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

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；接着针对转型期我国利率传导机制表现出的独特现象提出了加强我国货币政策利率传导效率的政策建议。

The validity of money supply"s being ITMP decreased consumedly as incessant opening of economy, finance innovation day and month, finance integration, development of finance technology and the birth of electron money, which all lead to low controllability of money supply and money" endogen sis to a great extent.

随着我国经济开放程度不断提高，金融创新日新月异，金融一体化、利率市场化、金融技术发展、电子货币的出现导致货币供应量可控性降低、内生性增强，货币供应量作为ITMP的有效性大为降低。

But as money market funds, Eurodollar CDs, repurchase agreements and other instruments started to gain popularity, it became much more difficult to define money.

在消费者和企业都把钱存在储蓄账户或支票帐户中的时代，货币的概念是明确的；但随着货币市场基金、欧洲美元存单、回购协议以及其他金融工具越来越流行，定义货币的难度大为增加。

At the time of final settlement following the end of the year, no recomputation and reconversion need be made in respect of income in a foreign currency for which tax has already been paid on a quarterly basis; only that portion of the foreign currency income of the entire year for which tax has not been paid shall, in respect of the computation of taxable income, be converted into Renminbi according to the exchange rate quotation on the last day of the tax year.

第十五条企业所得为外国货币的，在依照税法第十五条规定分季预缴所得税时，应当按照季度最后一日的外汇牌价折合成人民币计算应纳税所得额；年度终了后汇算清缴时，对已按季度预缴税款的外国货币所得，不再重新折合计算，只就全年未纳税的外国货币所得部分，按照年度最后一日的外汇牌价，折合成人民币计算应纳税所得额。

Nowadays, the monetary policy should adapt velocity through exogenous variable while money supply is keeped.

当前的货币政策应该在保持货币供给量稳定的情况下，通过外生变量来调整货币流通速度。

This can be explained by limited rations of commercial banks, avoiding risk, departures of expectative economic environments from monetary policy aims, the existence of bureaus asymmetric information, and the behavior games between commercial banks and the bureaus, etc.

此种现象可以由商业银行的有限理性、风险规避、对经济环境的预期与货币政策意图不一致、和货币当局信息不对称的存在以及商业银行与货币当局的行为博弈中得到解释。

Nowadays exchange is usually carried on by means of money, and since every commodity has therefore a price expressible in money, the exchange-value of every commodity can be expressed in terms of money.

如今，交换一般通过货币的方式进行，既然每一商品都有一个价格以货币来表达，每一商品的交换价值就能用货币来表达。

With the international flows of factors, such as commodities, capital and labor force...etc., China economy depends on the world economy closer and closer and the problem of exterior equilibrium and internal equilibrium have emerged.

而 1994 年以来，货币政策和汇率政策出现了三次明显的冲突，这三次冲突的实质是独立货币政策(基础货币投放适度、人民币利率水平可控)和汇率政策的关系问题。

With the coming of Fiat Money,the property attributes of the currency and thecontent of the monetary property have changed.

随着法定信用货币的出现，货币的财产属性和货币财产权的内容发生了质的变化。

The discussion of monetary policy and capital flows almost inevi-tablybegins with the well-known trilemma, the observation that acountry can choose no more than two of the following three featuresof its policy regime:(1) free capital mobility across borders,(2) a fixedexchange rate, and (3) an independent monetary policy.1 Various combinations of these features have dominated world monetary ar-rangementsin different eras.

关于货币政策和资本流动的讨论要从众所周知的"三难困境"开始，即，一个国家的政策安排不可能同时具有下属三个特征，而只能三者选二：（1）资本自由的跨国流动（2）固定汇率（3）独立的货币政策。这三种特征的不同组合就构成了世界不同地区的货币制度安排。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了