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Dismal science watches the ball----from Financial Times [Copy link] 中文

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Post time 2006-7-16 18:09:54 |Display all floors
Dismal science watches the ball  
Scheherazade Daneshkhu - Financial Times
Posted to the web on: 06 June 2006
WORLD Cup fever is gripping those parts of the globe that have made a religion out of kicking round balls into square nets. But one group is watching the tournament from its own, very particular perspective. For economists, this is about more than on-the-pitch fireworks or even national pride. The question — admittedly asked with tongues firmly in cheeks — is how will it all affect the global economy?
Football provides a perfect opportunity for proponents of the dismal science to shed their glum reputation and indulge in some light-hearted research. “Is there any link between football and economics, or are we just finding excuses to have some fun?” muses an impressively self-aware Jim O’Neill, head of global economic research at Goldman Sachs, in the introduction to the investment bank’s 60-page report on the economics of the World Cup.
“We are convinced that soccer has an impact on the economy and therefore justifies some research effort,” insist Ruben van Leeuwen and Charles Kalshoven, authors of Soccernomics, published by the economics team at ABN Amro, the Netherlands-based bank.
Their research concludes that a World Cup-winning nation enjoys 0,7% more economic growth compared with the previous year, as well as a boost to its stock market. This leads ABN Amro to punt Italy as its “favourite” — that is, the country whose victory would most benefit the world economy. ABN Amro takes as its starting point the threat posed by global trade imbalances. “From the perspective of the need for balanced world economic growth, a European country should win the World Cup,” says ABN Amro. “A US victory would further skew the imbalance and an Asian victory could lead to an overheating of the region’s already booming economies.” A South American victory would not be bad for the world economy — but would not help it much either.
Of the five large European countries in the tournament, the two weakest economic performers in recent years have been Germany and Italy. So ABN Amro’s dream final would be between these two nations, with Italy as the winner because of its poorer record. Germany, in any case, enjoys a home advantage as tournament hosts, argues the bank.
That dream scenario — a Germany versus Italy final — actually came to pass in 1982. Unfortunately for the ABN Amro theorists, Italy did not appear to reap any direct economic benefit that year. But in 1983, economic growth accelerated, so maybe the influence of footballing success should not be discounted.
The World Cup has an effect on the economy in two main ways: one a blow, the other a boon. The setback is to productivity as employees call in sick or sneak off work early to watch games. But additional consumption provides a boost. The feel-good factor, especially in countries that progress to the semifinals, leads to happier consumers — and contented shoppers tend to spend more.
The London-based Centre for Economics and Business Research estimates that the World Cup will boost the economies of participating nations by a net £13bn. It reckons that Europe will reap £11,3bn of this because of increased consumer spending, especially in Germany.
But it thinks economic growth in football-mad South America will suffer because the damage to productivity caused by absenteeism will outweigh the benefits from additional consumption. South America is disadvantaged by its time zone as most of its teams’ matches will take place during the working day. In Europe, kick-offs will usually
be in the late afternoon.
Among economists in general,
the odds-on favourite is Germany.
As host country, Germany will reap a variety of benefits, including increased capital spending on its stadiums and transport infrastructure, more tourists and more employment. The German chamber of commerce expects the World Cup to create 60000 jobs and boost national income 0,3%.
Even economists, however, are more excited by the football than the numbers, which they acknowledge are comparatively small.
Bank of England governor Mervyn King recently pointed out that the main effect of the World Cup would be on the timing and pattern of consumer spending and not on its long-term level. In other words, any boost is likely to be short-lived, as people bring forward spending from later in the year or decide to spend less on other things to compensate.
But economists have an apt alibi if their predictions are not fulfilled.
Football, as its commentators like to remind us, is an unpredictable “game of two halves” — which is an ideal fallback position should their spreadsheets end up bearing little relation to the final outcome.

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Post time 2006-7-16 20:52:43 |Display all floors
无意...飘过...顶下..

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Post time 2006-7-16 21:08:44 |Display all floors
This is the July's translation subject of the translation arena on CD. it seems unfair to talk about it now since the contest hasn't ended yet.
i can't think of an appropriate translation for the first sentence. Well, you can tell me tomorrow, since tommorrow the contest will be ended.

WORLD Cup fever is gripping those parts of the globe that have made a religion out of kicking round balls into square nets.  

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Post time 2006-7-17 07:50:29 |Display all floors

试这一句

世界杯的狂潮再次席卷世界,让那些对“圆球方网”顶礼膜拜的人们又一次如痴如醉。

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