分类：财经

Economics focus
经济观察

A tale of two worlds

冰火两重天

May 8th 2008
From The Economist print edition

If emerging economies diverge from America’s, monetary policy also needs to break free
货币政策不独立，新兴经济体就无法真正与美国脱钩

POLICYMAKERS in Washington and London have been losing sleep over the risks of financial meltdown and recession. In sharp contrast, the biggest worry in Beijing, Moscow and other emerging-market capitals is rising inflation. China’s inflation rate has jumped to 8.3% from 2.2% in early 2007; Russia’s is running at 13.3% (see left-hand chart). HSBC forecasts that the average inflation rate in emerging economies will rise to 6.6% this year, its highest in ten years.
最近，华盛顿和伦敦的政策制定者被金融动荡和衰退风险折腾得寝食难安。与之形成鲜明对比的是，中国、俄罗斯和其他新兴国家领导人最担心的却是通胀恶化。中国的通货膨胀率已从2007年初的2.2%跃升到8.3%，俄罗斯更是达到了13.3%（见图左）。汇丰银行（HSBC）估计，今年新兴市场国家平均通货膨胀率将达到6.6%，为十年来最高值。 继续阅读“[2008.05.10]Economics focus: A tale of two worlds 冰火两重天”

 Private equity
私募股本

The uneasy crown
不安的国王
Feb 8th 2007 | DAVOS, LONDON AND NEW YORK
From The Economist print edition

The buy-out business is booming, but capitalism’s new kings are attracting growing criticism
收购业务繁荣发展，但资本主义的新国王们却正招来越来越多的非议。

HEROD was not the monarch this newspaper had in mind when in 2004 it proclaimed the leaders of the private-equity industry the “new kings of capitalism”. It was Louis XIV perhaps—the sort of ruler whose kingdom grew rapidly in size, power and reputation, just as private-equity firms have done.
希律王(Herod)[注]肯定不是本报心目中的那种君王，2004年，本报曾宣布私募股本业的领导者是”资本主义的新国王”。也许只有路易十四这样的君主才能与他们相比–领地，权力和声望三方面都扩张极速。

继续阅读“[2007.2.8]Private equity:The uneasy crown 私募股本:不安的国王”

What’s it all about, alpha?
是阿尔法么?
Mar 22nd 2007
From The Economist print edition

Demystifying fund managers’ returns
解读基金经理的效用

TOO many notes. That’s what Emperor Joseph II famously said to Mozart on seeing his opera “The Marriage of Figaro”. But surely to think of a musical work as just a series of notes is to miss the magic.
约瑟二世看完<费加罗德婚礼>后赞道”实在太多音符了”-他把音乐巨作当作一堆音符来欣赏。Could the same be said about fund management? It is the fashion these days to separate beta (the systematic return delivered by the market) from alpha (the manager’s skill). Investors are happy to pay high fees for the skill, but regard the market return as a commodity. Distinguishing the two is, however, difficult.
这种事情也发生在基金上了。最近很流行把Beta(市场系统性回报)和Alpha(基金经理人的技巧)分开来分析。投资人乐意为技巧付出高昂的费用，但认为市场回报是理所当然。然而区分两者也许不那么容易。

继续阅读“[2007.03.22]Buttonwood-What’s it all about, Alpha ?是阿尔法么?”

Hedge funds
对冲基金

Lifting the lid揭开面纱

Jan 25th 2007
From The Economist print edition

A battle is on for the spoils as secretive funds go public
争夺秘密基金上市的战利品

BACK in the 17th and 18th centuries, Britain and the Netherlands fought for control of trade routes across the high seas. Today a more genteel contest is taking place across the English Channel, but the potential booty is also lucrative. Stock exchanges are vying to attract public listings from alternative investment funds, including private-equity and hedge funds. Hitherto these were accessible mostly to very rich individuals and institutions. Now anyone can take a punt.

十七、十八世纪英国和荷兰争夺公海贸易航线控制权，今天海峡两岸进行着一场文明的竞争，战利品依旧诱人。证券交易所争相吸引包括私募股本以及对冲基金在内的另类投资基金挂牌。以前这些投资只有超级富翁和机构投资者才能参与，而现在任何人都可以玩上一把了。 继续阅读“[2007.01.25]Hedge funds-Lifting the lid 对冲基金-揭开面纱”

In a fix
进退两难
Feb 21st 2008 | HONG KONG
From The Economist print edition

Putting caps on prices is only a short-term solution
价格管制只能是短期解决措施

ACROSS Asia inflation is rising, largely because of higher food and energy prices. China’s inflation rate surged to an 11-year high of 7.1% in January and looks set to climb further this month, after some severe snow storms. India, Indonesia, Thailand and Singapore all have inflation rates above 4%.
整个亚洲都在通胀，很大原因是由于高昂的食品与能源价格。1月份中国的通货膨胀率上升到11年的7.1％高点，而由于严重的雪灾，看上去这个月会继续上升。泰国和新加坡的通胀超过4％。

继续阅读“[2008.02.21]In a fix 进退两难”

China’s fear of inflation
闻“胀”色变
Jan  31st 2008
From the Economist Intelligence Unit ViewsWire

Efforts to cool the economy may undo crucial reforms进退维谷！

Faced with rising consumer prices and signs of runaway growth, the Chinese Communist Party in November issued a strongly worded statement vowing to stem inflation and slow investment. At the time market players paid scant attention to it. But as the State Council’s increasingly stringent policies show no signs of letting up even in the face of global financial turmoil, players in China’s property and equity markets are at last waking up to the harsher reality. In recent weeks both housing and stock prices have started to retreat from their irrationally exuberant highs. Chinese policymakers, however, should be careful of what they wish for. Falling asset prices could bring back an old problem that many thought had been conquered: bad debts in the banking system. Meanwhile, inflation is reviving throwback elements of state economic planning.
面对不断攀升的物价水平和增长失控的迹象，中国政府于去年11月份发布了一份措辞“强硬”的通告，指出务必要抑制通货膨胀，防止投资过热。当时，市场并没有太过在意。不过，随着国务院再三从紧（即使面临全球性金融恐慌时也未见松动）的政策，中国房地产和证券市场终于觉醒。近几周，中国的房价和股价已开始从“非理性繁荣”向合理区间调整。不过，中国的当局者还应该小心谨慎。资产价格下跌说不好会让许多人认为业已医好的旧病―银行系统呆坏账―复发。同时，通货膨胀也正在“抵消”中央的经济政策。
继续阅读“[2008.01.31]China’s fear of inflation闻“胀”色变”