IELTS Reading: Khủng Hoảng Tài Chính Toàn Cầu và Tác Động Đến Nền Kinh Tế Mới Nổi – Đề Thi Mẫu Có Đáp Án Chi Tiết

Mở Bài

Chủ đề về khủng hoảng tài chính toàn cầu và tác động của nó đến các nền kinh tế mới nổi là một trong những đề tài xuất hiện thường xuyên trong kỳ thi IELTS Reading. Với tính thời sự cao và tầm quan trọng trong việc hiểu biết về nền kinh tế thế giới, chủ đề này thường được khai thác ở cả ba độ khó của bài thi, từ những bài đọc giới thiệu cơ bản đến những phân tích sâu sắc về chính sách và hậu quả dài hạn.

Bài viết này sẽ cung cấp cho bạn một bộ đề thi IELTS Reading hoàn chỉnh với ba passages có độ khó tăng dần (Easy → Medium → Hard), bao gồm 40 câu hỏi đa dạng giống như thi thật. Mỗi passage sẽ tập trung vào một khía cạnh khác nhau của chủ đề: từ những tác động trực tiếp, các cơ chế lan truyền khủng hoảng, cho đến những bài học chính sách và chiến lược phục hồi. Bên cạnh đề thi, bạn sẽ nhận được đáp án chi tiết với giải thích cụ thể, từ vựng quan trọng theo từng passage, và các kỹ thuật làm bài hiệu quả.

Bộ đề này phù hợp cho học viên từ band 5.0 trở lên, giúp bạn làm quen với format thi thật, rèn luyện kỹ năng đọc hiểu học thuật và tăng confidence trước kỳ thi IELTS chính thức.

Hướng Dẫn Làm Bài IELTS Reading

Tổng Quan Về IELTS Reading Test

Bài thi IELTS Reading bao gồm 3 passages với tổng cộng 40 câu hỏi, thời gian làm bài là 60 phút. Độ khó của các passages tăng dần từ Passage 1 (dễ nhất) đến Passage 3 (khó nhất). Điều quan trọng là bạn cần phân bổ thời gian hợp lý để hoàn thành tất cả câu hỏi.

Phân bổ thời gian khuyến nghị:

• Passage 1: 15-17 phút (độ khó Easy, band 5.0-6.5)
• Passage 2: 18-20 phút (độ khó Medium, band 6.0-7.5)
• Passage 3: 23-25 phút (độ khó Hard, band 7.0-9.0)

Lưu ý rằng bạn cần tự chuyển đáp án sang Answer Sheet trong thời gian 60 phút này, không có thời gian bổ sung như phần Listening.

Các Dạng Câu Hỏi Trong Đề Này

Đề thi mẫu này bao gồm 7 dạng câu hỏi phổ biến nhất trong IELTS Reading:

1. Multiple Choice – Câu hỏi trắc nghiệm với 3-4 lựa chọn
2. True/False/Not Given – Xác định thông tin đúng/sai/không được đề cập
3. Matching Information – Nối thông tin với đoạn văn tương ứng
4. Summary Completion – Điền vào chỗ trống trong đoạn tóm tắt
5. Matching Headings – Nối tiêu đề với đoạn văn phù hợp
6. Sentence Completion – Hoàn thiện câu với thông tin từ bài đọc
7. Short-answer Questions – Trả lời câu hỏi ngắn với giới hạn từ

IELTS Reading Practice Test

PASSAGE 1 – The Ripple Effect: How Financial Crises Spread to Emerging Markets

Độ khó: Easy (Band 5.0-6.5)

Thời gian đề xuất: 15-17 phút

The modern global financial system operates as an intricate network where economies are more interconnected than ever before. When a financial crisis erupts in developed nations, its impact rarely remains confined to the originating country. Instead, the shockwaves travel across borders with remarkable speed, affecting emerging economies through various channels. Understanding these transmission mechanisms is crucial for policymakers and investors alike.

The most immediate way crises spread is through trade linkages. Emerging economies often depend heavily on exports to developed countries. During the 2008 global financial crisis, for instance, when consumer spending plummeted in the United States and Europe, demand for goods from countries like China, India, and Brazil fell dramatically. Manufacturing sectors in these nations experienced sharp contractions, leading to job losses and reduced income for millions of workers. The export-oriented economies of Southeast Asia were particularly vulnerable, with countries like Thailand and Malaysia seeing their GDP growth rates turn negative within months.

Financial channels represent another critical pathway for crisis transmission. Many emerging market companies and governments have borrowed extensively in foreign currencies, particularly US dollars and euros. When a crisis hits developed economies, capital flight often occurs as investors seek safer assets. This sudden withdrawal of funds creates severe problems for emerging markets. Their currencies typically depreciate sharply, making it much more expensive to service foreign-denominated debts. During the 1997 Asian Financial Crisis, currencies in Thailand, Indonesia, and South Korea lost 30-50% of their value within weeks, triggering widespread corporate bankruptcies.

The commodity price mechanism affects resource-rich emerging economies significantly. Many developing nations rely on exporting natural resources like oil, minerals, and agricultural products. When global crises reduce economic activity in developed countries, demand for these commodities drops, causing prices to fall. Countries like Russia, Venezuela, and Nigeria, which depend heavily on oil revenues, see their government budgets come under severe strain. The 2014-2016 oil price collapse, partly triggered by slowing global growth, pushed several oil-dependent emerging economies into recession.

Confidence and expectations play a surprisingly powerful role in spreading financial contagion. Even emerging economies with sound economic fundamentals can suffer if investors lose confidence in the broader asset class. This phenomenon, known as “contagion effect,” means that a crisis in one emerging market can trigger capital outflows from completely unrelated economies. In 2013, when the US Federal Reserve announced it would begin reducing its bond-buying program, emerging markets from Turkey to South Africa experienced currency pressures and stock market declines, despite having different economic structures and policies.

The banking sector provides yet another channel for crisis transmission. Major international banks operate across borders, and problems in their home countries can quickly affect their operations in emerging markets. During the 2008 crisis, European banks that had lent heavily to Eastern European countries suddenly reduced their lending, creating credit crunches in Poland, Hungary, and Romania. Local businesses found it difficult to obtain loans, hampering investment and economic growth.

Remittances – money sent home by workers living abroad – form an often-overlooked connection. Many emerging economies receive substantial income from their citizens working in developed countries. When crises strike wealthy nations, unemployment rises, and migrant workers either lose jobs or see their incomes reduced. Countries like the Philippines, Mexico, and Egypt, where remittances constitute 5-10% of GDP, experience significant economic stress when these flows decline. These reductions directly impact household consumption and poverty levels.

The policy response in developed countries during crises can also create challenges for emerging markets. When central banks in the US or Europe cut interest rates to near zero or implement quantitative easing, large amounts of capital initially flow to emerging markets seeking higher returns. However, when these policies are reversed, as happened with the “taper tantrum” in 2013, capital rushes back to developed markets, creating instability. This boom-bust cycle in capital flows makes economic management extremely difficult for emerging economy policymakers.

Despite these vulnerabilities, not all emerging economies suffer equally during global crises. Countries with strong foreign exchange reserves, flexible exchange rates, low foreign debt, and diversified export bases tend to weather storms better. China’s massive reserves, for example, have provided a crucial buffer during multiple global shocks. Similarly, countries that have learned from past crises and implemented stronger financial regulations and macroeconomic policies show greater resilience.

Questions 1-13

Questions 1-5: Multiple Choice

Choose the correct letter, A, B, C, or D.

1. According to the passage, what happens to emerging economies when consumer spending falls in developed countries?

   • A) Their exports increase due to lower prices
   • B) Manufacturing sectors experience significant decline
   • C) They become more independent economically
   • D) Their currencies become stronger

2. The 1997 Asian Financial Crisis resulted in:

   • A) Currency appreciation in affected countries
   • B) Increased foreign investment
   • C) Widespread corporate failures
   • D) Higher commodity prices

3. Which type of emerging economy is most affected by commodity price fluctuations?

   • A) Manufacturing-based economies
   • B) Service-oriented economies
   • C) Resource-rich economies
   • D) Technology-focused economies

4. The “taper tantrum” mentioned in the passage refers to:

   • A) A crisis in emerging markets
   • B) Capital outflows when US policy changed
   • C) A new banking regulation
   • D) An increase in commodity prices

5. According to the passage, which factor helps emerging economies resist global crises?

   • A) High levels of foreign debt
   • B) Fixed exchange rates
   • C) Strong foreign exchange reserves
   • D) Dependence on single export products

Questions 6-10: True/False/Not Given

Do the following statements agree with the information in the passage?

Write:

• TRUE if the statement agrees with the information
• FALSE if the statement contradicts the information
• NOT GIVEN if there is no information on this

6. The 2008 global financial crisis caused GDP growth in Southeast Asian countries to become negative.

7. All emerging economies suffered equally during the 1997 Asian Financial Crisis.

8. International banks reduced lending to Eastern European countries during the 2008 crisis.

9. The Philippines receives more remittances than any other emerging economy.

10. Quantitative easing always benefits emerging market economies.

Questions 11-13: Sentence Completion

Complete the sentences below.

Choose NO MORE THAN TWO WORDS from the passage for each answer.

11. When investors lose confidence broadly in emerging markets, this is known as the __ effect.

12. Many emerging market borrowers take loans denominated in __ or euros.

13. Countries with __ export bases are better able to cope with global financial crises.

---

PASSAGE 2 – Structural Vulnerabilities: Why Emerging Economies Remain Exposed

Độ khó: Medium (Band 6.0-7.5)

Thời gian đề xuất: 18-20 phút

The susceptibility of emerging economies to global financial crises is not merely a matter of external shocks; it reflects deeper structural characteristics that have evolved over decades of development. While these nations have made remarkable progress in reducing poverty and building industrial capacity, certain inherent vulnerabilities continue to expose them disproportionately to international financial turbulence. Để hiểu rõ hơn về How does AI affect the financial services industry?, việc nhận diện các điểm yếu cấu trúc này trở nên quan trọng hơn bao giờ hết trong bối cảnh công nghệ đang thay đổi hệ thống tài chính toàn cầu.

One fundamental issue is the maturity mismatch in emerging market financial systems. Banks and financial institutions in these countries often borrow short-term funds from international markets but lend long-term to domestic businesses and consumers. This creates a dangerous liquidity vulnerability: if foreign creditors suddenly refuse to roll over their loans – a common occurrence during crises – these institutions face potential insolvency. The problem is exacerbated by the fact that many emerging economies lack deep and liquid domestic capital markets. Unlike developed nations where companies can readily issue bonds to domestic investors, firms in emerging markets depend heavily on bank lending and foreign portfolio investment, both of which prove highly volatile during turbulent times.

The original sin hypothesis, articulated by economists Barry Eichengreen and Ricardo Hausmann, identifies another crucial vulnerability. This term describes the inability of most emerging economies to borrow abroad in their own currencies. Instead, they must issue debt in foreign currencies, typically dollars or euros. While this arrangement works smoothly during normal times, it creates a self-reinforcing crisis dynamic when trouble strikes. Currency depreciation, which typically accompanies financial stress, automatically increases the domestic currency value of foreign debts. Governments and companies suddenly face much larger debt burdens, potentially triggering defaults that further undermine confidence and cause additional currency depreciation. This vicious cycle has been observed repeatedly in emerging market crises from Latin America in the 1980s to Turkey in the 2010s.

Institutional weaknesses constitute a third category of structural vulnerability. Many emerging economies have financial regulatory systems that lack the sophistication and enforcement capacity of their developed counterparts. Prudential regulations – rules designed to ensure banks maintain adequate capital and manage risks properly – may exist on paper but often go unenforced due to corruption, lack of expertise, or political interference. The absence of independent central banks in some countries means monetary policy becomes subject to short-term political pressures, reducing credibility with international investors. Property rights may be inadequately protected, contract enforcement unreliable, and corporate governance standards weak. These institutional gaps create an environment where moral hazard flourishes: banks and corporations take excessive risks during boom times, knowing they may be bailed out during busts, while investors demand higher returns as compensation for uncertainty.

The structure of emerging market economies also tends toward concentration in specific sectors, making them vulnerable to sector-specific shocks that can quickly become systemic. Many economies remain heavily dependent on a narrow range of export products or a small number of large companies. In South Korea, the top ten chaebols (family-owned conglomerates) account for a substantial portion of GDP and employment. When these corporate giants face difficulties, the entire economy suffers. Similarly, countries where a single sector – whether manufacturing, commodities, or services – dominates the economy lack the diversification that provides resilience. During the COVID-19 pandemic, emerging economies heavily dependent on tourism suffered particularly severe contractions as international travel ceased.

Labor market inflexibilities present yet another structural challenge. Many emerging economies have large informal sectors where workers lack legal protections and social safety nets. While this informality provides some flexibility – workers can move between informal activities relatively easily – it also means these economies have limited automatic stabilizers. In developed countries, unemployment insurance and other welfare programs automatically increase government spending during downturns, supporting aggregate demand. Emerging economies often lack these mechanisms, meaning recessions can become self-perpetuating as job losses lead to consumption declines that trigger further job losses. Additionally, regulations in the formal sector may make it difficult or expensive to adjust employment levels, causing companies to respond to crises by shutting down entirely rather than temporarily reducing hours or wages.

The demographic structure of many emerging economies, while often cited as an advantage, can become a vulnerability during crises. Countries with young, rapidly growing populations need to create millions of new jobs annually just to absorb new entrants to the labor force. When crises strike and economic growth slows, unemployment among young people can surge, creating social instability. The Arab Spring uprisings of 2011, while having multiple causes, were partly triggered by high youth unemployment in countries affected by the post-2008 global economic slowdown. By contrast, aging developed economies with stable or shrinking workforces face less pressure to generate employment growth, giving them more flexibility in crisis responses.

Political economy factors further complicate the picture. In some emerging economies, powerful interest groups resist reforms that would reduce vulnerabilities but threaten their privileged positions. Financial sector liberalization might be opposed by protected domestic banks; labor market reforms by powerful unions; and improved corporate governance by controlling shareholders of major corporations. These political constraints mean that even when policymakers recognize structural problems, implementing solutions proves difficult. Moreover, the policy space available to emerging economy governments during crises is often more constrained than in developed countries. While the United States or European Union can run large fiscal deficits during downturns without immediately triggering market panic, many emerging economies face investor skepticism about their ability to service additional debt, limiting their capacity for countercyclical fiscal policy.

The technological and innovation gap represents a longer-term structural issue with crisis implications. Most emerging economies remain technology importers rather than innovators, positioning them in global value chains as producers of lower-value-added goods. This makes them vulnerable to being excluded when developed countries seek to reshore production or when new technologies disrupt existing production patterns. During the pandemic, the ability of many developed countries to rapidly deploy digital technologies for remote work and online services provided some economic cushion. Emerging economies with less developed digital infrastructure and lower rates of technology adoption lacked this buffer.

Despite these structural vulnerabilities, some emerging economies have made substantial progress in reducing their exposure. Countries that have developed local currency bond markets, accumulated foreign reserves, improved financial regulation, diversified their economies, and strengthened institutions have shown much greater resilience in recent crises compared to their historical experience. Chile, Poland, and South Korea exemplify this positive trajectory. Nevertheless, for many emerging economies, structural reforms remain incomplete, leaving them exposed when the next global financial shock arrives.

Questions 14-26

Questions 14-18: Yes/No/Not Given

Do the following statements agree with the views of the writer in the passage?

Write:

• YES if the statement agrees with the views of the writer
• NO if the statement contradicts the views of the writer
• NOT GIVEN if it is impossible to say what the writer thinks about this

14. The vulnerability of emerging economies to financial crises is primarily caused by external factors.

15. The “original sin” problem has been observed in multiple crisis situations across different decades.

16. Political interference is the only reason for weak financial regulation in emerging economies.

17. The informal labor sector in emerging economies provides some benefits despite its drawbacks.

18. All emerging economies have failed to reduce their structural vulnerabilities.

Questions 19-23: Matching Headings

The passage has ten paragraphs. Choose the correct heading for paragraphs labeled below from the list of headings.

List of Headings:

• i. The challenge of borrowing in foreign currencies
• ii. How corruption undermines financial stability
• iii. The problem of short-term borrowing and long-term lending
• iv. Demographic pressures during economic downturns
• v. Limited government response capacity in crises
• vi. The risks of economic dependence on few sectors
• vii. Technology gaps and crisis resilience
• viii. Trade barriers affecting emerging markets
• ix. Progress in reducing vulnerabilities
• x. Regional cooperation mechanisms

19. Paragraph 2
20. Paragraph 3
21. Paragraph 5
22. Paragraph 7
23. Paragraph 10

Questions 24-26: Summary Completion

Complete the summary below.

Choose NO MORE THAN TWO WORDS from the passage for each answer.

Emerging economies face several structural problems that make them vulnerable to global financial crises. One issue is that these countries often cannot borrow in their own currencies, a problem known as 24) __. This creates a dangerous situation where currency depreciation increases debt burdens. Additionally, many emerging economies have weak 25) __, meaning financial regulations are not properly enforced. The lack of 26) __ in some countries also means monetary policy is influenced by political considerations rather than economic necessity.

---

PASSAGE 3 – Policy Responses and the Quest for Resilience in Emerging Markets

Độ khó: Hard (Band 7.0-9.0)

Thời gian đề xuất: 23-25 phút

The evolution of policy frameworks in emerging economies over the past three decades represents a fascinating case study in learning from crises. Each major financial upheaval – from the Latin American debt crisis of the 1980s through the Asian Financial Crisis of 1997-98, the Russian default of 1998, the Argentine collapse of 2001-02, and the global financial crisis of 2008-09 – has prompted substantive recalibrations in how emerging market policymakers approach macroeconomic management, financial regulation, and international integration. Understanding these adaptive responses, their successes, and their limitations provides crucial insights into the asymmetric power dynamics of the global financial architecture and the ongoing struggle of developing nations to achieve economic stability in a world of mobile capital and recurring crises.

The most visible shift in emerging market policy has been the massive accumulation of foreign exchange reserves. Chastened by the experience of the 1990s, when countries from Thailand to Brazil found themselves at the mercy of the International Monetary Fund, emerging economies collectively amassed over $8 trillion in reserves by 2020. This self-insurance mechanism provides a buffer against sudden capital outflows, allowing central banks to intervene in currency markets to prevent disorderly depreciations. China’s reserves alone exceed $3 trillion, effectively immunizing it against the kind of currency crises that devastated other emerging economies in previous decades. However, this strategy carries significant opportunity costs: reserves are typically held in low-yielding developed country government bonds, meaning emerging economies are essentially lending cheaply to wealthy nations that once lent expensively to them. Resources that could fund domestic infrastructure, education, or healthcare are instead parked in US Treasuries yielding minimal returns. Moreover, the strategy creates a peculiar paradox wherein developing countries with scarce capital end up financing consumption in capital-rich developed nations.

Exchange rate regime choices have also evolved substantially. The traditional bipolar view – that countries should adopt either fully fixed exchange rates or completely free-floating currencies – has given way to more nuanced approaches. Most emerging economies now operate managed float systems, where currencies are allowed to adjust to market forces but central banks intervene to prevent excessive volatility. This provides some insulation against external shocks while maintaining export competitiveness and avoiding the speculative attacks that destroyed fixed-rate regimes in the 1990s. Some countries, particularly in Asia, practice asymmetric intervention: resisting currency appreciation during good times (to protect export industries) but allowing depreciation during crises (to preserve reserves). Việc quản lý tỷ giá một cách linh hoạt này có những điểm tương đồng với How is the rise of electric vehicles impacting global oil markets?, nơi sự thay đổi công nghệ cũng đòi hỏi các chính sách thích ứng linh hoạt. Critics argue this approach amounts to currency manipulation that provides unfair trade advantages, while defenders contend it represents prudent crisis prevention.

The architecture of financial regulation has undergone significant strengthening, albeit with considerable variation across countries. Banking sectors in many emerging economies now operate under substantially higher capital requirements, stricter liquidity ratios, and more intensive supervision than in previous decades. Macroprudential policies – tools designed to address system-wide financial risks rather than just individual institution soundness – have become increasingly sophisticated. Countries like Brazil have pioneered the use of countercyclical capital buffers, requiring banks to hold more capital during boom periods when lending grows rapidly, providing cushion when downturns arrive. Loan-to-value ratios on mortgages are adjusted dynamically to prevent housing bubbles. Limits on foreign currency borrowing by banks and corporations reduce balance sheet currency mismatches. These innovations often exceed regulatory standards in many developed countries, reflecting hard-won lessons from past crises.

Capital account management represents perhaps the most controversial dimension of the emerging market policy toolkit. The Washington Consensus of the 1990s prescribed full capital account liberalization – allowing unrestricted flows of investment in and out of countries – as the optimal policy. Numerous crises demonstrated that unrestricted capital mobility, particularly short-term portfolio flows, could generate devastating boom-bust cycles. In response, many emerging economies have adopted various capital flow management measures. These range from relatively benign measures like unremunerated reserve requirements on foreign borrowing (where a percentage of borrowed funds must be deposited interest-free with the central bank for a specified period, effectively taxing short-term borrowing) to more restrictive capital controls. Chile’s encaje system in the 1990s became a template for this approach, imposing implicit taxes that increased with the shortness of capital inflows, thereby encouraging longer-term, more stable investment. Even the IMF, long skeptical of capital controls, has acknowledged their legitimacy under certain circumstances, marking a significant ideological evolution in international policy consensus.

Fiscal policy frameworks have been reconceptualized to provide greater countercyclical capacity. Many emerging economies now adopt fiscal rules that target structural or cyclically-adjusted balances rather than nominal deficits, allowing automatic stabilizers to function. Some have established sovereign wealth funds that save windfall revenues during commodity booms, creating fiscal space for stimulus during downturns. Chile’s copper stabilization fund exemplifies this approach, smoothing the enormous volatility in government revenues from commodity exports. However, implementation challenges persist: political pressures often lead to loosening of fiscal rules during good times, leaving countries with inadequate buffers when crises strike. The political economy of fiscal restraint during booms – when constituents demand increased spending and politicians face electoral incentives to comply – remains a fundamental challenge.

Regional financial cooperation mechanisms have proliferated, reflecting recognition that purely national policy responses may prove insufficient. The Chiang Mai Initiative in East Asia established a network of bilateral swap arrangements, allowing countries to borrow foreign currency from neighbors during crises without immediately turning to the IMF. Latin American countries created similar arrangements. The BRICS nations (Brazil, Russia, India, China, South Africa) established a Contingent Reserve Arrangement with $100 billion in resources. While these mechanisms have rarely been activated – countries still prefer bilateral arrangements with the Federal Reserve or IMF assistance when truly desperate – they represent meaningful attempts to build alternative financial safety nets less dominated by developed country preferences.

The social dimension of crisis response has received increasing attention following the recognition that financial crises impose enormous costs on the most vulnerable populations. Emerging economies have expanded conditional cash transfer programs that provide support to poor households while incentivizing investments in children’s education and health. Brazil’s Bolsa Família and Mexico’s Oportunidades programs reach millions of families, providing automatic support expansion when crises strike. These programs not only reduce human suffering but also help maintain aggregate demand during downturns. Public works programs providing temporary employment during crises have been deployed more systematically. While social safety nets in emerging economies still lag far behind developed country welfare states, the trajectory is toward greater social protection.

Despite these manifold innovations, significant limitations constrain emerging economy policy effectiveness. The fundamental asymmetry of global monetary policy spillovers persists: when the Federal Reserve tightens or loosens policy, emerging markets experience powerful effects, but emerging market policy changes barely register in developed countries. This asymmetry reflects the dollar’s continuing dominance as the global reserve currency and the much larger scale of developed economy financial markets. Emerging economies thus face a trilemma: they cannot simultaneously maintain independent monetary policy, fixed exchange rates, and open capital accounts. Most have chosen to sacrifice exchange rate stability, but even with floating rates, their monetary policy autonomy remains constrained by the need to consider capital flow consequences.

The debt sustainability challenge has returned with intensity in the aftermath of the COVID-19 pandemic. Many emerging economies borrowed heavily during the crisis to finance health responses and economic support measures. With global interest rates rising, debt service costs are increasing precisely when revenues remain subdued and spending needs elevated. Several low-income countries face potential debt distress, and even middle-income emerging markets confront difficult fiscal adjustments. The absence of an effective sovereign debt restructuring mechanism means that defaults, when they occur, typically involve protracted negotiations with multiple creditor types (bilateral official lenders, multilateral institutions, bondholders, and increasingly, non-Paris Club creditors like China), often delaying necessary adjustments and prolonging economic pain.

Looking forward, emerging economies continue to face the challenge of building resilience while pursuing development objectives. The policy frameworks developed over recent decades provide substantially greater protection than existed previously, yet remain incomplete and face new challenges. Climate change will impose enormous adaptation costs and increase disaster frequency, straining fiscal resources. Để có cái nhìn rộng hơn về những thách thức liên quan, bạn có thể tham khảo What are the challenges of managing climate change-induced migration?, vấn đề sẽ tác động sâu sắc đến các nền kinh tế đang phát triển. Technological disruption may render existing industries uncompetitive while requiring massive investments in new sectors. The geopolitical fragmentation of the global economy, with increasing tensions between the United States and China, may force emerging economies into difficult choices and reduce access to markets and technology. Addressing these challenges while maintaining financial stability will require continued policy innovation, stronger international cooperation, and likely, further painful learning from future crises.

Questions 27-40

Questions 27-31: Multiple Choice

Choose the correct letter, A, B, C, or D.

27. According to the passage, the main disadvantage of accumulating massive foreign reserves is:

• A) It increases currency volatility
• B) Resources could be better used for domestic development
• C) It makes countries dependent on the IMF
• D) It creates political instability

28. The author describes the managed float exchange rate system as:

• A) A return to fixed exchange rates
• B) A complete abandonment of currency intervention
• C) A middle ground between fixed and free-floating systems
• D) An ineffective policy framework

29. What does the passage suggest about the Washington Consensus view on capital flows?

• A) It has been completely vindicated by evidence
• B) It was never influential in policy circles
• C) Its recommendations proved problematic in practice
• D) It only applied to developed countries

30. The Chiang Mai Initiative is presented as an example of:

• A) Failed cooperation among emerging markets
• B) Regional financial safety nets independent of the IMF
• C) A replacement for the World Bank
• D) A trade agreement among Asian nations

31. According to the passage, emerging economies face a fundamental constraint because:

• A) They lack competent policymakers
• B) Global monetary policy affects them more than they affect it
• C) Their populations are growing too rapidly
• D) They refuse to cooperate with developed countries

Questions 32-36: Matching Features

Match each policy tool (32-36) with the correct description (A-H).

Write the correct letter, A-H.

Policy Tools:
32. Countercyclical capital buffers
33. Unremunerated reserve requirements
34. Sovereign wealth funds
35. Conditional cash transfer programs
36. Loan-to-value ratios

Descriptions:

• A) Limits on mortgage lending relative to property value
• B) Banks must hold more capital during economic booms
• C) Trade restrictions on imports and exports
• D) Support for poor families tied to education and health investments
• E) Funds that save windfall revenues during good times
• F) A tax on international trade transactions
• G) Implicit taxes on short-term foreign borrowing
• H) Subsidies for domestic manufacturing

Questions 37-40: Short-answer Questions

Answer the questions below.

Choose NO MORE THAN THREE WORDS from the passage for each answer.

37. What term describes the approach where currencies can move with markets but with government intervention to prevent extreme movements?

38. Which country’s copper stabilization fund is mentioned as an example of saving commodity revenues?

39. What phrase does the author use to describe the unequal impact of developed versus emerging market monetary policies?

40. What type of mechanism for handling government debt problems does the passage say is currently absent?

---

Answer Keys – Đáp Án

PASSAGE 1: Questions 1-13

1. B
2. C
3. C
4. B
5. C
6. TRUE
7. NOT GIVEN
8. TRUE
9. NOT GIVEN
10. FALSE
11. contagion
12. US dollars
13. diversified

PASSAGE 2: Questions 14-26

14. NO
15. YES
16. NO
17. YES
18. NO
19. iii
20. i
21. vi
22. iv
23. ix
24. original sin
25. institutional weaknesses / prudential regulations
26. independent central banks

PASSAGE 3: Questions 27-40

27. B
28. C
29. C
30. B
31. B
32. B
33. G
34. E
35. D
36. A
37. managed float
38. Chile / Chile’s
39. asymmetry (of) global monetary policy
40. sovereign debt restructuring (mechanism)

---

Giải Thích Đáp Án Chi Tiết

Passage 1 – Giải Thích

Câu 1: B

• Dạng câu hỏi: Multiple Choice
• Từ khóa: consumer spending, developed countries, emerging economies
• Vị trí trong bài: Đoạn 2, dòng 2-6
• Giải thích: Bài đọc nói rõ “when consumer spending plummeted in the United States and Europe, demand for goods from countries like China, India, and Brazil fell dramatically. Manufacturing sectors in these nations experienced sharp contractions” – khi chi tiêu giảm, các khu vực sản xuất bị suy giảm mạnh. Đây là paraphrase của đáp án B “Manufacturing sectors experience significant decline.”

Câu 2: C

• Dạng câu hỏi: Multiple Choice
• Từ khóa: 1997 Asian Financial Crisis, resulted in
• Vị trí trong bài: Đoạn 3, dòng cuối
• Giải thích: Bài viết đề cập “currencies… lost 30-50% of their value within weeks, triggering widespread corporate bankruptcies” – phá sản doanh nghiệp rộng rãi tương đương với “widespread corporate failures” trong đáp án C.

Câu 3: C

• Dạng câu hỏi: Multiple Choice
• Từ khóa: emerging economy, commodity price fluctuations
• Vị trí trong bài: Đoạn 4, dòng 1-2
• Giải thích: Đoạn văn bắt đầu với “The commodity price mechanism affects resource-rich emerging economies significantly”, rõ ràng chỉ ra các nền kinh tế giàu tài nguyên (resource-rich economies) bị ảnh hưởng nhiều nhất.

Câu 4: B

• Dạng câu hỏi: Multiple Choice
• Từ khóa: taper tantrum
• Vị trí trong bài: Đoạn 8, giữa đoạn
• Giải thích: Bài đọc giải thích “when these policies are reversed, as happened with the ‘taper tantrum’ in 2013, capital rushes back to developed markets” – vốn chạy về thị trường phát triển chính là capital outflows từ emerging markets.

Câu 5: C

• Dạng câu hỏi: Multiple Choice
• Từ khóa: factor helps, resist global crises
• Vị trí trong bài: Đoạn 9, dòng 1-3
• Giải thích: Đoạn cuối nêu “Countries with strong foreign exchange reserves… tend to weather storms better” – dự trữ ngoại hối mạnh giúp chống chịu khủng hoảng tốt hơn.

Câu 6: TRUE

• Dạng câu hỏi: True/False/Not Given
• Từ khóa: 2008 crisis, Southeast Asian countries, negative GDP growth
• Vị trí trong bài: Đoạn 2, cuối đoạn
• Giải thích: “The export-oriented economies of Southeast Asia were particularly vulnerable, with countries like Thailand and Malaysia seeing their GDP growth rates turn negative within months” – khớp chính xác với statement.

Câu 8: TRUE

• Dạng câu hỏi: True/False/Not Given
• Từ khóa: international banks, reduced lending, Eastern European countries, 2008 crisis
• Vị trí trong bài: Đoạn 6, giữa đoạn
• Giải thích: “European banks that had lent heavily to Eastern European countries suddenly reduced their lending” – khẳng định rõ ràng.

Câu 10: FALSE

• Dạng câu hỏi: True/False/Not Given
• Từ khóa: quantitative easing, always benefits, emerging markets
• Vị trí trong bài: Đoạn 8, toàn đoạn
• Giải thích: Bài viết chỉ ra QE tạo ra chu kỳ boom-bust: ban đầu vốn chảy vào nhưng khi đảo ngược chính sách thì vốn chạy ra, tạo bất ổn – không phải “always benefits.”

Câu 11: contagion

• Dạng câu hỏi: Sentence Completion
• Từ khóa: investors lose confidence, emerging markets
• Vị trí trong bài: Đoạn 5, giữa đoạn
• Giải thích: “This phenomenon, known as ‘contagion effect'” – từ cần điền là “contagion”.

Câu 12: US dollars

• Dạng câu hỏi: Sentence Completion
• Từ khóa: emerging market borrowers, loans denominated in
• Vị trí trong bài: Đoạn 3, đầu đoạn
• Giải thích: “Many emerging market companies and governments have borrowed extensively in foreign currencies, particularly US dollars and euros” – US dollars là từ cần điền.

Câu 13: diversified

• Dạng câu hỏi: Sentence Completion
• Từ khóa: countries, export bases, cope with crises
• Vị trí trong bài: Đoạn 9, giữa đoạn
• Giải thích: “Countries with… diversified export bases tend to weather storms better” – diversified là từ khóa.

Passage 2 – Giải Thích

Câu 14: NO

• Dạng câu hỏi: Yes/No/Not Given
• Từ khóa: vulnerability, primarily caused, external factors
• Vị trí trong bài: Đoạn 1, câu đầu
• Giải thích: Đoạn đầu nói rõ “it reflects deeper structural characteristics” – phản ánh các đặc điểm cấu trúc sâu xa, không phải chủ yếu do yếu tố bên ngoài. Đây là quan điểm ngược với statement.

Câu 15: YES

• Dạng câu hỏi: Yes/No/Not Given
• Từ khóa: original sin problem, observed in multiple crises, different decades
• Vị trí trong bài: Đoạn 3, câu cuối
• Giải thích: “This vicious cycle has been observed repeatedly in emerging market crises from Latin America in the 1980s to Turkey in the 2010s” – quan sát được nhiều lần qua các thập kỷ khác nhau.

Câu 16: NO

• Dạng câu hỏi: Yes/No/Not Given
• Từ khóa: political interference, only reason, weak financial regulation
• Vị trí trong bài: Đoạn 4, giữa đoạn
• Giải thích: Bài viết liệt kê nhiều nguyên nhân: “corruption, lack of expertise, or political interference” – không chỉ có political interference.

Câu 17: YES

• Dạng câu hỏi: Yes/No/Not Given
• Từ khóa: informal labor sector, benefits, drawbacks
• Vị trí trong bài: Đoạn 6, đầu đoạn
• Giải thích: “While this informality provides some flexibility… it also means…” – cấu trúc “while… also” thể hiện có cả lợi ích và bất lợi.

Câu 18: NO

• Dạng câu hỏi: Yes/No/Not Given
• Từ khóa: all emerging economies, failed to reduce, vulnerabilities
• Vị trí trong bài: Đoạn 10, toàn đoạn
• Giải thích: Đoạn cuối nêu rõ “some emerging economies have made substantial progress in reducing their exposure” và đưa ra ví dụ Chile, Poland, South Korea – không phải tất cả đều thất bại.

Câu 19: iii (The problem of short-term borrowing and long-term lending)

• Dạng câu hỏi: Matching Headings
• Vị trí: Đoạn 2
• Giải thích: Toàn bộ đoạn 2 thảo luận về “maturity mismatch” – banks “borrow short-term funds… but lend long-term” – chính xác là heading iii.

Câu 20: i (The challenge of borrowing in foreign currencies)

• Dạng câu hỏi: Matching Headings
• Vị trí: Đoạn 3
• Giải thích: Đoạn 3 tập trung vào “original sin hypothesis” về việc không thể vay bằng đồng nội tệ, phải vay bằng ngoại tệ.

Câu 21: vi (The risks of economic dependence on few sectors)

• Dạng câu hỏi: Matching Headings
• Vị trí: Đoạn 5
• Giải thích: Đoạn 5 nói về “concentration in specific sectors” và “lack the diversification” – rủi ro phụ thuộc vào ít ngành.

Câu 22: iv (Demographic pressures during economic downturns)

• Dạng câu hỏi: Matching Headings
• Vị trí: Đoạn 7
• Giải thích: Đoạn 7 thảo luận về “demographic structure” và áp lực việc làm cho dân số trẻ trong khủng hoảng.

Câu 23: ix (Progress in reducing vulnerabilities)

• Dạng câu hỏi: Matching Headings
• Vị trí: Đoạn 10
• Giải thích: Đoạn cuối nói về “some emerging economies have made substantial progress in reducing their exposure.”

Câu 24: original sin

• Dạng câu hỏi: Summary Completion
• Từ khóa: cannot borrow in own currencies, problem known as
• Vị trí trong bài: Đoạn 3, đầu đoạn
• Giải thích: “The original sin hypothesis… describes the inability of most emerging economies to borrow abroad in their own currencies.”

Câu 25: institutional weaknesses / prudential regulations

• Dạng câu hỏi: Summary Completion
• Từ khóa: weak, financial regulations not properly enforced
• Vị trí trong bài: Đoạn 4
• Giải thích: Có thể dùng “institutional weaknesses” (tổng quát) hoặc “prudential regulations” (cụ thể hơn) – cả hai đều chấp nhận được.

Câu 26: independent central banks

• Dạng câu hỏi: Summary Completion
• Từ khóa: lack of, monetary policy influenced by political
• Vị trí trong bài: Đoạn 4, giữa đoạn
• Giải thích: “The absence of independent central banks in some countries means monetary policy becomes subject to short-term political pressures.”

Passage 3 – Giải Thích

Câu 27: B

• Dạng câu hỏi: Multiple Choice
• Từ khóa: main disadvantage, accumulating massive foreign reserves
• Vị trí trong bài: Đoạn 2, giữa đoạn
• Giải thích: “This strategy carries significant opportunity costs… Resources that could fund domestic infrastructure, education, or healthcare are instead parked in US Treasuries” – nguồn lực có thể dùng cho phát triển trong nước thay vì để dự trữ.

Câu 28: C

• Dạng câu hỏi: Multiple Choice
• Từ khóa: managed float exchange rate system
• Vị trí trong bài: Đoạn 3, đầu đoạn
• Giải thích: “Most emerging economies now operate managed float systems, where currencies are allowed to adjust to market forces but central banks intervene” – là middle ground giữa fixed và free-floating.

Câu 29: C

• Dạng câu hỏi: Multiple Choice
• Từ khóa: Washington Consensus, capital flows
• Vị trí trong bài: Đoạn 5, đầu đoạn
• Giải thích: “The Washington Consensus… prescribed full capital account liberalization… Numerous crises demonstrated that unrestricted capital mobility… could generate devastating boom-bust cycles” – khuyến nghị tỏ ra có vấn đề trong thực tế.

Câu 30: B

• Dạng câu hỏi: Multiple Choice
• Từ khóa: Chiang Mai Initiative
• Vị trí trong bài: Đoạn 7, đầu đoạn
• Giải thích: “The Chiang Mai Initiative… established a network of bilateral swap arrangements, allowing countries to borrow foreign currency from neighbors during crises without immediately turning to the IMF” – là mạng lưới an toàn tài chính khu vực độc lập với IMF.

Câu 31: B

• Dạng câu hỏi: Multiple Choice
• Từ khóa: fundamental constraint
• Vị trí trong bài: Đoạn 9, đầu đoạn
• Giải thích: “The fundamental asymmetry of global monetary policy spillovers persists: when the Federal Reserve tightens or loosens policy, emerging markets experience powerful effects, but emerging market policy changes barely register in developed countries” – chính sách toàn cầu ảnh hưởng đến họ nhiều hơn họ ảnh hưởng ngược lại.

Câu 32: B

• Dạng câu hỏi: Matching Features
• Policy tool: Countercyclical capital buffers
• Vị trí trong bài: Đoạn 4
• Giải thích: “Countries like Brazil have pioneered the use of countercyclical capital buffers, requiring banks to hold more capital during boom periods” – đúng với description B.

Câu 33: G

• Dạng câu hỏi: Matching Features
• Policy tool: Unremunerated reserve requirements
• Vị trí trong bài: Đoạn 5
• Giải thích: “unremunerated reserve requirements on foreign borrowing (where a percentage of borrowed funds must be deposited interest-free… effectively taxing short-term borrowing)” – thuế ẩn đối với vay nước ngoài ngắn hạn.

Câu 34: E

• Dạng câu hỏi: Matching Features
• Policy tool: Sovereign wealth funds
• Vị trí trong bài: Đoạn 6
• Giải thích: “Some have established sovereign wealth funds that save windfall revenues during commodity booms” – quỹ tiết kiệm doanh thu bất ngờ.

Câu 35: D

• Dạng câu hỏi: Matching Features
• Policy tool: Conditional cash transfer programs
• Vị trí trong bài: Đoạn 8
• Giải thích: “conditional cash transfer programs that provide support to poor households while incentivizing investments in children’s education and health” – hỗ trợ hộ nghèo gắn với giáo dục và y tế.

Câu 36: A

• Dạng câu hỏi: Matching Features
• Policy tool: Loan-to-value ratios
• Vị trí trong bài: Đoạn 4
• Giải thích: “Loan-to-value ratios on mortgages are adjusted dynamically to prevent housing bubbles” – tỷ lệ cho vay so với giá trị tài sản là giới hạn cho vay thế chấp.

Câu 37: managed float

• Dạng câu hỏi: Short-answer Questions
• Từ khóa: currencies move with markets, government intervention, prevent extreme movements
• Vị trí trong bài: Đoạn 3
• Giải thích: “Most emerging economies now operate managed float systems, where currencies are allowed to adjust to market forces but central banks intervene to prevent excessive volatility.”

Câu 38: Chile / Chile’s

• Dạng câu hỏi: Short-answer Questions
• Từ khóa: copper stabilization fund, saving commodity revenues
• Vị trí trong bài: Đoạn 6
• Giải thích: “Chile’s copper stabilization fund exemplifies this approach, smoothing the enormous volatility in government revenues.”

Câu 39: asymmetry (of) global monetary policy

• Dạng câu hỏi: Short-answer Questions
• Từ khóa: unequal impact, developed versus emerging market monetary policies
• Vị trí trong bài: Đoạn 9
• Giải thích: “The fundamental asymmetry of global monetary policy spillovers persists” – đây là cụm từ chính xác.

Câu 40: sovereign debt restructuring (mechanism)

• Dạng câu hỏi: Short-answer Questions
• Từ khóa: mechanism, handling government debt problems, currently absent
• Vị trí trong bài: Đoạn 10
• Giải thích: “The absence of an effective sovereign debt restructuring mechanism means that defaults… involve protracted negotiations.”

---

Từ Vựng Quan Trọng Theo Passage

Passage 1 – Essential Vocabulary

Từ vựng	Loại từ	Phiên âm	Nghĩa tiếng Việt	Ví dụ từ bài	Collocation
financial crisis	noun phrase	/faɪˈnænʃəl ˈkraɪsɪs/	khủng hoảng tài chính	When a financial crisis erupts in developed nations	global financial crisis
transmission mechanism	noun phrase	/trænzˈmɪʃən ˈmekənɪzəm/	cơ chế truyền tải	Understanding these transmission mechanisms is crucial	crisis transmission mechanism
export-oriented	adjective	/ˈekspɔːt ˈɔːrientɪd/	định hướng xuất khẩu	The export-oriented economies of Southeast Asia	export-oriented economy
capital flight	noun phrase	/ˈkæpɪtəl flaɪt/	dòng vốn chạy trốn	capital flight often occurs as investors seek safer assets	massive capital flight
depreciate	verb	/dɪˈpriːʃieɪt/	mất giá, giảm giá trị	Their currencies typically depreciate sharply	currency depreciate
commodity price	noun phrase	/kəˈmɒdəti praɪs/	giá hàng hóa	The commodity price mechanism affects resource-rich emerging economies	fluctuating commodity prices
contagion effect	noun phrase	/kənˈteɪdʒən ɪˈfekt/	hiệu ứng lây lan	This phenomenon, known as “contagion effect”	financial contagion effect
credit crunch	noun phrase	/ˈkredɪt krʌntʃ/	khủng hoảng tín dụng	creating credit crunches in Poland, Hungary, and Romania	severe credit crunch
remittances	noun	/rɪˈmɪtənsɪz/	tiền kiều hối	Remittances form an often-overlooked connection	worker remittances
quantitative easing	noun phrase	/ˈkwɒntɪtətɪv ˈiːzɪŋ/	nới lỏng định lượng	implement quantitative easing	aggressive quantitative easing
foreign exchange reserves	noun phrase	/ˈfɒrɪn ɪksˈtʃeɪndʒ rɪˈzɜːvz/	dự trữ ngoại hối	Countries with strong foreign exchange reserves	massive foreign exchange reserves
macroeconomic policies	noun phrase	/ˌmækroʊˌekəˈnɒmɪk ˈpɒləsiz/	các chính sách kinh tế vĩ mô	implemented stronger macroeconomic policies	sound macroeconomic policies

Passage 2 – Essential Vocabulary

Từ vựng	Loại từ	Phiên âm	Nghĩa tiếng Việt	Ví dụ từ bài	Collocation
susceptibility	noun	/səˌseptəˈbɪləti/	tính dễ bị tổn thương	The susceptibility of emerging economies to global financial crises	increased susceptibility
structural characteristics	noun phrase	/ˈstrʌktʃərəl ˌkærəktəˈrɪstɪks/	đặc điểm cấu trúc	it reflects deeper structural characteristics	fundamental structural characteristics
maturity mismatch	noun phrase	/məˈtʃʊərəti mɪsˈmætʃ/	sự chênh lệch kỳ hạn	One fundamental issue is the maturity mismatch	dangerous maturity mismatch
liquidity vulnerability	noun phrase	/lɪˈkwɪdəti ˌvʌlnərəˈbɪləti/	tính dễ bị tổn thương về thanh khoản	This creates a dangerous liquidity vulnerability	heightened liquidity vulnerability
volatile	adjective	/ˈvɒlətaɪl/	biến động, không ổn định	both of which prove highly volatile during turbulent times	highly volatile market
original sin	noun phrase	/əˈrɪdʒənəl sɪn/	tội lỗi nguyên thủy (thuật ngữ kinh tế)	The original sin hypothesis identifies another crucial vulnerability	original sin problem
self-reinforcing crisis dynamic	noun phrase	/self ˌriːɪnˈfɔːsɪŋ ˈkraɪsɪs daɪˈnæmɪk/	động lực khủng hoảng tự củng cố	it creates a self-reinforcing crisis dynamic	dangerous self-reinforcing dynamic
vicious cycle	noun phrase	/ˈvɪʃəs ˈsaɪkəl/	vòng luẩn quẩn xấu	This vicious cycle has been observed repeatedly	trapped in vicious cycle
prudential regulations	noun phrase	/pruːˈdenʃəl ˌregjəˈleɪʃənz/	quy định thận trọng (trong tài chính)	Prudential regulations may exist on paper but often go unenforced	strengthen prudential regulations
moral hazard	noun phrase	/ˈmɒrəl ˈhæzərd/	rủi ro đạo đức	an environment where moral hazard flourishes	reduce moral hazard
concentration	noun	/ˌkɒnsənˈtreɪʃən/	sự tập trung	concentration in specific sectors	high concentration
diversification	noun	/daɪˌvɜːsɪfɪˈkeɪʃən/	sự đa dạng hóa	countries… lack the diversification that provides resilience	economic diversification
informal sector	noun phrase	/ɪnˈfɔːməl ˈsektər/	khu vực phi chính thức	Many emerging economies have large informal sectors	growing informal sector
demographic structure	noun phrase	/ˌdeməˈgræfɪk ˈstrʌktʃər/	cơ cấu dân số	The demographic structure of many emerging economies	changing demographic structure
policy space	noun phrase	/ˈpɒləsi speɪs/	không gian chính sách	the policy space available to emerging economy governments	limited policy space

Passage 3 – Essential Vocabulary

Từ vựng	Loại từ	Phiên âm	Nghĩa tiếng Việt	Ví dụ từ bài	Collocation
substantive recalibrations	noun phrase	/səbˈstæntɪv ˌriːkæləˈbreɪʃənz/	sự điều chỉnh lại đáng kể	has prompted substantive recalibrations in how policymakers approach	require substantive recalibrations
asymmetric power dynamics	noun phrase	/ˌæsɪˈmetrɪk ˈpaʊər daɪˈnæmɪks/	động lực quyền lực bất đối xứng	crucial insights into the asymmetric power dynamics	address asymmetric power dynamics
self-insurance mechanism	noun phrase	/self ɪnˈʃʊərəns ˈmekənɪzəm/	cơ chế tự bảo hiểm	This self-insurance mechanism provides a buffer	develop self-insurance mechanism
opportunity costs	noun phrase	/ˌɒpəˈtjuːnəti kɒsts/	chi phí cơ hội	this strategy carries significant opportunity costs	high opportunity costs
managed float	noun phrase	/ˈmænɪdʒd fləʊt/	thả nổi có quản lý	Most emerging economies now operate managed float systems	adopt managed float
speculative attacks	noun phrase	/ˈspekjələtɪv əˈtæks/	các cuộc tấn công đầu cơ	avoiding the speculative attacks	vulnerable to speculative attacks
currency manipulation	noun phrase	/ˈkʌrənsi məˌnɪpjəˈleɪʃən/	thao túng tiền tệ	Critics argue this approach amounts to currency manipulation	accused of currency manipulation
macroprudential policies	noun phrase	/ˌmækrəʊpruːˈdenʃəl ˈpɒləsiz/	chính sách thận trọng vĩ mô	Macroprudential policies have become increasingly sophisticated	implement macroprudential policies
countercyclical capital buffers	noun phrase	/ˌkaʊntəˈsaɪklɪkəl ˈkæpɪtəl ˈbʌfəz/	đệm vốn ngược chu kỳ	the use of countercyclical capital buffers	build countercyclical capital buffers
balance sheet currency mismatches	noun phrase	/ˈbæləns ʃiːt ˈkʌrənsi ˈmɪsmætʃɪz/	sự chênh lệch tiền tệ trong bảng cân đối	reduce balance sheet currency mismatches	eliminate balance sheet mismatches
Washington Consensus	proper noun	/ˈwɒʃɪŋtən kənˈsensəs/	Sự đồng thuận Washington	The Washington Consensus of the 1990s	challenge Washington Consensus
capital flow management measures	noun phrase	/ˈkæpɪtəl fləʊ ˈmænɪdʒmənt ˈmeʒəz/	các biện pháp quản lý dòng vốn	adopted various capital flow management measures	strengthen capital flow management
unremunerated reserve requirements	noun phrase	/ʌnrɪˈmjuːnəreɪtɪd rɪˈzɜːv rɪˈkwaɪəmənts/	yêu cầu dự trữ không được trả lãi	unremunerated reserve requirements on foreign borrowing	impose unremunerated reserve requirements
ideological evolution	noun phrase	/ˌaɪdiəˈlɒdʒɪkəl ˌiːvəˈluːʃən/	sự tiến hóa tư tưởng	marking a significant ideological evolution	undergo ideological evolution
countercyclical capacity	noun phrase	/ˌkaʊntəˈsaɪklɪkəl kəˈpæsəti/	năng lực ngược chu kỳ	to provide greater countercyclical capacity	build countercyclical capacity
fiscal rules	noun phrase	/ˈfɪskəl ruːlz/	quy tắc tài khóa	Many emerging economies now adopt fiscal rules	strengthen fiscal rules
sovereign wealth funds	noun phrase	/ˈsɒvrɪn welθ fʌndz/	quỹ tài sản chủ quyền	Some have established sovereign wealth funds	create sovereign wealth funds
contingent reserve arrangement	noun phrase	/kənˈtɪndʒənt rɪˈzɜːv əˈreɪndʒmənt/	thỏa thuận dự trữ dự phòng	created a Contingent Reserve Arrangement	establish contingent reserve arrangement
conditional cash transfer	noun phrase	/kənˈdɪʃənəl kæʃ ˈtrænsfɜː/	chuyển tiền mặt có điều kiện	expanded conditional cash transfer programs	implement conditional cash transfer
debt sustainability	noun phrase	/det səˌsteɪnəˈbɪləti/	tính bền vững của nợ	The debt sustainability challenge has returned	ensure debt sustainability
sovereign debt restructuring mechanism	noun phrase	/ˈsɒvrɪn det ˌriːˈstrʌktʃərɪŋ ˈmekənɪzəm/	cơ chế tái cơ cấu nợ chủ quyền	absence of an effective sovereign debt restructuring mechanism	develop debt restructuring mechanism

---

Kết Bài

Chủ đề về tác động của khủng hoảng tài chính toàn cầu đến các nền kinh tế mới nổi là một trong những đề tài quan trọng và phức tạp thường xuyên xuất hiện trong IELTS Reading. Qua bộ đề thi mẫu này, bạn đã được tiếp cận với ba passages có độ khó tăng dần, từ những tác động cơ bản và cơ chế truyền tải khủng hoảng, đến các điểm yếu cấu trúc sâu xa, và cuối cùng là những phản ứng chính sách phức tạp cùng bài học kinh nghiệm.

Bộ 40 câu hỏi đa dạng trong đề thi này bao gồm tất cả các dạng câu hỏi phổ biến nhất của IELTS Reading: Multiple Choice, True/False/Not Given, Yes/No/Not Given, Matching Headings, Matching Features, Sentence Completion, Summary Completion và Short-answer Questions. Việc làm quen với các dạng câu hỏi này qua chủ đề học thuật sẽ giúp bạn tự tin hơn khi bước vào phòng thi thật.

Phần đáp án chi tiết kèm giải thích cụ thể về vị trí thông tin, kỹ thuật paraphrase và cách nhận diện đáp án sẽ giúp bạn không chỉ biết đáp án đúng mà còn hiểu rõ lý do tại sao đó là đáp án đúng. Điều này vô cùng quan trọng trong việc phát triển kỹ năng đọc hiểu học thuật và tư duy phản biện.

Hơn 40 từ vựng quan trọng được tổng hợp theo từng passage, kèm phiên âm, nghĩa tiếng Việt, ví dụ từ bài và collocation, sẽ là nguồn tài liệu quý giá giúp bạn mở rộng vốn từ học thuật. Những từ vựng này không chỉ hữu ích cho IELTS Reading mà còn cho cả Writing Task 2 khi bạn viết về các chủ đề kinh tế và tài chính.

Hãy dành thời gian làm bài một cách nghiêm túc như thi thật, sau đó đối chiếu đáp án, phân tích những câu sai và học từ vựng mới. Việc luyện tập thường xuyên với các đề thi chất lượng như thế này sẽ giúp bạn cải thiện band điểm IELTS Reading một cách đáng kể. Chúc bạn ôn tập hiệu quả và đạt được kết quả cao trong kỳ thi IELTS sắp tới!