金融世界 第二十三讲 #336699>下载地址 这一讲我们要跟您谈谈二十世纪末发生在亚洲的金融危机。 澳洲广播电台金融节目主持人巴里克拉克首先介绍了这场亚洲金融风暴是如何爆发的。他在谈话中使用了这样一些词汇： 1 overseas creditors 海外债权人 2 international capital flows 国际资本流动 3 short-term capital 短期资本 4 herd behavior 群体恐慌行为 巴里克拉克说： The crisis became evident in July, 1997. Overseas creditors began withdrawing short-term capital from the region, placing intense pressure on the exchange rates for the currencies of Thailand, Indonesia, Malaysia, the Philippines and South Korea. These five countries had been heavily dependent on international capital flows. In 1996, there was an inflow of $US 93 billion. But a year later the flow was reversed. In 1997 there was an outflow of $12 billion. As capital was withdrawn from the region and the exchange rates of the five countries depreciated, or fell, panic set in amongst foreign creditors. The result was a deepening spiral. As capital was withdrawn, the exchange rate depreciated, leading to more capital outflows. Economists call these panics herd behaviour . where the creditors in a market all rush, or stampede, for the exit, trying to get out first. Usually, their behaviour is not based on the real underlying economic conditions in the market (the fundamentals), but rather on the behaviour and expected behaviour of other creditors. 接下来我们把巴里克拉克的这段谈话及中文翻译分段听一遍：（英文略） 这场危机在一九九七年七月变得显而易见。海外债权人开始从这一地区撤出短期资本，使泰国、印尼、马来西亚、菲律宾和韩国这五国货币的兑换率受到极大压力。澳大利亚华人论坛 考好网 日本华人论坛 华人移民留学论坛 英国华人论坛