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与贸易相关的竞争及投资政策； 激励措施，如补贴和税收减免；
各行业的贸易政策问题，尤其是农业与服务业的开放问题； 《服务贸易总协定》的承诺情况；
特殊差别待遇，包括市场准入及执行情况，尤其在海关估价、《与贸易相关的知识产权》及《与贸易相关的投资措施》方面；
实施世贸组织协定的技术支持、贸易援助的经验及综合框架。
III.
Passage one
The mercantilists believed that a nation could gain in international trade only at the expense of other nations. As a result, they advocated restrictions on imports, incentives for exports, and strict government regulation of all economic activities. According to Adam Smith, trade is based on absolute advantage and benefits both nations. That is, when each nation specializes in the production of the commodity of its absolute advantage and exchange part of its output for the commodity of its absolute disadvantage, both nations end up consuming more of both commodities. Absolute advantage, however, explains only a small portion of international trade today. David Ricardo introduced the law of comparative advantage. This postulates that even if one nation is less efficient than the other nation in the production of both commodities, there is still a basis for mutually beneficial trade. The less efficient nation should specialize in the production and export of the commodity in which its absolute disadvantage is less. Gottfried Haberler came to the “rescue” by explaining the law of comparative advantage in terms of the opportunity cost theory. This states that the cost of a commodity is the amount of a second commodity that must be given up to release just enough resources produce one additional unit of the first commodity.
Passage two
The Uruguay Round of trade negotiations was completed in December 1993. It called for the reduction of average tariffs on industrial goods from percent to 3 percent, for quotas to be replaced by tariffs, and for antidumping and safeguards to be tightened. The agreement also called for reduction in agricultural export subsidies and industrial subsidies, and for protection of intellectual property. During 1996 and 1997, agreements were reached to open up trade in telecommunications, financial services,
and information technology. In July 2000, EU-Mexico free trade agreement became effective; in November 2001, the Doha Round was initiated; in December 2001, China became the 144th member of WTO; and in August 2002, Congress granted the president trade negotiating authority or fast track. The attempt to launch a new “Millennium Round” failed when nations were unable to reach agreement on the agenda at the trade conference in November 2001. Nevertheless, protectionism remains high, especially in agriculture and textile, which are of great importance to developing countries, and antidumping and safeguards are abused. In addition, the trade and restructuring problems of former communist countries have not been adequately addressed, the world is breaking down into a few major trading blocs, and a serious antiglobalization movement has come into existence. IV.
Passage one
growth, partly, post, agreement, tariffs, each, exchange, reductions, completed, extending, liberalization, goods, quota, adhere to, intellectual, created, regular, disputes, entry, called, increasingly
Passage two push, come, over, announced, trading, arisen, interdependence, strategic, open, trend, globalization, environmental, interconnect, most, increasingly, global V.
1．C 2. A 3. F 4. E 5. D 6. B
Unit Three I.
1. 通货膨胀C 2. 中央银行E 3. 经常账户O 4. 汇率H
5. 贸易收支K 6. 贸易赤字N 7. 财政政策M 8. 直接投资L
9. 现金流量表B 10. 复式记账法D 11. 证券投资G
12. 国际货币基金组织I 13. 浮动汇率A 14. J曲线效应J 15.供应链管理F Ⅱ.
Passage one
美联储的货币政策和行为注重所谓的货币总量。货币总量的作用是度量任何时候可供给经济社会的货币总额。
最基础的货币总量是基础货币，也称为高能货币。基础货币被定义为流通中的现金（硬币和公众持有的联邦储备发行的钞票）加上银行体系中所有的准备金。值得注意的是，准备金构成基础货币的一部分，而准备金受美联储控制。因此，基础货币是美联储运用各种货币工具最能影响的一种货币总量。
具有交换媒介职能的工具—货币和活期存款—也包含在货币总量中，有时也称为狭义货币量，以M1表示。因此M1度量的是经济社会中交换媒介（货币和活期存款）的总量。
M2是更广义的货币量，包括所有具有价值储藏功能、用以替代货币的工具。因此，M2 定义为M1加上银行及储蓄机构定期和活期存款、投资于零售货币市场共同基金的美元及其他账户，如隔夜回购协议。一些分析家又发展了其他两种货币量M3和L（针对流动资产）。
这些货币量等于M2 加上某些其他金融资产，包括长期定期存款、商业票据、银行承兑票据和某些国库券。
Passage two
通过对国际经济的分析可将贸易平衡的调整过程分为三个阶段：1）外汇合约期；2）传递期；3）数量调整期。这三个过程及其产生的整个贸易平衡的调整路径呈现倒“J”形。这一调整路径称为J曲线调整路径。
在第一阶段，即外汇合约期，没有预期的本币的突然贬值其影响并不确定，因为所有出口和进口合约都已生效。无论是盈利还是亏损，签署这些合约的公司都必须履行合约义务。
贸易平衡调整路径的第二阶段称为传递期。当汇率变动时，进口商和出口商最终必定将汇率变动转嫁到其产品价格上。例如，在美元大幅贬值后，向美国市场销售产品的外国生产商必须弥补其国内生产成本。这一需求使该外国公司必须报更高的美元价格以获取足够多的本币。该外国公司必须在美国市场提价。美国的进口价格大幅提高，所有的汇率变动最终都转嫁到价格上。相似的，因为美元
便宜了，美国的出口价与国外竞争对手比廉价得多。
第三个也是最后一个阶段，数量调整期，完成了本币贬值后的贸易平衡调整。随着传递期之后进口和出口价格发生变化，美国国内市场和出口市场的消费者将根据新的价格调整需求。进口相对更贵，所以需求量下降。出口相对更便宜，所以需求量增加。贸易平衡—出口消费少于进口消费—得到改善。
遗憾的是，这三个过程不会一夜间完成。许多国家，像美国，已经历了汇率的大幅变动，也看到了这一调整过程在较长的时期内发生。
Ⅲ.
Passage one A financial market is a market where financial assets are exchanged ., traded). Although the existence of a financial market is not a necessary condition for the creation and exchange of a financial asset, in most economies financial assets are created and subsequently traded in some type of financial market. The market in which a financial asset trades for immediate delivery is called the spot market or cash market. Financial markets provide the following economic functions:
First, the interactions of buyers and sellers in a financial market determine the price of the traded asset. Or, equivalently, they determine the required return on a financial asset. As the inducement for firms to acquire funds depends on the required return that investors demand, it is this feature of financial markets that signals how the funds in the economy should be allocated among financial assets. This is called the price discovery process. Second, financial markets provide a mechanism for an investor to sell a financial asset. Because of this feature, it is said that a financial market offers liquidity, an attractive feature when circumstances either force or motivate an investor to sell. If there were not liquidity, the owner would be forced to hold a debt instrument until it matures and an equity instrument until the company is either voluntarily or involuntarily liquidated. While all financial markets provide some form of liquidity, the degree of liquidity is one of the factors that characterize different markets.
The third economic function of a financial market is that it reduces the cost of transacting. There are two costs associated with transacting: search costs and information costs.
Passage two
The foreign exchange market provides the physical and institutional structure through which the money of one country is exchanged for that of another country, the rate of exchange between currencies is determined, and foreign exchange transactions are physically completed. Foreign exchange means the money of a foreign country; that is, foreign currency bank balances, banknotes, checks, and drafts. A foreign exchange transaction is an agreement between a buyer and seller that a fixed amount of one currency will be delivered for some other currency at a specified rate.
The foreign exchange market is the mechanism by which participants transfer purchasing power between countries, obtain or provide credit for international trade transactions, and minimize exposure to the risks of exchange rate changes. The foreign exchange market consists of two tiers: the interbank or wholesale market, and the client or retail market. Individual transactions in the interbank market are usually for large sums that are multiples of a million . dollars or the equivalent value in other currencies. By contrast, contracts between a bank and its clients are usually for specific amounts.
Banks, and a few nonblank foreign exchange dealers, operate in both the interbank and client markets. They profit from buying foreign exchange at a bid price and reselling it at a slightly higher ask (also called offer) price. Competition among dealers worldwide narrows the spread between bid and ask and so contributes to making the foreign exchange market efficient in the same sense as in securities markets.
Importers and exporters, international portfolio investors, MNEs, tourists, and others use the foreign exchange market to facilitate execution of commercial or investment transactions. Their use of the foreign exchange market is necessary but nevertheless incidental to their underlying commercial or investment purpose. Some of these participants use the market to “hedge” foreign exchange risk. Ⅳ.
Passage one
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