以下為本篇參賽作品的評鑑內容： ┌──────────────┬─────────────────────┐ │評　分　表 │譯者：lonn │ ├───────┬──────┼─────────────────────┤ │錯　誤　類　別│次數（扣分）│　　錯　　　誤　　　點　　　編　　　號　　│ ├───────┼──────┼─────────────────────┤ │重大錯誤 (-9) │　 0 (- 0)　│ │ │中等錯誤 (-5) │ 　7 (-35)　│ 2,10,12,13,15,19,20 │ │輕微錯誤 (-1) │ 13 (-13)　│ 1, 3, 4, 5, 6, 7, 8, 9,11,14,16,17,18 │ ├───────┼──────┴─────────────────────┤ │小　　　　　計│　20 (-48) │ ├───────┼────────────────────────────┤ │得分 (滿分100)│ 52 │ └───────┴────────────────────────────┘ : ─────────────────────────────────────── : 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. : 外國資本對於某些國家照理來說是件好事。這些國家擁有會賺錢的企業，可是 : 這些企業卻因為國內存款不足而缺乏資金。但Messrs Rodrik與Subramanian卻 X(1)^^ : 認為，不是存款不足造成了限制，而是因為缺乏好的投資。產權不清、契約無 X(2)^^^^ : 法執行、害怕利益被分走，都不利於建立一個能賺取穩定收益的企業。投資機 : 會一旦變少，流入的資本就能輕易地取代本地存款，開始促進消費。 X(3)^^ 1. Messrs 為 Mr. 的複數。 2. 此處係指財產權在法律上發揮的力量相當薄弱。 3. 此處的 simply 的意涵偏向「僅僅、只能」。 : 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. : 姑且不論他們對於國際資本有什麼疑慮，兩位作者並不否認，一般來說，深層 X(4) : 的金融市場有助於促進經濟繁榮。即使經濟體中缺乏良好的投資標的，若能有 : 堅強的管道來連結本地存款戶與借款人，對於經濟成長將會有幫助。本地存款 X(5) : 愈能發揮效果，就愈不需要外國資本，而且使用本地資金有助於讓匯率持貶， X(6) : 促進出口成長。相反地，鼓勵外國資本流入會讓匯率承受升值的壓力，削弱出 : 口的競爭力。在某些情況下，假如通貨能保持貶值，促進經濟成長，那麼資本 X(7)^^^^ : 控制是事屬合理的。 X(8)^^^^^^ 4.此處係指經過更深度發展之金融市場 5.中文意涵在銜接上有齟齬之感 6.持貶有「持續貶值」之意，此處係指使匯率維持在低檔 7.此處非「保持貶值」之意，此處係指使貨幣價格（匯率）維持在低檔 8.有齟齬之感 : 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. : 為什麼兩位作者會如此推崇以出口導向經濟成長作為貧窮國家的發展工具，即 : 使得以更開放的資本市場為代價也在所不惜？首先，他們相信，出口會迫使制 : 度改革。一間外銷成衣的工廠對於穩定的國家法規、可信賴的運輸線和有力契 X(9) X(10)^ : 約的需求遠超過只提供服務給本地市場的理髮店。其次，出口商所培養出的技 ^^ : 巧、技術和專門知識可以澤潤其他企業，帶來卓越的成效。 9.regulation 在此為不可屬名詞，宜譯為管理、管制、調控 10.部份漏譯。此處係指和供應商所簽署，可強制履行之合約 : 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 Rodrik 與 Subramanian最後總結道，在富裕國家的顯微鏡底下看過了 X(11) X(12)^^^^^^^^^^^^^^^ : 自由化金融的好處，是該細緻地思考全球局勢的時候了。「依背景與國家而定 : ，」他們寫道，「政策的適切角色，是阻擋與鼓勵資本流動之潮併重的。」 11.同 1. 12.此處係指對自由化金融為富裕國家帶來的好處做過仔細的研究。 : 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. : 這個以黑體字強調的結論留下了幾個麻煩的問題有待解決。正如中國的經驗所 X(13)^^^^^^^ : 顯示，要長期維持匯率疲軟來支持出口導向經濟成長是愈來愈困難了。也很難 X(14)^^^^^^^^^ : 一直將外國資本拒於門外。只要稍微調整出貨單就能輕易規避資本控制：對外 X(15) : 國溢開發票，出口商就可以偷偷地帶進資金。政府當局可以全面介入，阻止資 ^^X(16)^^^ X(17)^^^ : 金流入造成的匯率上升，但這也會使本身的經濟結構付出代價──更高的利息 : ，或是扭曲的信貸分配。 13.此處的 bold 為「大膽」之意。 14.部份漏譯，原文中的 over time 未表現出來。 15.非對外國，係指對在外國完成之銷售 16. over-invoicing 宜譯為「低額高報」 17. sterilised intervention 係指「沖銷干預政策」 : 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. : 也有可能，經過一段時間後，流入的資本會變得比較不具風險，伴隨而來的利 : 益也會變得較為可及。何況，愈來愈多穩定的直接投資證明了資本流入份額在 X(18) X(19)^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ : 持續增加中。國家最終還是必須與全球資本妥協，但他們的選擇不會只是擁抱 ^^^^^^^^^^ X(20) : 或是拒絕而已。第三個選項是：找到方法來管制。畢竟，現在很少有人會說財 : 政的進步完全不應該有所管制了。 18.此處宜譯為「明確」、「具體」。 19.此處係指在流入的外資中，穩定的直接投資所佔比例逐漸增加。 20.come to terms with 指處理或面對先前不願處理或難以解決的問題。 : ─────────────────────────────────────── : 註：參賽譯文之張貼順序與參與順序、譯文品質、最終名次無關。 --

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