On the surface, the numbers appear to bear out this conclusion. If you strip out food, China's core inflation is holding at just 1.6%. Putting it another way, about 90% of China's annualized 8.7% inflation rate can be attributed to food alone. Take energy out as well, and the core rate drops to 1.1%. Under the presumption that these sources of inflation are likely to taper off -- if not reverse -- the experts concluded that fears over a more widespread Chinese inflation were overblown. As a result, China's domestic policy makers were urged to refrain from a further tightening of macro stabilization measures, such as monetary policy.
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Much of the language used to describe monetary policy, such as "steering the economy to a soft landing" or "a touch on the brakes", makes it sound like a precise science.
有很多用于描述货币政策的词汇,例如“引导经济软着陆”,“触动经济刹车”,使货币政策听起来像是一门精确的科学。
Economies where inflation and credit growth are already high and budget deficits large, such as India, have less room to ease monetary or fiscal policy if the economy weakens.
那些例如印度这样的通胀和赤字增长高企,财政赤字又大的经济体,一但经济走弱缓冲货币或财政政策的空间较小。
The chapter on the international financial crisis is an unsatisfying rehash of the usual explanations, such as loose monetary policy, sloppy underwriting and derivatives.
国际金融危机那章不太令人满意,就是些老调重弹,重述些大家听惯了的解释,比如宽松的货帀政策,保险业与金融衍生品市场的不规范。
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