In fact, the logic of catastrophe was pretty much the same in Thailand, Malaysia, Indonesia and South Korea. (Japan is a very different story. ) In each case investors--mainly, but not entirely, foreign banks who had made short-term loans--all tried to pull their money out at the same time. The result was a combined banking and currency crisis, a banking crisis because no bank can convert all its assets into cash on short notice, a currency crisis because panicked investors were trying not only to convert long-term assets into cash, but to convert baht or rupiah into dollars. In the face of the stampede, governments had no good options. If they let their currencies plunge, inflation would soar and companies that had borrowed in dollars would go bankrupt; if they tried to support their currencies by pushing up interest rates, the same firms would probably go bust from the combination of debt burden and recession. In practice, countries split the difference--and paid a heavy price regardless.
Was the crisis a punishment for bad economic management? Like most cliches, the catchphrase "crony capitalism" has prospered because it gets at something real: excessively cozy relationships between government and business really did lead to a lot of bad investments. The still primitive financial structure of Asian business also made the economies peculiarly vulnerable to a loss of confidence. But the punishment was surely disproportionate to the crime, and many investments that look foolish in retrospect seemed sensible at the time.
Given that there were no good policy options, was the policy response mainly on the right track? There was frantic blame-shifting when everything in Asia seemed to be going wrong; now there is a race to claim credit when some things have started to go right. The International Monetary Fund points to Korea's recovery--and more generally to the fact that the sky didn't fall after all--as proof that its policy recommendations were right. Never mind that other IMF clients have done far worse, and that the economy of Malaysia---which refused IMF help, and horrified respectable opinion by imposing capital controls---also seems to be on the mend. Malaysia's Prime Minister, by contrast, claims full credit for any good news--even though neighbouring economies also seem to have bottomed out.
The truth is that an observer without any ax to grind would probably conclude that none of the policies adopted either on or in defiance of the IMF’s advice made much difference either way. Budget policies, interest rate policies, banking reform--whatever countries tried, just about all the capital that could flee, did. And when there was no more money to run, the natural recuperative powers of the economies finally began to prevail. At best, the money doctors who purported to offer cures provided a helpful bedside manner; at worst, they were like medieval physicians who prescribed bleeding as a remedy for all ills.
Will the patients stage a full recovery? It depends on exactly what you mean by "full". South Korea's industrial production is already above its pre-crisis level; but in the spring of 1997 anyone who had predicted zero growth in Korean industry over the next two years would have been regarded as a reckless doomsayer. So if by recovery you mean not just a return to growth, but one that brings the region's performance back to something like what people used to regard as the Asian norm, they have a long way to go.
According to the passage, which of the following is NOT the writer's opinion?
A. Countries paid a heavy price for whichever measure taken.
B. Countries all found themselves in an economic dilemma.
C. Withdrawal of foreign capital resulted in the crisis.
D. Most governments chose one of the two options.
听力原文: Good morning, everyone. First of all, I'd like to introduce myself. My name is Joanna Brooks and I am working for ADC Consulting. The purpose of my talk today is to introduce a business practice which is becoming increasingly popular today. I am referring to the practice of outsourcing. My talk will last about 5 minutes and I would be grateful if you could hold your questions until the end of my talk.
You may not be familiar with the term 'outsourcing' -- it involves calling in professional help to catty out activities which don't form. the central core of a particular business. Outsourcing is now being used increasingly in special partnership arrangements with individuals and other companies. Outsourcing is popular because it makes it possible for other companies and individuals to perform. functions previously done by a company's own staff.
For example, accounting--though a basic requirement of any business -- is carried out by accountants who may have little or no knowledge of the products manufactured and marketed by a business. An accountant working in one firm will do pretty much the same tasks as an accountant working in another, completely different business.
Many years ago outsourcing was restricted to non-essential functions such as office cleaning, catering or garden maintenance. However, it has now spread into areas that include accounting -- as I mentioned in the example I've just given -- information technology, quality assurance, recruitment and marketing.
The consulting company which I represent is ADC Consulting, one of the biggest consultancies specialising in outsourcing. Recently, we broke new ground when we formed a partnership deal to take over the accounting services of a well-known international shipping company. The agreement was drafted by a working party consisting of representatives front both companies.
So how did this actually help the company? The arrangement meant our company absorbing more than 200 of the international shipping company's staff as a part of our own staff. And the result was a 30 per cent reduction in operating costs for the shipping company.
At ADC Consulting We've just published the results of an interesting survey carried out for us. We wanted the survey to explore how 200 American organisations were reacting to outsourcing. From this survey we found that ordinary outsourcing--that is, going to service organisations for cleaners, security staff, and so on -- was the most common way for organisations to reap, benefits. But the newer kind of outsourcing that I've described seemed to be gaining ground--that is, the kind where people from outside are brought in to participate in certain important functions -- accounting, marketing and so on. The survey showed that nine out of ten firms which completed our questionnaires have contracted out one or more functions.
The main sense of unease -- or shall we say, reservation--well, the main reservation about outsourcing was the possibility of losing control over vital activities in a particular company. It is only natural that most companies would at first experience some concern about another company taking over the responsibility for doing their accounts or their recruitment. But once they've overcome this concern and experienced all the benefits of outsourcing, they're usually hooked on the idea. Outsourcing is certainly a very big market now, and the predictions are that it will grow rapidly over the next few years.
?You will hear a talk given by a business manager. The talk is about a new approach in business to reducing operating costs while at the same time improving performance.
?You have to complete the sentences (23 -30) by choosing the correct ending.
?Mark one letter (A, B or C).
Outsourcing refers to
A. completing a deal.
B. using outside help.
C. reducing production costs.
SECTION B INTERVIEW
Directions: In this section you will hear everything ONCE ONLY. Listen carefully and then answer the questions that follow. Questions 1 to 5 are based on an interview. At the end of the interview you will be given 10 seconds to answer each of the following five questions.
Now listen to the interview.
听力原文:Woman: Well, it seems quite common actually. Lots of people in Australia now are traveling and taking time off. And when I was actually traveling I met so many people doing the same thing.
Man: Yeah, Yeah, so where did you start off?
Woman: Well, I went to New Zealand first, urn, and got a job in a computer company as a secretary. And I worked there for four months.
Man: Really? you can do that, can you? I mean, it's possible for anyone to get a job in New Zealand without being a New Zealander?
Woman: No, not everybody, only Australians and New Zealanders can exchange either— you know you can work in either country.
Man: Right, yeah.
Woman: So that was easy. So I worked there for four months and raised enough money for the rest of the travels really. So from there I went to Indonesia and traveled around the different islands of Indonesia, Malaysia, Singapore, Thailand, China, Nepal and India.
Man: What about in Indonesia, what did you do? Did you fly mostly between the islands?
Woman: Er, I did a bit of that and boats, mainly local boats, between the islands.
Man: And what about, er, Singapore? People say it, j,? very, very modem but because it's so modem it's rather boring. Did you find that?
Woman: Um, well, it's difficult to say, really. It has different attractions; you know the Chinese, Malay and Hindu communities there. Each has its own culture and custom, very different from the others. And it's a great big shopping centre, and I really enjoyed it from that point of view. And, urn, it was very clean.
Man: And after, you said you went what, to Singapore, Malaysia, Thailand, and then China7 That's a great country to travel in, isn't it?
Woman: Er, it was, yeah. And it was fabulous, it really was. You haven't been there then?
Man: No, I haven't, no. I mean, it's very big, isn't it— did you... ?
Woman: Yeah, well, I only had one month traveling in China and that was too short for such a vast country as China. I felt I didn't have enough time, so I sacrificed a lot of places and did the main tourist mutes really. I went to Beijing, the capital, Kaifeng, Yinchuan, and Tibet.
Man: Wow, how exciting] You said after Beijing you went to … ?
Woman: That was Kaifeng, in Central China's Henan Province. It's a charming city and has got a lot to look around, like temples and pagodas. Very traditional.
Man: Urn, urn.
Woman: What fascinated me when I was there was that some Jews went to live in Kaifeng many years ago. As early as the 16th century, there were Jewish families there. They had their synagogue and the five books of Moses. Even today several hundred descendants of the original Jews still live in Kaifeng.
Man: Really? I've never heard of that! And, eh, where did you go after Kaifeng?
Woman: I went northwest to Yinchuan, the provincial city of Ningxia Hui Autonomous Region.
Man: Is this the place, eh, where there has always been a shortage of water?
Woman: No, no. On the contrary, it has got an abundant supply of water, because it is near the Yellow River. In this sense, Yinehuan has a favored geographical position in otherwise harsh surroundings.
Man: What did you see there, then?
Woman: Ningxia was once the capital of tile Western Xia during the l l th century, so outside Yinchuan you can still see the Western Xia Mausoleum, where the kings of that kingdom were buried. The tombs are scattered in a pretty big area at the foot of the Helan Mountain. And, inside the city, there is a famous mosque in the architectural style. of the Middle East. It's really a place worth visiting, you get to know something about Ch
A. many Australians are taking time off to travel
B. the woman worked for some time in New Zealand
C. the woman raised enough money for travel
D. Australians prefer to work in New Zealand