USHasLittletoTeachChinaaboutSteadyThereisasecondmyth:thatChinawouldbenefitfromlettingitsexchangeratefloatfreely,lettingmarketforcessettheprice.Nomarketeconomyhasforesworninterveningintheexchangerate.Moretothepoint,nomarketeconomyhasforeswornmacroeconomicinterventions. interveneregularlyinfinancialmarkets,forinstance,settinginterestrates.Somemarketfundamentalistsclaimthat ernmentsshoulddononeofthis.Buttoday,nocountryandfewrespectableeconomistssubscribetotheseviews.Thequestion,then,iswhatisthebestsetofinterventionsinthemarket?Thereisahighcosttoexchangeratevolatility,andcountrieswhereernmentshaveintervenedjudiciouslytostabilisetheirexchangeratehave,byandlarge,donebetterthanthosethathaveExchangeraterisksimposehugecostsoncompanies;itiscostlyandoftenimpossibletodivestthemselvesofthisrisk,especiallyindevelocountries.Thequestionofexchangeratemanagementbringsupabroaderissue:theroleofthestateinmanagingtheeconomy.Today,almosteveryonerecognisesthatcountriescansufferfromtoolittleernmentinterventionjustastheycansufferfromtoomuch.Chinahasbeenrebalancingand,overthepasttwodecades,marketshave emoreimportant,theernmentlessso.Buttheernmentstillplaysacriticalrole.China’sparticularblendhasservedtheChinesewell.Itisnotjustthat eshavebeenrisingatanamazing9percentannually,andthathighrateshavebeensustainedformorethantwodecades,butthefruitsofthatgrowthhavebeenwidelyshared.From1981to2001,422mChinesehavemovedoutofpoverty.TheUSeconomyisgrowingatathirdthepaceofChina’s.Povertyisrisingandmedianhouseholdesare,inrealterms,declining.America’stotalnetsavingsaremuchlessthanChina’s.ChinaproducesfarmoreoftheengineersandscientiststhatarenecessarytocompeteintheglobaleconomythantheUS,whileAmericaiscuttingitsexpendituresonbasicresearchasitincreasesmilitaryspending.Meanwhile,asAmerica’sdebtcontinuestoballoon,itswantstomaketaxcutsfortherichestpeoplepermanent.Withallthisinmind,China’sleadersmaynotfeelneedtoseekadvicefromtheUSonhowtomanageeithertheexchangerateorthe獲獎譯 英譯參考譯 英譯作者：·2005726各國經常對進行干預，比如，它們對利率進行的調整。一些市場原教旨主義者，作用。幾乎所有人今天都承認，正如干預過多可使國家損失一樣干預過少同樣可使國家損失，而中國在這兩者之間一直尋求著某種平衡。在過去的20年國收益一直以9%的驚人速度增長，而且表現在經濟增長的碩果廣泛得到。從1981年至2001年，已有4.22億擺脫了貧窮。，。，趨勢的凈儲蓄總額要遠遠低于中國在培養全球經濟競爭中不可或缺的工程師和科學礎研究的投入。與此同時的繼續飆升，而的總統卻希望為的最富有群體實施性減稅。考慮到所有這些因素，無論在如何管理匯率或經濟的問題上，中國的。，人都沒有必要聽從的忠告（點評英譯中語言要提識面要拓本擂臺賽選文出自一篇題為UShaslittletoteachChinaaboutsteadyeconomy文章中的三個自。該文章作者是·(JosephStiglitz)，哥倫比亞大學教授，2001年獲經濟學獎。匯率給向公司征收高額帶來風險，特別在發展中國家，高匯率通常不可避免這種風大體上說，那些通過來干預和穩定其匯率的國家和，比那些沒有進行干預匯率風險會使各大公司蒙受巨大損失，而轉嫁這一風險成本巨大，而且經常無法轉嫁，……在大家的來稿中均有人將exchangeratevolatility， ernmentintervention,totalnetsavings,medianhousehold es等術語譯錯。許多人將medianhousehold es翻譯為“中等家庭收入”或“中產收入，而實際上該術語指的是有收入家庭經濟收入序列的中間值，英文定義：Themedianhousehold eisonemeasureofaveragehousehold e.Itdividesthehousehold edistributionintotwoequalparts:one-halfofthecasesfallbelowthemedian e,andone-halfabove另外，從“凡是通過干預穩定匯率的國家，總的看來效果都比沒有參預的好”的Nomarketeconomyhasforesworninterveningintheexch