四月翻譯競賽參賽譯文 - 1 - 翻譯

以下為本次翻譯比賽之參賽譯文，歡迎大家多多討論，並歡迎大家在自己覺得最好的參賽
作品下方推文支持，以作為評審給獎時的參考（有興趣的人可以猜猜哪一篇是我譯的）。

譯文內容
───────────────────────────────────────
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.

國內儲匯偏低，無法資助可獲利投資時，外國資金應為一項利多。
不過丹尼‧羅瑞克（哈佛大學教授）和薩拉曼亞（經濟學家）主張：
許多國家並不是因受束於資短缺，而是沒有良好的投資對象。
當財產所有權微弱，合約不能確實履行，恐懼於收益一點一滴流失，
要策劃能可靠獲益的投資很困難。
投資機會稀少，資金內流便會取代國內儲匯的腳色，刺激消費。

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.

作者們對於全球性資金仍有疑慮，不過他們倒是不否認，市場越扎根越深越繁榮。
就算經濟體缺乏良好的投資項目，在儲蓄人和借款人之間建立穩當的通路也能增益成長。
國內儲蓄運用越徹底，對外來資金的需求就越低，
而且運用在地資金可以壓制匯率並促進出口成長。
相反地，助長外國資金流入會使匯率迫勢上漲，出口競爭力下降。
在某些情況下，資金控管若是能壓低匯率促進成長，便是合理的措施。

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.

作者為什麼要在代價是鬆懈資金市場的管制下，
強力主張貧窮國家應該利用出口經濟取得成長呢？
首先，他們以為出口貿易能帶來革新組織的力量。
一間成衣工廠銷貨至外國需要政府的穩定控管，可靠的物流交通還有有能力履
約供貨的廠商，其規模是一家只對國人提供服務理髮店遠所不及的。
再來就是其他企業可以分霑出口商所培養成熟的技能、科技和專業。

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.”

羅瑞克和薩拉曼亞總結：自由經濟的優勢早已被富裕國家探看窮盡，
對於全球佈局要有更細微的思考。
「依據國情與事件的不同，正確的政策不只是要鼓勵資金流入，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.

這項大膽的結論仍未能解決某些令人憂心的議題。
以中國為例，要長期維持弱勢貨幣以支持出口為主的貿易，
隨著時間難度越來越高，要防堵外國資金流入也非易事。
調動商業發票可以逃避資金控管：出口商開過高的國外交易發票，暗地引入資金。
主管單位採取沖銷政策是可以遏止資金流入推高匯率，
但經濟體本身也要付出代價，像是更高的利率或是金融資源分配扭曲。

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.

另外可能發生的事情是資本內流的風險逐漸降低，附帶的利益逐漸明朗成型。
穩定的直接投資佔內流資金的部份也越來越大。
各國終究需和全球資本妥協，
而且也並非單純抉擇接受或是排斥，還有第三個選擇：想辦法管理。
畢竟現在人們已不再主張完全不受控管的經濟成長了。

───────────────────────────────────────
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。

--