四月翻譯競賽參賽譯文 - 8 - 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.

由於國內儲蓄率低，對於具備營利事業卻缺乏資金的國家而言，
外資應該有所助益，但Messrs Rodrik 及Subramanian卻爭論道：
對許多國家而言，並非儲蓄率低的問題，而是缺乏好的投資，這就是限制。
財產權、合約的約束力不彰，同時擔心利潤遭侵蝕，
再再都使人難以想像企業能創造可靠的營收。
當投資機會極少時，資本流入就取代了國內儲蓄並刺激消費。

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.

不論對於國際資本的擔憂為何，
作者並未否認更深的金融市場大致能促進繁榮。
即使在缺乏良好投資計畫的經濟體中，
連結國內儲蓄人與借款人健全的管道也將促進成長。
更多國內儲蓄運用於工作，外資的需求因而下降；
運用國內資金能穩定匯率，進而促進出口增長。
相較之下，若鼓勵外資流入將會增加貨幣升值的壓力，
使出口企業失去競爭力。
如果讓貨幣持續貶值以提升成長力，資本管制可能就情有可原。

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.

為何作者如此強調以出口帶動經濟成長作為窮國的發展方法，
即使意味著需要更開放的資本市場？
其一、他們堅信出口是制度改革的力量。
製造衣服銷往國外企業需要國家法令、交通網絡的配合，
還需與供應商簽訂具法律效力的契約，
但國內一家理髮店卻不見得需要。
其二、出口商提升技能、科技及專業知識，以勝過其它企業。

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.”

Messrs Rodri 及Subramanian總結：
當富國享受金融自由化所帶來的利益，
也正是進一步精密思考全球圖像的時候。
他們寫道：情況取決於不同背景與國家，
政策應同時遏止、鼓勵資金流動。

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.

這大膽的結論並未解決棘手的問題。
中國的經驗透露出：讓貨幣貶值以提升出口帶動經濟成長並非長遠之計，
也無法有效使外資撤離。
透過調整貿易發票得以規避資本管制：
出口商可以暗地高報外銷以攜帶資金。
有關當局可以介入阻止資金流入推升匯率，但此舉也增加自身經濟負擔，
包括了高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.

資金流入也可能隨著時間推移來降低風險、使抵押利益更實際、
穩定直接投資佔資金流入日益增加的比例。
國家最終要面對全球資金，而選擇不會只有接受或拒絕，
還有另一項選擇，那就是找出方法經營。
畢竟，大家幾乎都相信：財政進展根本不該受到控管。
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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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