以下为本篇参赛作品的评监内容： ┌──────────────┬─────────────────────┐ │评　分　表 │译者：jesuisbenoit │ ├───────┬──────┼─────────────────────┤ │错　误　类　别│次数（扣分）│　　错　　　误　　　点　　　编　　　号　　│ ├───────┼──────┼─────────────────────┤ │重大错误 (-9) │　 2 (-18)　│18,25 │ │中等错误 (-5) │ 　9 (-45)　│ 1, 4, 8,10,12,13,15,22,24 │ │轻微错误 (-1) │ 14 (-14)　│ 2, 3, 5, 6, 7, 9,11,14,16,17,19,20,21 │ │ │ │23 │ ├───────┼──────┴─────────────────────┤ │小　　　　　计│　25 (-77) │ ├───────┼────────────────────────────┤ │得分 (满分100)│ 23 │ └───────┴────────────────────────────┘ : ─────────────────────────────────────── : 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. : 由於国内储蓄率低，对於具备营利事业却缺乏资金的国家而言， X(1)^^^^^^^^^^^^^^^^^^^^ : 外资应该有所助益，但Messrs Rodrik 及Subramanian却争论道： X(2)^^ : 对许多国家而言，并非储蓄率低的问题，而是缺乏好的投资，这就是限制。 X(3)^^^^^^ : 财产权、合约的约束力不彰，同时担心利润遭侵蚀， : 再再都使人难以想像企业能创造可靠的营收。 : 当投资机会极少时，资本流入就取代了国内储蓄并刺激消费。 X(4)^^^^ 1.缺乏资金的是营利事业而非国家 2.Messrs 为 Mr. 的复数 3.译文不通顺 4.投资机会极少与资本流入无因果关系，此处意指流入的外资作用有限 : 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. : 不论对於国际资本的担忧为何， : 作者并未否认更深的金融市场大致能促进繁荣。 X(5) : 即使在缺乏良好投资计画的经济体中， : 连结国内储蓄人与借款人健全的管道也将促进成长。 X(6)^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ : 更多国内储蓄运用於工作，外资的需求因而下降； X(7)^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ : 运用国内资金能稳定汇率，进而促进出口增长。 : 相较之下，若鼓励外资流入将会增加货币升值的压力， : 使出口企业失去竞争力。 : 如果让货币持续贬值以提升成长力，资本管制可能就情有可原。 X(8)^^^^^^^^^^^^^^^^ X(9)^^^^ 5.此处系指经过更深度发展的金融市场 6.译文不通顺 7.译文未妥适地表达出前者越多则後者越少的意涵 8.无使货币「持续贬值」的意思，此处仅指使货币价值维持在低档 9.「情有可原」似乎不适合在此使用 : 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. : 为何作者如此强调以出口带动经济成长作为穷国的发展方法， : 即使意味着需要更开放的资本市场？ X(10)^^^^^^^^^^^^^^^ : 其一、他们坚信出口是制度改革的力量。 : 制造衣服销往国外企业需要国家法令、交通网络的配合， X(11) : 还需与供应商签订具法律效力的契约， : 但国内一家理发店却不见得需要。 X(12)^^^^^^^ : 其二、出口商提升技能、科技及专业知识，以胜过其它企业。 X(13)^^^^^^^^^ 10. 出口导向经济基本上会进行严格的货币管制，故其资本市场会更封闭，而非更开放 11. regulation 在此为不可属名词，宜译为管理、管制、调控 12. 此处系指对前述项目的需求较不迫切 13. 此处系指出口商所培植发展的技能、科技及专业知识有利於其他企业 : 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.” : Messrs Rodri 及Subramanian总结： 　　X(14)^ : 当富国享受金融自由化所带来的利益， X(15) : 也正是进一步精密思考全球图像的时候。 : 他们写道：情况取决於不同背景与国家， : 政策应同时遏止、鼓励资金流动。 X(16)^^^^^^^^^^^^^^^^^ 14.同 2. 15.此处似指对金融自由化未付国带来的利益做过深入研究 16.语意上不合逻辑 : 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. : 这大胆的结论并未解决棘手的问题。 X(17)^ : 中国的经验透露出：让货币贬值以提升出口带动经济成长并非长远之计， X(18)^^^^^^^ : 也无法有效使外资撤离。 ^^^^^^^^^^^^^^^^^^^^ : 透过调整贸易发票得以规避资本管制： : 出口商可以暗地高报外销以携带资金。 X(19)^^^　X(20) : 有关当局可以介入阻止资金流入推升汇率，但此举也增加自身经济负担， X(21) : 包括了高利率或扭曲的信用分配。 17. 此处系指留有棘手问题未解决，无法由此推论出该结论本身未解决其他棘手问题 18. 此处系指前者之状况难以维持，无法由此推论出前者非长远之计，且让货币贬值以 　　提升出口带动经济成长并无「使外资撤离」之功能。 19. over-invoicing 宜译成「低额高报」 20. 译文未译出资金之流动方向 21. sterilised intervention 宜译为「冲销干预（措施）」 : 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. : 资金流入也可能随着时间推移来降低风险、使抵押利益更实际、 X(22)^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ X(23) : 稳定直接投资占资金流入日益增加的比例。 X(24)^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ : 国家最终要面对全球资金，而选择不会只有接受或拒绝， : 还有另一项选择，那就是找出方法经营。 : 毕竟，大家几乎都相信：财政进展根本不该受到控管。 X(25)^^^^^^^^^^^^^^^^^^^ 22. 资金流入并非降低风险之工具，此处系指流入之外资所具有的风险可能会随时间的 　　经过而降低 23. collateral 在此宜译为「附随」、「附代」 24. 此处系指直接投资占流入之外资的比例可能会逐渐增加 25. 语意颠倒，原文在此系指大多数人认为金融发展应受到控管 : ─────────────────────────────────────── : 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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