以下为本篇参赛作品的评监内容： ┌──────────────┬─────────────────────┐ │评　分　表 │作者：vivaadante │ ├───────┬──────┼─────────────────────┤ │错　误　类　别│次数（扣分）│　　错　　　误　　　点　　　编　　　号　　│ ├───────┼──────┼─────────────────────┤ │重大错误 (-9) │　 1 (- 9)　│5 │ │中等错误 (-5) │ 　4 (-20)　│1, 6, 11, 12 │ │轻微错误 (-1) │ 　6 (- 6)　│2, 4, 7, 8, 9, 10 │ ├───────┼──────┴─────────────────────┤ │小　　　　　计│　11 (-35) │ ├───────┼────────────────────────────┤ │得分 (满分100)│ 65 │ └───────┴────────────────────────────┘ *3 => 经 luciferii 板友指正系属正确用法，取消扣分。 : ─────────────────────────────────────── : 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. : 国内储汇偏低，无法资助可获利投资时，外国资金应为一项利多。 : 不过丹尼‧罗瑞克（哈佛大学教授）和萨拉曼亚（经济学家）主张： : 许多国家并不是因受束於资短缺，而是没有良好的投资对象。 : 当财产所有权微弱，合约不能确实履行，恐惧於收益一点一滴流失， : 要策划能可靠获益的投资很困难。 X(1) : 投资机会稀少，资金内流便会取代国内储汇的脚色，刺激消费。 X(2) X(3) 1.hard to conceive of 　　-> 难以想像，指在此情况下难以想像会有能产生可靠报酬的企业 2.capital inflow -> 指流入之外资 3.脚色 -> 角色（经板友指正，取消扣分） : 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. : 作者们对於全球性资金仍有疑虑，不过他们倒是不否认，市场越扎根越深越繁荣。 X(4) : 就算经济体缺乏良好的投资项目，在储蓄人和借款人之间建立稳当的通路也能增益成长。 : 国内储蓄运用越彻底，对外来资金的需求就越低， : 而且运用在地资金可以压制汇率并促进出口成长。 : 相反地，助长外国资金流入会使汇率迫势上涨，出口竞争力下降。 : 在某些情况下，资金控管若是能压低汇率促进成长，便是合理的措施。 4.financial market -> 金融市场 : 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. : 作者为什麽要在代价是松懈资金市场的管制下， X(5)^^^^^^^^^^^^^^^^^^^^ : 强力主张贫穷国家应该利用出口经济取得成长呢？ : 首先，他们以为出口贸易能带来革新组织的力量。 : 一间成衣工厂销货至外国需要政府的稳定控管，可靠的物流交通还有有能力履 X(6)^^^^ : 约供货的厂商，其规模是一家只对国人提供服务理发店远所不及的。 ^^^^^^^^^^^^ X(7) : 再来就是其他企业可以分沾出口商所培养成熟的技能、科技和专业。 5.其代价为：资金市场无法变得更开放（因为会对外资进行管制） 6.enforceable contracts with suppliers -> 指和供应商间可强制履行（执行）的合约 7.degree -> 在此应解为「程度」 : 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.” : 罗瑞克和萨拉曼亚总结：自由经济的优势早已被富裕国家探看穷尽， : 对於全球布局要有更细微的思考。 : 「依据国情与事件的不同，正确的政策不只是要鼓励资金流入，也要有所限制。」 : 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. : 这项大胆的结论仍未能解决某些令人忧心的议题。 : 以中国为例，要长期维持弱势货币以支持出口为主的贸易， : 随着时间难度越来越高，要防堵外国资金流入也非易事。 : 调动商业发票可以逃避资金控管：出口商开过高的国外交易发票，暗地引入资金。 X(8)^^^^^^^^^^^^^^^^ : 主管单位采取冲销政策是可以遏止资金流入推高汇率， : 但经济体本身也要付出代价，像是更高的利率或是金融资源分配扭曲。 8.over-invoicing for foreign sales -> 将国外销售额低额高报 : 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. : 另外可能发生的事情是资本内流的风险逐渐降低，附带的利益逐渐明朗成型。 X(9)^^^^ : 稳定的直接投资占内流资金的部份也越来越大。 X(10)^^^ : 各国终究需和全球资本妥协， X(11) : 而且也并非单纯抉择接受或是排斥，还有第三个选择：想办法管理。 : 毕竟现在人们已不再主张完全不受控管的经济成长了。 X(12)^^^^^^^^^ 9.同 2. 10.同 2. 11.come to terms with -> 指处理或面对先前不愿处理或难以解决的问题。 12.few would now argue -> 指会这样主张的人仅占少数，非指无这样主张的人。 : ─────────────────────────────────────── : 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。 --

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