四月翻譯競賽審核意見 - vivaadante - 翻譯

以下為本篇參賽作品的評鑑內容：

┌──────────────┬─────────────────────┐
│評　分　表 │作者：vivaadante │
├───────┬──────┼─────────────────────┤
│錯　誤　類　別│次數（扣分）│　　錯　　　誤　　　點　　　編　　　號　　│
├───────┼──────┼─────────────────────┤
│重大錯誤 (-9) │　 1 (- 9)　│5 │
│中等錯誤 (-5) │ 　4 (-20)　│1, 6, 11, 12 │
│輕微錯誤 (-1) │ 　6 (- 6)　│2, 4, 7, 8, 9, 10 │
├───────┼──────┴─────────────────────┤
│小　　　　　計│　11 (-35) │
├───────┼────────────────────────────┤
│得分 (滿分100)│ 65 │
└───────┴────────────────────────────┘

*3 => 經 luciferii 板友指正係屬正確用法，取消扣分。

: ───────────────────────────────────────
: 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.
: 國內儲匯偏低，無法資助可獲利投資時，外國資金應為一項利多。
: 不過丹尼‧羅瑞克（哈佛大學教授）和薩拉曼亞（經濟學家）主張：
: 許多國家並不是因受束於資短缺，而是沒有良好的投資對象。
: 當財產所有權微弱，合約不能確實履行，恐懼於收益一點一滴流失，
: 要策劃能可靠獲益的投資很困難。
X(1)
: 投資機會稀少，資金內流便會取代國內儲匯的腳色，刺激消費。
X(2) X(3)

1.hard to conceive of
　　-> 難以想像，指在此情況下難以想像會有能產生可靠報酬的企業
2.capital inflow
-> 指流入之外資
3.腳色
-> 角色（經板友指正，取消扣分）

: 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.

: 作者們對於全球性資金仍有疑慮，不過他們倒是不否認，市場越扎根越深越繁榮。
X(4)
: 就算經濟體缺乏良好的投資項目，在儲蓄人和借款人之間建立穩當的通路也能增益成長。
: 國內儲蓄運用越徹底，對外來資金的需求就越低，
: 而且運用在地資金可以壓制匯率並促進出口成長。
: 相反地，助長外國資金流入會使匯率迫勢上漲，出口競爭力下降。
: 在某些情況下，資金控管若是能壓低匯率促進成長，便是合理的措施。

4.financial market
-> 金融市場

: 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.
: 作者為什麼要在代價是鬆懈資金市場的管制下，
X(5)^^^^^^^^^^^^^^^^^^^^
: 強力主張貧窮國家應該利用出口經濟取得成長呢？
: 首先，他們以為出口貿易能帶來革新組織的力量。
: 一間成衣工廠銷貨至外國需要政府的穩定控管，可靠的物流交通還有有能力履
X(6)^^^^
: 約供貨的廠商，其規模是一家只對國人提供服務理髮店遠所不及的。
^^^^^^^^^^^^ X(7)
: 再來就是其他企業可以分霑出口商所培養成熟的技能、科技和專業。

5.其代價為：資金市場無法變得更開放（因為會對外資進行管制）
6.enforceable contracts with suppliers
-> 指和供應商間可強制履行（執行）的合約
7.degree
-> 在此應解為「程度」

: 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.”
: 羅瑞克和薩拉曼亞總結：自由經濟的優勢早已被富裕國家探看窮盡，
: 對於全球佈局要有更細微的思考。
: 「依據國情與事件的不同，正確的政策不只是要鼓勵資金流入，也要有所限制。」

: 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.
: 這項大膽的結論仍未能解決某些令人憂心的議題。
: 以中國為例，要長期維持弱勢貨幣以支持出口為主的貿易，
: 隨著時間難度越來越高，要防堵外國資金流入也非易事。
: 調動商業發票可以逃避資金控管：出口商開過高的國外交易發票，暗地引入資金。
X(8)^^^^^^^^^^^^^^^^
: 主管單位採取沖銷政策是可以遏止資金流入推高匯率，
: 但經濟體本身也要付出代價，像是更高的利率或是金融資源分配扭曲。

8.over-invoicing for foreign sales
-> 將國外銷售額低額高報

: 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.
: 另外可能發生的事情是資本內流的風險逐漸降低，附帶的利益逐漸明朗成型。
X(9)^^^^
: 穩定的直接投資佔內流資金的部份也越來越大。
X(10)^^^
: 各國終究需和全球資本妥協，
X(11)
: 而且也並非單純抉擇接受或是排斥，還有第三個選擇：想辦法管理。
: 畢竟現在人們已不再主張完全不受控管的經濟成長了。
X(12)^^^^^^^^^

9.同 2.
10.同 2.
11.come to terms with
-> 指處理或面對先前不願處理或難以解決的問題。
12.few would now argue
-> 指會這樣主張的人僅佔少數，非指無這樣主張的人。
: ───────────────────────────────────────
: 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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