四月翻譯競賽參賽譯文 - 2 - 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
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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.

外資理應對擁有獲利企業, 卻因為國內儲蓄低落而缺乏資金的國家有所助益.
但Messrs Rodrick 和 Subramanian 認為很多國家的限制來自缺少好的投資標的而非低儲
蓄率. 投資人往往因為所有權薄弱, 合約執行不彰, 獲利回收可能受阻等因素, 而難以預
見能產生穩定獲利的企業.
當投資機會稀少時, 外國資金挹注更強化本國存款之誤置且鼓勵消費

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.

姑且不論兩位作者對全球資金持怎樣的懷疑態度, 他們並不否認整體金融市場的深廣能夠
促進繁榮. 就算是在一個缺乏優質投資標地的經濟體中, 連結家戶儲蓄者和借款人的管道
越穩固就依然能幫助經濟成長. 而越多本國存款能被加以利用就越能減緩對外資的需求並
同時保持匯率平穩且促進出口成長.相反的, 鼓勵外資湧入可能產生貨幣升值壓力且造成
出口業競爭力下滑.
在某些情況下, 外匯管制是合理的, 如果這麼做可以保持較低匯率且促進成長.

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.

何以兩位作者如此強烈支持貧窮國家以出口導向經濟作為發展方向? 甚至不惜犧牲更開放
的資本市場? 首先, 他們相信出口是促進制度改革的力量. 一家成衣外銷商會要求國家法
規的穩定一致, 可靠的運輸系統和與供應商間的合約具有執行力. 而這些並非一個服務本
國市場的理髮廳所能達到的. 再者, 出口商培養的專業能力, 技術, 與科技所得到的成果
亦能為其他企業所利用.

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 和 Subramanian 做出如下結論: 在富國正全面檢討開放金融的真正利益
時, 對於全球金融運作也該做更細微仔細的思考. 他們寫到"在不同的國家與情況下, 恰
當的政策很可能鼓勵資金流動亦同樣可能阻斷資金進出"

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.

這個大膽的結論仍舊無法解決一些讓人困擾的問題. 以中國的經驗為例, 壓低匯率來支持
出口經濟會隨著時間越來越難維持. 禁止外資流入也絕非易事. 稍微修改發票就可避開管
制, 例如出口商將貨單上的貨款灌水即可私下輸入外幣. 政府當局可採用沖銷政策杜絕外
資流入推升匯率, 但此措施在經濟面上自有代價: 利率的提升或國內資金的錯誤分配.

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. 隨時間過去, 外資風險會降低而附加利益變得更具體. 同時, 穩定的直接投資
占匯入外資的比率亦隨之增加. 終究, 各國必須跟全球資金妥協共處, 而選項不只是全面
接受或完全杜絕而已. 第三個選項為:妥善管理. 畢竟, 現今鮮少人會認為金融發展完全
不應受到監督.
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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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