四月翻譯競賽參賽譯文 - 4 - 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.

對於具獲利投機但因國內儲蓄率低而缺乏資金的國家，境外資金可說是一件好事。
但梅瑟‧羅理克與薩拉馬尼亞提出爭議說很多國家不是因為儲蓄率低而是良好投資
機會的短缺，以致束縛重重。低下的產權，執行不良的契約及獲利抽頭的恐懼，使
可能產生可靠獲利的資金更難投入。當投資機會稀少，資金挹注僅是替換國內儲蓄
金額而刺激消費。

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.

不管全球性熱錢誤入何途，作者並不否認資金深入市場整體上能促進繁榮。即使經
濟面缺少了良好的投資計畫，在國內穩固良好的儲蓄與借貸管道也會促進經濟成長。
更多的國內儲金可拿來使用，缺少的就是境外資金的到位，而運用本地資金可使匯
率下降，並提高出口成長。相對來說，鼓勵境外資金流入可上調匯率壓力，讓出口
較不具競爭力。在某些情況下，資金管控可由保持匯差及提高經濟成長來做調整。

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.

為何作者要做如此強烈的陳述，說明出口導向的成長做為貧窮國家發展之途，即使
在更多開放資金的市場也是如此嗎？首先，他們相新出口是導致體制改革的一種力
量。ㄧ個出口成衣的企業需要長期一致的國家規範、可靠的運輸鍊，以及執行有力
的契約使供應者有所遵從，這跟國內理髮店招待客人這種小眾市場是不一樣的。再
來，出口企業會促進技術提昇，科技及專門技術的進步能雨露均霑地及於其他企業。

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.”

梅瑟‧羅理克與薩拉馬尼亞的結論是，富強國家微觀審視下自由化金融的利益，是
應審慎考量做全球擘畫的時刻了。他們說：「鑑於法條本身與國別的不同，適當的
政策角色時而會堵住資金浪潮，時而會刺激資金浪潮湧入。」

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.

如此大膽的結論也留下了麻煩難解的議題。如中國的經驗指出，藉著出口導向成長
保持匯率低下，會隨著時間日久而更難維持，而且也難以使境外資金流出。資金管
控可由調整貿易提單避險：出口企業可私下高估國外銷售獲得資金。而有關當局可
做安全適當的介入已停止資金流入而拉高匯率，但這會使本身經濟多加成本，也就
是較高的利率或扭曲的信用分配。

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.

也有可能長期的資金流入變成為較不具風險，同時其立意是實質明顯的。更穩定的
直接投資也導致了資金流入的增加。所有國家最終都會與全球資金息息相關，而選
擇不只有擁抱它或抗拒它，還有第三個選擇：管理它。畢竟，現在應該少有人會爭
辯金融發展不應該有政策法令約束。
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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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