四月翻譯競賽參賽譯文 - 6 - 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.

外國資本對於某些國家照理來說是件好事。這些國家擁有會賺錢的企業，可是
這些企業卻因為國內存款不足而缺乏資金。但Messrs Rodrik與Subramanian卻
認為，不是存款不足造成了限制，而是因為缺乏好的投資。產權不清、契約無
法執行、害怕利益被分走，都不利於建立一個能賺取穩定收益的企業。投資機
會一旦變少，流入的資本就能輕易地取代本地存款，開始促進消費。

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.

姑且不論他們對於國際資本有什麼疑慮，兩位作者並不否認，一般來說，深層
的金融市場有助於促進經濟繁榮。即使經濟體中缺乏良好的投資標的，若能有
堅強的管道來連結本地存款戶與借款人，對於經濟成長將會有幫助。本地存款
愈能發揮效果，就愈不需要外國資本，而且使用本地資金有助於讓匯率持貶，
促進出口成長。相反地，鼓勵外國資本流入會讓匯率承受升值的壓力，削弱出
口的競爭力。在某些情況下，假如通貨能保持貶值，促進經濟成長，那麼資本
控制是事屬合理的。

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.

為什麼兩位作者會如此推崇以出口導向經濟成長作為貧窮國家的發展工具，即
使得以更開放的資本市場為代價也在所不惜？首先，他們相信，出口會迫使制
度改革。一間外銷成衣的工廠對於穩定的國家法規、可信賴的運輸線和有力契
約的需求遠超過只提供服務給本地市場的理髮店。其次，出口商所培養出的技
巧、技術和專門知識可以澤潤其他企業，帶來卓越的成效。

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 與 Subramanian最後總結道，在富裕國家的顯微鏡底下看過了
自由化金融的好處，是該細緻地思考全球局勢的時候了。「依背景與國家而定
，」他們寫道，「政策的適切角色，是阻擋與鼓勵資本流動之潮併重的。」

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.

這個以黑體字強調的結論留下了幾個麻煩的問題有待解決。正如中國的經驗所
顯示，要長期維持匯率疲軟來支持出口導向經濟成長是愈來愈困難了。也很難
一直將外國資本拒於門外。只要稍微調整出貨單就能輕易規避資本控制：對外
國溢開發票，出口商就可以偷偷地帶進資金。政府當局可以全面介入，阻止資
金流入造成的匯率上升，但這也會使本身的經濟結構付出代價──更高的利息
，或是扭曲的信貸分配。

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，經過一段時間後，流入的資本會變得比較不具風險，伴隨而來的利
益也會變得較為可及。何況，愈來愈多穩定的直接投資證明了資本流入份額在
持續增加中。國家最終還是必須與全球資本妥協，但他們的選擇不會只是擁抱
或是拒絕而已。第三個選項是：找到方法來管制。畢竟，現在很少有人會說財
政的進步完全不應該有所管制了。
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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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