）speech

41、 in Paris this month, Christine Lagarde, managing director of the International Monetary Fund（國際貨幣基金組織）, said that emerging nations nee

42、ded a new model for growth after  years of  relying on easy money（寬松的貨幣政策） and high commodity prices（大宗商品價格）.,International Mo

43、netary Fund (IMF) （國際貨幣基金組織）,The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries

44、 at that conference sought to build a framework for economic cooperation to avoid repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s。 The IMF's primary purpose

45、 is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund's man

46、date was updated in 2012，which includes all macroeconomic and financial sector issues.,Easy money（寬松的貨幣政策）  The purpose of easy monetary policy is to increase the supply of overall market money, by pri

47、nting money directly ,buying bonds on the open market, reducing the reserve ratio （準備金率）and loan interest rates, and so on .When money supply increased, it's easier for businesses and individuals to borrow more loan

48、s. High commodity （大宗商品） It refers to large quantities of merchandise,which is widely used in industrial and agricultural production and consumption. In financial markets, commodities refers to indus

49、trial raw material with great homogeneity, and can be traded easily, such as crude oil, non-ferrous metals, steel, agricultural products and coal. It includes three categories, including energy commodities, basic materi

50、als and agricultural products.,Perhaps the biggest sign that global investors have lost faith is that for the first time since 1988

51、0;(when only the bravest souls invested in these countries), investors have pulled more money out of emerging markets than th

52、ey have put in, according to research by the Institute of International Finance.,“Growth rates are down, and cyclical（周期的）and stru

53、ctural forces have undermined (削弱) the traditional growth paradigm（范式）,” Ms. Lagarde said. Moreover, she warned, the dollar’s continued strength against just 

54、; about all emerging-market currencies could well result in a new  round of financial uncertainty pushing commodity prices  and global growth forecasts 

55、even lower.,WORLD ECONOMIC FORUM,,,,,,,,,But now, as interest rates in the United States begin to rise, these dollars have begun to

56、0;flow out of China, the Middle East and Latin America. Growth rates are stumbling, debt levels rising and geopolitical fears

57、 spreading.,Since mid-2011, the dollar has gained more than 100 percent against emerging-marketcurrencies in Turkey, Brazil and South

58、 Africa.,“Our own estimates show  that a slowdown of 1 percent in  the emerging world would lower  growth in advanced count

59、ries by at least about 0.2 percentage  points,” Ms. Lagarde said.,And many now say that this rosy, Davos-fueled notion of

60、 a world powered by emerging-market growth and innovation needs to be reconsidered.Over the last year, the exodus has gather

61、ed pace, fed by worries that China will lose control of its currency, the price of oil will drop to $20 a barr

62、el and Brazil’s problems will worsen.,And many now say that this rosy, Davos-fueled notion of a world powered by emerging-mar

63、ket growth and innovation needs to be reconsidered.Over the last year, the exodus has gathered pace, fed by worries that

64、0;China will lose control of its currency, the price of oil will drop to $20 a barrel and Brazil’s problems will wo

65、rsen.,And many now say that this rosy, Davos-fueled notion of a world powered by emerging-market growth and innovation needs 

66、to be reconsidered.Over the last year, the exodus has gathered pace, fed by worries that China will lose control of its

67、 currency, the price of oil will drop to $20 a barrel and Brazil’s problems will worsen.,Over the last year, the ex

68、odus has gathered pace, fed by worries that China will lose control of its currency, the price of oil will drop to&

69、#160;$20 a barrel and Brazil’s problems will worsen.,Over the last year, the exodus has gathered pace, fed by worries that

70、60;China will lose control of its currency, the price of oil will drop to $20 a barrel and Brazil’s problems will w

71、orsen.,Still, even with the gloom  and doom surrounding emerging markets these days, there is little si-gn that standard bearers&#

72、160;are forgoing their annual week in  the Swiss mountains.,This year, more than 320 representatives from Brazil, Russia, India

73、60;and China — the so-called BRIC community of emerging  nations — will be in Davos —  compared with 237 from

74、0;these countries in 2010.,WORLD ECONOMIC FORUM,,None of these representatives will be heads of state, though. In the past, Brazilian presidents and Vladimir Putin of Russia have led their countries’ delegation

75、s（代表團）.This year, Russia is sending a deputy prime minister(副總理), Yury Trutnev, while China is sending a vice president, Li Yuanchao. Two large emerging markets that have been under significant stress of late wi

76、ll be sending their leaders. Turkey, recently rocked（襲擊） by terrorist attacks, will be represented by its prime minister, Ahmet Davutoglu Amit. And the South African president, Jacob Zuma, who has gone through three fina

77、nce ministers in the last five weeks, is also planning to show up.,WORLD ECONOMIC FORUM,,The president of Brazil, Dilma Rousseff, whose popularity polls(民意調(diào)查) have sunk to （下跌至）single digits（個位數(shù)）, will not be making an a

78、ppearance, but her recently appointed finance minister, Nelson Henrique Barbosa-Filho, is scheduled to attend. Ready to engage in（從事） some damage control will be the top executives at BTG Pactual（巴西投資銀行百達集團）, the

79、 Brazilian investment bank whose former chief executive, André Esteves, is under investigation（接受調(diào)查） for corruption.,3,In terms of panels(會議) themed for developing nation, the Wo

80、rld Economic Forum will be serving up the usual  fare this year. One will explore how companies in emerging markets cope with l

81、aws that discriminate against lesbian, gay, bisexual and transgender workers. Another is more straightforward: What will the impact of higher&

82、#160;interest rates in the United States be on emerging market growth?But, as is always the case at the World Economic 

83、Forum ， the meetings of genuine consequence will be the ones that you do not know are happening.,WORLD ECONOMIC FORUM,,That could mean Laurence

84、 D. Fink, the chief executive of BlackRock, the world’s largest money management firm（資產(chǎn)管理公司）, sitting down with Jean-Paul Vill

85、ain, an  executive at the Abu Dhabi Investment Authori-ty（阿布扎比投資局） or Fahadal- Mubarak,  the governor of Saudi Arabia’s central bank（沙特阿拉伯央行行長）and&

86、#160;overseer（監(jiān)督者） of the country’s $650 billion foreign reserve stash(美元外匯儲備).,WORLD ECONOMIC FORUM,,As oil prices sink, rumors have been rife

87、 that Middle East sovereign wealth funds — and  Saudi Arabia in particular — have been calling in  the billions of dolla

88、rs of cash that they have allocat-ed to global investment firms such as BlackRock.  And traders say that the withdrawal 

89、（撤資）of these funds, much of which has been invested  in American stocks and bonds, has been a contributing factor to recently

90、 volatile （動蕩，不穩(wěn)定）markets.,Or the chief executives of Goldman Sachs and JPMorgan Chase could wind up （結(jié)束）huddling（擁擠，混亂） with Fang 

91、;Xinghai, the vice chairman of the China  securities regulatory commission（證監(jiān)會）. The sharp swings （波動）in China’s stock market are 

92、having an outsize effect on markets in the United States,  and the big American investment banks will want to hear what&

93、#160;Mr. Fang’s strategy is for 2016.But as central bankers, prime ministers and chief executives wrestle（努力做）this week to make s

94、ense of it all, Ruchir Sharma, head of emerging markets at  Morgan Stanley Investment Management（摩根士丹利投資管理公司）, has a fairly simple

95、 explanation: The  impact on the developed world of a slowdown in China and other emerging markets is going to be g

96、reater than most people realize.,,,,“This is a big deal. （舉足輕重） What happens in China  has an effect on the wider world, and I

97、0;think  that the Davos  crowd（與會者） has been slow to recognize  this.”,,WORLD ECONOMIC FORUM,“In 1997, the emerging world’s share of the

98、 global economy was 20  percent——now, it’s  about 40 percent,”   he  said.,THANKYOU,2016,The World Economic Forum is a Swiss nonprofit foundation . Recognized by t

99、he Swiss authorities as the international institution for public-private cooperation , it’s mission is cited as “committed to improving the state by engaging business, political , academic, and other leaders of society t