宏观经济政策与现实[文献翻译]

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1、本科毕业论文外文翻译原文外文题目：Theme:MacroEconomicPolicyandReality——DeepeningRuralFinancialMarkets:Macroeconomic,PolicyandPoliticalDimensions出处：RuralFinanceProgram作者：ClaudioGonzalez-Vega原文：PoliciesforruralfinancialdeepeningAcontemporaryperspectiveacknowledgestheurgencytoadoptnewpolici

2、es,developthenecessaryphysicalandinstitutionalinfrastructure,improveanddisseminatenewfinancialtechnologies,anddesignandbuildneworganizations,whichwouldallowamoreefficient,sustainable,andbroadly-basedprovisionofruralfinancialservicesinthedevelopingworldandeconomiesintrans

3、ition.Policiesrefertopublicactions–governmentanddonorinterventions–neededtocreateanenvironmentconducivetoruralfinancialmarketdevelopment.Keypolicyinterventionsmayrequirerevisionsoflegalsystems(e.g.,propertyrights,borrowerandlenderrights,contractdesign,judicialenforcement

4、),newfinancialpolicies(e.g.,interestrates,exchangerates,reserverequirements),andnewregulatoryframeworks(e.g.,entryandexitoffinancialorganizations,degreesofmarketcompetition,prudentialregulationandsupervision).Thesepolicies,legalsystems,andregulatoryframeworksarepartofthe

5、institutionalinfrastructureneededfortheefficientandstableoperationofruralfinancialmarkets.Atbest,thedevelopmentofthisinfrastructurehasbeenneglected;frequentlyinthepast,interventionistpoliciesactuallyrepressedfinancialmarketdevelopment.Reformsofnon-financialpoliciesthatco

6、nstraintheprofitabilityofclientbusinessesandpublicinvestmentsandthatreducetransactioncostsforallmarketparticipantsalsocontributetoanexpansionofboththedemandandthesupplyofruralfinancialservices.Thedevelopmentofsupportinginstitutionalmechanisms(e.g.,propertyregistries,cred

7、itbureausandratingagencies)isalsocriticalforruralfinancialmarketexpansion.Becausemanyofthesesupportingtoolsmaybepublicgoods,stateinterventionmaybeneededinordertoacceleratetheirprovision.Gettingprices,policiesandinstitutionsrightisanecessarybutnotasufficientconditionforru

8、ralfinancialdeepeningindevelopingcountriesandeconomiesintransition.Thisgoalwillnotbereachedunlessnew,co