作业帮英语翻译Why are thefinancial systems in developing countries so
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英语翻译
Why are thefinancial systems in developing countries so heavily repressed?The public-goodnature of the system (as discussed above) explains the control—or prudentregulation—in part,but there are also several other reasons,unique todeveloping economies.Shaw (1973,92) cites historical apathy to usury,lack ofeffective control over the growth in nominal money,and misinterpretation ofthe role of financial repression.He also points out that the claim that marketforces do not work in developing countries has also contributed to repressivefinancial policies.
Indeed,it is the widely held belief that financialmarkets are so imperfect that they cannot be relied upon for an efficientallocation of resources.Usually,the fragmentation of financial marketsbetween regions and among would-be borrowers and the oligopolistic financialmarket structure (characterized by the ownership of dominant financialinstitutions by a handful of large businesses) are cited as the principalfactors causing the market imperfections.It is also argued that financialmarkets,even if they are competitive and efficient,may "fail" tofinance those projects with the greatest social merits because their privatereturns are low.
Why are thefinancial systems in developing countries so heavily repressed?The public-goodnature of the system (as discussed above) explains the control—or prudentregulation—in part,but there are also several other reasons,unique todeveloping economies.Shaw (1973,92) cites historical apathy to usury,lack ofeffective control over the growth in nominal money,and misinterpretation ofthe role of financial repression.He also points out that the claim that marketforces do not work in developing countries has also contributed to repressivefinancial policies.
Indeed,it is the widely held belief that financialmarkets are so imperfect that they cannot be relied upon for an efficientallocation of resources.Usually,the fragmentation of financial marketsbetween regions and among would-be borrowers and the oligopolistic financialmarket structure (characterized by the ownership of dominant financialinstitutions by a handful of large businesses) are cited as the principalfactors causing the market imperfections.It is also argued that financialmarkets,even if they are competitive and efficient,may "fail" tofinance those projects with the greatest social merits because their privatereturns are low.
为什么发展中国家对金融系统要进行严格压制?系统的公益性质(如前所述)部分程度上对控制或者审慎管理进行了解释,但也有其他一些原因,这是发展中经济体所特有的.萧伯纳(1973、92)援引历史上无情的高利贷方法指出了对名义货币的增长缺乏有效控制,并指出误解了金融抑制的作用.他还指出,市场规律在发展中国家不起作用的这种主张也造成了金融压制的政策.
的确,人们普遍相信,金融市场并不完善,不能依赖金融市场来有效的分配资源.通常,地区之间金融市场和那些潜在借款人与寡头垄断的金融结构(金融机构所有权由少数大企业占主导地位)之间的碎片被认为是造成市场不完美的主要因素.也有种观点认为,即使金融市场有竞争力、有效率,也可能在社会价值很大的项目上融资失败,因为这些项目带来的私人回报很低.
的确,人们普遍相信,金融市场并不完善,不能依赖金融市场来有效的分配资源.通常,地区之间金融市场和那些潜在借款人与寡头垄断的金融结构(金融机构所有权由少数大企业占主导地位)之间的碎片被认为是造成市场不完美的主要因素.也有种观点认为,即使金融市场有竞争力、有效率,也可能在社会价值很大的项目上融资失败,因为这些项目带来的私人回报很低.
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