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. 外资应当对那些因低存款融资缺乏的净利投资国家是有好处的 但是麦丝洛迪克和瑟巴马尼恩却为许多国家争辩，它并非是低存款而是一个良好设限投资 的短缺。微弱的产权、勉为其难实行的合约以及害怕利润被剥夺都使得投资可能创造一个 可观报酬率的观念难以被接受。当畏惧投资机会时，资金流动就轻易的取代了旧有的存款 以及激励消费 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. 无论他们对全球资金的不安，作者都否认在一般在较为深厚的财务市场能促进繁荣。即使 在全球资金的经济短缺，一个稳固的通路都能连结国内的储蓄者及借贷者帮助他们资金成 长。越多可被运行的国内存款，在那就越少有外资，并可运用当地基金辅助保持低汇率以 及立即的出口成长性。相反地，激励外资流入可能导致汇率的紧缩，并促使出口较低竞争 性。但如果能够使得货币保持低廉并推动成长，在一些汇率的紧缩、促使出口较低竞争性 ，甚至是环境因素，资金都能合理的支配 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. 为何作者视出口导向成长型的强烈论点为一种开发贫穷国家的工具?即使是在过度开发的 资本市场。第一，他们相信出口是一种制度的改革力量。一家公司行号可能制作成衣销售 到国外需要国的的持续监管、可靠的运输环节以及与供应商有可行的合约，如同在某种程 度上理发店服侍尚未有的国内市场。第二，出口商培育的技术、科技以及专业都能够使丰 硕的回收超越其他企业 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.” 麦丝洛迪克和瑟巴马尼恩总结该是时候的仔细想想有关全球的蓝图像是在富有国家的微观 下以及运用自由财务的净利。“依赖脉络与国家”，他们这麽写道，“政策的适当角色将 会如同资金流动的潮流般那样激励他们” 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. 这大胆的假设依然留下一些令人困扰的议题尚未解决。如同中国的经验告诉我们，保持汇 率的弱势来辅助出口导向的成长性，将会在往後变的更为困难。即使阻止外资也是一样。 资本的支配可能藉由调整商业发票而避开 资本的支配可藉由调整商业发票而避开:出口商可能藉由外国销售的过度开发发票偷偷地 携带资金。相关单位可以运用权力介入停止外资流入而推动汇率上升，但这却强化了它原 本的经济成长-就较高利率或信用的扭曲配置来说 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. 过时的资金流入是有可能变得越来越少风险以及担保品的利润变得越有形。而更多稳定的 直接投资说明了资金流入的增值共享。国家将必须最终地面对全球资金及选择不仅仅是要 接受或抵制它。在此有第三个选择:找到个方法去管理它。毕竟现在很少会争论财务的进 展不该就这样被政策化。 ─────────────────────────────────────── 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)