| 单词 | 顺周期 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 释义 | 顺周期 adjective —procyclical adjSee also:顺 v—follow v • arrange v 顺 adj—favorable adj 顺 adv—along adv 周期 n—cyclicality n • cycle n • lifecycle n • period n • periodicity n
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危机 爆发时，汇率往往失去控制，央行试图通过提高利率来稳定局面，一 个 顺周期的 政 策结果反而对实体经济造成进一步的损害。 daccess-ods.un.org | When such a crisis hits, exchange rates tend to run out of control and central banks attempt to [...] stabilize the situation by increasing [...] interest rates, a procyclical policy that ends [...]up causing further damage to the real economy. daccess-ods.un.org |
还有人 指出，尽管有所改进，但基金组织方案仍在许多情况下主张采 用 顺周期 政 策。 daccess-ods.un.org | It was also pointed out that, notwithstanding some improvements, IMF programmes were in many cases [...] still prescribing procyclical policies. daccess-ods.un.org |
对通货 [...] 膨胀、财政赤字和债务的侧重使得宏观经济政策具 有 顺周期 性 质 ，许多发展中国 家实现了低通货膨胀和低财政赤字的目标，但往往牺牲了经济增长，也没有使劳 [...]动力和资本得到更有效的利用。 daccess-ods.un.org | The focus on inflation, deficit and debt rendered [...] macroeconomic policies procyclical, and the goals [...]of low inflation and fiscal deficit were [...]achieved by many developing countries, usually at the expense of growth and more effective employment of both labour and capital. daccess-ods.un.org |
77 国集团加中国坚定地认为，新的和实施中的方案不应该包含无理 的 顺周 期条件。 daccess-ods.un.org | The G-77 and China strongly believe that new and ongoing programmes should not contain [...] unwarranted pro-cyclical conditionalities. daccess-ods.un.org |
77 国集团加中国认为，主张实施可能损害在危机时期保护最弱势社会 成员的政策空间、安全网和政策的 顺周期 政 策或附加具有同样效应的条件，将适 得其反，而且会加重危机造成的代价。 daccess-ods.un.org | The G-77 and China believe that advocating pro-cyclical policies or including conditionalities which may compromise policy space, safety nets and policies to protect the most vulnerable members of the community in times of crisis are counterproductive and increase the costs of the crisis. daccess-ods.un.org |
但是，这些流动常带有强烈的顺周期 性 和 投机性，与脱离实体经 济部门生产活动的“创新品”相关联。 daccess-ods.un.org | However, these flows have often [...] been strongly pro-cyclical, speculative in [...]nature and linked to “innovative” financial products [...]that are detached from productive activities in the real sector of the economy. daccess-ods.un.org |
第二，基金组织必须对会员国的需求采取更全面、 公平和灵活的财政回应措施，不应施 加 顺周期 性 条 件，应尊重它们的政策空间需 求，并帮助它们克服危机。 daccess-ods.un.org | Second, the IMF must provide more comprehensive, even-handed and flexible financial responses [...] to the needs of member countries, [...] without imposing pro-cyclical conditionalities, [...]respecting their need for policy space [...]and helping them to overcome the crisis. daccess-ods.un.org |
在这方面注意到，国际货币基金组织最近除其他外通过简化条件和创造弹性 [...] 信贷额度等较灵活的工具改进了信贷框架，并指出，新的和正在实行的方案不应 附加不必要的顺周期性条件 daccess-ods.un.org | Noting in this regard the recent improvement of the lending framework of the International Monetary Fund, through, inter alia, streamlined conditions and the creation of more flexible instruments such as a flexible [...] credit line, while noting also that new and ongoing programmes should [...] not contain unwarranted procyclical conditionalities daccess-ods.un.org |
最后，专家们普遍同意，当前欧洲联盟和国际货币基金的补偿性融资机制虽 [...] 然起到了稳定政府收入的作用，但它们过于繁杂，付款不够迅速， 是 顺周期性 的，也没有保护小型农业生产者。 daccess-ods.un.org | Finally, it was generally agreed that the current compensatory financing mechanisms of the European Union and the International Monetary Fund, while serving to stabilize [...] governmental revenues, were cumbersome, not [...] quick-disbursing, procyclical, and did not [...]protect small-scale agricultural producers. daccess-ods.un.org |
77 国集团加中国严重关切地注意到国际货币基金组织仍在为发展中国家 制定顺周期性政 策，这会不必要地加剧经济下滑。77 国集团加中国强调这种政策 违反协调一致地努力刺激全球需求的国际共识，强调各种附加条件仍要求会员国 推行顺周期性政 策或采取加剧当前危机影响的货币和监管政策，从而使发展中国 家相对于发达国家处于更为不利的地位，并影响发展中国家争取支助资金的积极 性。 daccess-ods.un.org | The G-77 and China note with grave concern that the [...] International Monetary Fund is [...] still prescribing pro-cyclical policies in developing countries, which can unnecessarily exacerbate economic downturns, underscore that such policies are in violation of the international consensus to undertake a concerted effort to stimulate global demand and emphasize that conditionalities still require Member States to pursue pro-cyclical policies or adopt [...]monetary and regulatory [...]policies that exacerbate the impacts of the current crisis, thus placing developing countries at a disadvantage relative to developed countries, and that are a disincentive for developing countries to seek support funding. daccess-ods.un.org |
除了巴塞尔三所载降 低顺周期性的 一些政策之外，这方面的主要工作是设计和推出各种能够逆周期运 [...] 转并遏制外溢效应的缓冲及保护措施。 daccess-ods.un.org | In addition to some policies [...] to reduce pro-cyclicality that are contained [...]in Basel III, the main strand here is the design [...]and the introduction of various buffers and protections that can act counter-cyclically and contain spillover effects. daccess-ods.un.org |
因此，77 国集团加中国呼吁布雷顿森林机构不要推 行 顺周期 性 政 策和条件。 daccess-ods.un.org | In this regard, the G-77 and China call on the Bretton Woods institutions to refrain [...] from imposing pro-cyclical polices and conditionalities. daccess-ods.un.org |
任何有关监管金融市场的建议，都应该解决向发展中国家尤其是向其基础设 施提供贷款的国际银行中的顺周期问 题 ，以及国际评级机构的评级对发展中国家 的偏见和顺周期问题。 daccess-ods.un.org | Any proposal to regulate financial markets [...] should address the pro-cyclicality in international bank lending to developing countries, in particular in infrastructure lending, and the bias against developing countries and pro-cyclicality in ratings by [...]international rating agencies. daccess-ods.un.org |
这涉及要求有更多和更高质量的资本和流动资金，减 轻 顺周期 性 波 动，并对 系统上重要的机构实行更严格的要求。 daccess-ods.un.org | This involves higher and better [...] quality capital and liquidity requirements, [...] mitigating pro-cyclicality, and stronger [...]requirements on systemically important institutions. daccess-ods.un.org |
资本流动基本上是顺周期的： 在经济繁荣时激 增，但在经济衰退期间则逆转。 daccess-ods.un.org | Capital flows are [...] essentially pro-cyclical: they surge during [...]economic booms, but reverse during economic slowdowns. daccess-ods.un.org |
随着资本账户的宽松化，资金流 动变得更加不稳定和高度顺周期：外 来资金的流入随国内总体需求的增长而增 [...] 加，这会助长货币升值而鼓励更多的资金流入。 daccess-ods.un.org | With the liberalization of the capital [...] account, financial flows have become more [...] unstable and highly procyclical: inflows of [...]external capital increase as domestic aggregate [...]demand grows and contributes to currency appreciation, which encourages further financial inflows. daccess-ods.un.org |
现有规则往往具有顺周期影响，因为银行在经 济衰退时减少信贷供应，增加资本基础，以弥补所增加的损失。 daccess-ods.un.org | Existing rules [...] tended to have pro-cyclical impact, as banks [...]reduced credit provision and increased capital base in a downturn [...]to absolve increased losses, which have an effect similar to monetary contraction. daccess-ods.un.org |
他们 还强调，基金组织在提出建议和制定政策时应适当考虑其可持续性，而不是 以顺 周期或反周期为依据。 daccess-ods.un.org | It was also emphasized that IMF should frame its advice [...] and policies with due consideration to their sustainability and not [...] based on their procyclicality or countercyclicality. daccess-ods.un.org |
援助实效原则和当地实际情况脱节，例如发展方面的稳定资金流入需求与官方 发展援助的顺周期性质之间产生错位。 daccess-ods.un.org | There is also incoherence between principles of aid effectiveness and ground [...] realities such as the misalignment between the need for stable flows for [...] development and the procyclical nature of ODA flows. daccess-ods.un.org |
宏观审慎监管应该处理两个主要问题：金融体系 的 顺周期 性 ， 以及被视为“大 到不可倒闭”的具有系统重要性的金融机构所带来的系统性风险和道德风险。 daccess-ods.un.org | Macroprudential regulation is supposed to deal with two [...] major issues: the procyclicality of the financial [...]system, and systemic risk and moral [...]hazard caused by systemically important financial institutions that are considered “too big to fail”. daccess-ods.un.org |
其他需要解决 [...] 的问题包括：改革国际货币基金组织往往 是 顺周期 的 附 加条件，以及按照中国 和俄罗斯联邦的提议，以特别提款权为基础设计新的全球储备货币体系。 daccess-ods.un.org | to be procyclical, and the design of [...] a new global reserve currency system—based on special drawing rights—as proposed by [...]China and the Russian Federation. daccess-ods.un.org |
宏观审慎政策旨在抑制金融体系的顺周 期性并 降低系统性风险的密集程度，以解决全系统的风险。 daccess-ods.un.org | Macroprudential policies aim to address a system-wide risk by dampening [...] financial system pro-cyclicality and reducing [...]systemic risk concentrations. daccess-ods.un.org |
金融危机期间，以下方面的监管失灵变得很明显：复杂和高风险金融产品 的产品安全控制；风险和杠杆的管理；对非传统金融机构和“影子银行系统”的 [...] 不对称监管；信用评级机构；相对于单个公司风险评估的系统风险评估；资本充 足监管的顺周期性； 道德风险和薪酬制度的奖励结构等。 daccess-ods.un.org | Regulatory failure became apparent during the crisis with regard to the control of product safety for complex and high risk financial products, management of risks and leverage, asymmetric regulation of non-traditional financial institutions and the “shadow banking system”, credit rating agencies, assessment of [...] systemic risk as opposed to individual [...] firms’ risk, the pro-cyclical nature of capital [...]adequacy regulation, moral hazard and [...]the incentive structure for compensation systems. daccess-ods.un.org |
附加条件要求会员国执行顺周期政策 或采用会加剧现有危机的货币政策和 监管政策。 daccess-ods.un.org | Conditionalities have required Member States [...] to pursue pro-cyclical policies or adopt [...]monetary and regulatory policies that [...]contribute to fuelling the current crisis. daccess-ods.un.org |
人们担心，在危机期间，资信评级机构过快或过于热衷降低先 前属于投资级工具的评级，可能会加 剧 顺周期 性。 daccess-ods.un.org | There are concerns that credit rating agencies may [...] exacerbate pro-cyclicality during a crisis [...]through rapid or overzealous downgrading [...]of previously investment-grade instruments. daccess-ods.un.org |
另外，这些机制还较为烦琐，具有 顺周期 性 ，或者费用过高， 难以利用。 daccess-ods.un.org | These facilities were also [...] cumbersome, pro-cyclical or too expensive to use daccess-ods.un.org |
毫无监管的金融膨胀，也导致了 顺周期 性 的资本流量波动和商品市场投机。 daccess-ods.un.org | Unregulated financial [...] expansion also fed pro-cyclical capital flow volatility [...]and speculation in commodity markets. daccess-ods.un.org |
旨在加强财政政策制定和执行的力度的财政细则或机构机制，43 可通过有 助于减少依赖初级商品的发展中国家 的 顺周期 财 政 政策和相关的“荷兰病”，在 提高依赖初级商品的发展中国家抵御自然资源价格冲击的能力方面发挥重要作 用。 daccess-ods.un.org | Fiscal rules or institutional mechanisms designed to enhance the robustness of fiscal policy design and implementation43 can play an important role in improving the resilience of CDDCs vis-à-vis natural resource price shocks by contributing to reducing procyclical fiscal policies and related “Dutch Disease” in CDDCs. daccess-ods.un.org |
重申呼吁以可预测的方式及时拨付多边资源和提供官方发展援助，终止目前 附加顺周期性条 件的做法，因为这种做法限制发展中国家可以采用的金融选项， [...] 不必要地加重这些国家面临的金融、经济和发展挑战 daccess-ods.un.org | its call for the predictable and timely disbursement of multilateral resources and official [...] development assistance and for putting an end to [...] the ongoing procyclical conditionalities [...]that curtail the available financial [...]options for developing countries and needlessly exacerbate the financial, economic and developmental challenges faced by those countries daccess-ods.un.org |
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