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【第一期阅读小分队(已结束)】【每日阅读练习贴——速度+越障】【一楼汇总】(另附CD首发花儿阅读教材PDF)

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81#
发表于 2011-7-3 23:32:03 | 只看该作者
谢谢抓抓,我只能说抓抓你真是帅呆了。
82#
 楼主| 发表于 2011-7-3 23:59:35 | 只看该作者


<div class="maxcode-quote">
谢谢抓抓,我只能说抓抓你真是帅呆了。<div style="text-align:right;">-- by 会员 <u>shunwen</u> (2011/7/3 23:32:03)</div><br />
</div>
不客气不客气~^^shunwen真可爱~
83#
 楼主| 发表于 2011-7-4 00:58:13 | 只看该作者

【越障1-7】apan’s return to gold: Turning points in the value of the yen during the

<font size="3"><font face="Verdana "><span style="color:indigo;">睡前提前贴上明天的练习</span></font></font><font size="3"><font face="Verdana "><span style="color:indigo;"><br /></span></font><font face="&amp;quot; ">For politicians and policy-makers throughout the industrialized world, the return to the gold standard following the end of World War I was an article of faith (<a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib6" target="_blank"><span style="color:blue;">Eichengreen and Temin, 1997</span></a>).Despite the historical and emotional appeal of the gold standard, the road back was neither direct nor smooth. Inflationary—and sometimes hyper inflationary—war-time finance, combined with the war’s physical destruction made the return problematic. Countries attempting to return to the gold standard at the prewar parity were forced to undergo substantial deflation, with considerable political and economic cost (e.g., <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib29" target="_blank"><span style="color:blue;">[Temin, 1989]</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib5" target="_blank"><span style="color:blue;">[Eichengreen, 1992]</span></a>,<a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib24" target="_blank"><span style="color:blue;">[Simmons, 1994]</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib6" target="_blank"><span style="color:blue;">[Eichengreen and Temin,1997]</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib19" target="_blank"><span style="color:blue;">[Obstfeld and Taylor, 2003]</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib34" target="_blank"><span style="color:blue;">[Wolf and Yousef, 2007]</span></a>and <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib30" target="_blank"><span style="color:blue;">[Wandschneider, 2008]</span></a>).</font>: p&amp; J% h2 |# I. P7 [/ p* \<br /><br /><font face="&amp;quot; ">This paper examines the experience of interwar Japan and its efforts to restore gold convertibility throughout the1920s. Japan presents an interesting case study of monetary politics in the interwar period. Economically, Japan seemed to be ready to return to gold at the close of World War I: Japan accumulated foreign assets during the war,becoming a net international creditor for the first time since the Meiji Restoration (</font><a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib9" target="_blank"><font face="&amp;quot; ">Flath, 2005</font></a><font face="&amp;quot; ">, pp. 44–45). Nonetheless, Japan was the last industrialized country to restore gold convertibility, which it did in January 1930. Thus,given that economic conditions seemed to be suitable for the restoration of gold standard at the end of the war, Japan’s tardiness is puzzling.</font><a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#fn1" target="_blank"><font face="&amp;quot; ">1</font></a><br /><font face="&amp;quot; ">To shed some light on this issue, we undertake an iterative endogenous search for the turning points in the value of the yen and look for coincident events that are likely to have been responsible for them. Using this methodology, we hope to determine what events were found by contemporaries to be turning points in Japan’s path back to the gold standard, which was completed on January 11, 1930. Our approach reveals five statistically robust turning points, two caused by political events and three by diplomatic-military events.</font>7 E) ]' j &nbsp;[. I&quot; o<br />) A5 |% ]4 g5 K* x8 Z<br /><font face="&amp;quot; ">The political turning points are associated with changes of power between the Kenseikai and Seiyukai parties:the value of the yen turned downward—and continued to fall—on April 1927, when the Rikken Seiyukai (Friends of Constitutional Government Party) took the control of the cabinet from the Kenseikai (Constitutional Party), whereas itsoared after July 1929, when Kenseikai regained the cabinet control. These two turning points illustrate the classic notion of “trilemma” which states that policy-makers cannot simultaneously fix the exchange rate, allow free capital mobility, and maintain monetary autonomy (e.g., </font><a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib18" target="_blank"><font face="&amp;quot; ">Obstfeld et al., 2005</font></a><font face="&amp;quot; ">). Kenseikai favored fiscal restraint, conciliatory foreign policy, and prompt restoration of the gold standard at the prewar parity while Seiyukai opposed these economic and diplomatic policies </font><a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib13" target="_blank"><font face="&amp;quot; ">Metzler (2006)</font></a><font face="&amp;quot; ">. Hence, forward-looking investors, being keenly aware of policy-constraints given by the trilemma, must have anticipated yen appreciation with the Kenseikai in the control of cabinet and depreciation with the Seiyukai in power.</font><br /><br /><font face="&amp;quot; ">The diplomatic-military events that coincided with yen’s turning points are: (1) the long-awaited troop with drawal following the Siberian Intervention in the summer of 1922, which had drained fiscal resources from the Japanese government for previous three years; (2) the escalation of civil war in China in October 1924; and (3) the Jinan incident of May 1928, in which localized armed conflicts between Kuomintang and Japanese troops in the capital of Shandong led the Japanese government to deploy additional troops in China. These turning points suggest that the Japanese government had a hard time establishing credibility because of its military involvement in Asia (particularly China), the fiscal cost of which was perceived to be inconsistent with full convertibility at the prewar rate. Taken together, the results suggest that Japan’s efforts toward gold convertibility were, in part, impeded by political instability and Japan’s territorial ambitions in China that were not consistent with fixed exchange rate and capital account liberalization.</font><br />1 u2 P, U$ e6 {' a1 g: T! H' N' J<br /><font face="&amp;quot; ">revious works (e.g., </font><a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib5" target="_blank"><font face="&amp;quot; ">[Eichengreen, 1992]</font></a><font face="&amp;quot; ">and </font><font face="&amp;quot; "><a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib19" target="_blank"><span style="color:blue;">[Obstfeld and Taylor, 2003]</span></a>) argue that the rise of democracy during the interwar period made it more tempting for governments to use discretionary fiscal and monetary policy to maintain employment for newly-enfranchised workers. Interwar Japan provides a good laboratory to assess whether the expansion of suffrage made the promise to return to the gold standard less credible. Universal manhood suffrage was a contentious political issue supported by a small number of liberal-minded Diet members.<a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#fn2" target="_blank"><span style="color:blue;">2</span></a>Nevertheless, after a Kenseikai-led coalition, which advocated universal manhood suffrage, won a majority in the Lower House election of May 10, 1924 and subsequently seized control of the cabinet from the aristocratic government, the democratic movement gained momentum. In March 1925, the Diet finally passed the universal suffrage bill,which extended voting rights that had been granted exclusively to males aged 25years or older who paid at least 15 yen in annual tax to all male citizens aged25 years or older.</font>: `/ O1 R* k4 d &nbsp;h+ x&amp; M &nbsp;|! l<br />* g &nbsp;b5 }8 k7 w$ e+ X<br /><font face="&amp;quot; ">We detect no turning point associated with electoral victory of Kenseikai-led coalition in May 1924, which led to the passage of the suffrage bill a year later. Although a turning point did coincide with the Diet’s approval of universal manhood suffrage in March1925, this is a positive turning point (i.e., yen appreciation), and furthermore is neither economically important nor statistically robust. Thus,in interwar Japan, democratic institutions do not seem to have been the main cause of credibility problems or, perhaps, that financial market participants did not believe them to have been important. This result mirrors that of <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib27" target="_blank"><span style="color:blue;">(Sussman and Yafeh, 2000)</span></a> and<a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=high&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=76b723630acb30492ab98650c7357150#bbib28" target="_blank"><span style="color:blue;">Sussman and Yafeh, 2006</span></a> N. Sussman and Y. Yafeh,Institutional reforms, financial development and sovereign debt: Britain1690–1790, <em>Journal of Economic History</em> <strong>66</strong> (2006), pp. 906–935.<a href="http://www.sciencedirect.com/science?_ob=RedirectURL&amp;_method=outwardLink&amp;_partnerName=655&amp;_targetURL=http%3A%2F%2Fwww.scopus.com%2Finward%2Frecord.url%3Feid%3D2-s2.0-33947601380%26partnerID%3D10%26rel%3DR3.0.0%26md5%3D684ccf42194737ddd539af1c7b38fcad&amp;_acct=C000003858&amp;_version=1&amp;_userid=29441&amp;md5=ff39640deff42b4c5be1ef7201514b84" target="_blank"><span style="color:blue;">View Record in Scopus</span></a> | <a href="http://www.sciencedirect.com/science?_ob=RedirectURL&amp;_method=outwardLink&amp;_partnerName=656&amp;_targetURL=http%3A%2F%2Fwww.scopus.com%2Finward%2Fcitedby.url%3Feid%3D2-s2.0-33947601380%26partnerID%3D10%26rel%3DR3.0.0%26md5%3D684ccf42194737ddd539af1c7b38fcad&amp;_acct=C000003858&amp;_version=1&amp;_userid=29441&amp;md5=7891bc4bb080a1d756e8ed0dcd57aeb3" target="_blank"><span style="color:blue;">Cited By in Scopus (7)</span></a><a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib28" target="_blank"><span style="color:blue;">(Sussman and Yafeh, 2006)</span></a>, who find that financial markets do not respond immediately to the announcement of institutional changes that are yet to pass the test of time.<a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#fn3" target="_blank"><span style="color:blue;">3</span></a></font><br /># d! l- O1 D9 V&amp; U: C! B&amp; G1 a: o<br /><font face="&amp;quot; ">Methodologically, this paper is closely related to a large and active literature that attempts to uncover what contemporaries viewed as turning points based on the movement in asset prices(e.g., <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib33" target="_blank"><span style="color:blue;">Willard et al., 1996</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib11" target="_blank"><span style="color:blue;">[Frey and Kucher, 2000]</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib2" target="_blank"><span style="color:blue;">[Brown and Burdekin, 2000]</span></a>,<a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib20" target="_blank"><span style="color:blue;">[Oosterlinck, 2003]</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib3" target="_blank"><span style="color:blue;">[Burdekin, 2006]</span></a> and <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib31" target="_blank"><span style="color:blue;">[Waldenstrom and Frey, 2008]</span></a>). This methodology,although not suitable for explaining the long-run dynamics of asset prices in relation to the underlying economic fundamentals, allows us to uncover turning points in the value of yen and to perform a systematic search for a coincidental event that is likely to have had large and immediate effects on the credibility of Japan’s commitment to return to the gold standard. Such an exercise is important, we believe, given widespread interests among macroeconomists and economic historians in the credibility of fixed exchange rate in general and the gold standard in particular.<a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#fn4" target="_blank"><span style="color:blue;">4</span></a></font><br /><br /><font face="&amp;quot; ">This paper also contributes to are cent literature that uses high frequency asset price/expectation data in an attempt to examine the role of political parties in shaping macroeconomic outcome (e.g., <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib23" target="_blank"><span style="color:blue;">[Santa-Clara and Valkanov, 2003]</span></a> and <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib16" target="_blank"><span style="color:blue;">[Mukherjee and Leblang, 2007]</span></a>, <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib26" target="_blank"><span style="color:blue;">Snowberg et al., 2007</span></a>). Our results confirm the non-Downsian view that political party and its overall ideology affect economic policy and outcome.</font><br />5 ~% [4 ~/ Z2 a) G&quot; x- b# G<br /><font face="&amp;quot; ">Finally, this paper complementsthree previous studies on the evolution of macroeconomic policy in Japan duringthe interwar period: (1) a classic study by <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib21" target="_blank"><span style="color:blue;">atrick (1971)</span></a> on Japan’s economic difficultyduring the interwar period; (2) <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib12" target="_blank"><span style="color:blue;">Ito et al.’s (1993)</span></a> event study, whichinvestigates how the Japanese government left the gold standard; and (3) <a href="http://www.sciencedirect.com/science?_ob=ArticleURL&amp;_udi=B6WFJ-4VGF3XY-1&amp;_user=29441&amp;_coverDate=07%2F31%2F2009&amp;_rdoc=4&amp;_fmt=full&amp;_orig=browse&amp;_srch=doc-info%28%23toc%236796%232009%23999539996%231130367%23FLA%23display%23Volume%29&amp;_cdi=6796&amp;_sort=d&amp;_docanchor=&amp;_ct=9&amp;_acct=C000003858&amp;_version=1&amp;_urlVersion=0&amp;_userid=29441&amp;md5=bb5ec14f956e253c911e392f087a2070#bib13" target="_blank"><span style="color:blue;">Metzler’s (2006)</span></a> extensive historiographicalstudy of the gold standard in prewar Japan. To the best of our knowledge, thispaper presents the first systematic attempt to determine what contemporariesfound to be the key political and economic events along the path to Japan’slong-awaited return to the gold standard.</font></font>
84#
 楼主| 发表于 2011-7-4 01:07:12 | 只看该作者

【速度1-12】VOA SPECIAL ENGLISH 睡前把7.4的贴上来 米国国庆节快乐~哈

<span style="background-color:#4f81bd;"><span style="background-color:#4f81bd;"><font face="宋体"><strong><span style="color:#ffffff;">计时</span></strong></font><strong><span style="color:#ffffff;">1</span></strong></span><br /></span><br /><span style="color:#666666;"><font size="2"><font face="Arial, sans-serif">01July 2011</font></font></span><br /><span style="color:#333333;"><font size="6"><font face="Arial, sans-serif">Margaret Mead, 1901-1978: One of theMost Famous Anthropologists in the World</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: I’m Steve Ember.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">SHIRLEYGRIFFITH: And I’m Shirley Griffith with PEOPLE IN AMERICA in VOA SpecialEnglish. Today we tell about one of the most influential social scientists ofthe last century -- the cultural anthropologist Margaret Mead.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">(MUSIC)</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: People around the world mourned the death of Margaret Mead in nineteenseventy-eight. &nbsp;A year later, the president of the United States, JimmyCarter, honored the social scientist with America's highest award forcivilians. &nbsp;Another honor came from a village in New Guinea. &nbsp;Thepeople there planted a coconut tree in her memory. &nbsp;Margaret Mead wouldhave liked that. &nbsp;As a young woman, she had studied the life andtraditions of the village.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">Ms.Mead received such honors because she added greatly to public knowledge of culturesand traditions in developing countries. Many people consider her the mostinfluential social science researcher of the twentieth century. &nbsp;Yet someexperts said her research was not scientific. &nbsp;They said she depended toomuch on observation and local stories. &nbsp;They said she did not spend enoughtime on comparative studies. &nbsp;They believed her fame resulted as much fromher colorful personality as from her research.</font></font></span><br /><span style="color:#666666;"><font size="2"><font face="Arial, sans-serif"> </font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">SHIRLEYGRIFFITH: Margaret Mead shared her strong opinions about social issues. She denounced the spread of nuclear weapons. &nbsp;She spoke against racialinjustice.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">Shestrongly supported women's rights. &nbsp;Throughout her life she enjoyed takingrisks. Ms. Mead began her studies of cultures in an unusual way for a woman ofher time. &nbsp;She chose to perform her research in the developing world.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">Shewent to an island village in the Pacific Ocean. &nbsp;She went alone. &nbsp;Theyear was nineteen twenty-five. &nbsp;At that time, young American women did nottravel far away from home by themselves. &nbsp;They did not ask strangerspersonal questions. &nbsp;They did not observe births and deaths unless theywere involved in medical work. &nbsp;Margaret Mead did all those things.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">(MUSIC)</font></font></span><br /><span style="color:red;"><font size="3"><font face="Arial, sans-serif">(317words)</font></font></span><br /><span style="background-color:#4f81bd;"><span style="background-color:#4f81bd;"><font face="宋体"><strong><span style="color:#ffffff;">计时</span></strong></font><strong><span style="color:#ffffff;">2</span></strong></span><br /></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: Margaret Mead was born in nineteen-oh-one in Philadelphia,Pennsylvania. &nbsp;Her father was a professor of finance. Her mother was asociologist. &nbsp; Few women attended college in those days. However, Margaret Mead began her studies in nineteen nineteen at De PauwUniversity in Greencastle, Indiana. &nbsp;She soon decided that living in asmall town did not improve one's mind. So she moved to New York City to studyEnglish and psychology at Barnard College. She graduated in nineteentwenty-three.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">SHIRLEYGRIFFITH: Margaret next decided to study anthropology at Columbia University inNew York. &nbsp;She wanted to examine the activities and traditions ofdifferent societies. &nbsp;She later earned master’s and doctorate degrees.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">Ms.Mead studied with two famous anthropologists: Franz Boas and RuthBenedict. &nbsp;Mister Boas believed that the environment people grow up in --not family genes -- caused most cultural differences among people. &nbsp;Thisbelief also influenced his young student. &nbsp;Margaret Mead asked to do researchin Samoa in the Pacific Ocean. Mister Boas was concerned for hersafety. &nbsp; But he let her go. &nbsp;He told her to learn about howyoung Samoan women were raised.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: In graduate school, Margaret had married Luther Cressman, who wasstudying to be a clergyman. &nbsp;He went to Europe to continue hisstudies. &nbsp;She went alone to Samoa in nineteen twenty-five. She workedamong the people of Tau Island. &nbsp;The people spoke a difficult languagethat had never been written down. Luckily, she was able to learn languageseasily.</font></font></span><br /><span style="color:#666666;"><font size="2"><font face="Arial, sans-serif"> </font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">Ms.Mead studied the lives of Samoan girls. &nbsp;She was not much older than thegirls she questioned. &nbsp;She said their life was free of the anger andrebellion found among young people in other societies. &nbsp;She also saidSamoan girls had sexual relations with anyone they wanted. &nbsp;She said theirsociety did not urge them to love just one man. &nbsp;And she said theirsociety did not condemn sex before marriage.<br /></font></font></span><span style="color:red;"><font size="3"><font face="Arial, sans-serif">(321 words)</font></font></span><br /><span style="background-color:#4f81bd;"><span style="background-color:#4f81bd;"><font face="宋体"><span style="color:#ffffff;"><strong>计时</strong></span></font><span style="color:#ffffff;"><strong>3</strong></span></span><br /></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">MargaretMead said she reached these beliefs after nine months of observation inSamoa. &nbsp;They helped make her book “Coming of Age in Samoa” one of thebest-selling books of the time. &nbsp;Ms. Mead was just twenty-seven years oldwhen her book was published in nineteen twenty-eight. Many American readerswere shocked by her observations about the sexual freedom enjoyed by youngSamoan women.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">SHIRLEYGRIFFITH: Several social scientists later disputed her findings. Australiananthropologist Derek Freeman wrote a book which criticized her work. The bookwas published in nineteen eighty-three, five years after her death. &nbsp;Hewrote that Ms. Mead made her observations from just a few talks with twofriendly young women.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">Hewrote that they wanted to tell interesting stories to a foreign visitor. Buttheir stories were not necessarily true. &nbsp;Mister Freeman said Samoansociety valued a young woman who had not had sexual relations. &nbsp;He saidTau Island men refused to marry women who had had sex. &nbsp;However, manypublished reports about the debate raised questions about Mister Freeman’scriticism. &nbsp;After years of discussion, many anthropologists concluded thatthe truth would probably never be known.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">(MUSIC)</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: After nine months among the Samoans, Margaret Mead returned to theUnited States. &nbsp;She met a student from New Zealand, Reo Fortune, on thelong trip home. &nbsp;Her marriage to Luther Cressman ended. &nbsp;She marriedMister Fortune, also an anthropologist, in nineteen twenty-eight. &nbsp;Theywent to New Guinea to work together. &nbsp;It would be the first of seven tripsthat she would make to the area in the next forty-seven years.</font></font></span><br /><span style="color:red;"><font size="3"><font face="Arial, sans-serif">(264words)</font></font></span><br /><span style="background-color:#4f81bd;"><span style="background-color:#4f81bd;"><font face="宋体"><strong><span style="color:#ffffff;">计时</span></strong></font><strong><span style="color:#ffffff;">4</span></strong></span><br /></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">SHIRLEYGRIFFITH: The two studied the people of several areas of New Guinea. &nbsp;Shepublished another influential book, “Sex and Temperament in Three PrimitiveSocieties,” in nineteen thirty-five. It was a study of the lives of three NewGuinea tribes from infancy to adulthood. Ms. Mead wrote that many so-calledmale and female characteristics are not based on sex differences. Instead theyreflect the cultural traditions of different societies. She wrote that womenhave the major role in one group in New Guinea without causing any specialproblems. &nbsp;This book became important for the women’s rights movement inthe United States.</font></font></span><br /><span style="color:#666666;"><font size="2"><font face="Arial, sans-serif"> </font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: &nbsp;Not long after their New Guinea trip ended, Margaret Mead'smarriage to Reo Fortune also ended. &nbsp;In nineteen thirty-six, she marriedfor the third time. &nbsp;Her new husband was Gregory Bateson, a Britishbiologist. &nbsp;Mister Bateson and Ms. Mead decided to work together on theisland of Bali in Indonesia. &nbsp;The people of Bali proudly shared their richculture and traditions. &nbsp;Ms. Mead observed and recorded their activities.Mister Bateson took photographs. &nbsp;The Batesons had a daughter. &nbsp;Buttheir marriage ended in nineteen fifty.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">(MUSIC)</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">SHIRLEYGRIFFITH: &nbsp;As time went on, Margaret Mead's fame continued to grow. Her books sold very well. &nbsp;She also wrote for popular magazines. Sheappeared on radio and television programs in the nineteen sixties andseventies. &nbsp; She spoke before many groups. &nbsp;Americans loved tohear about her work and the people she studied.</font></font></span><br /><span style="color:red;"><font size="3"><font face="Arial, sans-serif">(241words)</font></font></span><br /><span style="background-color:#4f81bd;"><span style="background-color:#4f81bd;"><font face="宋体"><span style="color:#ffffff;"><strong>计时</strong></span></font><span style="color:#ffffff;"><strong>5</strong></span></span><br /></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">Afterher trips, Margaret Mead always returned to the American Museum of NaturalHistory in New York City. &nbsp; She worked there for more than fiftyyears. &nbsp;She also taught at several universities in New York. &nbsp;Shestudied the problems of child-rearing, personality and culture in differentsocieties.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">MargaretMead was also concerned about issues like the environment. On Apriltwenty-second, nineteen seventy, environmental activists organized the firstever Earth Day. Margaret Mead spoke about the dangers of science andtechnology.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">MARGARETMEAD: “No society has ever yet been able to handle the temptations oftechnology to mastery, to waste, to exuberance, to exploration andexploitation…We have to learn to cherish this earth and cherish it as somethingthat’s fragile, that’s only one, it's all we have…We have to use our scientificknowledge to correct the dangers that have come from science and technology<strong>.”</strong></font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: Other scientists paid Margaret Mead a high honor when she wasseventy-four years old. &nbsp;They elected her president of the AmericanAssociation for the Advancement of Science. &nbsp;A few years later, shedeveloped cancer. &nbsp;But she continued to travel, speak and study almost tothe end of her life. &nbsp;One friend said: &quot;Margaret Mead was not goingto let a little thing like death stop her.&quot;</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">(MUSIC)</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">SHIRLEYGRIFFITH: This program was written by Jerilyn Watson. It was produced by JuneSimms. I'm Shirley Griffith.</font></font></span><br /><span style="color:#333333;"><font size="3"><font face="Arial, sans-serif">STEVEEMBER: And I’m Steve Ember. You can learn about other famous Americans on ourWeb site, voaspecialenglish.com. Join us again next week for PEOPLE IN AMERICAin VOA Special English.</font></font></span><br /><span style="color:red;"><font size="3"><font face="Arial, sans-serif">(261words)</font></font></span>
85#
 楼主| 发表于 2011-7-4 09:52:09 | 只看该作者
【速度1-12】<br />差7行<br />差3行<br />差1行<br />55s<br />56s<br /><br />还需继续修炼..
86#
 楼主| 发表于 2011-7-4 11:47:09 | 只看该作者
今天这份越障也看了两遍..第一遍字面上貌似都懂,但是读完以后全文的结构完全没有概念<br />看了第二遍才真正搞清楚每段的作用和全文的结构<br />全文讲的是日本具有恢复金本位制的条件 但是一直到了1930s才恢复 这一现象的成因<br />从political和military两个角度分述了日元汇率的5处turn point出现的可能原因(political的部分还提到了trilemma三元悖论~)<br />最后交代了一下论文运用到的研究工具和相关方面已有的研究成果
87#
发表于 2011-7-4 21:35:45 | 只看该作者
【越障1-7】看了6分钟才看完,大概知道这篇论文说了一些事件对日本恢复金本位制的影响,好像说了经济因素和政治因素,还引用了之前的研究,反驳了之前研究对政治影响的观点,最后评价了这篇论文用的methodology,和它的作用等等。条理不是很清晰,隐约记得这些。<br />【速度1-12】<br />差9行!!<br />差6行!!<br />差1行<br />0<br />0
88#
发表于 2011-7-4 21:36:38 | 只看该作者
比抓抓慢啊,要每天跟抓抓练,赶上大队~@!
89#
发表于 2011-7-4 22:56:51 | 只看该作者
支持下支持下 最近在看prepSC 又准备期末 木有时间做阅读了<br /> 看来抓同学解放了。。。羡慕羡慕 &nbsp;我到20号才考完呢
90#
发表于 2011-7-4 23:25:46 | 只看该作者
这个是高端技术贴啊~值得研究研究~
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