A.Because American Literature courses start every Monday of the year,&nbuiiuiisp;there’s bound to be one that fits in with your academic, personal or professional commitments.1)_________. Courses match a range of individual requirements, from intensive examination preparation to short summer programs. Most courses commence at 9 am and run till 3 pm.
B.If you take an intensive full-time course, we will help you to select the Special Interest Options which best suit your goals. From then on, our teacher will discuss your work with you on a weekly basis.2)_______.
C.On your first day at school, you will take a test which enables our Director of Studies to place you at the appropriate study level.3)_______.Andonce you have achieved specific linguistic goals, you will move up to a higher level of study.
D.Every American literature course fee includes accommodation in carefully selected home-stay families. Breakfast and dinner each day are also included.4)________.
E.5)________.Our teachers have access to an extensive range of materials, including the very latest in language teaching technology.
A.This means that you should develop the language skills you need – and that you are helped to study at your own pace.
B.Your progress will be continuously assessed
C.Whatever your level&nbs蜂女皇p;of language ability, from beginner to advanced, you can choose to study for any length of time, from two weeks to a full year.
D.American&nb老日sp;Literature’s teaching methodology is constantly revised as more is discovered about the process of learning a new language.
E.so you need have no concerns about having to look for somewhere to&nbs林更新自称患穷癌p;live once you get to the school.
Exactly 30 years ago, in August 1977, The Economist published an article by Alan Greenspan, the former chairman of America's Federal Reserve, who was then a private-sector economist. It listed five economic “don'ts”. 6)______Yet that is exactly what central&西内琉奈nbsp;bankers have done in recent years. The bubble in credit markets that now seems to be bursting and the frothiness of so many asset prices was encouraged by loose monetary policies which pumped liquidity into financial markets.
Many economists blame that excess liquidity on Mr Greenspan himself for keeping interest rates too low for too long when he headed the Fed. After the dotcom bubble burst in 2000-01, the Fed slashed short-term interest rates to 1% by 2003. The European Central Bank (ECB) and the Bank才智树宝物二加一 of Japan also cut rates to unusually low levels, pushing the average inte曲阜,贸大英语学院教训讲义（十五）,益母草颗粒rest rate in the big rich economies to a record low. The real short-term interest rate is now above its long-term average for the first time since 2001, suggesting that global monetary policy is no longer loose. 7)______.One reason is that the world's two most important central banks, the Fed and the ECB, have not been the main sources 木加辛of global monetary liquidity.
Many economists in investment banks and international institutions mistakenly assume that “global” 试开城际轻轨monetary conditions are set by the central banks of the rich economies. Yet over the past year, a staggering three-fifths of the world's broad money-supply growth has flowed from 曲阜,贸大英语学院教训讲义（十五）,益母草颗粒emerging economies.
Their mints are working overtime. Goldman Sachs reckons that growth in China's M3 measure of broad money has quickened to 20% over the past year. In Russia money supply has grown by a striking 51% and India's is up by 24%. 8)______.Adjusted for inflation,&nb曲阜,贸大英语学院教训讲义（十五）,益母草颗粒sp;their money growth has accelerated alarmingly (see chart). As a result, the entire world's&nbs内蒙古气候网p;money supply is growing at its fastest for decades in real terms.
One would expect emerging economies' money supply to outpace that of the rich world, because their GDP growth is faster. 9)______.Their interest policy has been timid: over the past three years, as monetary policy has been tightened in America and the euro area, average rates in the emerging world have barely budged. 10)______.
F.So why did financial markets remain exuberant for so long?
G.But their surplus money growth o曲阜,贸大英语学院教训讲义（十五）,益母草颗粒ver and above the increase in nominal GDP is also far bigger
H.China and India have real interest r曲阜,贸大英语学院教训讲义（十五）,益母草颗粒ates among the world's lowest, even though they have the fastest-growing economies.
I.One of these was: “Don't allow money-supply growth to spiral out of hand.”
J.Indeed, the broad money supply in emerging countries has increased by an average of 21% over the past year, almost three times as fast as it has in the developed world.
a.Pioneering m-bankingprojects in the Philippines, Kenya and South Africa show the way.
b.Some of these rules, which are based on an outdated view of what banking looks like, should be relaxed.
c.They need to be tight enough to protect users anddiscourage money laundering, but open enough to allow new ser书画山风景区vices to emerge.
d.Withfew exceptions (hallo, Ethiopia), they have done so, and mobile phones are now spreading fast, even in thepoorest parts of the world.
e.Rather thantrying to work out the best rules in advance, which could hamper innovation, the regulator is working closelywith the banks and operators behind the country's two m-banking schemes.
A bank in every pocket?
Theidea that mobile phones bring economic benefits is now widely accepted. In places with bad roads, fewtrains and parlous land lines, they substitute for travel, allow price data to be distributed more quickly andeasily, enable traders to reach wider markets and generally ease the&nbs曲阜,贸大英语学院教训讲义（十五）,益母草颗粒p;business of doing business. LeonardWaverman of the London Business School has estimated that an&n顾宪明bsp;extra ten mobile phones per 100 people in atypical developing country leads to an extra half a percentage point of growth in GDP per person. To realizethe economic benefits of mobile phones, governments in such countries need to do away with statemonopolies, issue new licences to allow rival operators to enter the market and slash taxes on handsets. 1.____________________________
As mobile phones have spread, a new economic benefit is coming into view: using them for banking (seearticle), and so improving access to financial services, not just telecoms networks.2.____________________________ These “branchless” schemes typically allowcustomers to deposit and withdraw cash through a mobile operator's airtime-resale agents, and send moneyto other people via text m伟人卡里和姚明合照essages that can be exchanged for cash by visiting an agent. Workers can then bepaid by phone; taxi-drivers and delivery-drivers can accept payments without carrying cash around; moneycan be easily sent to friends and family. A popular use is to deposit money before making a long journey a全才儿子邪佞妃ndthen withdraw it at the other end, which is safer than carrying lots of cash.
There is no need to set up a national network of branches or cash machines. M-banking sch夜生活女王emes can becombined with microfinance loans, extending access to credit and enabling users to establish a credit history.Some schemes issue customers with debit cards linked to their m-banking accounts. All this has the potentialto give the “unbanked” masses access to financial services, and bring them into the form原生态法力al economy.
What can governments do to foster m-banking? As with the spread of mobile phones themselves, a lotdepends on putting the right regulations in place.
3. _____________________________The existing banking modelis both over- and under-protective, says Tim Lyman of the World Bank, because “it did not foresee thecon秦汉新城改造村庄名单vergence of telecommunications and financial services.”
In many countries only licensed banks are allowed to collect deposits. Even if a mobile operator forms apartnership with a bank, its agents may have to comply with banking rules covering everything from theheight of the counter to the installation of alarms. Financial institutions may have to provide detailedstatements to the central bank every week, which is tricky for organisations with agents in remote areas.Some countries have rigid rules on the曲阜,贸大英语学院教训讲义（十五）,益母草颗粒 documents demanded of anybody opening an account, which excludesmany.
4.____________________________ Allowing institutions other than banks to enter the market makes sense, provided regulatory oversight andconsumer-protection measures are in place. Strict proof of identity may not be needed for some customers,given the small sums involved. And exist多美娅ing m-banking schemes set a limit on the size of transactions that islow enough to deter money-launderers but high enough to satisfy most customers.
The regulatory approach being taken in the Philippines provides a good model for other countries. 5.______________________李名元______That way the regulator can seewhat is going on, so the schemes' operators get more flexibility. The experience will feed into new bankingregulations. Rules that are too tight will hinder adoption; rules仇文飞 that are too lax could allow fraudsters to bringthe whole idea of branchless banking into disrepute. But if regulators strike the right balance, m-banking mayprovide the next example of the mobile phone's transformational power.