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1、外文翻译原文DevelopingRuralFinancialMarketsMaterialSource:Finance&DevelopmentAuthor:JACOBYARONANDMCDONALDBENJAMINManydevelopingcountrieshavetriedtospurincomegrowthandreducepovertyinruralareasbymakinglowinterestloanstofarmers.Theresultshavebeendisappointing.Abroaderapproachempha
2、sizingpolicyandlegalreformsandsavingsmobilizationhasbeenmoresuccessful.Forthepastfiftyyears,governmentsthroughoutthedevelopingworldhavetried,withthesupportofdonoragencies,toencourageagriculturalmodernizationandgrowthbychannelinglargesumsofmoneytostateownedcreditinstitutio
3、nsforonlendingatbelow-marketinterestratestofarmers.Theobjectivewastoincreaseincomesandreducepovertyinruralareasbyaddressingacutecreditshortages.Thisnarrowapproachhasfailed;ithasstifledthedevelopmentofruralfinancialmarketsandbenefitedonlyasmallpercentageoftheruralpopulatio
4、n.Sincethe1980s,somecountrieshaveexperimentedwithabroaderapproachthathasfocusedonreformingthepolicyandlegalenvironmentforfinancialmarketsandimprovingthedesignofruralfinancialprogramsandinstitutions.Thisnewapproachhasproventobefarmoreeffectivethangovernmentinterventionthro
5、ughconcessionallending.Ruralfinancialintermediarieshavesprungupthatarecapableofreachinglargenumbersofpeopleandsurvivingeventhriving—withoutgovernmentsubsidies.ChallengesforruralfinanceInmanydevelopingcountries,financialmarketsespeciallyinruralareascannotoperateefficiently
6、becauseofanunstablemacroeconomicenvironment,biasedsectoralpolicies,excessivegovernmentintervention,andlegalandregulatorybarriers.MacroeconomicinstabilityaffectsRFIsdirectly,throughsuchmonetaryvariablesasrealinterestrates,andindirectly,througheffectsonclients.Forexample,in
7、theearly1980s,highrealinterestratesintheUnitedStatestriggeredmassivefarmfailuresandacrisisinthefarmcreditsystem.Persistentdistortions,suchasmisalignedexchangerates,mayleadtoamisallocationofresourcesthatisdamagingtoruralfinancialmarkets—otherthingsbeingequal,thehigherthebl
8、ack-marketpremiumforforeignexchange,thelowerthereturnonagriculturalinvestments.Financialmarketri
