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1、外文翻译原文TheFinancialCrisisof2008andtheDevelopongCountriesMaterialSource:UNITEDNATONSUNIVERSITYAuthor:WimNaudéAbstractFollowingthefinancialcrisisthatbrokeintheUSandotherWesterneconomiesinlate2008,thereisnowseriousconcernaboutitsimpactonthedevelopingcountries.Theworldmediaalmostdailyr
2、eportsscenariosofgloomanddoom,withmanypredictingadeepglobalrecession.Thispapercriticallydiscussesthisandconcludesthatasfarasthedevelopingcountriesareconcerned,abitmoreoptimismmaybewarranted.Althoughwithoutdoubtthereareparticularcountriesthatwillbeadverselyaffected,therewillalsobec
3、ountriesthatmaybelessaffected,mayavoidrecession,andmayrecoversoonerthanexpected.Sixmajorreasonsforthisconclusionarediscussed.Withoutthisresilienceinthedevelopingworld,prospectsfortheworld’srichercountrieswouldbemuchbleaker.Finally,someoptionsavailabletothedevelopingcountriesformin
4、imizingtheimpactofthecrisisarediscussed.Thecrisisaccentuatestheurgentneedforacceleratingfinancialdevelopmentindevelopingcountries,boththroughdomesticfinancialdeepening,domesticresourcemobilization,andreformoftheinternationalfinancialsystem.Keywords:financialcrisis,developingcountr
5、ies,developmentfinance,financialdevelopmentJELclassification:F34,F35,G14,O161TheimpactondevelopingcountriesHowwilltheabovebetransmittedtoandaffectthedevelopingcountries?Threemainchannelsarediscussedhere:(i)bankingfailuresandreductionsindomesticlending,(ii)reductionsinexportearning
6、s,and(iii)reductionsinfinancialflowstodevelopingcountries.1.BankingfailuresandreductionsindomesticlendingInthewakeofthecrisisintheUS,thebiggestinitialfearintherestoftheworldwasthatoffinancialcontagion.Thisisthedangerthatfinancialinstitutionsindevelopingcountrieswillbenegativelyaff
7、ected.Therearebothdirectandindirectwaysinwhichthiscanhappen.Directly,banksindevelopingcountriesmaybeaffectedtotheextenttowhichtheyholdassetscontaminatedbysubprimemortgages.Atthetimeofwriting,thisdoesnotappeartobeasignificantconcern.Manydeveloping-countrybankshadlimited7inter-relat
8、ionshipswithinternationalbanks.Fo
