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巴黎襲擊這樣的事件是否表明預測它們是不可能的任務？ | Do events like the Paris attacks show that forecasting them is impossible? | 翻譯成中文。 |
或者，襲擊是否暴露了長期預測應該看到的風險？ | Or did the attacks expose precisely the type of risk that long-term projections should identify? | 翻譯成中文。 |
The World Economic Forum has just released its “Global Risks 2015” report which attempts to predict and rank the biggest risks that the world faces over the next ten years. | 世界經濟論壇剛剛釋出了其《2015年全球風險》（“Global Risks 2015”）報告，該報告試圖預測未來十年世界所面臨的最大風險並進行排序。 | 翻譯成英文。 |
世界經濟論壇的注意力主要集中在巨集觀層面。 | The WEF’s focus is squarely on the macro level. | 翻譯成中文。 |
For example, “the biggest threat to the stability of the world in the next ten years comes from the risk of international conflict.” | 比如，“未來十年世界穩定的最大威脅來自國際衝突的風險。 | 翻譯成英文。 |
”而戰爭威脅排在許多社會、環境、地緣政治、技術和經濟風險和趨勢之前。 | And the menace of war is followed by a raft of social, environmental, geopolitical, technological, and economic risks and trends. | 翻譯成中文。 |
但所有這些風險都可以在組織層面，並且最終在個體層面被感覺到。 | But all of these risks will be felt on an organizational, and ultimately, individual level as well. | 翻譯成中文。 |
That is why we spend time in conference rooms and around kitchen tables trying to identify and mitigate them. | 正因如此，我們花時間在會議室和餐桌周圍試圖識別並遏制它們。 | 翻譯成英文。 |
And yet we also know that the pace of change is faster than ever before, and that governments, businesses, and households are finding it increasingly difficult to keep up. | 但我們也知道，變化的速度比以往任何時候到要快，而政府、企業和家庭日益感到難以跟上變化的腳步。 | 翻譯成英文。 |
在我們所有的識別、量化和遏制風險努力之下時不可否認的永恆真理——唯一不變的只有變化。 | Beneath all of our identifying, quantifying, and mitigating of risk lies the undeniable and timeless truth that the only constant is change. | 翻譯成中文。 |
For Heraclitus, change was the fundamental principle of life. | 對赫拉克利特來說，變化是生命的基本原理。 | 翻譯成英文。 |
馬基雅維利稱之為福爾圖娜（fortuna）：左右我們、決定我們福祉的事件往往超越我們的推理和控制。 | Machiavelli referred to it as fortuna:the events that shape us and determine our wellbeing are often beyond our reason and control. | 翻譯成中文。 |
Though we can attempt to plan for change, we cannot always predict the precise nature and time at which it will occur. | 儘管我們可以嘗試規劃變化，但我們不可能永遠預測到變化的性質和發生時間。 | 翻譯成英文。 |
此外，對所有我們可以並作出規劃的風險來說，我們無法做好準備的那些變化會帶來最大的傷害。 | Moreover, for all the risks that we can and do plan for, it is those for which we cannot prepare that can do the most damage. | 翻譯成中文。 |
That is why, alongside all of the identifying, quantifying, and mitigating, we must also embrace the idea that not all change can be clearly foreseen and planned for. | 正因如此，除了所有的識別、量化和遏制工作之外，我們還必須接受一個思想，即並非所有變化都可以明確地預測和規劃。 | 翻譯成英文。 |
言下之意是我們必須潛移默化地在我們的家庭、組織和國家中建立有效應對危機時刻所需要的恢復力和工具，從而讓意料外變化的潛在破壞力最小化。 | The implication is that we must instill in our families, organizations, and states the resilience and tools needed to act effectively in times of crisis – and thus to minimize the potentially damaging impact of unexpected change. | 翻譯成中文。 |
This ethos will also help us maximize the potential benefits of such flux. | 這一思想有助於我們實現這些波動的潛在收益最大化。 | 翻譯成英文。 |
畢竟，沒有未預見到的變化，人類的許多努力將無功而返，我們也沒有創新的必要了。 | After all, without unforeseen change, much of human endeavor would be fruitless, and innovation would be unnecessary. | 翻譯成中文。 |
Shocking things like the massacre at Charlie Hebdo in Paris happen, and they seem to be happening more frequently than ever. | 類似於巴黎《查理週刊》大屠殺的衝擊性事件時不時地發生，並且似乎比以往任何時候都發生得更加頻繁。 | 翻譯成英文。 |
They turn our world upside down and make us question our sense of who we are. | 它們顛覆我們的世界，讓我們質疑“我們是什麼”的問題。 | 翻譯成英文。 |
It is at such moments that we demonstrate our ability – or lack of it – to confront the unexplained, the unplanned, and the unfathomable. | 這樣的時刻正是我們證明我們面對無法解釋的、計劃外的、深不可測的能力——或證明我們欠缺這種能力——的時刻。 | 翻譯成英文。 |
At the same time, such moments remind us that future generations ultimately will judge us not on the basis of what we accumulated – whether personally, as organizations, or as states – but by the impact we had on those around us, and by how well we responded to their needs. | 與此同時，這樣的時刻提醒我們，最終子孫後代對我們的評價基礎不是我們積累了什麼——不管在個人、組織還是國家層面——而是我們隊周圍人群的影響，以及我們如何響應他們的需要。 | 翻譯成英文。 |
在危險的時代，當風險的出現、時機和擴散都可能造成癱瘓性後果時，重要的不僅是我們取得什麼成就，而是我們如何取得成就。 | In perilous times, when the emergence, timing, and diffusion of risks can have a paralyzing effect, what matters is not simply what we accomplish, but how we accomplish it. | 翻譯成中文。 |
在這樣的時代，我們所創造的價值不能只用錢來衡量。 | In such times, the value we create cannot be measured only in terms of money. | 翻譯成中文。 |
更重要的是我們幫助同儕、夥伴、兒童和同胞變得多強壯、多有能力、多有韌性。 | More important is how much stronger, more capable, and more resilient we help our colleagues, partners, children, and fellow citizens become. | 翻譯成中文。 |
Perhaps the main risk this year – and in the decade ahead – is that we lose sight of this fundamental truth. | 也許今年的主要風險——以及未來十年的主要風險——是我們沒有看清根本事實。 | 翻譯成英文。 |
Like the Palestinians, the Kurds Deserve a State | 庫爾德人理應跟巴勒斯坦人一樣建國 | 翻譯成英文。 |
發自耶路撒冷——如今幾乎所有人都同意巴勒斯坦人應當建立自己的國家而非生活在以色列的統治之下。 | JERUSALEM – Nowadays, almost everyone agrees that the Palestinian people deserve a state, and that they should not live under Israeli rule. | 翻譯成中文。 |
Most Israelis share this view, including even Prime Minister Binyamin Netanyahu, who has reluctantly stated his own commitment to a two-state solution. | 大多數以色列人也贊同這一觀點，甚至連總理本雅明·內塔尼亞胡也不情願地表達了自己對兩國方案的承諾。 | 翻譯成英文。 |
而在許多西方民主國家，一批強大的左翼選民團體也會定期組織鼓吹巴勒斯坦獨立的示威活動。 | And in many Western democracies, a strong left-wing constituency regularly organizes demonstrations in favor of Palestinian independence. | 翻譯成中文。 |
The argument for Palestinian statehood is anchored in a fundamentally moral claim for national self-determination. | 巴勒斯坦建國的論據源自於一個關於民族自決的根本性道義主張。 | 翻譯成英文。 |
但這一主張賦予庫爾德人同樣的權利時，西方世界卻陷入了一片恥辱而詭異的沉默之中。 | Yet when it comes to securing the same right for the Kurdish people, the West has been shamefully and strangely silent. | 翻譯成中文。 |
各西方民主國家既沒有對9月底庫爾德斯坦地區政府的獨立公投給予支援，也沒有站出來反對伊拉克和土耳其兩國政府動武阻止庫爾德人建國的威脅。 | Western democracies offered no support for the Kurdistan Regional Government’s independence referendum in late September, and they have not spoken out against the Iraqi and Turkish governments’ threats to crush the KRG’s bid for statehood by force. | 翻譯成中文。 |
When officials in the European Union or the United States give a reason for opposing Kurdish independence, it always comes down to realpolitik. | 在列舉反對庫爾德人獨立的理由時，歐盟或美國官員總是會歸結為現實政治。 | 翻譯成英文。 |
Iraq’s territorial integrity must be preserved, we are told, and independence for the KRG could destabilize Turkey and Iran, owing to those countries’ sizeable Kurdish minorities. | 他們說伊拉克的領土完整必須得到保護，而庫爾德斯坦地區政府的獨立還可能會破壞土耳其和伊朗的穩定，因為這兩國也有著數量龐大的庫爾德少數民族。 | 翻譯成英文。 |
But these arguments merely underscore a double standard. | 但這些論據只不過體現了他們的雙重標準。 | 翻譯成英文。 |
Moral claims for self-determination are justly raised in the case of the Palestinians, but they are entirely absent from the international discourse about Kurdistan. | 巴勒斯坦人理直氣壯地提出了民族自決的道義主張，卻完全沒有遭遇到那種針對庫爾德斯坦的國際議論。 | 翻譯成英文。 |
Worse still, the brutal oppression of the Kurds over many generations has been totally overlooked. | 更糟糕的是，外界還無視了相關各國幾十年來對庫爾德人的殘酷壓迫。 | 翻譯成英文。 |
In Iraq under Saddam Hussein, the Kurds were subjected to genocidal chemical-weapons attacks. | 在薩達姆·侯賽因統治下的伊拉克，庫爾德人受到種族滅絕式的化學武器襲擊。 | 翻譯成英文。 |
And in Turkey, the military has razed hundreds of Kurdish villages. | 在土耳其，軍方已經掃蕩了數百個庫爾德村莊。 | 翻譯成英文。 |
在否認庫爾德人民族自決權的論點中，維護伊拉克領土完整的說法堪稱是最荒謬虛偽的。 | Among the arguments used to deny the Kurds their right to self-determination, the defense of Iraq’s territorial integrity is the most spurious and hypocritical of all. | 翻譯成中文。 |
當英國政治家在一戰擊敗奧斯曼帝國後將伊拉克建成一個獨立政治實體時，他們遵循的只是自己的帝國主義利益，卻忽視了這片土地上的歷史，地理，人口以及種族和宗教多樣性。 | When British statesmen established Iraq as a distinct political entity after the defeat of the Ottoman Empire in World War I, they did so in accordance with their own imperialist interests. Accordingly, they disregarded the territory’s history, geography, demography, and ethnic and religious diversity. | 翻譯成中文。 |
The residents of this newly conjured state were never actually asked if they wanted to live in a country with an overwhelming Shia majority and large Kurdish and Christian minorities. | 當地民眾被劃入了這個憑空建立的新國家，卻沒有人問過他們是否想要住在一個什葉派穆斯林人口占壓倒性多數同時卻有著大量庫爾德和基督教少數族裔的地方。 | 翻譯成英文。 |
自然也沒有人問過他們是否希望被一個遜尼派穆斯林王朝統治，而後者是當年由英國人從現為沙烏地阿拉伯一部分的漢志（Hejaz）地區移植過來的。 | And they certainly were never asked if they wanted to be ruled by a Sunni dynasty that the British had implanted from the Hejaz, now a part of Saudi Arabia. | 翻譯成中文。 |
最初，根據戰敗的奧斯曼帝國在1920年8月簽署的《西弗斯條約》，庫爾德人像亞美尼亞人一樣得到了獨立建國的承諾。 | Initially, under the Treaty of Sèvres, which the defeated Ottoman Empire signed in August 1920, the Kurds, like the Armenians, were promised an independent state. | 翻譯成中文。 |
But the victorious Allied powers later abandoned this promise, and the Kurdish people have lived under constant oppression ever since. | 但獲勝的協約國勢力隨後放棄了這一承諾，令庫爾德人從此落入了長期遭各方壓迫的命運。 | 翻譯成英文。 |
在伊拉克北部地區，庫爾德人就跟該國的亞述裔基督徒一樣，長期無法得到巴格達的阿拉伯霸權統治者對自身獨特語言和文化的認可。 | In what became northern Iraq, the Kurds, like the country’s Assyrian Christians, were for decades denied recognition of their distinct language and culture by hegemonic Arab rulers in Baghdad. | 翻譯成中文。 |
在這方面“領土完整”只不過是種族或宗教壓迫的託詞罷了。 | In this context, “territorial integrity” is nothing more than an alibi for ethnic or religious oppression. | 翻譯成中文。 |
同樣，生活在土耳其和伊朗的數千萬庫爾德人也被長期剝奪了基本的人權和文化權利。 | Similarly, the tens of millions of Kurds living in Turkey and Iran have also long been denied basic human and cultural rights. | 翻譯成中文。 |
因此也可以理解土耳其和伊朗政府為何會反對庫爾德斯坦地區政府的獨立嘗試：他們擔心一旦庫爾德斯坦成功獨立，自己手下那些被壓迫的庫爾德人也會群起仿效。 | It is thus understandable that the Turkish and Iranian governments would object to the KRG’s independence bid: they fear the emergence, if it succeeds, of similar movements among their own oppressed Kurdish populations. | 翻譯成中文。 |
But the prospect of an independent Palestine destabilizing Jordan is never offered as an argument against Palestinian statehood, and nor should such an argument be used against Iraq’s Kurds. | 然而卻從來沒有人用巴勒斯坦獨立會破壞約旦穩定的說法來反對巴勒斯坦建國，因此這種觀點也不應被施加在伊拉克庫爾德人身上。 | 翻譯成英文。 |
Moreover, the KRG has already established a relatively open and pluralistic society. | 此外，庫爾德斯坦地區政府已經建立起一個相對開放和多元化的社會。 | 翻譯成英文。 |
作為一個半自治地區，伊拉克庫爾德斯坦以多黨制體制運作，這種制度在鄰近的阿拉伯國家可看不到，更別提逐漸轉向威權主義的伊朗或土耳其了。 | As a semi-autonomous region, Iraqi Kurdistan operates under a multi-party system the likes of which one will not find in neighboring Arab countries, let alone in Iran or Turkey, which is increasingly turning toward authoritarianism. | 翻譯成中文。 |
National self-determination is a universal right that should not be denied to populations suffering under oppressive non-democratic regimes. | 民族自決是一個普世權利，也是那些慘遭非民主政權壓迫的人民理應享有的權利。 | 翻譯成英文。 |
The same arguments that rightly apply to the Palestinians should apply equally to the Kurds. | 正確適用於巴勒斯坦人的論據也應適用於庫爾德人。 | 翻譯成英文。 |
Human-rights activists who demonstrate for Palestinian statehood should be no less vocal on behalf of Kurdish statehood. | 而那些巴勒斯坦建國鼓與呼的人權活動家也應代表庫爾德國家發聲。 | 翻譯成英文。 |
人權要求——除非它們被選擇性地作為偽善表演的一部分來使用——應該永遠高於現實政治。 | And human-rights claims – unless they are applied selectively as part of a hypocritical sham – should always trump realpolitik. | 翻譯成中文。 |
Throughout their long, tragic history, the Kurds have repeatedly been abandoned by the West, to its great shame. | 應該令西方深感羞恥的是，庫爾德人漫長而悲慘的歷史也是一部一再被西方拋棄的歷史。 | 翻譯成英文。 |
這個狀況不應再發生。 | This must not happen again. | 翻譯成中文。 |
Kurdish Peshmerga have been Western democracies’ staunchest allies in the fight against the Islamic State. | 庫爾德民兵組織已經是西方民主國家對抗伊斯蘭國的堅定盟友。 | 翻譯成英文。 |
而如果西方為了討好伊拉克或土耳其政府而去拋棄庫爾德人，只會讓一切變成一場痛苦的鬧劇。 | It would be a bitter travesty to abandon the Kurds to the mercy of the Iraqi or Turkish governments in their time of need. | 翻譯成中文。 |
是什麼在阻礙世界經濟？ | What’s Holding Back the World Economy? | 翻譯成中文。 |
發自紐約——全球金融危機在2008年爆發七年後的2015年，世界經濟依然萎靡。 | NEW YORK – Seven years after the global financial crisis erupted in 2008, the world economy continued to stumble in 2015. | 翻譯成中文。 |
According to the United Nations’ report World Economic Situation and Prospects 2016, the average growth rate in developed economies has declined by more than 54% since the crisis. | 根據聯合國釋出的《2016年世界經濟形勢與展望》報告，自危機以來發達經濟體的平均增長率下降了超過54 ％。 | 翻譯成英文。 |
據估計這些國家現有約4400萬失業人口，較2007年多了1200萬，而通脹則已經下探到自危機以來的最低水平。 | An estimated 44 million people are unemployed in developed countries, about 12 million more than in 2007, while inflation has reached its lowest level since the crisis. | 翻譯成中文。 |
More worryingly, advanced countries’ growth rates have also become more volatile. | 更令人擔憂的，發達國家的增長速度也變得更為不穩定。 | 翻譯成英文。 |
這是有點出人意料，因為這些完全開放資本賬戶的經濟體本應從資本的自由流動和國際風險分擔中獲益——並因此只會經歷小範圍的巨集觀經濟波動。 | This is surprising, because, as developed economies with fully open capital accounts, they should have benefited from the free flow of capital and international risk sharing – and thus experienced little macroeconomic volatility. | 翻譯成中文。 |
此外，包括失業救濟金在內的各類社會轉移支付手段應該也可依然讓家庭維持自身的消費水平。 | Furthermore, social transfers, including unemployment benefits, should have allowed households to stabilize their consumption. | 翻譯成中文。 |
但在後危機時期的主要政策——各大中央銀行的財政緊縮和定量寬鬆——在刺激居民消費，投資和增長方面沒有多大幫助，反而讓事態變得更加糟糕。 | But the dominant policies during the post-crisis period – fiscal retrenchment and quantitative easing (QE) by major central banks – have offered little support to stimulate household consumption, investment, and growth. On the contrary, they have tended to make matters worse. | 翻譯成中文。 |
In the US, quantitative easing did not boost consumption and investment partly because most of the additional liquidity returned to central banks’ coffers in the form of excess reserves. | 在美國，量化寬鬆政策未能刺激消費和投資的部分原因是大部分額外流動性都以超額準備金的形式回到了中央銀行的金庫。 | 翻譯成英文。 |
2006年的《金融服務管制放鬆法案》授權美國聯邦儲備委員會為法定和超額準備金支付利息，從而削弱了量化寬鬆的主要目標。 | The Financial Services Regulatory Relief Act of 2006, which authorized the Federal Reserve to pay interest on required and excess reserves, thus undermined the key objective of QE. | 翻譯成中文。 |
事實上，在美國金融業瀕臨崩潰之時，《緊急經濟穩定法案》將提供儲備利率的生效日期提前了三年，從2008年10月1日開始，結果美聯儲持有的超額準備金額暴增，從2000~2008年間平均2000億美元上升到2009~2015年間的1. | Indeed, with the US financial sector on the brink of collapse, the Emergency Economic Stabilization Act of 2008 moved up the effective date for offering interest on reserves by three years, to October 1, 2008. As a result, excess reserves held at the Fed soared, from an average of $200 billion during 2000-2008 to $1.6 trillion during 2009-2015. | 翻譯成中文。 |
Financial institutions chose to keep their money with the Fed instead of lending to the real economy, earning nearly $30 billion – completely risk-free – during the last five years. | 6萬億。 金融機構選擇把自己的錢留在美聯儲而非向實體經濟貸款，收並因此在過去五年間無風險套利近300億美元。 | 翻譯成英文。 |
這相當於美聯儲向金融部門給與了一個慷慨的——而且在很大程度上隱蔽的——補貼。 | This amounts to a generous – and largely hidden – subsidy from the Fed to the financial sector. | 翻譯成中文。 |
同時由於上個月美聯儲加息，今年的補貼還會增加約130億美元。 | And, as a consequence of the Fed’s interest-rate hike last month, the subsidy will increase by $13 billion this year. | 翻譯成中文。 |
Perverse incentives are only one reason that many of the hoped-for benefits of low interest rates did not materialize. | 負面激勵措施只是導致低利率的預期好處無法兌現的其中一個原因。 | 翻譯成英文。 |
Given that QE managed to sustain near-zero interest rates for almost seven years, it should have encouraged governments in developed countries to borrow and invest in infrastructure, education, and social sectors. Increasing social transfers during the post-crisis period would have boosted aggregate demand and smoothed out consumption patterns. | 由於量化寬鬆在接近七年間維持了近零利率，它本應鼓勵各發達國家政府借貸並投資於基礎設施，教育和社會部門，在後危機時期增加社會轉移支付，提振總需求並將原本扭曲的消費模式理順過來。 | 翻譯成英文。 |
Moreover, the UN report clearly shows that, throughout the developed world, private investment did not grow as one might have expected, given ultra-low interest rates. | 此外，聯合國報告清楚地表明，在整個發達世界，民間投資並未像人們所認定的那樣在超低利率下擴大。 | 翻譯成英文。 |
20個最大的發達經濟體中有17個在2008年後投資增速低於危機前水平; 5個國家在2010~2015年間出現了投資總額下跌。 | In 17 of the 20 largest developed economies, investment growth remained lower during the post-2008 period than in the years prior to the crisis; five experienced a decline in investment during 2010-2015. | 翻譯成中文。 |
全球範圍內，本應轉化為固定資產投資的非金融企業債券的發行量在同一時期顯著上升。 | Globally, debt securities issued by non-financial corporations – which are supposed to undertake fixed investments – increased significantly during the same period. | 翻譯成中文。 |
這跟與其他眾多證據一致表明，許多非金融企業只是以低利率的優勢來借款，不過目的不是投資，而是用借來的錢回購自己的股票或購買其他金融資產。 | Consistent with other evidence, this implies that many non-financial corporations borrowed, taking advantage of the low interest rates. But, rather than investing, they used the borrowed money to buy back their own equities or purchase other financial assets. | 翻譯成中文。 |
QE thus stimulated sharp increases in leverage, market capitalization, and financial-sector profitability. | 因此量化寬鬆政策反而大幅提升了槓桿率，市場資本化程度和金融部門的盈利。 | 翻譯成英文。 |
But, again, none of this was of much help to the real economy. | 但這一切同樣都對實體經濟沒有多大幫助。 | 翻譯成英文。 |
Clearly, keeping interest rates at the near zero level does not necessarily lead to higher levels of credit or investment. | 顯然，保持利率在接零水平並不一定會催生更高水平的信貸或投資。 | 翻譯成英文。 |
當銀行被賦予自由選擇的權利時，它們寧願選擇無風險利潤甚至金融投機，而非把款貸出去以支援更巨集觀的經濟增長目標。 | When banks are given the freedom to choose, they choose riskless profit or even financial speculation over lending that would support the broader objective of economic growth. | 翻譯成中文。 |
相反，當世界銀行或國際貨幣基金組織把廉價資金出借給發展中國家的時候，它們都會規定貸款的用途。 | By contrast, when the World Bank or the International Monetary Fund lends cheap money to developing countries, it imposes conditions on what they can do with it. | 翻譯成中文。 |
To have the desired effect, QE should have been accompanied not only by official efforts to restore impaired lending channels (especially those directed at small- and medium-size enterprises), but also by specific lending targets for banks. | 如果要收到預期的效果，伴隨著量化寬鬆政策的不應僅有政府恢復受損貸款渠道（特別是那些針對中小規模的企業）的努力，還有對銀行貸款的具體目標。 | 翻譯成英文。 |
相對於適得其反地激勵銀行不放貸，美聯儲應該已經處罰那些存入超額準備金的銀行。 | Instead of effectively encouraging banks not to lend, the Fed should have been penalizing banks for holding excess reserves. | 翻譯成中文。 |
While ultra-low interest rates yielded few benefits for developed countries, they imposed significant costs on developing and emerging-market economies. | 而超低利率雖然對發達國家無甚好處，它卻對發展中國家和新興市場經濟體強加了巨大的成本。 | 翻譯成英文。 |
An unintended, but not unexpected, consequence of monetary easing has been sharp increases in cross-border capital flows. | 這個並非政策制定者本意卻是意料之中的後果就是貨幣寬鬆政策導致跨境資本流動急劇增加。 | 翻譯成英文。 |
流入發展中國家的總資本從2008年的約2000億美元增加到2010年的超過6000億。 | Total capital inflows to developing countries increased from about $20 billion in 2008 to over $600 billion in 2010. | 翻譯成中文。 |
At the time, many emerging markets had a hard time managing the sudden surge of capital flows. Very little of it went to fixed investment. | 與此同時，許多新興市場都難以應對資本流動的突然激增，這些資金中也只有很少的一部分轉化為固定資產投資。 | 翻譯成英文。 |
事實上，發展中國家的投資增長在後危機時期顯著放緩。 | In fact, investment growth in developing countries slowed significantly during the post crisis period. | 翻譯成中文。 |
This year, developing countries, taken together, are expected to record their first net capital outflow – totaling $615 billion – since 2006. | 今年以來，發展中國家整體將經歷自2006年以來首次資本淨流出的局面——金額共計達6150億美元。 | 翻譯成英文。 |
Neither monetary policy nor the financial sector is doing what it’s supposed to do. | 無論是貨幣政策還是財政部門都未能履行自己的職責。 | 翻譯成英文。 |
顯然氾濫的流動性中的極大部分都朝著創造金融財富和催生資產泡沫奔去，而非鞏固實體經濟。 | It appears that the flood of liquidity has disproportionately gone toward creating financial wealth and inflating asset bubbles, rather than strengthening the real economy. | 翻譯成中文。 |
Despite sharp declines in equity prices worldwide, market capitalization as a share of world GDP remains high. | 儘管全球股價大幅下跌，市場資本佔世界GDP的份額仍然很高。 | 翻譯成英文。 |
The risk of another financial crisis cannot be ignored. | 爆發另一場金融危機的風險也不容忽視。 | 翻譯成英文。 |
還有其他一些政策也在支撐著恢復可持續和包容性增長承諾的兌現。 | There are other policies that hold out the promise of restoring sustainable and inclusive growth. | 翻譯成中文。 |
These begin with rewriting the rules of the market economy to ensure greater equality, more long-term thinking, and reining in the financial market with effective regulation and appropriate incentive structures. | 這些政策首先由改寫市場經濟的規則開始，以確保更高程度的平等，更長遠考慮，並用有效的監管和適當的激勵機制來管理金融市場。 | 翻譯成英文。 |