經濟類的英語文章閱讀

『壹』 求經濟類英文文章(帶中文翻譯)

INTO THE STORM
FOR 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.
過去一年的大部分時間里，高速發展的新興國家一直在遠處觀望著西方國家的金融風暴。他們的銀行僅持有少量抵押資產，而類似的資產已經破壞了發達國家的金融公司。商品出口商因為原材料的高價格而日漸富有。中國不可抗拒的經濟力量已然開啟，而且信貸刺激的內需從布達佩斯到巴西利亞都表現得非常充足。盡管大蕭條後關於西方國家受難於金融崩塌的話題與日俱增，但新興國家似乎距離金融風暴的中心還有一段距離。
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.
不過目前的情況不再是那樣了，隨著境外資本的流失和經濟信心的消失，新興國家股市暴跌（有些地區已經腰斬），本幣迅速貶值。由於外國銀行突然中斷貸款，並且收縮了包括貿易信貸在內的基礎銀行服務，新興國家的信貸市場突發混亂，並引發了一場浩劫。
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 instry. South Korea has guaranteed $100 billion of its banks』 debt. Less well-endowed countries are asking for help. Hungary has secured a EURO5 billion ($6.6 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.
新興國家的政府和發達國家的政府一樣都在為控制損失程度而奮斗。不過對於外匯儲備充足的國家來說難度會小一些：俄羅斯斥資2200億美元重振金融服務行業；韓國政府擔保了1000億美元的銀行債務。而那些儲備並不充足的國家正在四處求援：匈牙利成功向歐洲央行求得了50億歐元（約66億美元）的生命線，同時也在同國際貨幣基金組織協商借款事宜，同時向國際貨幣基金組織求援的還有烏克蘭。近一打兒的國家在向基金組織求助。
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.
有持續問題的國家正棋行險招：阿根廷正在將私人養老金國有化，意圖阻止違約的發生。即使強有力的國家也表現出虛弱一面：本周公布的數字表明今年中國的增長率在第三季度減緩為9%，雖然增速還算快，但是與近些年的兩位數增率相比緩慢了不少。
Blowing cold on credit
對信貸沒興趣
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.
眾多新興經濟的意願並不相同，但是累計在一起的影響力卻非同一般。最明顯的就是這些國家的表現將會決定世界經濟所面臨的是一個較為緩和的衰退還是更可怕的情況。在過去18個月的全球經濟增長中，新興經濟貢獻了75%。但是他們的經濟命運也會有一些政治後果。
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.
在類似東歐的很多地區，金融混亂目前的打擊目標是軟弱的政府；但強硬的政權同樣會嘗到苦果。一些專家認為中國每年需要7%的增長率來阻止社會動盪的發生。總體來說，如此爭端必將影響全球經濟一體化的討論。與以往數次新興經濟危機不同，這次的混亂始於發達國家，很大程度上要歸咎於一體化的資本市場。一旦新興經濟崩潰，無論是貨幣危機還是劇烈的經濟蕭條，大家對於金融全球化是否屬明智之舉會有更多的質疑。
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.
幸運的是上述恐怖的場景沒有發生在全球的每個角落：所有的新興經濟都會減緩發展速度，有一些也必將面臨深度蕭條；但是更多的國家在面臨當下危機的時候卻擁有比以往任何時候都強壯的形式，用充足的儲備、彈性的貨幣和強大的預算武裝自己。新興國家及發達國家良好的政策可以避免大災難的發生。
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 reces 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.
至少有一個原因值得抱有希望：發達國家此次災難的直接經濟影響還是在可控的范圍內。歐美銳減的需求對出口來說無疑是一個打擊，特別是對亞洲和墨西哥。商品價格走低：原油價格與巔峰時期比較已經下降了60%，很多糧食和金屬類商品跌幅更大。這兩個現象有混合效果：盡管從俄羅斯到南美的商品（能源）出口企業備受打擊，但卻幫助了亞洲的商品（能源）進口商，並且緩和了各地對通脹的恐懼。委內瑞拉的情形一直很糟糕，也很脆弱；不過由於過去極度的繁榮，商品價格下跌目前還不會引發大范圍傳播的危機。
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.
比商品價格更令人震驚的事情發生在金融領域。由於資產價格的下降，財富水平正在被擠壓縮水。以中國房價為例，目前已經開始下跌。盡管新興國家的消費者比發達國家的負債水平低很多，上述情況還是會挫傷國內的經濟信心。在其他方面，國外銀行借款驟然匱乏、對沖基金以及其他投資者逃離債券市場，這些因素給信貸增長踩了一腳急剎車。正如發達的信貸曾經強力支撐國內支出那樣，信貸緊縮將意味著增長放緩。
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 l-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，沖擊的表現會因國家的不同而有所區別。多虧中國和海灣產油國經常項目下的巨額順差，新型經濟整體還不斷的向發達國家輸送資本。但是80 多個國家的財政赤字已經超過GDP的5%，其中的多數是那些依靠國外救助過活得貧困國家；不過也有一些依靠私人資本的大國。對於類似土耳其和南非的國家來說，突然減緩的境外融資迫使其進行大幅調整。東歐的情況特別令人擔憂，那裡的不少國家赤字水平已經達到了兩位數。另外，象俄羅斯這樣處於順差的國家，其銀行也逐漸適應了可以輕易從外國取得的貸款，原因自然是全球金融一體化。發達國家的救助計劃也許可以限制財富被擠壓的水平，但資本流向新興世界的速度無疑會減慢。國際金融研協會預測私人資本的凈流量比去年回減少30%。
A wing and a prayer
飛行之翼與祈禱者
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.
信貸緊縮必將令人生畏，不過多數新興市場可以躲過一劫，最大的市場形勢還相當不錯。比較脆弱的市場可以（也應該）得到幫助。
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.
在那些堅強的巨人中，中國卓然不群：手握2萬億美元的儲備，經常項下的順差狀態，與國外銀行罕有關聯，過剩的預算給推動支出留有足夠空間。鑒於國家領導人已經明確表示將不惜一切代價為經濟增長減速緩沖，中國的經濟增長應該會減緩到大約8%的水平，但是決不會崩潰。雖然這不足以挽救世界經濟，但是該增長率將會為商品價格建底並幫到新興世界的其他國家。
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.
其他的經濟大國會受到更大的沖擊，不過應該可以禁受住風暴侵襲。印度的財政赤字巨大，巴西很多公司面臨巨大的外匯風險。但巴西經濟已經實現多樣化，同時上述兩個國家擁有充足的儲備來平穩過渡到緩慢的增長。俄羅斯掌握著5500億美元的儲備，應該能夠阻止對盧布的搶購。至少在短期內，小國家才是最弱不禁風的。
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 l 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.
受到緊縮信貸壓力進行的調整必然帶來痛苦，但快速的國際援助是明智之舉，因為這會讓結果很不相同。一些新興國家已經向美聯儲求援以緩解流動性問題；有一些則希望中國可以拯救他們與水火。更佳的求救路線莫過於國際貨幣基金組織，因為它掌握大量的專門知識和2500億美元的可出借款項。不幸的是人們認為向基金借款有辱其名，國際貨幣基金組織應該推出更快捷、更靈活的金融工具，同時實現借貸條件最小化。過去數月中，機敏的決策驅散了發達國家的災難。現在也正是新興世界發生類似事情的時候了。
希望採納

『貳』 同等學力英語考試寫作範文經濟生活類

同等學力的英語範文也分為好幾種類型，這次講的是經濟和生活類型的。下面是我給大家整理的同等學力經濟生活類英語範文，供大家參閱!

同等學力經濟生活類英語範文：自信的重要性

Directions: In this part, you are to written an essay more than 150 words within 30 minutes under the title of the Importance of Confidence. Your essay should be based on the information given in the outline below

Outline:

1. Importance of confidence

2. Reasons for lack of confidence

3. Necessity to build up confidence

範文

Importance of Confidence

Whatever one does, one should do it with confidence. If one has no confidence, there is little possibility that one can achieve anything when faced with hardships. This truth seems to be self-evident. In reality, however, we do see a lot of people who always complain that they lack the ability to do something or that their difficulties are too great to overcome.

Why do some people often feel frustrated even though they are capable of doing something? I think there are two main reasons. In the first place, these people don’t have a correct estimate of themselves. Secondly, there is another possibility that they exaggerate the difficulties.

In my opinion, one should build up faith in oneself as long as he has a right attitude towards his own ability. We should neither underestimate nor overestimate our ability As a proverb says, “Where there is a will, there is a way.” With confidence we can certainly cope with any task we are faced with.

同等學力經濟生活類英語範文：發展旅遊業的利弊

Directions: In this part, you are to write an essay of about 200 words within 30 minutes on developing tourism. Your essay should be based on the OUTLINE below.

1. 目前的狀況

2. 發展旅遊業的好處

3. 由此而產生的問題

範文

Tourism, a smokeless instry, is developing rapidly in China. With the reform and opening –up policy being carried out, thousands upon thousands of foreign visitors are crowding into our country. They are eager to see this old mysterious land with a splendid culture of more than 5, 000 years.

Tourism as a form of enterprise brings China a lot of benefits. In the first place, it is financially beneficial to the economic development of China. Tourism is one of the most important channels to obtain foreign currencies. In the second place, tourism enables the Chinese people to know more about the outside world. On the other hand, the foreigners who have visited China are deeply impressed by the latest developments of out country and the friendliness and hospitality of our people. It is clear that tourism contributes a great deal to the friendship and mutual understanding between the Chinese people and people all over the world.

Everything, however, has two sides. Tourism gives rise to a number of problems. For instance, it becomes a burden to our inefficient transportation system. Besides, the living standard of the average Chinese is still not high enough to be able to afford the expenses. Therefore, there are still a lot of obstacles hindering the expansion of tourism in our country.

同等學力經濟生活類英語範文：父母與孩子之間的問題

Directions: For this part, you are allowed 30 minutes to write a composition on the topicFor a Better Understanding between Parent and Child. You should write at least 150 words, and base your composition on the outline below:

1. Present situation: lack of communication between parent and child

2. Possible reasons:

1) Different likes and dislikes;2) Misunderstanding;3) Others

3. Suggestions:

1) For parents;2) For children

範文

For a Better Understanding between Parent and Child

Nowadays there is often a lack of understanding between parent and child. Parents often consider their children’s behaviors “irrational”，while the children are always complaining about their parents’ not understanding them. Consequently, the so-called generation gap comes into being.

In my opinion, there are several reasons responsible for the situation. First, it is most natural for the two generations to have different likes and dislikes since they grow up in different times and environments. Second, their understanding of the world and methods of thinking are also different from each other, which is likely to cause misunderstandings. If both parents and children become more reasonable and tolerant, will there be so many quarrels and conflicts? Last but not least, nowadays, in most cases both parents and children are too busy to have enough time to exchange ideas with each other.

In order to improve their relation, parents and children make joint efforts. Parents should be patient enough so as to listen to their children. The children should respect their parents, whose suggestions, although hard to follow at the beginning, always prove to be beneficial and valuable. Only in this way can parents and children achieve better understanding.

同等學力經濟生活類英語範文：何為成功怎樣成功

17. Directions: For this part, you are allowed 30 minutes to write a composition on the topic: What Is Success? Your composition must be based on the information given in the outline below.

Outline:

1. Different opinions on success

2. Ways to achieve success

3. My view on success

範文

What Is Success?

What is success? Different people hold views on this question. Some think that one is successful if he can make a great deal of money. Others argue that success means holding an important government post. Still others believe that whoever has got high academic title is successful. It is clear that there are quite different opinions on success.

In order to become successful, you should first of all be both perseverant and hardworking. You should always keep in mind that perseverance is the mother of success and instry is the key to it. In addition, you should pay great attention to your work method. It is necessary for you to sum up your experience constantly and improve the efficiency of your work. Finally, it is important for you to get along well with your co-workers, care for each other and help each other.

In my opinion, success means achieving brilliant results in one’s work, that is, making outstanding contributions to the development of the country and bringing happiness to the people.

『叄』 關於地攤經濟的英語作文

關於地攤經濟可以圍繞中心寫這種經濟帶來的收益和弊端。

英文版：Stall economy refers to an economic form formed by setting up stalls to obtain income sources. Stall economy is a marginal economy of the city and has always been a key factor affecting the city appearance and environment.

However, stall economy has its unique advantages and can alleviate the employment pressure to a certain extent under the background of the financial crisis. Stall economy is more popular in foreign countries, but it will not appear on the streets in China.

Only at a specific point in time will the stall economy appear on the streets.

中文版：地攤經濟，是指通過擺地攤獲得收入來源而形成的一種經濟形式。地攤經濟是城市的一種邊緣經濟，一直是影響市容環境的關鍵因素，但地攤經濟有其獨特優勢，在金融危機背景下能一定程度上緩解就業壓力。

地攤經濟在外國是比較受歡迎的，但是在國內並不會出現在街頭。只有在特定的時間點，地攤經濟才會出現在街頭。

『肆』 求一篇2000字的經濟類英文文章及翻譯（英文要2000字），謝謝！

Health care
A new prescription for the poor
為貧窮者新開的處方
America is developing a two-tier health system, one for those with private insurance, the other for the less well-off
美國正在發展一個雙重的健康系統，一重是為那些有個人保險的人群，而另一重則是為那些不那麼富裕的人群
Oct 8th 2011 | NEW YORK | from the print edition

「IT』S
time for Dancing with the Stars!」, a woman announces enthusiastically.
At this New York health centre, wedged between housing projects to the
east and Chinatown to the west, 「dancing with the stars」 means dancing
with a physical therapist. An old man stands up with a nurse and begins a
determined samba.
「是時候和明星一起跳舞了！」一位女士滿懷熱情地宣告。在這個坐落於房屋工程的西面，唐人街東面的紐約健康中心，「和明星起舞」的意思是和一位物理治療師跳舞。一位老者和一個護士站起來，開始跳事先確定好的桑巴舞。

Comprehensive
Care Management (CCM), which runs this centre, tries to keep old people
active. To do so, explains Joseph Healy, the chief operating officer,
is in the company』s best interest. The government pays CCM a capped rate
for the care of its members. If someone gets sick, his health costs
rise and the company』s margin shrinks. Mr Healy argues that the system
is the best way to provide good care at a low cost. Increasingly others
seem to agree.
經營這個中心的綜合護理管理部門（CCM）努力保持老人們的活力。約瑟夫-海莉，首席運營官解釋說，這樣做符合公司
的最佳利益。政府給這個部門一個封頂的津貼來讓他們照顧這些人。如果有人生病了，他的健康成本就會上升，公司的利潤就會萎縮。海莉先生確定說這個系統能夠
在一個低成本上提供最佳的護理。其他人也逐漸同意這個觀點。

Medicaid, America』s health programme
for the poor, is in the process of being transformed. Over the next
three years, New York will move its entire Medicaid population into
「managed care」, paying companies a set rate to tend to the poor, rather
than paying a fee for each service. New York is not alone. States from
California to Mississippi are expanding managed care. It is the
culmination of a steady shift in the way most poor Americans receive
their health-care treatment.
公共醫療補助，即美國的窮人健康計劃，正在被改造的過程中。在接下來的
三年內，紐約將把整個接受窮人健康計劃的人群納入「管理關懷」之中，付給公司們一個事先定好的費用來照顧那些窮人，而不是按照項目來付費。紐約不是唯一這
樣做的州。加州，密西西比州正在拓展管理關懷計劃。這代表一種正在進行中的穩步轉變，即大部分貧窮美國人接受健康關懷方式的轉變。

Medicaid
is America』s single biggest health programme. This year roughly one in
five Americans will be covered by Medicaid for a month or more. It
gobbles more federal and local money than any state programme, other
than ecation. Costs will rise even more when Barack Obama』s
health-care reform expands the programme by easing eligibility rules in
2014. Congress』s 「supercommittee」 is already considering cuts. However,
there are more immediate pressures behind the present drive for change.
公
共醫療補助是美國最大的單一健康計劃。今年，五個美國人中的一個就會被納入該計劃一個月或更長時間。除了教育之外，它比其他任何州的財政計劃耗去更多聯邦
和地方的經費。當2014年奧巴馬的健康保險改革放寬適用人群而使整個計劃更加龐大的時候，成本將會進一步上升。眾議院的「超級委員會」已經在考慮削減經
費。然而，選擇這種變化，將會有更多即刻的壓力存在。

Enrolment in Medicaid jumped ring the
downturn, from 42.7m in December 2007 to 50.3m in June 2010. Mr Obama』s
stimulus bill helped to pay for some of this, but that money has dried
up. Faced with gaping deficits, some desperate governors slashed
payments to hospitals and doctors, or refused to pay for trips to the
dentist or oculist. But much the most important result has been
structural: the expansion of managed care.
公共醫療補助計劃的參與人數在經濟滑坡期間從2007年
12月的
4270萬人跳到了2010年6月的5030萬人。奧巴馬先生的經濟刺激經費能夠幫助付掉其中的一部分，但是錢已經被用光。面對資金短缺，一些絕望的州長
砍掉了給醫院和醫生的補助，或是拒絕支付牙醫和眼科醫生的旅行費用。但是，更多地，最重要的結果是結構上的：管理關懷的拓展。

States
have dabbled in managed care for decades. The trend accelerated in the
1990s, with the share of Medicaid patients under this form of care
reaching 72% by 2009. Now, however, there is a strong push for the
remainder. States that did not have managed care, such as Louisiana, are
introcing it. Other states are extending it to people previously
deemed off limits: California and New York, for example, are moving the
elderly and disabled into that system of care. Texas is targeting more
than 400,000 Medicaid beneficiaries in the Rio Grande Valley. Local
politicians had resisted the move, nervous that care might deteriorate.
But the yawning deficit meant that they were overruled.
各個州涉足管理關懷已經有幾
十年的歷史了。這個趨勢在90年代得到加速發展，在2009年前使用這種護理方式的公共醫療補助病人佔到了72%。現在，對於剩下的人，這也是很強的推動
力。像路易斯安那州這樣沒有管理關懷的州正在引進管理關懷。其他州也把這個拓展到原先被認為不適用的人群：舉例說像加州和紐約州，正在把老人和殘障人士納
入這個系統中，德州的目標是在格蘭德河谷超過400000公共醫療補助收益人群。地方政治家反對這個舉動，他們擔心這個護理系統將會變質。但是巨大的赤字
意味著他們的觀點註定要被批駁。

The result is a country with two distinct tiers
of health care. Most Americans with private insurance are still
horrified by thoughts of health-management organisations and prefer to
pay fees for each medical service. For the poor, managed care is
becoming the norm.
結果就是一個國家有兩套截然不同的健康保險系統。大多數有個人保險的美國人仍舊害怕那些健康管理組織的想法而寧願為單獨的醫療服務付費。對於窮人來說，管理關懷已經成為一種常規。

Advocates
of managed care have high expectations. First, they hope that it will
make costs more predictable. Second, they believe that the change will
improve patients』 health. In managed care, a patient has a network of
doctors and specialists. If the programme works properly, doctors can
monitor all aspects of care, in contrast to the fragmented
fee-for-service system. The contracts that states have with firms can
set standards for quality. Texas, for instance, will cut 5% from a
company』s payment if it does not meet what is required.
管理關懷的鼓吹者有著很高的
期待。首先，他們希望這能讓成本變得可以預測，其次，他們相信，這個改變可以改善病人的健康。在管理關懷中，一個病人有一個由醫生和專家組成的網路。如果
這個計劃運行良好，醫生可以監測關懷的各個方面，相對於分離的的按服務付錢的系統來說。州政府和公司的合同可以為質量定下標准。德州，舉例說，將會在付款
中扣除5%如果公司沒有達到要求的標准。

The next step is to integrate care for those
eligible for both Medicaid and Medicare, the federal programme for the
old. These 「als」 account for almost 40% of Medicaid』s costs and just
15% of its population. 「If managed care can really deliver better care
than fee-for-service」, says Diane Rowland, chair of the commission that
advises Congress on Medicaid, 「this is the population that could prove
it.」
下一步是整合那些同時符合公共醫療補助和長者醫療補助計劃（聯邦老人醫療補助）的人群。這些「雙符合」人群占據了將近40%的公共醫療補
助成本和僅僅15%的人口數量。「如果管理關懷能真正比按項目付費帶來更好的服務」，戴安-羅蘭德，委員會（指導國會在公共醫療補助政策上進行決策）主任
說：「這是一群能證明管理關懷可行的人。」

But some, such as Norma Vescovo, are
sceptical. As the head of the non-profit Independent Living Centre of
Southern California (ILCSC), Ms Vescovo serves Medicaid patients with
severe health problems. Over the years she has often sued California on
policies that she thinks will hurt her vulnerable clients. On October
3rd her case moved to the Supreme Court.
但是一些人，例如像諾瑪-凡斯科夫就對此表示懷疑。作為非盈利的南加州獨立生活中心主任，凡斯科夫女士服務於那些有嚴重健康問題的接受公共醫療補助的病人。在這些年間，她經常控告加州政府在一些政策上會傷害她的一些脆弱的客戶。在10月3日，她的案子被移到了上訴法院。

The
outcome of Douglas v Independent Living Centre will have profound
implications for the future of Medicaid. Ms Vescovo』s suit concerns cuts
to hospitals and doctors. But the case will also guide the course of
managed care. If ILCSC and its co-plaintiffs win, private groups will
continue to be able to challenge states on policies they think violate
federal Medicaid law. Ms Vescovo, who argues that California』s payment
cuts would eviscerate her clients』 access to services, worries that
under managed care the disabled might not be able to see the specialists
they need.
道格拉斯 v
獨立生活中心的結果將會對公共醫療補助有深遠的意義。凡斯科夫女士的訴訟影響到醫院和醫生的津貼削減。但是這個案子將會引領管理關懷的進程。如果中心和其
他原告勝訴，私人團體將會繼續在那些他們認為違反聯邦法律的政策上挑戰州政府。凡斯科夫女士認為說加州的支付削減計劃會讓她的客戶失去得到服務的機會，她
還擔心，在管理關懷之下，那些殘障人士可能不能見到那些他們需要的專家。

The question is how to
supervise the experiments with managed care that are being carried out
in various states. To date, Medicaid beneficiaries have been able to
challenge the states in court. However, if the Supreme Court rules
against ILCSC, that avenue will be closed. The Centres for Medicare and
Medicaid Services (CMS) technically can intervene if states do not
provide proper access to care. In reality, CMS has few tools to do so.
問
題是怎麼監管在不同州試運行的管理關懷。到目前為止，公共醫療補助受益者已經能夠在法庭中挑戰政府。然而，如果上訴法庭結果不利於中心，那麼這條路將會被
關閉。如果州政府沒有提供合適的關懷的話，公共醫療補助和長者醫療關懷中心理論上是能對此進行干涉，但事實上，他們沒有太多辦法。

「I』m
a big fan of managed care」, says Sara Rosenbaum, a professor at George
Washington University, 「but this transformation may happen with almost
no federal oversight.」 Medicaid beneficiaries are vulnerable, in worse
health than Americans as a whole. Companies may struggle to cut costs
and provide good care as well. If states do not draft their contracts
properly, or fail to be vigilant in monitoring patients』 health, their
experiment in managed care could be a disaster. On the other hand, if
states are careful they could provide an answer to the question that has
vexed America for years: how to provide good, cheap health care.
「我是
管理關懷的擁護者」，薩拉-羅森博姆，一位喬治華盛頓大學教授說，「但是這種轉變可能在沒有聯邦監管的情況下發生。」公共醫療補助的受益者和你脆弱，健康
程度整體上比一般美國人要差。公司可能在削減成本的同時掙扎著同樣提供良好的服務。如果州政府們不好好起草他們的合同，或沒有警覺地監控病人的健康的話，
他們在管理關懷上的實驗可能會是一場災難。另一方面，如果州政府們認真的話，他們能為那個困擾美國人多年的問題提供答案，即怎麼提供優質的便宜的健康關
懷。

『伍』 關於金融的英語文章

經濟學人：加拿大的住宅市場
Finance and Economics; 財經；
Canada's housing market; 加拿大的住宅市場；
Time for a bigger needle; 該出手時就出手；
The latest attempt to prick a bubble;戳破泡沫的最新舉措；
經濟學人：
Canada's reputation for financial regulation is starry. Its banksgot through the crisis unscathed. According to Moody's, a ratings agency, Royal Bank of Canadasits alongside HSBC and JPMorgan Chase in the top tier of global banks. And Canadianpolicymakers are old hands at pulling 「macroprudential」 levers of the sort now in vogue amongrich-world central banks.
加拿大的金融監管一向廣受贊譽。它的銀行業在這場危機中做到了獨善其身。根據評級機構穆迪的報告，加拿大皇家銀行與匯豐銀行以及摩根大通同列，躋身全球銀行界的第一梯隊。同時，加拿大的政策制定者也是運用宏觀審慎政策的老手，這一政策如今也常被其他富國的央行使用。
But questions still nag. Some say that Canada's banks are flattered by a huge indemnity offeredby Canada Mortgage and Housing Corp (CMHC), a public institution that insures mortgages witha loan-to-value ratio of more than 80%. CHMC's book grew to 567 billion Canadian Dollar(557 billion Dollar) in 2011, up from 345 billion Canadian Dollar four years earlier. And Canada'shousing market looks very frothy on some measures: The Economist's analysis of price-to-rentratios suggests that Canadian properties were about 75% above their long-run 「fair value」 in thefirst quarter of 2012 (see chart). Although less than 0.5% of CHMC's mortgages are in arrears, such exuberance is a worry. The central bank recently labelled housing as 「the most importantdomestic risk to financial stability in Canada」.
但是，仍有問題纏身。部分人士認為，加拿大的銀行被加拿大抵押和住房公司（CMHC）提供的巨額補償金美化了，CMHC是一家為貸款估值比率超過80%的抵押貸款提供保險的公共機構。在2011年，CHMC的抵押貸款額從四年前的3450億增長到了5670億加元（合5570億美元）。並且，從一些指標來看，加拿大的房地產充斥著泡沫：《經濟學人》以房價租金比所做的分析顯示，在2012年第一季度，加拿大的物業價格高出它們的長期公允價值75%。縱然僅有低於0.5%的CHMC抵押貸款存在拖欠的情況，但這樣的繁榮仍讓人憂慮。最近，央行也冠以樓市 「危及加拿大金融穩定性的最大國內隱患」。
Repeated efforts by policymakers to take the heat out of housing have not had a noticeableeffect. So on June 21st Jim Flaherty, the finance minister, had another go, his fourth in fouryears. Some of the new measures were cosmetic. Buyers of homes worth more than 1m Dollarhave been able to get mortgage-default insurance from CMHC with a downpayment of only 5%. In practice, it is hard to find buyers in this bracket who do not have lots of equity in their homes. But after July 9th mortgages for homes of this value will not be eligible for CMHC coverage.
政策制定者們給樓市降溫的不斷嘗試並無明顯成效。於是，在6月21日，加拿大財長吉姆·費拉逖，在四年來第四次出台了一些新舉措。新措施中的一些不過是表面功夫。價值過百萬美元住宅的買主能得到由CMHC擔保的債務違約保險以及首付僅付5%的優惠待遇。而事實上，很少有這類購房者在購房時不以大量自有資金支付價款的。不過，在6月9日之後，這類住宅將不再適用於CMHC的保險范圍。
Other measures have more teeth. The maximum amortisation period for a mortgage will now be25 years, down from 30. That should hurt demand: last year about 40% of new mortgages werefor terms longer than that. Refinancing a home will be allowed only up to 80% of its value, downfrom 85%. Homebuyers will have to demonstrate their housing costs are no more than 39% oftheir gross household income. On top of Mr Flaherty's measures, the Office of theSuperintendent of Financial Institutions, Canada's banking regulator, slapped a loan-to-value limitof 65% on borrowing against home equity.
其他那些則更為有力。抵押貸款最長還貸期限如今將從30年降低至25年。這勢必將減少需求：去年約有40%的新貸款的期限是超過25年的。允許的房屋再融資的上限從房屋價值的85%降至只有80%。購房者還須證明他們的住房支出不超過家庭總收入的39%。費拉逖的舉措中，緊隨其後的是，加拿大的銀行監管部門，聯邦金融機構監督辦公室，將貸款和自有資金間的貸款估值比率的限制猛降至65%。
Craig Alexander, the chief economist for TD Financial Group, estimates all this will be theequivalent of about a 1% rise in mortgage rates for most homebuyers. He believes that willproce a slow unwinding of the housing market. If he is right, and Mr Flaherty's variousinterventions avoid the collateral damage that would be caused by an actual interest-rate rise, Canada's admirers will have another thing to swoon over.
多倫多道明銀行金融集團首席經濟學家，克雷格·亞歷山大估計，所有這些措施對於購房者而言將等同於抵押貸款利率上升1%。他認為這將促使房產市場緩慢回歸。如果他的觀點正確，並且費拉逖的各種干預手段能夠避免可能引發實際利率上升的附帶傷害，那麼如此一來，加拿大的崇拜者們又將有一個可以津津樂道的話題了。