1、本科毕业论文外文翻译原 文 外文题目： Theme: Macro Economic Policy and Reality Deepening Rural Financial Markets: Macroeconomic, Policy and Political Dimensions 出 处： Rural Finance Program 作 者： Claudio Gonzalez-Vega 原 文 ： Policies for rural financial deepening A contemporary perspective acknowledges the urgency to ado
2、pt new policies, develop the necessary physical and institutional infrastructure, improve and disseminate new financial technologies, and design and build new organizations, which would allow a more efficient, sustainable, and broadly-based provision of rural financial services in the developing wor
3、ld and economies in transition. Policies refer to public actions government and donor interventions needed to create an environment conducive to rural financial market development. Key policy interventions may require revisions of legal systems (e.g., property rights, borrower and lender rights, con
4、tract design, judicial enforcement), new financial policies (e.g., interest rates, exchange rates, reserve requirements), and new regulatory frameworks (e.g., entry and exit of financial organizations, degrees of market competition, prudential regulation and supervision). These policies, legal syste
5、ms, and regulatory frameworks are part of the institutional infrastructure needed for the efficient and stable operation of rural financial markets . At best, the development of this infrastructure has been neglected； frequently in the past, interventionist policies actually repressed financial mark
6、et development. Reforms of non-financial policies that constrain the profitability of client businesses and public investments and that reduce transaction costs for all market participants also contribute to an expansion of both the demand and the supply of rural financial services. The development
7、of supporting institutional mechanisms (e.g., property registries, credit bureaus and rating agencies) is also critical for rural financial market expansion. Because many of these supporting tools may be public goods, state intervention may be needed in order to accelerate their provision. Getting p
8、rices, policies and institutions right is a necessary but not a sufficient condition for rural financial deepening in developing countries and economies in transition. This goal will not be reached unless new, cost-effective lending and deposit-taking technologies are developed and implemented, in w
9、ays that allow an expansion of the supply of a broad range of financial services, delivered to wide segments of the rural population, at appropriate costs and risks for both the clients and the organizations that offer these services. That is, these costs would allow the clients to undertake project
10、s that generate marginal rates of return at least as high as those being generated elsewhere in the economy and would allow the organizations to deliver those services in a sustainable and profitable manner. Because of externalities in the market for information and, in particular, in the market for
11、 innovations, private initiatives may not be sufficient to bring about the desired level of experimentation and adoption. Although state intervention may be needed to promote technological change, the choice of how to accomplish this matters. Resources are scarce and successful loci of innovation ar
12、e unknown before hand. Moreover, knowledge of appropriate financial technologies will not be sufficient, either, for the sustainable expansion of rural financial markets. The organizations that supply these services must possess the required resources (human capital, leadership, networking, informat
13、ion capital, and access to funds), and they must implement business plans that successfully pursue a mission to serve this market segment in combination with a vocation for sustainability. Such organizations are in short supply in the rural areas of developing countries and economies in transition.
14、They are key to the effort, however. Robust and creative organizations will undertake a major part of the innovation required and will be in better position to adopt and adapt knowledge and practices developed elsewhere. In contrast, the right policies and new technologies will be irrelevant, if the
15、 organizations that offer rural financial services are inefficient and not sustainable. Finally, assembling all of these ingredients in a coherent system requires that the structure of incentives engendered by the ownership structure and governance design of the organization be compatible with its o
16、utreach and sustainability objectives. An inconsistent mission and incompatible incentives will be a recipe for failure. Moreover, the legal and regulatory framework within which these organizations operate influences their ownership and governance structures. These structures must also be well-matc
17、hed with the characteristics of the financial technologies adopted. The construction of this system and the acquisition of the resources needed will require deliberate institution building efforts, which may be facilitated by government and donor assistance. Promoting the Expansion of the Demand for
18、 Rural Financial Services Optimum intervention in the promotion of rural financial deepening calls for a precise diagnosis, namely the identification of actually binding constraints to rural financial transactions (what are the nature and extent of the problem?). Optimum intervention also requires t
19、he choice of policy tools that effectively overcome those constraints (what are the best instruments for the intervention?). Usually, the best instrument is an intervention that directly addresses the specific nature of the problem. The failure of many past interventions may be attributed to violati
20、ons of this matching rule. First, failure reflected a misunderstanding of the true nature of finance, which resulted in attempts to use financial services when finance was not the appropriate instrument to address the problem or achieve the objectives of the authorities. Despite the best intentions,
21、 these interventions turned out to be unexpectedly harmful for the particular segments of the rural population they had ostensibly set out to help. Second, the failure of earlier interventions resulted from an incorrect diagnosis of the difficulties encountered in rural financial deepening. Rural fi
22、nancial market shortcomings were attributed to evil exploitation by informal moneylenders or to the indifference of private bankers. The state was then asked to take responsibility for expanding the supply of rural financial services, but the difficulties to be overcome could not be eliminated by decree. The mistake was to attempt a political solution to what is essentially the technical problem of producing financial services in this market segment at sufficiently low costs and risks. The challenge of promoting rural financial deepening is therefore complex, as
