四月翻譯競賽參賽譯文 - 3 - 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.

對於因為國內的存款不足，擁有獲利企業但卻缺乏資金的的國家來說，外資應該是有益的
。但是羅德瑞克和薩布拉馬尼安卻認為，對許多國家來說，限制他們的條件並不是不足的
存款，而是缺少良好的投資。由於許多因素，諸如財產權薄弱、合約執行不良，以及對於
利潤可能被分化的恐懼，實在很難想像企業可能會產生可靠的回饋。當投資機會很稀少的
時候，資金的流入只不過取代了國內存款，還有鼓勵消費罷了。

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.

無論他們對於國際性資金的擔憂是什麼，作者們並沒有否認，一般來說，更深入的金融市
場能夠幫助促進繁榮。即使處於缺少良好投資計畫的經濟狀況，還有連接國內存款人和借
款人更加堅固的管道，也能夠幫助成長。將會有更多國內存款發揮作用，如此一來對外資
的需求就會減少，此外，使用國內的資金也可以幫助維持外匯匯率下降，並且促進出口的
成長。相較之下，鼓勵外資的大量湧入，可能會導致外匯的壓力升高，使出口變得較不具
競爭性，在某些情況下，如果可以維持貨幣低廉並促進成長，就可以證明資金控管是正當
的。

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.

然而為什麼作者們要創造這樣一個強烈的個案，就出口導向成長而言，作為開發貧窮國家
的一種方法，即使是用在較為開放的資金市場的支出？首先，他們相信，出口是對於制度
改革的一種影響力。一家製作成衣外銷到國外的公司會需要一致的國家法規、可靠的運輸
連結，以及與供應商之間可以執行的合約，而在某種程度上，一家為國內市場服務的理髮
店並不需要這些條件。再者，出口商培養的技巧、技術以及專門知識，將能夠有效地湧入
其他企業。

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.”

羅德瑞克和薩布拉馬尼安結論提到，藉著檢視富裕國家中的自由金融利益，是時候要做出
對於全球前景更加精良的規劃了。他們寫道，「視背景和國家而定，適當的政策角色將必
須同時阻止及鼓勵外資的流動。」

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.

這項大膽的結論還留下一些煩人的問題沒有解答。正如中國的經驗所暗示的，隨著時間的
推進，要維持外匯弱勢以支持出口導向的成長，已經變得越來越困難，而要使外資不進入
也並不容易。只要更改貿易發票就可以逃避資金控管：只要多開外銷發票，出口商就可以
秘密地運入資金。有關當局當然可以運用沖銷政策來阻止會讓外匯升高的資金流入，但是
這也會增加其自身在經濟上的支出──造成更高的利率或是扭曲的存款分配。

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.

隨著時間的推進，資金的流入也有可能會變得較不具風險，而擔保的利益也會比較明確，
另外較為穩定的直接投資也會促成逐漸增加的資金流入股份。各個國家最後將必須走向與
全球資金的交流，而選項將不只是擁抱它或拒絕它，還有第三個選項：找到管理它的方法
。畢竟，只有極少數的人會認為，金融發展完全不應該受到任何監督。
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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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