金融学专业外文翻译宏观经济政策与现实.docx
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金融学专业外文翻译宏观经济政策与现实.docx
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金融学专业外文翻译宏观经济政策与现实
中文3450字
本科毕业论文外文翻译原文
外文题目:
Theme:
MacroEconomicPolicyandReality——DeepeningRuralFinancialMarkets:
Macroeconomic,PolicyandPoliticalDimensions
出处:
RuralFinanceProgram
作者:
ClaudioGonzalez-Vega
原文:
Policiesforruralfinancialdeepening
Acontemporaryperspectiveacknowledgestheurgencytoadoptnewpolicies,developthenecessaryphysicalandinstitutionalinfrastructure,improveanddisseminatenewfinancialtechnologies,anddesignandbuildneworganizations,whichwouldallowamoreefficient,sustainable,andbroadly-basedprovisionofruralfinancialservicesinthedevelopingworldandeconomiesintransition.
Policiesrefertopublicactions–governmentanddonorinterventions–neededtocreateanenvironmentconducivetoruralfinancialmarketdevelopment.Keypolicyinterventionsmayrequirerevisionsoflegalsystems(e.g.,propertyrights,borrowerandlenderrights,contractdesign,judicialenforcement),newfinancialpolicies(e.g.,interestrates,exchangerates,reserverequirements),andnewregulatoryframeworks(e.g.,entryandexitoffinancialorganizations,degreesofmarketcompetition,prudentialregulationandsupervision).
Thesepolicies,legalsystems,andregulatoryframeworksarepartoftheinstitutionalinfrastructureneededfortheefficientandstableoperationofruralfinancialmarkets.Atbest,thedevelopmentofthisinfrastructurehasbeenneglected;frequentlyinthepast,interventionistpoliciesactuallyrepressedfinancialmarketdevelopment.
Reformsofnon-financialpoliciesthatconstraintheprofitabilityofclientbusinessesandpublicinvestmentsandthatreducetransactioncostsforallmarketparticipantsalsocontributetoanexpansionofboththedemandandthesupplyofruralfinancialservices.
Thedevelopmentofsupportinginstitutionalmechanisms(e.g.,propertyregistries,creditbureausandratingagencies)isalsocriticalforruralfinancialmarketexpansion.Becausemanyofthesesupportingtoolsmaybepublicgoods,stateinterventionmaybeneededinordertoacceleratetheirprovision.
Gettingprices,policiesandinstitutionsrightisanecessarybutnotasufficientconditionforruralfinancialdeepeningindevelopingcountriesandeconomiesintransition.Thisgoalwillnotbereachedunlessnew,cost-effectivelendinganddeposit-takingtechnologiesaredevelopedandimplemented,inwaysthatallowanexpansionofthesupplyofabroadrangeoffinancialservices,deliveredtowidesegmentsoftheruralpopulation,atappropriatecostsandrisksforboththeclientsandtheorganizationsthatoffertheseservices.Thatis,thesecostswouldallowtheclientstoundertakeprojectsthatgeneratemarginalratesofreturnatleastashighasthosebeinggeneratedelsewhereintheeconomyandwouldallowtheorganizationstodeliverthoseservicesinasustainableandprofitablemanner.
Becauseofexternalitiesinthemarketforinformationand,inparticular,inthemarketforinnovations,privateinitiativesmaynotbesufficienttobringaboutthedesiredlevelofexperimentationandadoption.Althoughstateinterventionmaybeneededtopromotetechnologicalchange,thechoiceofhowtoaccomplishthismatters.Resourcesarescarceandsuccessfullociofinnovationareunknownbeforehand.Moreover,knowledgeofappropriatefinancialtechnologieswillnotbesufficient,either,forthesustainableexpansionofruralfinancialmarkets.Theorganizationsthatsupplytheseservicesmustpossesstherequiredresources(humancapital,leadership,networking,informationcapital,andaccesstofunds),andtheymustimplementbusinessplansthatsuccessfullypursueamissiontoservethismarketsegmentincombinationwithavocationforsustainability.
Suchorganizationsareinshortsupplyintheruralareasofdevelopingcountriesandeconomiesintransition.Theyarekeytotheeffort,however.Robustandcreativeorganizationswillundertakeamajorpartoftheinnovationrequiredandwillbeinbetterpositiontoadoptandadaptknowledgeandpracticesdevelopedelsewhere.Incontrast,therightpoliciesandnewtechnologieswillbeirrelevant,iftheorganizationsthatofferruralfinancialservicesareinefficientandnotsustainable.
Finally,assemblingalloftheseingredientsinacoherentsystemrequiresthatthestructureofincentivesengenderedbytheownershipstructureandgovernancedesignoftheorganizationbecompatiblewithitsoutreachandsustainabilityobjectives.Aninconsistentmissionandincompatibleincentiveswillbearecipeforfailure.Moreover,thelegalandregulatoryframeworkwithinwhichtheseorganizationsoperateinfluencestheirownershipandgovernancestructures.Thesestructuresmustalsobewell-matchedwiththecharacteristicsofthefinancialtechnologiesadopted.Theconstructionofthissystemandtheacquisitionoftheresourcesneededwillrequiredeliberateinstitutionbuildingefforts,whichmaybefacilitatedbygovernmentanddonorassistance.
PromotingtheExpansionoftheDemandforRuralFinancialServices
Optimuminterventioninthepromotionofruralfinancialdeepeningcallsforaprecisediagnosis,namelytheidentificationofactuallybindingconstraintstoruralfinancialtransactions(whatarethenatureandextentoftheproblem?
).Optimuminterventionalsorequiresthechoiceofpolicytoolsthateffectivelyovercomethoseconstraints(whatarethebestinstrumentsfortheintervention?
).Usually,thebestinstrumentisaninterventionthatdirectlyaddressesthespecificnatureoftheproblem.Thefailureofmanypastinterventionsmaybeattributedtoviolationsofthismatchingrule.
First,failurereflectedamisunderstandingofthetruenatureoffinance,whichresultedinattemptstousefinancialserviceswhenfinancewasnottheappropriateinstrumenttoaddresstheproblemorachievetheobjectivesoftheauthorities.Despitethebestintentions,theseinterventionsturnedouttobeunexpectedlyharmfulfortheparticularsegmentsoftheruralpopulationtheyhadostensiblysetouttohelp.
Second,thefailureofearlierinterventionsresultedfromanincorrectdiagnosisofthedifficultiesencounteredinruralfinancialdeepening.Ruralfinancialmarketshortcomingswereattributedtoevilexploitationbyinformalmoneylendersortotheindifferenceofprivatebankers.Thestatewasthenaskedtotakeresponsibilityforexpandingthesupplyofruralfinancialservices,butthedifficultiestobeovercomecouldnotbeeliminatedbydecree.Themistakewastoattemptapoliticalsolutiontowhatisessentiallythetechnicalproblemofproducingfinancialservicesinthismarketsegmentatsufficientlylowcostsandrisks.
Thechallengeofpromotingruralfinancialdeepeningisthereforecomplex,astheobstaclesthatmustbeovercomepermeatealldimensionsofthemarket.Thissectionclassifiesconstraintsasbindingoneitherthedemandsideorthesupplysideofthemarket.Bothdimensionsmatterforruralfinancialdeepening.
PromotingtheExpansionoftheSupplyofRuralFinancialServices
Governmentanddonorinterventionsarealsoneededtoincreasethesupplyofruralfinancialservices.Thesupplyofruralfinancialservicesisconstrainedby:
(a)hightransaction(operating)costsforlenders,whichincreasethecostsoflending
wellabovetheopportunitycostofthefundsandwhichcanonlyberecoveredwithhighintermediationmargins;
(b)hightransaction(operating)costsincurredinmobilizingdeposits,whichincreasethecostoffundsforthefinancialintermediarywellabovethereturnsthatmustbeofferedtothedepositorstoattracttheirfunds;
(c)additionalcostsofmobilizingdepositsthatemergefromtheneedtomeettheregulatoryrequirementsfordepositmobilization(e.g.,reserverequirements,minimumsafetyrequirements,internalcontrol);
(d)highcreditrisksforlenders,whichthreatenwithlossesofincomeincaseofarrearsandlossesofequitycapitalincaseofdefault;
(e)highliquidityrisksindepositmobilization,whichmakeitnecessarytokeepliquid,lessattractivelyremuneratedreservesandwhichrequireadditionalfinancialcostsincaseofunexpecteddepositwithdrawals;
(f)imperfectionsofinformationabouttheabilityandwillingnesstorepayloansof
applicants,whichincreaseboththeoperatingcostsandthelossesfromdefaultoflenders;
(g)inabilitytoraiseinterestratesasarationingdevice,duetoadverseselectionproblems,whichleadstonon-pricecreditrationing;
(h)absenceofcompatibilityoftheincentivesthatguidethebehaviorofpotentialborrowersandlenders,creatingspacesformoralhazard(opportunisticborrowerbehavior),andtherebyraisingtheoperatingcostsandrisksoflenders;
(i)absenceofcompatibilityoftheincentivesthatguidethebehaviorofdeposittakersandpotentialdepositors,creatingspacesformoralhazard(opportunisticbehaviorofdeposit-takers),andtherebyraisingtherisksfordepositors;
(j)absence,deficiencies,andhighcostsofformalcontractenforcementmechanisms,whichincreasethecreditrisksandoperatingcostsoflendersandtherisksofdepositors;
(k)theattenuatedpropertyrightsandinefficientgovernancestructuresofmanyruralfinancialintermediaries,whichdonotgeneratesufficientinternalcontrolortheadoptionofbusinessplansfocusedonoutreachandsustainability;
(l)thedestructionofsocialcapital(e.g.,acultureofrepayment)thataccompaniesthepoliticizedpardoningandreschedulingofloans,weakeningthecredibilityofcontractthreatsandobligations;
(m)marketdistortionsintroducedbynon-privateintermediariesthatrefusetooperateonmarketterms,therebyunderminingtheoperationsofseriouscompetitors;
(n)thehi
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