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Financial Times （中文版）财经词汇
Overheating
过热：指经济发展过快导致供应短缺和物价上涨，这是因为生产跟不上需求的增长。
Overheating: When an economy has been growing too rapidly, leading to supply
shortages and rising prices as production fails to keep up with demand.
例证: 随着中国的投资急升至许多经济学家认为已经过热的水平，机械传动产品等自动化设备的销售也在攀升。
EXAMPLE: Sales of automation equipment, such as
machine drives, are also climbing as Chinese investment surges to levels that
many economists say is overheated.
Non-tariff barrier
非关税壁垒：政府为限制进口而采取的关税以外的措施。
Non-tariff barrier : Government measures other than tariffs to restrict
imports.
例证: 技术标准和其他非关税壁垒的策略，来自中国技术发展的一个基本事实：中国的基础创新能力与它参与世界经济的程度正同步增强，但在开发新技术方面，中国公司仍是一个跟随者，而不是领导者。
EXAMPLE: The strategy of technology standards and other non-tariff barriers
emerges from a fundamental reality of Chinese technology development: China’s basic
innovative capacity has improved in step with its involvement in the
international economy, but Chinese companies remain followers, not leaders, in
developing new technologies.
Nationalisation
国有化： 指政府接管私营企业的行为。
Nationalisation: When a government takes over a private sector company.
例证: 在意志坚定的竹中平藏的领导下，日本金融厅强迫日本第五大银行里索纳接受了一项170 亿美元的政府纤困计划，并强迫第十大银行足利实现了国有化。
EXAMPLE: Under Heizo Takenaka, its determined chief, the FSA forced Resona, Japan’s
fifth-biggest bank, to accept a $17bn government bail-out, and Ashikaga, its
10th biggest, into nationalisation.
Moral hazard
道德风险 ：保险中指受保人因已投保受到保障而更加粗心，并愿意面对更大的风险，从而增加了向供保方索赔的可能性。这一概念可以扩大至任何契约（如国际货币基金组织向陷于金融危机的国家提供的贷款），有了这种契约签约人就有可能去冒不必要的风险。
Moral hazard : In insurance, the chance that the insured will be more careless
and take greater risks because he or she is protected, thus increasing the
potential of claims on the provider. The concept can be extended to any
contract (such as a loan from the IMF to country in financial crisis) that by
its existence could prompt a signatory to take unnecessary risks.
例证: 还是有一些人担心会出现道德风险，但一些年来，这几乎已不成问题，因为私人部门在债务再融资方面采取了更大力度的削减措施，减少了需要进行重组的债务价值。
EXAMPLE: There are still some who are concerned about the risk of moral hazard,
but over the years that has become almost a non-issue as the private sector has
taken larger haircuts – reductions in the value of claims subject to
restructuring in the refinancing of debts.
Monopoly
垄断：指某个供应商因各种市场进入壁垒而控制了某一产品或服务的市场，从而享受到可以自由定价、自行决定质量水准而役有竞争压力的好处。
Monopoly: When a single supplier, helped by various barriers to entry, controls
the market for a particular good or service, thus benefiting from the freedom
to set prices and quality levels without the pressure of competition.
例证: 在欧洲、美国和大多数其他国家，掠夺性行动受到禁止。因此公司乙提起诉讼。在法官开庭前，公司甲同意向公司乙支付一大笔钱，随后公司乙撤回诉讼，同时从这个市场撤出。公司甲又恢复了舒适而获利丰厚的垄断。
EXAMPLE: Predatory action is prohibited in Europe, the US and most
other countries. So company B sues. Before the judge dons his robes, company A
agrees to make a substantial payment to company B, which then withdraws from
the case and the market. Company A’s comfortable and profitable monopoly is
restored.
Money supply
货币供应量 ： 某一经济中的全部货币量。狭义的货币供应量（即MO 类或Ml 类）包括流通的纸币和铸币及兑现方便的现金等价物：广义的货币供应量（MZ , M3
, M4 ）还包括各种变现能力较差的银行长期存款，亦即不容易拿到手的货币。
Money supply : The total amount of money in an economy. The narrow definition
of money supply (classified as M0 or M1) includes notes and coins in
circulation and money equivalents easily convertible into cash; the broad
definition (M2, M3, M4) expands this to include various kinds of longer-term
less liquid bank deposits, i.e. money that is not as easily available.
例证: 国央行的无穷能力要依靠非冲销式干预，换句话说，额外的货币被加入了该国的货币供应量中。这就意味着通货膨胀。
EXAMPLE: The infinite capacity of central banks depends on the intervention
being unsterilised, in other words the extra currency is added to the nation’s
money supply. That has inflationary implications.
Money laundering
洗钱： 将非法所得之钱款转存入合法的银行账户或投资。通常只有在管理环境不严格的情况下才可能出现这种行为。
Money laundering : Moving illegally acquired funds into legal bank accounts
investments. This is normally possible only if the regulatory environment is
lax.
例证: 金融厅表示，这些违规行为导致这家美国公司与“反社会分子”有业务往来（“反社会分子”指犯罪团伙和洗钱的人），并在金融厅检查人员进行盘问时，花旗集团一些经理人员“提供了有违事实的回答”。
EXAMPLE: The regulatory breaches led to the US corporation doing business with
“anti-social elements” – code for organised crime and money launderers and when
quizzed by FSA inspectors, some Citigroup managers “provided responses that
differed from the truth”, the FSA said.
Monetary policy
货币政策 ：货币当局为控制货币供应做出的决定。可用的手段包括调整基准刊率（如美国的美联储基金目标利率和贴现率），指导公开市场业务操作（货币市场的运作可影响短期利率），修改银行的准备金要求。货币当局对货币供应量的控制，有时希望保持稳定，有时希望扩大，有时则希望减少，根据不同情况，货币政策可用宽松、中性或紧缩来描述。
Monetary policy : The decisions a monetary authority makes to manage the money
supply. The tools at its disposal include modifying benchmark interest rates
(such as the Fed funds target and the discount rate in the US),conducting money
market operations (which influence short-term interest rates), and changing
banks’ reserve requirements. Depending on whether the authority wishes to
expand money supply, keep it steady or reduce it, monetary policy can be
described as accommodative (or loose), neutral or tight.
例证: 上周六，印度储备银行将存款准备金率提高0 . 5 个百分点, 至5 ％。存款准备金率即印度各银行必须在中央银行所储备的存款比例。这是印度央行四年来首次采取此类收紧银根的动作，并且与它利用利率作为货币政策主要工具的做法背道而驰。
EXAMPLE: On Saturday the RBI raised the cash reserve ratio – the proportion of
deposits India’s
banks must keep in the central bank – by half a percentage point to 5 per cent
of reserves. This was the first such tightening in four years and reversed the
RBI's move towards using interest rates as its principal tool of monetary
policy.
Mixed economy
混合经济： 具有市场经济的一些特征但国家仍控制着某些部门的一种经济。
Mixed economy: An economy which has characteristics of a market economy but
where the state still has control over certain sectors.
例证: 然而，有限责任制并不是工业革命爆发时的产物，它在1900
年左右才被工业社会广泛采用，而在加利福尼亚，这种情况直到1930 年代才出现。从德国到韩国，受保护的混合经济形式在不受股东主导的情况下，也得到了成功的发展。役有它，美国经济和国际经济也会顺利前进。
EXAMPLE: Yet limited liability was only widely adopted in the industrialised
world around 1900 and in California
only the 1930s, not at the beginning of the industrial revolution. Mixed and
protected economies, from Germany
to South Korea,
have developed successfully without shareholder domination. The US and the
international economies will get along nicely without it.
Minority stake/interest
少数股权： 指拥有一家公司50 ％以下的股本，不属于控股股权。母公司在子公司中的所有权如果不足100 % , 它的损益表上必须扣除少数股权股东的收益（或亏损）。
Minority stake/interest ：A shareholding of less than 50
per cent of a company’s equity capital which is not a controlling stake. A
parent company that has less than 100 per cent ownership of a subsidiary must
deduct the earnings (or losses)attributable to minority shareholders (called
minority interests) in its profit and loss account.
例证: 国航定于今年年底前首次公开发行股票，国泰在此之前收购国航股份的决定，对于竞争对手中国东方航空是一次挫折。东航去年就向国泰这家香港公司出售少数权益进行了谈判。
EXAMPLE: Cathay’s decision to buy a holding in Air China
before its initial public offering, scheduled for the end of this year, is a
setback for rival China Eastern, which last year held talks over selling a
minority stake to the Hong Kong company.
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