| 1. | The author first reviews tl1e backgrou11d of intemationai monetary s3stem and argues that tl1e ctw one
第一章国际货币制度演进与国际投机资本膨胀：研究的重要背景。 |
| 2. | The falling dollar will also attract more foreign capital , including some speculative money , into china to seek better returns , analysts said
分析家说，美元的贬值也会吸引更多的国外资本，包括一些投机资本，来中国寻求更高的利润。 |
| 3. | Rising speculative inflows are likely to fuel further overheating in the property market and even delay the much - needed adjustment in real estate investment
投机资本流入量不断增长，可能加剧房地产市场的过热，甚至延迟房地产投资急需的调整。 |
| 4. | China ' s massive hoard is the result of its large current - account surplus , significant inward foreign direct investment , and big inflows of speculative capital over the past couple of years
国际贸易经常账户顺差和国外投资，以及过去数年里大量投机资本的涌入是导致中国巨额外汇储量的原因。 |
| 5. | China ' s massive hoard is the result of its large current - account surplus , significant inward foreign direct investment , and big inflows of speculative capital over the past couple of years
这么大的储备是中国巨额现金帐户余额的结果，值得注意的外国流入的直接投资，以及过去几年中大量流入的投机资本。 |
| 6. | China s rigid currency regime is highly distortionary and poses risks to china s economy - - sowing the seeds for excess liquidity creation ; asset price inflation ; large speculative capital flows ; and over - investment
中国一成不变的货币制度具有极大的扭曲性，使中国经济面临风险埋下种种隐患，导致流动资产过渡积累，资产价格膨胀，巨额投机资本流动和过度投资。 |
| 7. | Although these new instruments can help people prevent lots of risks , they also provide the speculators with new arbitrage opportunities , and attract large amounts of hot money . as a result these would induce another innovative motivation to eliminate the new speculative risks
金融创新不仅提供了防范风险的功能，同时不同市场金融产品的价格差异也提供了极佳的投机套利的机会，吸引了大量的投机资本。 |
| 8. | China s rigid currency regime has become highly distortionary . we know that it poses risks to the health of the chinese economy , such as sowing the seeds for excess liquidity creation , asset price inflation , large speculative capital flows , and over - investment
斯诺说，中国继续维持与美元挂钩的固定汇率，不利于经济正常运转，有可能形成超额货币流量，促使资产价格膨胀，投机资本流入，同时造成某些部门投资过度。 |
| 9. | Tracil1g back the cvolution of tl1e cxchange ratc theory , thirdl3 " , der discussing the formation of knowledge , il1formation and expectatiol1 , tl1c article emphasizes tl1e important role that ration pla } - s in tl1e volatility of exchange rate f at iast . tl1e autl1or allalyses the ichuential nrechanism of . olatile exchange rate in macro - ecollol11 } " al1d specifies the tralismission cl1annel in tcnns of inten1ationai trade al1d bank . . flle third chapter discusses olle of the ttx ' o pril1ciple mecl1anisms of stabilizing exchal1ge rate - - - - capital control
首先，本章分析了外汇市场参与者行为，得出国际投机资本是导致汇率不稳定的主体的判断；然后，本章以汇率不稳定为线索回顾了汇率决定理论的发展；接着，本章从知识、信息与预期形成的角度强调了理性在汇率不稳定中的重要性；最后，本章从国际贸易和银行信贷两个渠道分析了汇率不稳定对宏观经济运行的影响机制。 |
