其货币

Convertible debenture loan investment 可转换债券贷款投资 convertible release (of 18% currency) Release by Bank member of its 18% currency for lending or relending, with permission granted to the Bank to exchange the 18% currency for the currency of any other member.

对18%的当地货币解除可转换限制世界银行会员国解除其作为贷款或再贷款之用的18%的当地货币的限制，允许世界银行把18%的本国货币转换成其他任何会员国的货币。

First, the article introduces main theories of interest rate transmission mechanism in western countries, and then studies the actuality of the effect of interest rate transmission mechanism in China demonstratively. After that, based on the essential analysis of the efficiency about present transmission mechanism, the article discusses the factors that restrict and influence interest rate transmission mechanism of monetary policy in China, from microeconomic factors and macroeconomic environment respectively. Finally, the article puts forth the reformation target of monetary policy interest rate transmission mechanism and the corresponding innovation proposals to enhance the effect of the interest rate transmission mechanism in China.

本文在借鉴和吸收前人研究成果的基础上，采用了规范性研究和实证研究相结合的方法，构建了关于货币政策利率传导机制有效性研究的合理的分析框架：文章首先介绍了西方货币政策利率传导机制理论，着重分析了这些理论发挥作用的途径和模式；其次，通过各种数据分析了我国货币政策利率传导机制的现状；接着针对我国利率传导机制表现出的独特现象分别从微观因素和宏观环境两个层面研究了弱化其有效性的各种因素；最后，针对上述因素提出了加强我国货币政策利率传导效率的政策建议。

In according to the self-circulating of money , money is money, it does not point out the material of money. Electronic money shows its value with numeral, and uses the data encryption system to protect itself from falsifier. As long as the numeral of material is decided by users, electronic money will become a real money with anonymity, transferability and relativity.

根据货币自我循环论证，货币就是货币，并未指出货币的素材，电子货币可以数码表示其价值，利用暗码技术可达到防伪功能，只要素材数码由使用者自行决定，电子货币满足构成货币的三要素，成为真正的货币，具匿名性、移转性与相对性。

It's whole content is mainly about the following seven question:the definition of "fair value",the entry price of asset of swap-in in non-monetary transaction,the formula of judge in non-monetary transaction,the question of whether the exchange of the labour service could be listed in the range of non-monetary transaction,the standard to judge the asset for sale and not for sale,the rationality of non-monetary transaction relate to multinomial asset which is regarded as the same kind.

全篇主要讨论了"公允价值"的定义，非货币性交易中换入资产的入帐价值，非货币性交易判别公式，劳务交换是否可以纳入非货币性交易范畴，待售资产与非待售资产的判定，未实现最终交换目的的不同类交换视为同类交换是否合理，涉及多项资产的非货币性交易均视为同类交换其合理性等七个问题

It's whole content is mainly about the following seven questions:the definition of "fair value",the entry price of the asset received in non-monetary transactions,the formula of judge in non-monetary transactions,the question of whether the exchange of the labour service could be listed in the range of non-monetary transactions,the standard to judge the asset-held-for-sales and assets-not-held-for-sales,the rationality of the unfulfilled exchange of dissimilar non-monetary assets is regarded as the exchange of similar, the rationality of non-monetary transactions related to several assets is regarded as exchange of similar.

全篇主要讨论了"公允价值"的定义，非货币性交易中换入资产的入帐价值，非货币性交易判别公式，劳务交换是否可以纳入非货币性交易范畴，待售资产与非待售资产的判定，未实现最终交换目的的不同类交换视为同类交换是否合理，涉及多项资产的非货币性交易均视为同类交换其合理性等七个问题。

And then the author gains his conclusion through the functions of the money: the functions of measure of values and The Medium of Circulation make money become"comprehensive medium"and"social authority".The function of hoarding makes the elimination of individuality. And the function of universal Money makes the elimination of individuality become global.

其次，通过对货币职能的分析得出结论：货币之所以能够成为全面的媒介并具有了社会权力，是因为其价值尺度和流通手段职能；货币能够对人个性消弭产生影响则是因为货币的贮藏职能，而货币成为世界货币则导致货币权力和对人的个性的消弭成为全球性的。

In the meanwhile, due to stress the importance of money too, Keynes attributed the credit relations of money to the economic relations peculiar to capitalism through the exposition for the own interest rate of money. In addition, Keynes tried to relate the value and distribution theory to the money theory in order to construct a kind of new money theory. And this attempt could find basis in Marx's labor theory of value.

而同样强调了货币重要性的凯恩斯，通过对货币的自己的利息率的论述，把货币的信用关系归之于资本主义特有的经济关系，其希图将价值、分配理论与货币理论联系起来以建立一种新的货币经济理论的尝试，可以从马克思的劳动价值论到货币论的推演中找到依据。

All these causes conspire to make both individuals and governments, in estimating their means, attach almost exclusive importance to money, either in esse or in posse, and look upon all other things (when viewed as part of their resources) scarcely otherwise than as the remote means of obtaining that which alone, when obtained, affords the indefinite, and at the same time instantaneous, command over objects of desire, which best answers to the idea of wealth.

所有这些原因共同使得个人和政府，在估算其财力时，几乎只重视实际有的或可能有的货币，而把所有别的东西(当把它们看作是其财源的一部分时)仅仅看作是获得货币的间接手段，因为只有获得了货币，才能对欲望对象拥有无限的而又即时的支配权，这便是重商主义者对财富观念所作的最好解释。

In the light of fictitious money levy can produce what kind of practical effect, cao Gonghui expresses, conduct of more fictitious money business will undertake through operation business, is not undertake outside its body, of course, this also asks its reduce the cost of fictitious money, trade in order to expand quantity.

针对虚拟货币征税会产生怎样的现实影响，曹红辉表示，更多的虚拟货币买卖行为将通过运营商进行，而不是在其体外进行，当然，这也要求其降低虚拟货币的成本，以扩大交易量。

Secondly,based on the sense of money equilibrium and AO-test technique,this paper recalculates the degree of excess money,and finds that there exits greater degree excess money during 1979 to 2007,but the degree has been dropped greatly since 1990s.

从&超额货币&的内涵来看，其不仅包括执行流通手段职能的货币量，而且还应该包括执行贮藏等各种职能的货币量；第二是采用供求均衡意义上的&超额货币&程度的算法，在变量中引入制度及虚拟经济发展的因素，在方法中采用AO检验法对长期因素做了阶段性划分，并在此基础上运用协整检验法对我国的&超额货币&程度进行了测算，结果发现在1979年-2007年间，我国的确存在着较大规模的超额货币，但是，在20世纪90年代之后，我国的超额货币程度出现了较大幅度的下降；第三是采用阶段分析法对我国超额货币的引致原因进行了实证分析，检验结果显示，货币化、虚拟经济的发展和边际消费倾向的变化都在不同程度上造成了我国超额货币程度发生变化，其中：货币化在1979-1990年间和1991-2007年间对&超额货币&程度的影响方向是相反的，虚拟经济的发展与&超额货币&程度的变动具有反向的影响，货币结构的变化对&超额货币&程度的变动具有正向影响，而居民消费对&超额货币&程度在1979-1990年间无显著影响，但是在1990-2007年间有正向的影响；第四是对&超额货币&程度的变化对我国经济金融的影响进行了理论和实证分析，结果显示：&超额货币&程度的变化对我国的经济增长、物价和汇率的变动都有着较为明显的影响，其中，对物价和汇率的影响是正向的，对经济增长的影响在长短期是不一致的。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。