㈠ 急求外文翻譯（經濟類）之十四
因為群有許多小的和中型的公司 - 像是觀光事業，衣服和農業-需要特別地棒讓集體的身體承擔刻度-敏感的功能。 在荷蘭, 舉例來說, 栽培者合作的建造被特殊化的拍賣和構成荷蘭花之一群的最好的競爭利益的處理設備。 荷蘭的花會議和荷蘭花栽培者研究團體的協會，在哪些大多數的栽培者叄加，已經也承擔其他的功能,像是應用的研究和行銷。
大多數的現有貿易協會太狹窄; 他們表現工業而不是群。 除此之外，因為他們的角色當做游說聯邦政府被定義, 他們的范圍是國家的並非地方。 然而，國家的協會非充份向最重要聚集生產力的當地的議題發表演說。
藉由顯示生意和政府如何一起產生促進生長的情況，群提供一個建設性的方法在公眾的和私人的部門之間改變對話的性質。 藉由什麼養育真實的競爭力的較好的理解，主管能開始為正確的事物問政府。MassMEDIC 的例子, 在我形成的協會 996 被麻薩諸塞州醫生-裝置群,舉例說明這點。 它最近成功地與美國食物葯品管制局合作為醫學的裝置使贊成程序成流線型。 如此的一個步驟清楚地利益同時聚集成員而且提高競爭。
工業的政策怎麼了
生產力而不是輸出品或天然的資源,決定任何州或國家的繁榮。 認識這,政府應該努力產生支援上升的生產力的環境。 聲音整體經濟政策是必需的但是不是充份。 對於競爭的個體經濟基礎將會最後決定生產力和競爭力。
政府 - 國民和地方 - 扮演新的角色。 他們一定確定高質量的補給輸入如此的如受過教育的市民和實際的系統內各部分。 他們一定設定競爭的規則-藉由保護智力的財產而且運行反托拉斯的法律, 舉例來說-以便生產力和改革將會統治經濟的成功。 最後，政府應該促進群形成而且升級和民眾的組織或者帶給多數一種重要的沖擊聯編生意的類似-公眾的貨物。
㈡ 急！！求經濟類英文文獻3000字（帶中文翻譯）
INTO THE STORM
FOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world』s financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. China』s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.
過去一年的大部分時間里，高速發展的新興國家一直在遠處觀望著西方國家的金融風暴。他們的銀行僅持有少量抵押資產，而類似的資產已經破壞了發達國家的金融公司。商品出口商因為原材料的高價格而日漸富有。中國不可抗拒的經濟力量已然開啟，而且信貸刺激的內需從布達佩斯到巴西利亞都表現得非常充足。盡管大蕭條後關於西方國家受難於金融崩塌的話題與日俱增，但新興國家似乎距離金融風暴的中心還有一段距離。
No longer. As foreign capital has fled and confidence evaporated, the emerging world』s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.
不過目前的情況不再是那樣了，隨著境外資本的流失和經濟信心的消失，新興國家股市暴跌（有些地區已經腰斬），本幣迅速貶值。由於外國銀行突然中斷貸款，並且收縮了包括貿易信貸在內的基礎銀行服務，新興國家的信貸市場突發混亂，並引發了一場浩劫。
Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services instry. South Korea has guaranteed $100 billion of its banks』 debt. Less well-endowed countries are asking for help. Hungary has secured a EURO5 billion ($6.6 billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.
新興國家的政府和發達國家的政府一樣都在為控制損失程度而奮斗。不過對於外匯儲備充足的國家來說難度會小一些：俄羅斯斥資2200億美元重振金融服務行業；韓國政府擔保了1000億美元的銀行債務。而那些儲備並不充足的國家正在四處求援：匈牙利成功向歐洲央行求得了50億歐元（約66億美元）的生命線，同時也在同國際貨幣基金組織協商借款事宜，同時向國際貨幣基金組織求援的還有烏克蘭。近一打兒的國家在向基金組織求助。
Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seemingly to stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China』s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.
有持續問題的國家正棋行險招：阿根廷正在將私人養老金國有化，意圖阻止違約的發生。即使強有力的國家也表現出虛弱一面：本周公布的數字表明今年中國的增長率在第三季度減緩為9%，雖然增速還算快，但是與近些年的兩位數增率相比緩慢了不少。
Blowing cold on credit
對信貸沒興趣
The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.
眾多新興經濟的意願並不相同，但是累計在一起的影響力卻非同一般。最明顯的就是這些國家的表現將會決定世界經濟所面臨的是一個較為緩和的衰退還是更可怕的情況。在過去18個月的全球經濟增長中，新興經濟貢獻了75%。但是他們的經濟命運也會有一些政治後果。
In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today』s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.
在類似東歐的很多地區，金融混亂目前的打擊目標是軟弱的政府；但強硬的政權同樣會嘗到苦果。一些專家認為中國每年需要7%的增長率來阻止社會動盪的發生。總體來說，如此爭端必將影響全球經濟一體化的討論。與以往數次新興經濟危機不同，這次的混亂始於發達國家，很大程度上要歸咎於一體化的資本市場。一旦新興經濟崩潰，無論是貨幣危機還是劇烈的經濟蕭條，大家對於金融全球化是否屬明智之舉會有更多的質疑。
Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.
幸運的是上述恐怖的場景沒有發生在全球的每個角落：所有的新興經濟都會減緩發展速度，有一些也必將面臨深度蕭條；但是更多的國家在面臨當下危機的時候卻擁有比以往任何時候都強壯的形式，用充足的儲備、彈性的貨幣和強大的預算武裝自己。新興國家及發達國家良好的政策可以避免大災難的發生。
One reason for hope is that the direct economic fallout from the rich world』s disaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurts commodity-exporters from Russia to South America, it helps commodity importers in Asia and reces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.
至少有一個原因值得抱有希望：發達國家此次災難的直接經濟影響還是在可控的范圍內。歐美銳減的需求對出口來說無疑是一個打擊，特別是對亞洲和墨西哥。商品價格走低：原油價格與巔峰時期比較已經下降了60%，很多糧食和金屬類商品跌幅更大。這兩個現象有混合效果：盡管從俄羅斯到南美的商品（能源）出口企業備受打擊，但卻幫助了亞洲的商品（能源）進口商，並且緩和了各地對通脹的恐懼。委內瑞拉的情形一直很糟糕，也很脆弱；不過由於過去極度的繁榮，商品價格下跌目前還不會引發大范圍傳播的危機。
The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China』s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.
比商品價格更令人震驚的事情發生在金融領域。由於資產價格的下降，財富水平正在被擠壓縮水。以中國房價為例，目前已經開始下跌。盡管新興國家的消費者比發達國家的負債水平低很多，上述情況還是會挫傷國內的經濟信心。在其他方面，國外銀行借款驟然匱乏、對沖基金以及其他投資者逃離債券市場，這些因素給信貸增長踩了一腳急剎車。正如發達的信貸曾經強力支撐國內支出那樣，信貸緊縮將意味著增長放緩。
Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world』s bank l-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers』 group, expects a 30% decline in net flows of private capital from last year.
需要再次重申的是，沖擊的表現會因國家的不同而有所區別。多虧中國和海灣產油國經常項目下的巨額順差，新型經濟整體還不斷的向發達國家輸送資本。但是80 多個國家的財政赤字已經超過GDP的5%，其中的多數是那些依靠國外救助過活得貧困國家；不過也有一些依靠私人資本的大國。對於類似土耳其和南非的國家來說，突然減緩的境外融資迫使其進行大幅調整。東歐的情況特別令人擔憂，那裡的不少國家赤字水平已經達到了兩位數。另外，象俄羅斯這樣處於順差的國家，其銀行也逐漸適應了可以輕易從外國取得的貸款，原因自然是全球金融一體化。發達國家的救助計劃也許可以限制財富被擠壓的水平，但資本流向新興世界的速度無疑會減慢。國際金融研協會預測私人資本的凈流量比去年回減少30%。
A wing and a prayer
飛行之翼與祈禱者
This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The more vulnerable ones can (and should) be helped.
信貸緊縮必將令人生畏，不過多數新興市場可以躲過一劫，最大的市場形勢還相當不錯。比較脆弱的市場可以（也應該）得到幫助。
Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country』s leaders have made clear that they will do whatever it takes to cushion growth, China』s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.
在那些堅強的巨人中，中國卓然不群：手握2萬億美元的儲備，經常項下的順差狀態，與國外銀行罕有關聯，過剩的預算給推動支出留有足夠空間。鑒於國家領導人已經明確表示將不惜一切代價為經濟增長減速緩沖，中國的經濟增長應該會減緩到大約8%的水平，但是決不會崩潰。雖然這不足以挽救世界經濟，但是該增長率將會為商品價格建底並幫到新興世界的其他國家。
The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil』s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.
其他的經濟大國會受到更大的沖擊，不過應該可以禁受住風暴侵襲。印度的財政赤字巨大，巴西很多公司面臨巨大的外匯風險。但巴西經濟已經實現多樣化，同時上述兩個國家擁有充足的儲備來平穩過渡到緩慢的增長。俄羅斯掌握著5500億美元的儲備，應該能夠阻止對盧布的搶購。至少在短期內，小國家才是最弱不禁風的。
There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America』s Federal Reserve for liquidity support; some hope that China will l them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.
受到緊縮信貸壓力進行的調整必然帶來痛苦，但快速的國際援助是明智之舉，因為這會讓結果很不相同。一些新興國家已經向美聯儲求援以緩解流動性問題；有一些則希望中國可以拯救他們與水火。更佳的求救路線莫過於國際貨幣基金組織，因為它掌握大量的專門知識和2500億美元的可出借款項。不幸的是人們認為向基金借款有辱其名，國際貨幣基金組織應該推出更快捷、更靈活的金融工具，同時實現借貸條件最小化。過去數月中，機敏的決策驅散了發達國家的災難。現在也正是新興世界發生類似事情的時候了。
㈢ 你還有外文經濟學論文翻譯嗎
童鞋你好！
這個估計需要自己搜索了！
當然了，如果果真找不到追問一下！
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中文翻譯得自己做了，實在不成就谷歌翻譯。
弄完之後，自己閱讀幾遍弄順了就成啦！
學校以及老師都不會看這個東西的！
外文翻譯不是論文的主要內容！
所以，很容易過去的！
祝你好運！
㈣ 經濟學方面的外文翻譯
才50分啊，大哥一萬字的話，我在市場上能賣50多塊錢，算了，學雷鋒吧，不就一萬字英文嘛，這有啥啊，切～
㈤ 經濟學外文，跪求高人翻譯
在辨別匯率風險的類型和衡量有關風險暴露後，一個企業需要決定是否要套期保值這些風險。在國際金融中，管理（套期保值）不同類型匯率風險的適當戰略還需要加以制定（Jacque，1966）。可是在實際上，公司財務主任們一直根據（其他因素相同時）一定類型風險的流行和企業的規模採用不同的外匯風險管理戰略（Allen，2003）
A 套期保值的戰略
象徵性地，交易風險往往在戰術上（選擇性地）或戰略上被套期保值，以保持現金流和盈餘，這樣的套期保值取決於企業對所涉及外幣匯率未來變動的財政觀點。戰術性套期保值被大多數企業所採用，以套期保值它們與短期應收和應付交易有關的交易外匯風險，而戰略套期保值准備用於長期交易。可是，有些企業決定採用被動的套期保值，這牽涉到維持某種套期保值結構和以定期的套期保值周期加以實施，而不管外匯預期如何，也就是說，它不要求一個企業取外幣匯率的觀點。
外幣折算風險，或資產負債表風險被很頻繁而非系統性地套期保值，這往往是為了避免突然的外幣匯率沖擊對凈資產的影響。這一風險主要涉及到長期的外資風險暴露，例如企業的子公司的價值評估，它的債務結構和國際投資。然而，這些項目的長期本質以及外幣折算影響到資產負債表而不是一個企業的收入報表的事實，使得外幣折算風險的套期保值較少獲得管理的優先權。對於一個子公司價值的外幣匯率風險的外幣折算來說，標準的慣例是套期保值凈資產負債表，也就是子公司的、可能受到不利匯率變動影響的凈資產（總資產減去負債）。
在一份綜合的資產負債表中的套期保值匯率風險的框內，套期保值一個企業的債務分布的問題也具有最高的重要性(Marrison, 2002; Jorion and Khoury, 1996)。一個企業債務的貨幣組成和成熟度組成決定其凈權益和盈利對匯率變化的敏感性。為了減小匯率對盈利波動性的影響，該企業可以採用一個優化的模型來設計一套最佳的套期保值戰略，以管理自己的外幣匯率風險。在債務組成優化後，要套期保值餘下的外幣匯率風險暴露是一項困難的任務。除了優化以外，一個企業可以採用戰術的套期保值來減小殘留的外幣匯率風險。而且，如果匯率不以預期的方向變動，那麼外匯折算風險的套期保值就可能引起現金流或盈利的波動。
㈥ 急求：經濟類3000字左右英文文獻（帶翻譯更好）！~~
INTO THE STORM
FOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world』s financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. China』s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.
過去一年的大部分時間里，高速發展的新興國家一直在遠處觀望著西方國家的金融風暴。他們的銀行僅持有少量抵押資產，而類似的資產已經破壞了發達國家的金融公司。商品出口商因為原材料的高價格而日漸富有。中國不可抗拒的經濟力量已然開啟，而且信貸刺激的內需從布達佩斯到巴西利亞都表現得非常充足。盡管大蕭條後關於西方國家受難於金融崩塌的話題與日俱增，但新興國家似乎距離金融風暴的中心還有一段距離。
No longer. As foreign capital has fled and confidence evaporated, the emerging world』s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.
不過目前的情況不再是那樣了，隨著境外資本的流失和經濟信心的消失，新興國家股市暴跌（有些地區已經腰斬），本幣迅速貶值。由於外國銀行突然中斷貸款，並且收縮了包括貿易信貸在內的基礎銀行服務，新興國家的信貸市場突發混亂，並引發了一場浩劫。
Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services instry. South Korea has guaranteed $100 billion of its banks』 debt. Less well-endowed countries are asking for help. Hungary has secured a EURO5 billion ($6.6 billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.
新興國家的政府和發達國家的政府一樣都在為控制損失程度而奮斗。不過對於外匯儲備充足的國家來說難度會小一些：俄羅斯斥資2200億美元重振金融服務行業；韓國政府擔保了1000億美元的銀行債務。而那些儲備並不充足的國家正在四處求援：匈牙利成功向歐洲央行求得了50億歐元（約66億美元）的生命線，同時也在同國際貨幣基金組織協商借款事宜，同時向國際貨幣基金組織求援的還有烏克蘭。近一打兒的國家在向基金組織求助。
Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seemingly to stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China』s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.
有持續問題的國家正棋行險招：阿根廷正在將私人養老金國有化，意圖阻止違約的發生。即使強有力的國家也表現出虛弱一面：本周公布的數字表明今年中國的增長率在第三季度減緩為9%，雖然增速還算快，但是與近些年的兩位數增率相比緩慢了不少。
Blowing cold on credit
對信貸沒興趣
The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.
眾多新興經濟的意願並不相同，但是累計在一起的影響力卻非同一般。最明顯的就是這些國家的表現將會決定世界經濟所面臨的是一個較為緩和的衰退還是更可怕的情況。在過去18個月的全球經濟增長中，新興經濟貢獻了75%。但是他們的經濟命運也會有一些政治後果。
In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today』s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.
在類似東歐的很多地區，金融混亂目前的打擊目標是軟弱的政府；但強硬的政權同樣會嘗到苦果。一些專家認為中國每年需要7%的增長率來阻止社會動盪的發生。總體來說，如此爭端必將影響全球經濟一體化的討論。與以往數次新興經濟危機不同，這次的混亂始於發達國家，很大程度上要歸咎於一體化的資本市場。一旦新興經濟崩潰，無論是貨幣危機還是劇烈的經濟蕭條，大家對於金融全球化是否屬明智之舉會有更多的質疑。
Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.
幸運的是上述恐怖的場景沒有發生在全球的每個角落：所有的新興經濟都會減緩發展速度，有一些也必將面臨深度蕭條；但是更多的國家在面臨當下危機的時候卻擁有比以往任何時候都強壯的形式，用充足的儲備、彈性的貨幣和強大的預算武裝自己。新興國家及發達國家良好的政策可以避免大災難的發生。
One reason for hope is that the direct economic fallout from the rich world』s disaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurts commodity-exporters from Russia to South America, it helps commodity importers in Asia and reces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.
至少有一個原因值得抱有希望：發達國家此次災難的直接經濟影響還是在可控的范圍內。歐美銳減的需求對出口來說無疑是一個打擊，特別是對亞洲和墨西哥。商品價格走低：原油價格與巔峰時期比較已經下降了60%，很多糧食和金屬類商品跌幅更大。這兩個現象有混合效果：盡管從俄羅斯到南美的商品（能源）出口企業備受打擊，但卻幫助了亞洲的商品（能源）進口商，並且緩和了各地對通脹的恐懼。委內瑞拉的情形一直很糟糕，也很脆弱；不過由於過去極度的繁榮，商品價格下跌目前還不會引發大范圍傳播的危機。
The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China』s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.
比商品價格更令人震驚的事情發生在金融領域。由於資產價格的下降，財富水平正在被擠壓縮水。以中國房價為例，目前已經開始下跌。盡管新興國家的消費者比發達國家的負債水平低很多，上述情況還是會挫傷國內的經濟信心。在其他方面，國外銀行借款驟然匱乏、對沖基金以及其他投資者逃離債券市場，這些因素給信貸增長踩了一腳急剎車。正如發達的信貸曾經強力支撐國內支出那樣，信貸緊縮將意味著增長放緩。
Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world』s bank l-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers』 group, expects a 30% decline in net flows of private capital from last year.
需要再次重申的是，沖擊的表現會因國家的不同而有所區別。多虧中國和海灣產油國經常項目下的巨額順差，新型經濟整體還不斷的向發達國家輸送資本。但是80 多個國家的財政赤字已經超過GDP的5%，其中的多數是那些依靠國外救助過活得貧困國家；不過也有一些依靠私人資本的大國。對於類似土耳其和南非的國家來說，突然減緩的境外融資迫使其進行大幅調整。東歐的情況特別令人擔憂，那裡的不少國家赤字水平已經達到了兩位數。另外，象俄羅斯這樣處於順差的國家，其銀行也逐漸適應了可以輕易從外國取得的貸款，原因自然是全球金融一體化。發達國家的救助計劃也許可以限制財富被擠壓的水平，但資本流向新興世界的速度無疑會減慢。國際金融研協會預測私人資本的凈流量比去年回減少30%。
A wing and a prayer
飛行之翼與祈禱者
This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The more vulnerable ones can (and should) be helped.
信貸緊縮必將令人生畏，不過多數新興市場可以躲過一劫，最大的市場形勢還相當不錯。比較脆弱的市場可以（也應該）得到幫助。
Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country』s leaders have made clear that they will do whatever it takes to cushion growth, China』s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.
在那些堅強的巨人中，中國卓然不群：手握2萬億美元的儲備，經常項下的順差狀態，與國外銀行罕有關聯，過剩的預算給推動支出留有足夠空間。鑒於國家領導人已經明確表示將不惜一切代價為經濟增長減速緩沖，中國的經濟增長應該會減緩到大約8%的水平，但是決不會崩潰。雖然這不足以挽救世界經濟，但是該增長率將會為商品價格建底並幫到新興世界的其他國家。
The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil』s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.
其他的經濟大國會受到更大的沖擊，不過應該可以禁受住風暴侵襲。印度的財政赤字巨大，巴西很多公司面臨巨大的外匯風險。但巴西經濟已經實現多樣化，同時上述兩個國家擁有充足的儲備來平穩過渡到緩慢的增長。俄羅斯掌握著5500億美元的儲備，應該能夠阻止對盧布的搶購。至少在短期內，小國家才是最弱不禁風的。
There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America』s Federal Reserve for liquidity support; some hope that China will l them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.
受到緊縮信貸壓力進行的調整必然帶來痛苦，但快速的國際援助是明智之舉，因為這會讓結果很不相同。一些新興國家已經向美聯儲求援以緩解流動性問題；有一些則希望中國可以拯救他們與水火。更佳的求救路線莫過於國際貨幣基金組織，因為它掌握大量的專門知識和2500億美元的可出借款項。不幸的是人們認為向基金借款有辱其名，國際貨幣基金組織應該推出更快捷、更靈活的金融工具，同時實現借貸條件最小化。過去數月中，機敏的決策驅散了發達國家的災難。現在也正是新興世界發生類似事情的時候了。
補充：economics上的文章