The pain of rebalancing global growth

http://www.ft.com/intl/cms/s/0/51cfa916-2f4c-11e3-8cb2-00144feab7de.html#axzz2hHJqjV4r

By Martin wolf 2013.10.08

난이도 : 중

<요약>

선진국은 Fiscal policy 문제

-       This is why decisions not to use the exceptional opportunity afforded by ultra-low interest rates for a largte expansion of investment are unforgivable errors

-       부채 한도를 늘리지 않는 미국이 겨냥 되는 듯.

이머징 마켓

-       They are now likely to find themselves in a global environment of higher interest rates, lower commodity prices, stronger growth in high-income economies and weaker growth in China

-       They must let exchange rate flexibility take some of the economic strain. They should also use foreign currency reserves, where these have been accumulated on a large scale

<해석>

China may face a difficult choice between a sharp slowdown and politically difficult reforms on the one hand, and embarking on another credit surge on the other. Given the already very high credit levels in the economy and the huge structural imbalances, the leadership should choose the former option. Will it? We do not know

중국은 sharp slowdown과 정치적으로 쉽지 않은 리폼 혹은 또 다른 신용 팽창 중 어려운 선택을 해야 하는 처지에 직면한 듯 하다.  이미 credit level이 매우 높은 상태에서 정부관료들은 전자를 선택해야 할 것인데 그럴지는 모르겠다.

<단어>

subdue : 진압하다, 가라앉히다

surge : 밀려들다

backlash : 반발

disorderly : 무질서한

reliance on : ~에 대한 의존

inordinate : 과도한, 지나친

extraordinary : 기이한, 놀라운

efficacy : 효험

prematurely : 너무 이르게

delude ; 속이다

afford : ~할 여유가 되다

cautionary tale : 교훈적인 이야기

peril : 위험, 위험성

stellar : 뛰어난

halt : 세우다, 중단시키다