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Directions(1-10): In the passage below some words are underlined with numbers. You have to find if there is any error and replace it with most appropriate word from the options given for each gap. 

Booms and busts in international capital flows and commodity prices, as well as the vagaries of international interest rates, have long been associated with economic crises, especially – but not (1) spread in emerging markets. The ―type of crisis varies by time and place. Sometimes the ―sudden stop‖ in capital inflows sparks a currency crash, sometimes a banking crisis, and quite often a (2) sovereign default. Twin and triple crises are not uncommon.
The impact of these global forces on open economies, and how to manage them, has been a recurring topic of discussion among international policymakers for decades. With the (3) overpass of the US Federal Reserve raising interest rates in the near and medium term, it is perhaps not surprising that the International Monetary Fund’s 18th Annual Research Conference, to be held on November 2-3, is devoted to the study and discussion of the global financial cycle and how it (4) proclaim cross-border capital flows. Rising international interest rates have usually been bad news for countries where the government and/or the private sector rely on external borrowing. But for many emerging markets, external conditions began to worsen around 2012, when China’s growth slowed, commodity prices (5) divulge , and capital flows dried up – developments that (6) refrain a spate of currency crashes spanning nearly every region.
In my recent work with Vincent Reinhart and Christoph Trebesch, I show that over the past two centuries, this ―double bust‖ (in commodities and capital flows) has led to a spike in sovereign defaults, usually with a lag of 1-3 years. Yet, since the peak in commodity prices and global capital flows around 2011, the (7) incidence of sovereign defaults worldwide has risen only modestly. If the model fitted to almost 200 years of data is used to predict the share of countries in default the (8) discredit are consistently higher than what has materialized to date. This is the case of the missing defaults. A caveat, as our study highlights, is that there is a potential mismeasurement of the ―true‖ incidence of default, which we cannot begin to quantify at this time – namely, defaults or (9) scrapped arrears on Chinese loans. China’s lending to many emerging markets, most notably commodity producers, rose significantly during the last boom. While most of this lending is from official Chinese sources, much of it is not (10) reflected in the World Bank data, and unknown amounts may well be in default or
protracted arrears.

1. 1) exclusively
2) stretched
3) swelled
4) preciously
5) No correction required.

2. 1) fatten
2) subservient
3) disdain
4) reamed
5) No correction required.

3. 1) successive
2) submissive
3) prospect
4) cracks
5) No correction required.

4. 1) affects
2) effects
3) broadcasts
4) concedes
5) No correction required.

5. 1) betrayed
2) avowed
3) culpable
4) plummeted
5) No correction required

6. 1) uttered
2) culminated
3) sparked
4) unfolded
5) No correction required.

7. 1) disdain
2) decline
3) impart
4) confess
5) No correction required

8. 1) affirm
2) jettison
3) deny
4) predictions
5) No correction required

9. 1) scouted
2) despised
3) accumulated
4) spurned
5) No correction required.

10. 1) slough
2) repudiate
3) descend
4) rebuff
5) No correction required.

Directions (11 – 17): In the passage below some words are underlined with numbers. You have to find if there is any error and replace it with most appropriate word from the options given for each gap.
The Government seems to be in right earnest to ensure more transparency (11) in governance. The Prime Minister’s announcement that his Government is absolutely (12) drafting legislation to establish the citizen’s right to information is indeed welcome. Though the talk on the right to information is not new, we may appeal (13) the bill to be brought early this time. The previous Government had set up a high-level committee to prepare a draft bill. But nothing has been heard about the matter since, though (14) the committee did quite some work. The issue, however, has come to such a pass that a solution cannot be longed(15) further. Sunlight is the best disinfectant, a foreign judge once said, while upholding(16) the unwarranted secrecy in an administrative system. When those in authority know that people have the right to ask questions and the government is under the property(17) to provide them with answers, breach(18) of authority, or of public finances, for personal or party ends is less likely to happen.

11. (1) strictness
(2) rudeness
(3) leniency
(4) economy
(5) No improvement needed

12. (1) personally
(2) busy
(3) not
(4) reluctantly
(5) No improvement needed

13. (1) expect
(2) wait
(3) try
(4) frustrate
(5) No improvement needed

14. (1) even
(2) as
(3) because
(4) until
(5) No improvement needed

15. (1) found
(2) expected
(3) delayed
(4) looked
(5) No improvement needed

16. (1) nurturing
(2) criticising
(3) demanding
(4) appreciating
(5) No improvement needed

17. (1) pretention
(2) affect
(3) substance
(4) obligation
(5) No improvement needed

18. (1) misuse
(2) governance
(3) dishonour
(4) curbing
(5) No improvement needed




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