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英语翻译Some economists have advanced the impact of Mainland Chi

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英语翻译
Some economists have advanced the impact of Mainland China on the real economy as a contributing factor to their ASEAN nations' export growth slowdown,though these economists maintain the main cause of the crises was excessive real estate speculation.China had begun to compete effectively with other Asian exporters particularly in the 1990s after the implementation of a number of export-oriented reforms.Most importantly,the Thai and Indonesian currencies were closely tied to the dollar,which was appreciating in the 1990s.Western importers sought cheaper manufacturers and found them,indeed,in China whose currency was depreciated relative to the dollar.Other economists dispute this claim noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s.
Many economists,like those within the Cato Institute,believed that the Asian crisis was created not by market psychology or technology (which actually represents a more efficient form of capitalism through the ability to acquire information cheaply and more quickly) but by macroeconomic policies that distorted information which in turn created the volatility that attracted speculators.What some have called "herd mentality" was merely the result of speculators behaving rationally,noting the currency policies (The government defending the fixed exchange rate) which speculators assumed could not be sustained.Such economists believe that this crisis was the result of unsustainable macroeconomic/protectionist policies which create the very "market" imperfections they were originally designed to correct.
Other economists,including Joseph Stiglitz and Jeffrey Sachs,have downplayed the role of the real economy in the crisis compared to the financial markets due to the speed of the crisis.The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock.Sachs points to strict monetary and contractory fiscal policies implemented by the governments at the advice of the IMF in the wake of the crisis,while Frederic Mishkin points to the role of asymmetric information in the financial markets that led to a "herd mentality" among investors that magnified a relatively small risk in the real economy.The crisis has thus attracted interest from behavioral economists interested in market psychology.
一些经济学者已经前进如对他们东南亚国家联盟国家的输出品生长来说的一个有助于因素的在真正的经济方面的大陆中国的冲击减速,虽然这些经济学者维持危机的主要因素是过度的不动产推测.中国已经开始有效地以其他的亚洲输出者在若干输出品定向的改革落实后 1990 年代特别地竞争.最重要地,泰国人和印尼通货接近地被系到元,正在 1990 年代内感激.西方输入者寻找了较廉宜的制造业者而且发现他们,的确,在被与元相关的贬值中国.其他的经济学者争论注意东南亚国家联盟和中国在 1990 年代早期内经历了同时的迅速输出品生长的这一个要求.
许多经济学者,像那些在 Cato 学会里面,相信亚洲危机被市场心理学产生不或产生技术 ( 实际上透过能力表现一个比较有效率形式的资本主义廉宜地而且更快获得数据) 但是被扭曲了依次产生了吸引了投机者的挥发性的数据整体经济政策.什么一些已经只呼叫 " 聚集精神力 " 是理性地举止,注意被假定的投机者无法被维持的通货政策 ( 政府防护固定的汇率) 的投机者的结果.如此的经济学者相信这一个危机是未能坚持整体经济/产生他们本来被设计改正的最 " 市场 " 不完全的保护贸易论的政策结果.
其他的经济学者,包括约瑟 Stiglitz 和杰弗里萨克斯,已经不予重视危机由于危机的速度与财政的市场相较的真正经济在的角色.危机发生的迅速已经促使萨克斯和其它比较它和一个被突然的危险震惊被管理促使的第一流的银行.萨克斯指向严厉的货币和 contractory 随着危机之后在国际货币基金的忠告被政府实现的财政政策,当弗雷德里克 Mishkin 指向不对称数据在导致在放大了真正的经济相对小的危险投资者之中的 " 聚集精神力 " 的财政市场的角色时候.危机如此已经吸引来自对市场心理学感兴趣的动作经济学者的兴趣.