1、 外文翻译 原文 Developing Rural Financial Markets Material Source: Finance it has stifled the development of rural financial markets and benefited only a small percentage of the rural population. Since the 1980s, some countries have experimented with a broader approach that has focused on reforming the po
2、licy and legal environment for financial markets and improving the design of rural financial programs and institutions. This new approach has proven to be far more effective than government intervention through concessional lending. Rural financial intermediaries have sprung up that are capable of r
3、eaching large numbers of people and surviving even thriving without government subsidies. Challenges for rural finance In many developing countries, financial markets especially in rural areas cannot operate efficiently because of an unstable macroeconomic environment, biased sectoral policies, exce
4、ssive government intervention, and legal and regulatory barriers. Macroeconomic instability affects RFIs directly, through such monetary variables as real interest rates, and indirectly, through effects on clients. For example, in the early 1980s, high real interest rates in the United States trigge
5、red massive farm failures and a crisis in the farm credit system. Persistent distortions, such as misaligned exchange rates, may lead to a misallocation of resources that is damaging to rural financial markets other things being equal, the higher the black-market premium for foreign exchange, the lo
6、wer the return on agricultural investments. Financial market rigidities. Government interventions such as excessive bank reserve requirements, channeling a large share of bank credit to state-owned enterprises and other investments, fixed interest rates, and usury laws lead to rigidities that hinder
7、 the efficient allocation of resources and intensify problems arising from imperfect information about financial intermediaries, borrowers, and depositors. In rural financial markets, these rigidities are compounded by difficulties peculiar to rural areas, such as poverty, low population densities,
8、isolation, seasonality of incomes, limited opportunities for risk diversification, and lack of traditional collateral. These difficulties, combined with high transaction costs because of the small size of most loans, discourage for-profit financial institutions from establishing themselves in rural
9、areas. Legal and regulatory barriers. In many countries, deficiencies in laws, regulations, and institutions discourage the formal sector from offering credit to rural producers and even to nonbank creditors such as traders. Creating a mortgage or claim on movable property can be difficult because o
10、f untitled land, high registration costs, and the absence of legal provisions for future interests. Perfecting a claim may be impossible because of the lack of easily accessible registries or high search costs. Enforcement of claims can be costly, lengthy, and uncertain. Other impediments to the dev
11、elopment of rural financial markets include usury laws and regulations that prevent smallholders from using their land as collateral. The right environment Creation of a favorable policy environment for rural financial intermediation requires macroeconomic stability, elimination of urban-biased poli
12、cies, and promotion of integrated and resilient financial markets. Steps to reform the legal and regulatory frameworks can be taken even before the appropriate policies are put in place. Strategies for stabilizing the macroeconomic environment should include the pursuit of prudent fiscal and monetar
13、y policies to reduce the incidence and impact of shocks to the economy. Improving the environment for agricultural and rural development requires a neutral trade regime between agricultural exportables and importables, removal of nontariff barriers, realignments of overvalued currencies, reduction o
14、f excessive industrial protection, a shift of public investment priorities toward rural areas, and greater community participation. States should avoid intervening in activities, such as input supply and marketing, that are better left to the private sector and focus on the provision of essential pu
15、blic goods such as roads, agricultural research, and public registries. Governments can increase the efficiency of financial markets by liberalizing them and strengthening the supervision and prudential regulation of financial intermediaries. Special prudential requirements,for example, lower statut
16、ory capital requirements with higher capital-to-assets ratios may be needed for rural banks and semiformal institutions. Other measures should include reforming laws dealing with the titling and registering of land and with secured transactions; upgrading legal registries and expanding the scope for
17、 private operation; lowering the costs of registration and foreclosure; drafting clear, limited homestead provisions; and removing interest rate ceilings. Government interventions While policymakers have reached a consensus on what measures can be taken to indirectly promote rural finance, issues re
18、lated to direct government interventions are still hotly debated. Poorly conceived interventions unsustainable, state-ownedagricultural credit institutions and actuarially unsound crop-insurance schemes have a long history. Direct interventions can work, however, when they are appropriate and adhere
19、 to sound operating principles. When to intervene? Direct interventions in rural financial markets are warranted only when they address specific market failures and their expected net benefits are positive, or when they reduce poverty in the most cost-effective way. How to intervene? Public support
20、for rural financial intermediation need not mean public provision of credit. Interventions can take many other forms for example, provision of seed capital, support for pilot programs, training, and dissemination of best practices. Governments may also provide support for products or services and fo
21、r various modes of operation. They can channel their assistance through a range of institutions, such as commercial banks, state-owned RFIs, cooperative banks, and nongovernmental organizations. Targeting. Targeting and explicit subsidies can be used to overcome barriers to financial intermediation
22、and accelerate institutional development. Distortions can be minimized by ensuring that targeted funding remains the exception; phasing out subsidies over a specified period; continuously as sessing performance against stated objectives; increasing access to financial services, rather than underpric
23、ing them; designing transfer mechanisms that encourage self-selection and minimize incentive distortions; and ensuring a level playing field for all RFIs. Designing successful RFIs. Good governance may well be the most important factor in the success of an RFI. All decision makers must have clearly
24、defined, consistently enforced powers and responsibilities.Management must be autonomous, as well as accountable for operational decisions, and clients interests must be fullyrepresented. The appropriate form of supervision and prudential regulation depends on the RFIs size, type, and ownership stru
25、cture. External supervision is particularly important for institutions that mobilize voluntary deposits from the general public. Other key requirements include clearly defined corporate strategiesand objectives; motivated and skilled staff; innovative, low-cost ways of providing financial services;
26、positive real interest rates on both loans and deposits; careful monitoring of portfolio quality, incentives for timely and full loan repayment, and active pursuit of delinquencies; risk reduction through diversification and integration into the broader financial system; and advanced management info
27、rmation systems that permit performance to be continually monitored. Conclusion Considerable progress has been made over the past two decades in developing cost-effective approaches to rural financial services. As demonstrated by BRI Unit Desas success, financial services can not only be provided to
28、 low-income rural clients at lower costs than was previously thought possible but also with smaller or no subsidies. BRI Unit Desa has helped remove what has often been considered a major obstacle to rural development in Indonesia rural households lack of access to financial services. The challenge
29、now is to implement the policy, legal, and regulatory reforms needed to create an environment in which rural financial markets can develop and flourish, and to determine when and how governments should intervene, to complement the work of markets. 译文 发展农村金融市场 资料来源 : 金融与发展 作者： 雅各布亚龙和麦当劳本杰明 许多发展中国家试图通
30、过低贴息贷款给农村地区的农民来刺激收益增长和减少贫困。结果是令人失望的。一个更广泛的方法 ,强调政策和法律改革和储蓄动员已经取得更大的成功。 在过去的五十年里 ,所有发展中国家的政府已经尝试过在捐助机构的支持下 ,鼓励农业现代化和从国有信用机构处引入大笔的钱以低于市场的利率对贷款给农民。宗旨是为了增加收入 ,减少贫困 ,解决农村 信贷短缺严重 。这条狭窄的方法失败了 ,它阻碍农村金融市场的发展 ,而且受益的只 有一小部分农村人口。八十年代以来 ,有些国家已经试验一个更广泛的方式 ,集中于改革政策和法律环境 ,金融市场和设计改进农村金融的程序和机构。这种新方法已被证明是更有效的政府通过干预优惠贷
31、款的方法。农村金融中介机构如雨后春笋般地涌现 ,在没有政府补贴的情况下甚至还能蓬勃发展。 （ 1）农村金融面临的挑战 在许多发展中国家，特别是在农村地区的金融市场不能有效运作，因为有一个行业政策偏颇、政府过度干预、法律和监管存在障碍的不稳定的宏观经济环境。宏观经济的不稳定，通过信息咨询、实际利率间接地造成对客户的影响。例如 ,在 20世纪 80年代初期 ,高实际利率在美国农场引发的巨大失败 和农业信贷体制的危机。 持续的扭曲 ,如汇率失调 ,可能导致资源配置失衡 ,农村金融市场对其它条件相同时较高的外汇黑市溢价，会降低对农业的投资回报。金融市场僵化。政府过多干预银行存款准备金等要求，银行信贷调
32、拨了很大一部分资金给国有企业以及其他投资，其固定利率和高利贷法引起金融市场僵硬，阻碍资源的有效配置，加大有关金融中介机构不完善，借款人，和存款问题的产生。 在农村金融市场，这些僵化加剧了农村地区特有的困难，例如贫穷，人口密度低，隔离，季节性的收入，分散风险的机会有限 ，缺乏传统的担保。这些困难，与大多数由于贷款规模小交易成本高昂相结合，阻止了在农村地区建立自己的营利性金融机构。 （ 2）法律法规与监管的缺陷。 在许多国家，由于法律，法规和监管的缺陷而取消了了正规部门对农村生产者，甚至非银行交易商等债权人提供信贷。建立一个抵押索偿或可能会很艰难 ,因为动产登记的土地 ,他们会产生高成本并且也缺乏
33、法律来确保未来的利益。完善权利要求是不可能的 ,因为缺乏便利登记处的数据和高搜索成本。索赔执法会很昂贵，漫长和不确定。其他阻碍农村金融市场发展的包括高利贷法律、法规的规定 , 也防止它使用土 地作为担保。 （ 3）适当的环境 为农村金融中介创造良好的政策环境，需要宏观经济的稳定，清除城市有偏见的政策 ,并推广综合性、弹性的金融市场。改革措施的法律和监管框架，甚至可以在到位之前采取适当的政策。稳定的宏观经济环境策略应该包括追求稳健的财政和货币政策以降低影响经济的冲击。改善农业和农村发展的环境需要一个中立的贸易体制，取消非关税贸易壁垒中性贸易体制，对被高估的货币，工业的过度保护，是对农村地区的公共
34、投资重点转向减少，更 多的社区参与重新调整。如投入供应和销售，是更好地留给私营部门和基本公共物品，如道路，农业科研和公共登记处提供的重点干预。 政府可以增加他们的自由化和加强监管及金融中介机构的审慎监管，金融市场的效率。 特别审慎监管的要求，例如，较低的法定资本要求较高的资本对比率，可能对农村银行和半正式的机构所需要的资产超过可承受的范围。其他措施应为：改革法律与产权和土地及与担保交易登记交易 ; 提升法律登记册和扩大私人经营范围 ;降低注册和取消抵押品赎回权的费用 ;起草明确的、有限的宅基地的规定 ;和消除利率上限。 （ 4）政府干预 虽然 决策者们达成了可以采取哪些措施来间接促进农村金融的
35、共识，问题涉及到政府的直接干预仍然是激烈争论。尽管考虑不周的，可持续的，国家信用不健全精算制度和作物保险计划干预有着悠久的历史。但是他们坚持稳健经营的原则。 何时介入？在农村金融市场的直接干预是必要的，只有当他们解决具体的市场失灵及其预期净效益是积极的，或者当他们解决贫穷需要降低成本时才需要介入。 如何介入？公众对农村金融中介的支持并不意味着公众提供信贷。干预可以采取许多其他形式，例如，种子资金，为试点方案，培训支持，并提供最佳做法的传播。各国政府也可以提供 的产品或服务的支持和各种操作模式。他们可以通过一个渠道，如商业银行，国有信息征询，合作银行和非政府组织机构，其援助范围。 （ 5）定位。
36、定位明确可以用来克服的障碍，加快金融中介机构发展在一定程度上可以减少扭曲确保有针对性的资金，逐步取消补贴，用在规定时间内不断评估时的表现来展现实力。 设计转移机制，鼓励自我选择，尽量减少扭曲的激励，以及确保公平竞争的领域，所有决策者必须具有明确的，一贯执行的权力和责任。 管理人员必须自主 ,以及负责运作决策 , 要充分体现出征求客户利益。适当的形式的监督审慎监管取决于金融机构的大小 ,类型和所有权结构。外部监管尤为重要 ,组织机构自愿存款来自于一般公众。 （ 6）其他主要要求包括： 明确界定企业的战略目标 ; 积极性和熟练的工作人员 ; 不断创新，提供金融服务的低成本方法 ; 积极的贷款和存款
37、的实际利率 ; 仔细监测组合的质量，以便及时和充分的还款激励机制，积极追求的拖欠 ; 通过多样化和整合风险降低到更广泛的金融制度 ; 先进的管理信息系统，允许性能不断加以监测。 结论：在过去的 20 年里发展中国家采用经济有效的措施对农村金融服务十年，已经取得了相当大的进展。 Desas 的成功地证 明 , 远比先前所认为的可能的，金融服务不仅可以以更低的成本提供给低收入农村客户 , 而且可以具有较小补贴或没有补贴。 Desas 帮助印尼农村居民清除经常被认为是与农村发展的主要障碍：缺乏金融服务。现在的挑战是怎样实施政策、法律、监管改革需要创造一个环境 ,让农村金融市场的发展繁荣 ,并决定政府应该何时以及如何介入 ,以配合市场工作。
