以下为本次翻译比赛之参赛译文，欢迎大家多多讨论，并欢迎大家在自己觉得最好的参赛 作品下方推文支持，以作为评审给奖时的参考（有兴趣的人可以猜猜哪一篇是我译的）。 译文内容 ─────────────────────────────────────── Foreign capital ought to be good for countries that have profitable ventures that lack funding because of low savings at home. But Messrs Rodrik and Subramanian argue that for many countries, it is not low savings but a shortage of good investments that is the binding constraint. Weak property rights, poorly enforced contracts and the fear that profits will be siphoned away make it hard to conceive of ventures that might generate a reliable return. When investment opportunities are scarce, capital inflows simply displace domestic savings and encourage consumption. 对於因为国内的存款不足，拥有获利企业但却缺乏资金的的国家来说，外资应该是有益的 。但是罗德瑞克和萨布拉马尼安却认为，对许多国家来说，限制他们的条件并不是不足的 存款，而是缺少良好的投资。由於许多因素，诸如财产权薄弱、合约执行不良，以及对於 利润可能被分化的恐惧，实在很难想像企业可能会产生可靠的回馈。当投资机会很稀少的 时候，资金的流入只不过取代了国内存款，还有鼓励消费罢了。 Whatever their misgivings about cosmopolitan capital, the authors do not deny that deeper financial markets in general help to foster prosperity. Even in economies short of good investment projects, a sturdier channel connecting domestic savers and borrowers will help growth. The more domestic savings can be put to work, the less need is there for foreign capital, and using local funds helps keep the exchange rate down and promotes export growth. By contrast, encouraging foreign capital to flood in can put upward pressure on the exchange rate, making exports less competitive. In some circumstances, capital controls may be justified if they keep the currency cheap and promote growth. 无论他们对於国际性资金的担忧是什麽，作者们并没有否认，一般来说，更深入的金融市 场能够帮助促进繁荣。即使处於缺少良好投资计画的经济状况，还有连接国内存款人和借 款人更加坚固的管道，也能够帮助成长。将会有更多国内存款发挥作用，如此一来对外资 的需求就会减少，此外，使用国内的资金也可以帮助维持外汇汇率下降，并且促进出口的 成长。相较之下，鼓励外资的大量涌入，可能会导致外汇的压力升高，使出口变得较不具 竞争性，在某些情况下，如果可以维持货币低廉并促进成长，就可以证明资金控管是正当 的。 Why do the authors make such a strong case for export-led growth as a means to development in poor countries, even if it is at the expense of more open capital markets? First, they believe, exports are a force for institutional reform. A firm making clothes to sell abroad demands consistent state regulation, reliable transport links and enforceable contracts with suppliers to a degree that a barbershop serving the domestic market does not. Second, exporters foster skills, technology and expertise that can fruitfully spill over to other enterprises. 然而为什麽作者们要创造这样一个强烈的个案，就出口导向成长而言，作为开发贫穷国家 的一种方法，即使是用在较为开放的资金市场的支出？首先，他们相信，出口是对於制度 改革的一种影响力。一家制作成衣外销到国外的公司会需要一致的国家法规、可靠的运输 连结，以及与供应商之间可以执行的合约，而在某种程度上，一家为国内市场服务的理发 店并不需要这些条件。再者，出口商培养的技巧、技术以及专门知识，将能够有效地涌入 其他企业。 Messrs Rodrik and Subramanian conclude that with the benefits of liberalised finance under the microscope in rich countries, it is time for more subtle thinking about the global picture. “Depending on context and country,” they write, “the appropriate role of policy will be as often to stem the tide of capital flows as to encourage them.” 罗德瑞克和萨布拉马尼安结论提到，藉着检视富裕国家中的自由金融利益，是时候要做出 对於全球前景更加精良的规划了。他们写道，「视背景和国家而定，适当的政策角色将必 须同时阻止及鼓励外资的流动。」 That bold conclusion leaves some troubling issues unresolved. As China's experience suggests, keeping the exchange rate weak in support of export-led growth becomes harder to sustain over time. Nor is it easy to keep foreign capital out. Capital controls can be evaded by adjusting trade invoices: exporters can bring funds in secretly by over-invoicing for foreign sales. The authorities can use sterilised intervention to stop inflows pushing the exchange rate up, but this imposes its own costs on the economy—in terms of higher interest rates or a distorted allocation of credit. 这项大胆的结论还留下一些烦人的问题没有解答。正如中国的经验所暗示的，随着时间的 推进，要维持外汇弱势以支持出口导向的成长，已经变得越来越困难，而要使外资不进入 也并不容易。只要更改贸易发票就可以逃避资金控管：只要多开外销发票，出口商就可以 秘密地运入资金。有关当局当然可以运用冲销政策来阻止会让外汇升高的资金流入，但是 这也会增加其自身在经济上的支出──造成更高的利率或是扭曲的存款分配。 It is possible too that over time capital inflows are becoming less risky and the collateral benefits more tangible. And more stable direct investments account for an increasing share of capital inflows. Countries will ultimately have to come to terms with global capital and the choice is not only whether to embrace or resist it. There is a third option: find ways to manage it. After all, few would now argue that financial progress should not be policed at all. 随着时间的推进，资金的流入也有可能会变得较不具风险，而担保的利益也会比较明确， 另外较为稳定的直接投资也会促成逐渐增加的资金流入股份。各个国家最後将必须走向与 全球资金的交流，而选项将不只是拥抱它或拒绝它，还有第三个选项：找到管理它的方法 。毕竟，只有极少数的人会认为，金融发展完全不应该受到任何监督。 ─────────────────────────────────────── 注：参赛译文之张贴顺序与参与顺序、译文品质、最终名次无关。 --

※ 发信站: 批踢踢实业坊(ptt.cc) ◆ From: 61.218.0.48 ※ 编辑: TheRock 来自: 61.218.0.48 (05/01 03:31)