0308

全球信心危機 工商小社論 2008/3

　為化解信用市場流動性緊縮問題，以美國為首的十大工業國宣布了一波釋金計畫，這是自去年八月美國房貸風暴引發信用危機以來，美國等工業國第二次聯手對市場挹注資金。儘管此一行動帶動股市反彈，但全球金融市場自去年八月以來的混亂情勢並未因而結束。

　全球目前正陷入二戰以來最嚴重的信心危機，這是因為國際市場與經濟遭到雙重打擊：包括原油、農作物在內幾乎所有原物料價格大漲，引發通貨膨脹；美國房市泡沫破滅後的次級房貸風暴，造成國際信用危機，流動性嚴重不足。由於信心不足，即使是信用良好的客戶，銀行也不敢放款，企業由於諸如公司債與商業本票等籌資管道受阻，也不敢進行投資與增聘新人，而一般消費者由於就業市場緊縮、物價上漲，只有節衣縮食，減少購物。企業不投資，民眾減支出，經濟自然走下坡。

　這場信心危機有多嚴重，看看自去年八月以來美國與其他工業國所採取措施的成效就知道。美國聯準會的連連降息、工業國聯手挹注資金、布希政府實施經濟振興方案，然而市場也只是暫時回穩，接著又被一大堆利空消息所吞噬。更糟的是，有些投資人把政府的因應措施當成危機指標，例如聯準會的緊急降息，他們所想的不是有關當局的積極應變，而是代誌大條，這樣的心理反而使市場更加混亂。

　只要信心危機一日不除，再多的降息，再龐大的資金挹注，也難以平息市場風暴。

化解 化解 huàjiě resolve, eliminate; resolve or end a conflict
信用 信用 xìnyòng trustworthiness; {econ} credit
流動性 流动性 liúdòngxìng mobility, fluidity, liquidity
緊縮 紧缩 jǐnsuō reduce, contract (e.g., demand, prices),
curtail (e.g., production), tighten (e.g., money supply); cut down on; retrench; austerity (e.g. measures, programme, policy); deflation (in the phrase tōnghuò jǐnsuō 通貨緊縮/通货紧缩 "deflation")
釋 释 shì interpret, explain, elucidate; eliminate, dispel; let go, lay down; release (from prison)
引發 引发 yǐnfā induce, cause, trigger; {chem} initiation
聯手 联手 liánshǒu jointly, in tandem, in collaboration; collaborate, join forces, work in tandem
挹注 挹注 yìzhù take from a surplus supply to an insufficiency
資金 资金 zījīn fund, capital
帶動 带动 dàidòng lead, spur on, give impetus to; belt drive, transmission
反彈 反弹 fǎntán rebound (literally, e.g., a ball; or figuratively, e.g., the stock market); opposite reaction, backlash; repercussions
陷入 陷入 xiànrù fall into, sink into, be bogged down; be deep in (like thought, meditation)
原油 原油 yuányóu crude oil, raw oil, raw crude
通貨膨脹 通货膨胀 tōnghuò péngzhàng inflation
泡沫 泡沫 pàomò froth, foam
破滅 破灭 pòmiè be shattered (of hopes, illusions)
次級 次级 cìjí secondary
流動性 流动性 liúdòngxìng mobility, fluidity, liquidity
良好 良好 liánghǎo good
客戶 客户 kèhù client, customer; family arrived from
another place or one who makes a living by renting farmland; (Guangzhou) Hakka
放款 放款 fàngkuǎn make loans (of a bank or credit cooperative); loan
諸如 诸如 zhūrú such as (preceding a list of examples)
本票 本票 běnpiào cashier's check; promissory note
籌資 筹资 chóuzī finance
管道 管道 guǎndào pipeline, piping; manifold assembly; {Taiwan usage} channel, conduit, means
受阻 受阻 shòuzǔ be blocked, be impeded
聘 聘 pìn engage, invite; hire (a professional)
節衣縮食 节衣缩食 jiéyī suōshí save on food and clothing, live simply and frugally
支出 支出 zhīchū pay, disburse; expenses, expenditure, disbursement
下坡 下坡 xiàpō go to the fields (to work); downward slope (literally or figuratively)
成效 成效 chéngxiào result, effect
連連 连连 liánlián again and again
降息 降息 jiàngxī lower interest rates; falling interest rates
聯手 联手 liánshǒu jointly, in tandem, in collaboration; collaborate, join forces, work in tandem
挹注 挹注 yìzhù take from a surplus supply to an insufficiency
振興 振兴 zhènxīng develop vigorously, cause to prosper, make prosperous
方案 方案 fāng'àn plan, proposal, program, scheme; scenario
of action
回穩 回稳 huíwěn return stability
利空 利空 lìkōng policy or news that causes a dip in the stock market index or in a particular stock
吞噬 吞噬 tūnshì gobble up; swallow
因應 因应 yīnyìng cope, deal with, respond to; adapt oneself to, act according to (circumstances), comply with, conform to
應變 应变 yìngbiàn meet an emergency or contingency; respond to or deal with changing circumstances
難以 难以 nányǐ difficult to, hard to; unable to ..., cannot ..., beyond ... (e.g., nányǐ xíngróng 難以形容/难以形容 "beyond description")
平息 平息 píngxī subside, come to an end (like turmoil);
suppress (like a rebellion)