Question

哪位仁兄帮忙翻译一下

二、运用两种渠道，有效调节货币供应总量

特别是“流通货币量”
一般来讲，社会货币总量就是以货币表示的社会购买力总额，即社会总需求，但从某一时间段看，社会货币总额中总会有一部分脱离社会生产流通领域而沉淀下来，并不形成当期实际的购买力。因此，社会货币总量又可以划分为“流通货币量”和“沉淀货币量”两部分。真正影响一定时期社会有效需求的，不完全是社会货币总量，而主要是流通货币量。当然，流通货币量的变动与货币总量的变动是有密切关系的。
从货币政策和财政政策对社会货币总量，特别是流通货币量的调节作用看，二者又有明显的差别是不能相互代替的。
从货币政策调控的基本对象----银行贷款投放货币的情况看，贷款投放形成的资金属于债务资金，一般有规定的贷款期限，到期要还本付息，贷款利息就是贷款资金的价格或成本。因此，贷款投放更像是资金的买卖行为，能否投放出去，以及实际投放多少，取决于买卖双方的意愿和银行信贷资金的规模，而并非是无条件的。其中，银行可以通过降低贷款利率和贷款条件来增加贷款需求，但降低利率对贷款需求的刺激作用是有限的，特别是在一个缺乏充分成本效益意识和约束的社会更是如此；而不计成本、不顾风险地滥放贷款也是不符合银行经营原则和监管要求的，是要严格控制的。银行贷款的增长从根本上讲，决定于借款人对未来收入或投资回报的预期和信心。在面临贷款有效需求不足，存在通货紧缩压力的情况下，通过扩张性货币政策来刺激货币需求的作用往往是非常有限的。但是，在社会贷款需求旺盛，流通货币量增大，面临通货膨胀压力的情况下，银行作为货币供应者，在控制货币投放方面的作用却会远远大于其在扩大货币投放方面的作用。另外，银行通过提高或降低存款利率，可以在一定程度上调节社会存款意向，从而在一定程度上调整沉淀货币量和流通货币量的比例，但社会存款意向同样受多种因素影响，特别是还受到未来收支预期变动的影响，单纯的利率调整对存款的调节作用也是有限的。
从财政政策对货币总量和流通货币量的影响来看，在社会存款意愿强烈，投资和消费需求不足的情况下，通过发行国债吸收一部分社会沉淀货币（包括银行沉淀资金），并通过财政开支投放出去，可以直接而有效地调节当期沉淀货币量与流通货币量的比例，并通过改善投资环境带动民间投资，改善社会收支预期，增强人们对未来经济增长的信心，从而刺激社会投资和消费需求的增长。但发行国债是国家对社会的负债，是要归还的，因此，必须保证国债投资的质量和效益，并要避免因增加财政投资而产生对民间投资的“挤出效应”。国债发放的总量必须控制在财政可以承受的范围以内，避免造成严重的财政危机。同时，还必须看到，财政投资是一种权益性投资，它代表着对被投资企业或项目的所有权，因而享有对被投资企业和项目的管理、分红和处置的权力，但却没有要求其归还投资的权力。这就意味着财政扩大投资后，一旦面临通货膨胀的压力，需要控制货币投放时，要收回投资是相当困难的，对一些投资期限较长的项目，如果匆忙停止后续投资，还可能造成重大损失。
货币政策与财政政策不仅在不同情况下对调节货币总量，特别是流通货币量的影响不同，而且银行贷款与财政投资的性质也是完全不同的。要正确认识和准确把握二者的本质特征和根本区别，充分发挥其应有的职能作用，而不能将二者混为一谈。
不需要在线翻译提供的答案，谢谢合作！

Answer 1

晕啊``你又不要在线翻,又不给悬赏分!你也忒强了吧!

Second, the use of two channels, effectively adjust the total money supply

Especially the "volume of the currency in circulation"
Generally speaking, social monetary aggregates is to the community that the purchasing power of money, which equals total social demand, but a time, the total amount of currency in the community will always be part of society from the production and circulation areas and the precipitation down, not form Current actual purchasing power. Therefore, the community of monetary aggregates can be classified as "volume of the currency in circulation" and the "currency of precipitation" in two parts. Real impact of a certain period of time effective social demand, is not entirely a social monetary aggregates, but mainly of currency in circulation. Of course, the amount of currency in circulation, changes in the money supply is closely related to the changes.
From the monetary and fiscal policies of social monetary aggregates, in particular the volume of currency in circulation regulation, made a marked difference between the two are not interchangeable substitute.
Control of the monetary policy target - the basic currency bank loans put the situation of the loan funds are invested a debt funds, the general provisions of the loan period, due to debt service, and loan interest is the price of loan funds or cost. Therefore, the loan funds invested more like the trading behavior, can put out, and put the actual number depends on the wishes of both sides and the size of bank credit funds, and is not unconditional. Among them, banks can reduce loan interest rates and loan conditions to increase the demand for loans, lower interest rates on loans to stimulate demand is limited, especially in the cost-effectiveness of a lack of adequate awareness and the social constraints especially, and at all costs, regardless of the risk it is not overcharging released loans of the banks operating principles and regulatory requirements, is to strictly control. Bank loans grew Fundamentally speaking, the decision on the future of the borrower income or the expected return on investment and confidence. Loans in the face of insufficient effective demand, there is a deflation pressure, through expansionary monetary policy to stimulate demand for the currency role is often very limited. However, strong demand for loans in the community, the volume of currency in circulation increased inflationary pressures facing the circumstances, the banks as a supplier of currency, in the control of the money invested but the role will be far greater than in expanding the role of the release of money. In addition, bank deposits by raising or lowering interest rates, to a certain extent, regulate social deposits intention thereby to a certain extent, currency adjustment of precipitation and the proportion of the currency in circulation, deposits intention of the same community affected by many factors, in particular also future payments by the impact of expected changes, the simple interest rate adjustments on deposits's regulatory role is also limited.
From fiscal policy to monetary aggregates, and the amount of currency in circulation, deposits in the community will strongly, investment and the lack of consumer demand, through the issuance of treasury bonds absorb part of the community precipitation currency (including bank funds precipitation), and through financial expenditure put out, can be directly and effectively regulating the currency of the current precipitation and the proportion of the currency in circulation, and improve the investment environment driven by private investment and improve the social balance of payments is expected to enhance people's confidence in future economic growth, thereby stimulating social investment and consumption demand growth. But issuing treasury bonds is the national debt to society is to return and, therefore, must ensure that investment in bonds of quality and efficiency, and to avoid increasing the financial investment of private investment arising from the "crowding-out effect." The total amount of bonds issued in the control must be affordable within the scope of and to avoid a serious financial crisis. At the same time, we must also see that the financial investment is an equity investment, which represents the investment of the enterprises or the ownership of the project, thus entitled to be invested enterprises and the administration of the program, dividends and disposal of power, but it does not require its return investment powers. This means that the expansion of investment, when faced with the pressure of inflation, the need to control the release of money, it is necessary to recover the investment it is very difficult for the duration of the investment project, if the rush to stop the follow-up investment, and may result in significant losses.
Monetary policy and fiscal policy under different circumstances to adjust monetary aggregates, particularly the amount of currency in circulation different, and bank loans and the nature of the financial investment is completely different. We should correctly understand and accurately grasp the essential features and the two fundamental differences, and give full play its rightful role in the function, can not confuse the two.

Answer 2

翻译这个很麻烦，至少收费60元