发展农村金融市场外文翻译.doc

外文翻译 原文 Developing Rural Financial Markets Material Source: Finance & Development Author: JACOB YARON AND MCDONALD BEN JAMIN Many developing countries have tried to spur income growth and reduce poverty in rural areas by making low interest loans to farmers. The results have been disappointing.A broader approach emphasizing policy and legal reforms and savings mobilization has been more successful. For the past fifty years, governments throughout the developing world have tried, with the support of donor agencies, to encourage agricultural modernization and growth by channeling large sums of money to stateowned credit institutions for on lending at below-market interest rates to farmers. Theobjective was to increase incomes and reduce poverty in rural areas by addressing acute credit shortages. This narrow approach has failed; 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 policy 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 reaching 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, excessive 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 triggered massive farm failures a