四月翻譯競賽參賽譯文 - 7 - 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.

對那些境內的賺錢企業因國內儲蓄額過低而欠缺資金的國家來說，外資應該是有益的。
但 Rodrik 先生及 Subramanian 先生卻認為，對許多國家而言，真正的限制來自於缺
乏良好的投資標的，而非儲蓄額過低。法律上效力微弱的財產權、無法妥當地強制履行
的合約，以及對利潤將遭攫奪的恐懼，使得在投資者眼中能產生可靠投資報酬的事業少
之又少。在投資機會匱乏之時，流入的外資能做的只有取代本國儲蓄及鼓勵消費。

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.

但不論這兩位作者對國際資本存有何種疑慮，他們並不否認發展深度更深的金融市場基
本上是有助於經濟繁榮的。縱使是缺乏良好投資標的的經濟體，若國內的儲蓄者與借款
者間有更為健全的通聯管道，也會有助於經濟成長。能發揮作用的國內儲蓄額越多，對
外資的需求就越少，而且使用本地資金還有助於將匯率維持在低檔並促進出口成長。相
對的，鼓勵外資大舉進入將對匯率施加升值壓力，導致出口競爭力降低。在某些情況下，
若資本控制措施能使貨幣價格維持在低檔並促進成長，是可以肯定其正當性的。

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.

為什麼這兩位作者力陳貧窮國家應以出口導向成長為發展手段，儘管這麼做必須犧牲掉
較開放的資本市場？因為他們認為，第一，出口會是促成制度重整的一股力量。製造成
衣銷往國外的企業對國家穩定一致的管制措施、可靠的運輸鏈，以及對供應商可強制履
行之契約的需求程度，遠超過在國內市場提供服務的理髮店。第二，出口商會促成技能
、科技及專業知識的發展，而這些發展成果將對其他企業帶來極大助益。

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.”

Rodrik 先生及 Subramanian 先生的結論是，在仔細研究過金融自由化在富裕國家所帶
來的好處之後，該是對全球市場進行更精緻的思考的時候了。他們寫道：「依據所處背
景及國家，所謂適當的政策，有時是遏阻外資潮，有時則是鼓勵外資進入。」

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.

該項大膽結論留下了一些未解難題。一如中國的經驗所示，維持匯率在低檔以協助出口
導向成長的目標，會隨著時間的經過變得越來越難以達成，阻擋外資流入也非易事。透
過調整貿易發票便可規避資本管制措施：出口商只要在境外銷售額上低額高報便可秘密
地帶入資金。主管單位雖可利用沖銷干預政策來阻止流入的資金推升匯率，但經濟體本
身得付出代價－利率會變得更高，抑或資金的分配會產生扭曲。

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，流入之外資具有的風險隨著時間的經過而降低，其附隨利益也可能會變得更
為具體明確。而在流入的外資中，穩定的直接投資所佔的比例也可能會逐漸增加。各國
遲早必須面對全球資本的挑戰，但其選擇並非只有擁抱或拒絕。還有第三個選擇：找到
管理的方法。畢竟，現在只有少數人會說金融發展完全不需要控管。
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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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