四月翻譯競賽參賽譯文 - 5 - 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.

外資應當對那些因低存款融資缺乏的淨利投資國家是有好處的
但是麥絲洛迪克和瑟巴馬尼恩卻為許多國家爭辯，它並非是低存款而是一個良好設限投資
的短缺。微弱的產權、勉為其難實行的合約以及害怕利潤被剝奪都使得投資可能創造一個
可觀報酬率的觀念難以被接受。當畏懼投資機會時，資金流動就輕易的取代了舊有的存款
以及激勵消費

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.

無論他們對全球資金的不安，作者都否認在一般在較為深厚的財務市場能促進繁榮。即使
在全球資金的經濟短缺，一個穩固的通路都能連結國內的儲蓄者及借貸者幫助他們資金成
長。越多可被運行的國內存款，在那就越少有外資，並可運用當地基金輔助保持低匯率以
及立即的出口成長性。相反地，激勵外資流入可能導致匯率的緊縮，並促使出口較低競爭
性。但如果能夠使得貨幣保持低廉並推動成長，在一些匯率的緊縮、促使出口較低競爭性
，甚至是環境因素，資金都能合理的支配

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.

為何作者視出口導向成長型的強烈論點為一種開發貧窮國家的工具?即使是在過度開發的
資本市場。第一，他們相信出口是一種制度的改革力量。一家公司行號可能製作成衣銷售
到國外需要國的的持續監管、可靠的運輸環節以及與供應商有可行的合約，如同在某種程
度上理髮店服侍尚未有的國內市場。第二，出口商培育的技術、科技以及專業都能夠使豐
碩的回收超越其他企業

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.”

麥絲洛迪克和瑟巴馬尼恩總結該是時候的仔細想想有關全球的藍圖像是在富有國家的微觀
下以及運用自由財務的淨利。“依賴脈絡與國家”，他們這麼寫道，“政策的適當角色將
會如同資金流動的潮流般那樣激勵他們”

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.

這大膽的假設依然留下一些令人困擾的議題尚未解決。如同中國的經驗告訴我們，保持匯
率的弱勢來輔助出口導向的成長性，將會在往後變的更為困難。即使阻止外資也是一樣。
資本的支配可能藉由調整商業發票而避開

資本的支配可藉由調整商業發票而避開:出口商可能藉由外國銷售的過度開發發票偷偷地
攜帶資金。相關單位可以運用權力介入停止外資流入而推動匯率上升，但這卻強化了它原
本的經濟成長-就較高利率或信用的扭曲配置來說

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.

過時的資金流入是有可能變得越來越少風險以及擔保品的利潤變得越有形。而更多穩定的
直接投資說明了資金流入的增值共享。國家將必須最終地面對全球資金及選擇不僅僅是要
接受或抵制它。在此有第三個選擇:找到個方法去管理它。畢竟現在很少會爭論財務的進
展不該就這樣被政策化。
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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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