前沿市場
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Frontier markets 前沿市場 Wedge beyond the edge 出險招，賺大錢 Money is leaving emerging markets for riskier betsat the investment frontier 資本正從新興市場流向前沿市場，追逐更具風險投資 MANY of Africa s roads are scarred with potholes, sothe fresh tarmac on the drive between Ndola and Kitwe, two cities in Zambia s copper belt, issomething of a treat. The country s road building is financed by a $750m Eurobond issued in September 2023. The timing was perfect.The Federal Reserve had an open-ended commitment to buy Treasuries to keep yields low.Investors in America and Europe were hungry to buy dollar-denominated debt offering juicyyields. Zambia drew $12 billion of orders for a ten-year bond paying only 5.4%. Spain couldnot borrow as cheaply at the time. 贊比亞銅帶上，恩多拉和基德偉兩座城市之間，新近鋪上了嶄新的柏油馬路。這在大部分道路都坑坑洼洼的非洲可算奢侈。2023年9月，贊比亞獲得7.5億美元的歐洲債券用作道路建設。當時時機可謂完美。美聯儲已承諾無限量購買美國國債以壓低收益。歐美投資者爭相購買美元計價的高收益債券。贊比亞以5.4%的低利率獲得120億美元的十年期國債訂單。當時，西班牙尚無法獲得如此低的利率。 Zambia s debut Eurobond showed how rich-world funds were looking beyond their hometerritory, past even emerging markets to frontier markets at the farthest edge of theinvestment universe. Even as the prospect of the end of the Fed s bond-buying causedwobbles in emerging markets last year, African nations were able to tap funds. Nigeria andGhana sold Eurobonds in July. Mozambique raised $850m in September. Gabon issued asecond Eurobond in December. 贊比亞的第一批歐洲債券如此搶手，顯示了發達國家資金正舍棄國內市場甚至是新興市場，涌向最邊緣的投資領域前沿市場。去年，新興市場由于擔心美聯儲停止購債而發生動蕩。即便如此，非洲國家仍獲得大量投資。尼日利亞和加納在七月售出歐洲債券。莫桑比克于九月籌得8.5億美金。十二月，加蓬發行第二批歐洲債券。 Frontier markets are generally small, illiquid and risky, so it is a surprise that recent tremorsin emerging markets have not shaken them more. Exotix, a broker, calculates an averageinterest-rate spread of Eurobonds from 50 frontier markets .The spread on its index has narrowed to 395 basis points. The gap between the Exotixmeasure and J.P. Morgan s benchmark Emerging-Market Bond Index reached anall-time low of 68 basis points this week . Nor has investors interest beenconfined to bonds. The MSCI frontier equity index lagged behind its emerging-marketcousin after the global financial crisis but recently has been catching up. 前沿市場通常規模小，風險大，缺乏流動性。最近的新興市場震動并未沖擊到前沿市場，實在是令人吃驚。經紀公司Exotix計算出50個前沿市場的歐洲債券的平均利差，已縮減至395個基點。本周，Exotix指數與摩根大通的新興市場債券指數的差距降至68個基點，為歷史最低點。投資者也不只對債券感興趣。金融危機之后，MSCI的前沿市場股票指數一直落后于新興市場，但最近差距正逐漸縮小。 Frontier markets might once have been dismissed as a side bet for emerging-market fundslooking to pep up returns. They are now seen as an asset class in their own right, saysAndrew Brudenell, who runs $700m of frontier equity funds at HSBC. Pension-fund trusteesand consultants now ask how much money they should allocate to the frontier. The risinginterest is in part because GDP growth in China, Brazil and India has diminished. The thingsthat made emerging markets exciting in the 1990s are now found in frontier markets, saysCharlie Robertson of Renaissance Capital, an investment bank. 過去，新興市場資金可能只在想獲得額外收益時，會到前沿市場多賭一把。然而按照安德魯?布魯德奈爾的說法，前沿市場如今已是一個名正言順的資本類別了。安德魯?布魯德奈爾現在在匯豐銀行管理著7億美元的前沿市場股票基金。養老金托管人和咨詢師已經開始考慮，該放多少錢在前沿市場。對前沿市場的重視，一部分是由于中國、巴西和印度的GDP增速開始放緩。復興資本的查理?羅伯遜稱，上世紀九十年代促成新興市場大發展的因素，現在都轉移到了前沿市場。 There is much debate about where the frontier starts and ends. If the definition is amarket that is neither developed nor emerging, then 23 of the 25 fastest-growing economiesover the past decade are in the frontier category. But many of these frontier economiesdo not have stockmarkets and only Qatar is in the MSCI frontier-market index, an industrybenchmark. To qualify, a stockmarket must have at least two stocks that meet specificthresholds for size and liquidity. It must also be accessible: this is harder to quantify butwhat matters is openness to foreign ownership, the ease with which capital can flow acrossborders and the stockmarket s functioning. Only 24 markets across eastern Europe, theMiddle East, Africa and Asia make the cut. Their combined market capitalisation is $146 billionor so. By comparison the 21 stock markets in MSCI s emerging-market index are worth$4 trillion. 對于前沿市場的定義，至今仍充滿爭議。如果將其定義為既不是發達市場也不是新興市場，那過去十年里25個發展最快速經濟體中有23個會被歸為前沿市場。但這些前沿經濟體當中有一大批沒有股票市場，并且只有卡塔爾被納入MSCI前沿市場指數這一基準指數當中。一個合格的股票市場，必須至少擁有兩支規模和流動性達到標準的股票，并且足夠開放。后者較難以量化，但最重要的是是否向外資開放，資本跨境流通是否便利，股市是否有效運作。橫跨東歐、中東、非洲及亞洲，只有24個市場達到該標準, 總市值達1460億美元。與之相對的是MSCI新興市場指數中的21個股票市場，總市值達4萬億美元。 A familiar grumble about these sorts of indices, which are weighted by the market value ofstocks, is that they have a skew that is unfavourable to bargain-hunters. Investors in indextrackers spend more on stocks that have gone up in price. It is an acute problem forfrontier markets. More than half of the MSCI index is accounted for by stocks from threeoil-rich Gulf states: Qatar, the United Arab Emirates and Kuwait . 這類市值加權指數常被認為有失偏頗，對欲低價買入股票的投機商不利。那些追蹤股票指數的投資人會在已增值的股票上花更多的錢。這一問題在前沿市場尤為突出。MSCI指數中有一半以上的股票來自海灣地區的三個石油大國：卡塔爾，阿聯酋和科威特。 The purist sort of frontiersman sees the job as investing in poorer countries with the greatestpotential. Purists give more room in their portfolios to stocks from poor, populous andfast-growing markets, such as Nigeria or Pakistan. As countries like these become richer,their middle classes will grow and spending on infrastructure will increase. The so-called BBCstocks are one way to play these investmentthemes. Zenith Bank, Nigerian Breweries and Dangote Cement are popular stocks. Nestlhas a subsidiary that is listed in Lagos. In Pakistan there is Bank Alfalah and DG Khan, acement company. 純粹的前沿市場投資者認為，前沿市場相對較貧窮，但潛力最大。這些投資者的資產組合當中，貧窮、人口眾多、快速發展市場的股票占了更大的比例，像尼日利亞和巴基斯坦。在財富增長的同時，這些國家的中產階級日益壯大，基礎設施投資也將增加。所謂的BBC股票就是前沿市場常見的投資標的之一。詹尼斯銀行、尼日利亞啤酒廠和丹格特水泥都是搶手的股票。雀巢的一家分公司在拉各斯上市。巴基斯坦較熱門的股票有阿法拉銀行和德拉加齊汗水泥廠。 Specialist funds wanting to spread their bets may look at markets and stocks that are not inthe main index. Saudi Arabia is a liquid market but tricky for foreigners to invest in. Itsstockmarket sports SADAFCO, a dairy producer. Cambodia is another off-index bet. It hasNagacorp, a casino. Often the only way to buy exposure is through bonds. Angola is Africa sthird-biggest economy, after South Africa and Nigeria. It has no stockmarket but it does havea Eurobond. Mozambique s Eurobond was ostensibly for a state-backed fishing venture.Investors bought it anyway, with one eye on the country s fast-growing economy and theother on its offshore gas reserves. 希望分攤風險的專業基金有時會考慮主要指數之外的市場和股票。沙特阿拉伯具有充分流動性，但對外國投資者來說，卻是一個難以捉摸的市場。沙特股市中最亮眼的是沙特乳制品及食品公司。柬埔寨也是主要指數之外的一個投資熱點，擁有博彩公司金界控股。通常進行風險投資唯一的途徑就是購買債券。安哥拉是繼南非和尼日利亞之后非洲第三大經濟體，沒有股市，但有歐洲債券。贊比亞的歐洲債券名義上是為一家政府支持的漁業公司籌資，但投資者還是爭相購買，一方面是考慮到贊比亞快速發展的經濟，另一方面是看中了贊比亞豐富的近海天然氣儲備。 Greater demand should spur the supply of stocks, through sales of private stakes orprivatisations. Deeper equity markets would be welcome. Access to debt markets is more ofa mixed blessing for some. Ghana issued its first Eurobond in 2007. Within a few years itsbudget deficit blew out to 12% of GDP after a large public-sector pay rise. Mozambiqueshows worrying signs of similar trouble. 需求增加，能刺激股票的供應，包括出售私人股份或私有化。更具深度的股票市場將受到歡迎。對一些國家來說，接觸到債券市場有好亦有壞。加納于2007年第一次發行歐洲債券。在大幅增加公有部門薪酬后，幾年時間內預算赤字飆升至GDP的20%。莫桑比克也開始出現類似問題的苗頭，令人擔憂。 Zambia meant to use its proceeds wisely. The money was to go on targeted projects. Newroads in the copperbelt make sense since so much cargo is sent by truck. But easy moneyleads to lax discipline. The state s wage bill has become bloated. The budget deficit maybe as high as 8% of GDP this year. To help fill the gap, Zambia is said to be plotting anotherEurobond. 贊比亞原本想用好這筆錢，把錢花在重點項目上。在銅帶上筑路是頗明智的選擇，因為大量的貨物都是通過卡車運送的。但錢來得容易，花得也就隨意了。贊比亞政府部門薪酬已然過高。今年的預算赤字可能達到GDP的8%。據說為了彌補空缺，贊比亞已經在籌劃發放新一輪歐洲債券。 詞語解釋 1.scare with 嚇唬 He wanted to scare us with this. 他想用這個恐嚇我們。 Fasttony why do you scare us with doomsday stuff? 你為什么用世界末日的謊言來嚇唬大家呢? 2.able to 能;會 He was even able to build his own home. 他現在甚至能建一所自己的房子。 Have you been able to support yourself translating? 靠做翻譯，你能維持自己的生活嗎? 3.confine to 限于之內 To confine us to our current path. 把我們限制在現在的道路上。 The treatment to pulsar signal only confine to the adding of the pulsar signal by cycles atpresent. 目前對脈沖星信號的處理僅局限于對脈沖星信號不同周期的迭加。 4.catch up 追上;吹起 Someday china s software will catch up with its hardware. 有一天，中國的軟實力終將會趕上它的硬實力。 Some are just getting started reading the comics while others are at different issues, trying tocatch up. 有些剛剛才開始讀漫畫，而有些人已經在別的章節了，想追上現在的進度。
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Frontier markets 前沿市場 Wedge beyond the edge 出險招，賺大錢 Money is leaving emerging markets for riskier betsat the investment frontier 資本正從新興市場流向前沿市場，追逐更具風險投資 MANY of Africa s roads are scarred with potholes, sothe fresh tarmac on the drive between Ndola and Kitwe, two cities in Zambia s copper belt, issomething of a treat. The country s road building is financed by a $750m Eurobond issued in September 2023. The timing was perfect.The Federal Reserve had an open-ended commitment to buy Treasuries to keep yields low.Investors in America and Europe were hungry to buy dollar-denominated debt offering juicyyields. Zambia drew $12 billion of orders for a ten-year bond paying only 5.4%. Spain couldnot borrow as cheaply at the time. 贊比亞銅帶上，恩多拉和基德偉兩座城市之間，新近鋪上了嶄新的柏油馬路。這在大部分道路都坑坑洼洼的非洲可算奢侈。2023年9月，贊比亞獲得7.5億美元的歐洲債券用作道路建設。當時時機可謂完美。美聯儲已承諾無限量購買美國國債以壓低收益。歐美投資者爭相購買美元計價的高收益債券。贊比亞以5.4%的低利率獲得120億美元的十年期國債訂單。當時，西班牙尚無法獲得如此低的利率。 Zambia s debut Eurobond showed how rich-world funds were looking beyond their hometerritory, past even emerging markets to frontier markets at the farthest edge of theinvestment universe. Even as the prospect of the end of the Fed s bond-buying causedwobbles in emerging markets last year, African nations were able to tap funds. Nigeria andGhana sold Eurobonds in July. Mozambique raised $850m in September. Gabon issued asecond Eurobond in December. 贊比亞的第一批歐洲債券如此搶手，顯示了發達國家資金正舍棄國內市場甚至是新興市場，涌向最邊緣的投資領域前沿市場。去年，新興市場由于擔心美聯儲停止購債而發生動蕩。即便如此，非洲國家仍獲得大量投資。尼日利亞和加納在七月售出歐洲債券。莫桑比克于九月籌得8.5億美金。十二月，加蓬發行第二批歐洲債券。 Frontier markets are generally small, illiquid and risky, so it is a surprise that recent tremorsin emerging markets have not shaken them more. Exotix, a broker, calculates an averageinterest-rate spread of Eurobonds from 50 frontier markets .The spread on its index has narrowed to 395 basis points. The gap between the Exotixmeasure and J.P. Morgan s benchmark Emerging-Market Bond Index reached anall-time low of 68 basis points this week . Nor has investors interest beenconfined to bonds. The MSCI frontier equity index lagged behind its emerging-marketcousin after the global financial crisis but recently has been catching up. 前沿市場通常規模小，風險大，缺乏流動性。最近的新興市場震動并未沖擊到前沿市場，實在是令人吃驚。經紀公司Exotix計算出50個前沿市場的歐洲債券的平均利差，已縮減至395個基點。本周，Exotix指數與摩根大通的新興市場債券指數的差距降至68個基點，為歷史最低點。投資者也不只對債券感興趣。金融危機之后，MSCI的前沿市場股票指數一直落后于新興市場，但最近差距正逐漸縮小。 Frontier markets might once have been dismissed as a side bet for emerging-market fundslooking to pep up returns. They are now seen as an asset class in their own right, saysAndrew Brudenell, who runs $700m of frontier equity funds at HSBC. Pension-fund trusteesand consultants now ask how much money they should allocate to the frontier. The risinginterest is in part because GDP growth in China, Brazil and India has diminished. The thingsthat made emerging markets exciting in the 1990s are now found in frontier markets, saysCharlie Robertson of Renaissance Capital, an investment bank. 過去，新興市場資金可能只在想獲得額外收益時，會到前沿市場多賭一把。然而按照安德魯?布魯德奈爾的說法，前沿市場如今已是一個名正言順的資本類別了。安德魯?布魯德奈爾現在在匯豐銀行管理著7億美元的前沿市場股票基金。養老金托管人和咨詢師已經開始考慮，該放多少錢在前沿市場。對前沿市場的重視，一部分是由于中國、巴西和印度的GDP增速開始放緩。復興資本的查理?羅伯遜稱，上世紀九十年代促成新興市場大發展的因素，現在都轉移到了前沿市場。 There is much debate about where the frontier starts and ends. If the definition is amarket that is neither developed nor emerging, then 23 of the 25 fastest-growing economiesover the past decade are in the frontier category. But many of these frontier economiesdo not have stockmarkets and only Qatar is in the MSCI frontier-market index, an industrybenchmark. To qualify, a stockmarket must have at least two stocks that meet specificthresholds for size and liquidity. It must also be accessible: this is harder to quantify butwhat matters is openness to foreign ownership, the ease with which capital can flow acrossborders and the stockmarket s functioning. Only 24 markets across eastern Europe, theMiddle East, Africa and Asia make the cut. Their combined market capitalisation is $146 billionor so. By comparison the 21 stock markets in MSCI s emerging-market index are worth$4 trillion. 對于前沿市場的定義，至今仍充滿爭議。如果將其定義為既不是發達市場也不是新興市場，那過去十年里25個發展最快速經濟體中有23個會被歸為前沿市場。但這些前沿經濟體當中有一大批沒有股票市場，并且只有卡塔爾被納入MSCI前沿市場指數這一基準指數當中。一個合格的股票市場，必須至少擁有兩支規模和流動性達到標準的股票，并且足夠開放。后者較難以量化，但最重要的是是否向外資開放，資本跨境流通是否便利，股市是否有效運作。橫跨東歐、中東、非洲及亞洲，只有24個市場達到該標準, 總市值達1460億美元。與之相對的是MSCI新興市場指數中的21個股票市場，總市值達4萬億美元。 A familiar grumble about these sorts of indices, which are weighted by the market value ofstocks, is that they have a skew that is unfavourable to bargain-hunters. Investors in indextrackers spend more on stocks that have gone up in price. It is an acute problem forfrontier markets. More than half of the MSCI index is accounted for by stocks from threeoil-rich Gulf states: Qatar, the United Arab Emirates and Kuwait . 這類市值加權指數常被認為有失偏頗，對欲低價買入股票的投機商不利。那些追蹤股票指數的投資人會在已增值的股票上花更多的錢。這一問題在前沿市場尤為突出。MSCI指數中有一半以上的股票來自海灣地區的三個石油大國：卡塔爾，阿聯酋和科威特。 The purist sort of frontiersman sees the job as investing in poorer countries with the greatestpotential. Purists give more room in their portfolios to stocks from poor, populous andfast-growing markets, such as Nigeria or Pakistan. As countries like these become richer,their middle classes will grow and spending on infrastructure will increase. The so-called BBCstocks are one way to play these investmentthemes. Zenith Bank, Nigerian Breweries and Dangote Cement are popular stocks. Nestlhas a subsidiary that is listed in Lagos. In Pakistan there is Bank Alfalah and DG Khan, acement company. 純粹的前沿市場投資者認為，前沿市場相對較貧窮，但潛力最大。這些投資者的資產組合當中，貧窮、人口眾多、快速發展市場的股票占了更大的比例，像尼日利亞和巴基斯坦。在財富增長的同時，這些國家的中產階級日益壯大，基礎設施投資也將增加。所謂的BBC股票就是前沿市場常見的投資標的之一。詹尼斯銀行、尼日利亞啤酒廠和丹格特水泥都是搶手的股票。雀巢的一家分公司在拉各斯上市。巴基斯坦較熱門的股票有阿法拉銀行和德拉加齊汗水泥廠。 Specialist funds wanting to spread their bets may look at markets and stocks that are not inthe main index. Saudi Arabia is a liquid market but tricky for foreigners to invest in. Itsstockmarket sports SADAFCO, a dairy producer. Cambodia is another off-index bet. It hasNagacorp, a casino. Often the only way to buy exposure is through bonds. Angola is Africa sthird-biggest economy, after South Africa and Nigeria. It has no stockmarket but it does havea Eurobond. Mozambique s Eurobond was ostensibly for a state-backed fishing venture.Investors bought it anyway, with one eye on the country s fast-growing economy and theother on its offshore gas reserves. 希望分攤風險的專業基金有時會考慮主要指數之外的市場和股票。沙特阿拉伯具有充分流動性，但對外國投資者來說，卻是一個難以捉摸的市場。沙特股市中最亮眼的是沙特乳制品及食品公司。柬埔寨也是主要指數之外的一個投資熱點，擁有博彩公司金界控股。通常進行風險投資唯一的途徑就是購買債券。安哥拉是繼南非和尼日利亞之后非洲第三大經濟體，沒有股市，但有歐洲債券。贊比亞的歐洲債券名義上是為一家政府支持的漁業公司籌資，但投資者還是爭相購買，一方面是考慮到贊比亞快速發展的經濟，另一方面是看中了贊比亞豐富的近海天然氣儲備。 Greater demand should spur the supply of stocks, through sales of private stakes orprivatisations. Deeper equity markets would be welcome. Access to debt markets is more ofa mixed blessing for some. Ghana issued its first Eurobond in 2007. Within a few years itsbudget deficit blew out to 12% of GDP after a large public-sector pay rise. Mozambiqueshows worrying signs of similar trouble. 需求增加，能刺激股票的供應，包括出售私人股份或私有化。更具深度的股票市場將受到歡迎。對一些國家來說，接觸到債券市場有好亦有壞。加納于2007年第一次發行歐洲債券。在大幅增加公有部門薪酬后，幾年時間內預算赤字飆升至GDP的20%。莫桑比克也開始出現類似問題的苗頭，令人擔憂。 Zambia meant to use its proceeds wisely. The money was to go on targeted projects. Newroads in the copperbelt make sense since so much cargo is sent by truck. But easy moneyleads to lax discipline. The state s wage bill has become bloated. The budget deficit maybe as high as 8% of GDP this year. To help fill the gap, Zambia is said to be plotting anotherEurobond. 贊比亞原本想用好這筆錢，把錢花在重點項目上。在銅帶上筑路是頗明智的選擇，因為大量的貨物都是通過卡車運送的。但錢來得容易，花得也就隨意了。贊比亞政府部門薪酬已然過高。今年的預算赤字可能達到GDP的8%。據說為了彌補空缺，贊比亞已經在籌劃發放新一輪歐洲債券。 詞語解釋 1.scare with 嚇唬 He wanted to scare us with this. 他想用這個恐嚇我們。 Fasttony why do you scare us with doomsday stuff? 你為什么用世界末日的謊言來嚇唬大家呢? 2.able to 能;會 He was even able to build his own home. 他現在甚至能建一所自己的房子。 Have you been able to support yourself translating? 靠做翻譯，你能維持自己的生活嗎? 3.confine to 限于之內 To confine us to our current path. 把我們限制在現在的道路上。 The treatment to pulsar signal only confine to the adding of the pulsar signal by cycles atpresent. 目前對脈沖星信號的處理僅局限于對脈沖星信號不同周期的迭加。 4.catch up 追上;吹起 Someday china s software will catch up with its hardware. 有一天，中國的軟實力終將會趕上它的硬實力。 Some are just getting started reading the comics while others are at different issues, trying tocatch up. 有些剛剛才開始讀漫畫，而有些人已經在別的章節了，想追上現在的進度。
