[2011.08.20] 移民债券

引用 join_soon 2011-8-20 14:37

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Diaspora bonds
散居移民债券

Milking migrants
吸收移民存款

How poor countries can tap emigrants’ savings
看贫穷国是怎样吸引移民存款的。

Aug 20th 2011 | from the  Economist   print edition

HOW can emigrants help the countries they have left? The usual answer is: by sending money home to support their parents, put cousins through college, and so on. Such remittances are important, says Dilip Ratha of the World Bank, but it is not enough to tap the income of migrants abroad. Poor countries should also tap their savings. One way is to sell diaspora bonds.

移民是怎么帮助他们的故乡的？通常的答案是：通过往国内寄钱来赡养父母、来资助兄弟姐妹们上大学等等。世界银行的Dilip Ratha说，这些侨汇当然扮演着重要角色，但是要想攫取海外移民的收入，这样做是远远不够的。贫困国应该把他们的存款也挖掘出来。一种方法就是发放散居移民股票。

The idea is simple. Poor-country governments can issue bonds and market them to emigrants in rich countries. There are several advantages to milking members of a diaspora. They are often patriotic: they like the idea that their savings will pay for bridges and clinics at home. They are patient, since they have a long-term tie to the issuer. They are less jittery than other investors, too, since they have friends who can tell them whether political unrest is really as bloody as it looks on television. And they are sanguine about currency risk. If the Zambian kwacha crashes, an expat Zambian can buy his mother a cheap house.

这个主意很简单。贫困国政府可以发行债券并且卖给在富裕国的移民。吸收移民地前有几点优势。比如，他们通常很爱国，他们希望他们的存款被用来建设家乡的桥梁和诊所。他们很有耐心，因为他们与发行人有很深的渊源。他们也不会像其他投资人那样大惊小怪，因为他们有朋友可以告诉他们政治动乱是否真的像电视上报道的那么血腥。而且他们对汇率风险更乐观。如果赞比亚的克瓦查贬值了，一个海外的赞比亚人可以给他妈妈买一栋便宜的房子。

Israel and India have successfully issued diaspora bonds in the past. A desperate Greek government is pursuing the idea, too. Diasporas are larger than ever—more than 200m people live outside the countries where they were born. They are richer, too: migrants from developing countries have saved an estimated $400 billion. Thanks to cheap phone calls and flights, migrants often remain in close touch with their homelands. And they are not hard to reach: governments could approach them via the money-transfer companies that they already use.

过去，以色列和印度已经成功地发行了移民债券。焦头烂额的希腊政府也正在施行这个办法。移民规模空前强大——2亿多人住在他们出生国之外。他们也更富裕了，发展中国家的移民地存款大约有四千亿美元。由于廉价的通讯费用和机票，移民们与他们的故乡保持着紧密的联系。而且容易联系到他们，政府可以通过他们已经在用的货币转换公司接近他们。


The World Bank is advising several nations about diaspora bonds. Kenya, Nigeria and the Philippines may soon set up pilot schemes. Nigeria’s incoming finance minister, Ngozi Okonjo-Iweala, is particularly keen. In the past, many poor countries were so fiscally profligate that no sane investor, even a patriotic one, would lend them his own money. Most are now reasonably creditworthy.

世界银行正在建议一些国家发行移民债券。肯尼亚、尼日利亚和菲律宾可能很快就会建立小规模试验计划。尼日利亚的信任财务部长，Ngozi Okonjo-Iweala，格外积极。在过去，许多贫困国在财务上铺张浪费以至于没有一家理性的投资者，即便是那些爱国的，会把自己的钱借给他们。不过，现在他们绝大多数已经有了相当的资金可信度。

Diaspora bonds will face obstacles. Migrants who fled oppressive governments, for example, can hardly be expected to bankroll the regimes that drove them away. This is perhaps why Ethiopia’s recent diaspora-bond issue flopped. But for many poor countries, the bonds are an idea worth trying.

移民股票也将面临困境。例如，我们不能期望那些逃避政府压迫的移民们把钱投资给驱逐他们的政权。这可能就是埃塞俄比亚最近的移民债券发行失败的原因吧。但是对多数贫困国来说，这种股票是值得一试的。

引用 张煜1991 2011-8-20 17:21

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多谢版主~我居然犯这么低级的错误。

引用 张煜1991 2011-8-20 21:37

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竟然被加到文章列表了，好高兴~谢谢版主~

引用 join_soon 2011-8-21 02:04

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你翻译得非常好！几乎没有什么错。
货币转换，运钞公司－－－“汇款公司”如何？　

引用 张煜1991 2011-8-21 14:38

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已更正~呵呵，获得大家的肯定是我前进的动力！

引用 ideaismoney 2011-8-21 16:39

引用 劳盛 2011-8-28 20:17

看文的飘过。
总体很好，不过译者还有小笔误没有纠正。
吸收移民地前有几点优势。（的钱）
bonds指债券，文章中有几处没改过来，毕竟股票和债券还是有区别，精益求精。

引用 张煜1991 2011-8-29 22:39

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多谢劳盛~的确很多笔误~

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