外文翻譯-----小額信貸與經(jīng)濟(jì)增長，對印度經(jīng)驗的思考

1、<p><b>　　原文</b></p><p>　　Microfinance and Economic Growth –</p><p>　　Reflections on Indian Experience</p><p>　　1.Introduction</p><p>　　Achieving balanc

2、ed and inclusive economic growth is a key challenge faced by policymakers in countries around the world. The gains of economic growth are accessible to a greater extent by the relatively advantaged, who find it easier to

3、 participate in the growth process. Poorer people, who are separated by distance from the urban areas where economic activity is concentrated, have to wait much longer to reap the benefits of economic growth. Engaging th

4、ese sections of society in the economic main</p><p>　　the population as a priority objective.</p><p>　　2.The Importance of Financial Services</p><p>　　The delivery of financial serv

5、ices to lower income households in rural areas, however,presents a unique set of challenges. This customer segment has a high volume of low value transactions and requires doorstep services, flexibility in timing as well

6、 as simple procedures and documentation . These require a set of skills completely different from those deployed by mainstream financial intermediaries. At the same time, traditional modes of outreach, like physical bran

7、ch networks, prove to be inapp</p><p>　　3.Microfinance</p><p>　　Microfinance encompasses the provision of a broad range of services such as deposits,loans, payment services, money transfers and

8、insurance products to poor and low-income households and microenterprises. Microfinance allows replacement of high-cost debt from informal sources, thereby increasing disposable income.It inculcates financial discipline,

9、 resulting in ownership of assets, and enhances the ability to withstand shocks due to access to savings products, credit and insurance. In lower inco</p><p>　　4.The Indian Context</p><p>　　With

10、 a population of over 1 billion and estimates of the number of poor people ranging from 300 to 400 million, India is one of the largest markets for microfinancial services. It is estimated that a large part of the demand

11、 for credit in this stratum is currently met by informal sources.</p><p>　　The twentieth century saw large-scale efforts to improve the quality of life in rural India. Different approaches were adopted by go

12、vernment agencies and nongovernment organisations (NGOs) to improve the condition of the rural population.These included land redistribution, building economic and political awareness, technology transfer and delivery of

13、 a variety of services. Credit in the rural sector was largely supplied by co-operative societies till the mid-1960s with the commercial banks’ rura</p><p>　　The self-help group (SHG)-bank linkage programme

14、was the initial microfinance initiative launched by the National Bank for Agriculture and Rural Development (NABARD) in 1992. While this model of partnership between the banking sector and voluntary organisations achieve

15、d reasonable success, it continued to depend on the creation of an extensive banking network. Challenges in scaling up this model led to the introduction of financial intermediation by microfinance institutions (MFIs) th

16、at provide </p><p>　　5.Microfinance Institutions</p><p>　　MFIs borrow from commercial sources and on-lend to clients (groups/individuals). Most MFIs in India started with grants and concessional

17、 loans and gradually made the transition to commercial funding. While much of the growth in the initial years was financed by concessional loans from funding agencies, this was followed from 2001 onwards by raising equit

18、y from domestic as well as international agencies and by borrowings from the banking sector. MFIs have been observed to administer risks better </p><p>　　· MFIs have developed specialised systems of eva

19、luation, supervision, administration and recovery of credits attuned to their clientele, and</p><p>　　·the clients have developed an appropriate financial culture.Since 2003, several banks have entered

20、the microfinance sector with innovative scaling-up strategies. In addition to term loans, some of the innovative structures offered by banks in India to create access to financial services in the rural areas are:</p&g

21、t;<p>　　·Partnership: Several MFIs have an excellent base and infrastructure in their specific markets. However, they lack access to product knowledge, funding and technology platforms. In the partnership mod

22、el, the bank provides mezzanine equity and technology to the NGO/MFI and lends directly to clients with risk-sharing by the NGO/MFI. The bank also provides loan funds for the MFI’s own investment requirements. The MFI un

23、dertakes loan origination, monitoring and collection. The advantage of this stru</p><p>　　social mobilisation skills with finance.</p><p>　　· Securitisation: In this model the commercial ba

24、nk identifies a portfolio based on fulfillment of minimum criteria and past portfolio performance. Though the MFI continues to collect receivables from the borrowers, its leverage is reduced which enables it to originate

25、 further assets. This product gives the bank the advantage of differentiating between the financial and operational risk of the MFI while credit enhancement improves the rating of the portfolio and enables competitive pr

26、icing.The p</p><p>　　· On-Tap Securitisation: In this product the bank provides the MFI advance funding with which the MFI can build assets. Once created, assets are assigned to the bank. The MFI can co

27、ntinue to build assets and assign them to the bank on a regular basis.Microfinance provides a credit delivery channel to rural households. The main impacts of microfinance are increased access to credit for those at the

28、‘Bottom of the Pyramid’ with easy and door-step delivery of institutional credit, and, where</p><p>　　available, the provision of risk cover for financial losses through a range of insurance products.</p&

29、gt;<p>　　6.Way Forward – Scaling up Microfinance</p><p>　　Scaling up the MFI model would involve the following:</p><p>　　· Delivery of services at appropriate costs: Reduction in the

30、 cost of intermediation would have a direct impact on the profitability of MFIs. This could be achieved through increased efficiency in operations and through greater outreach.</p><p>　　·Serving a wider

31、 set of clients: In addition to financing poor households, MFIs could extend their services to individuals with larger loan capacity to set up enterprises, purchasing farm equipment and housing. This would involve a shif

32、t from acting as an MFI to acting as an LFI (local financial institution).</p><p>　　· Increasing profitability through cross-selling: MFI branches in unbanked areas provide significant opportunities to

33、bundle services like insurance and collection of savings. Income from cross-selling would lead to an increase in the profits of MFIs.</p><p><b>　　7.Summary</b></p><p>　　In every coun

34、try, development takes place over time, but its level and pace may not be adequate to maintain a satisfactory standard of living for the less advantaged. In such situations, intervention is in order to speed up the natur

35、al pace of development.</p><p>　　Microfinance is an intervention which tries to speed up this process in a twopronged manner – improving household income by providing timely and adequate support for economic

36、 activities, and sharing the responsibilities of the government and of the mainstream financial sector. In India, microfinance is at a nascent stage with a vast potential for growth. While the sector has begun to grow, c

37、hallenges must be addressed to make this growth both effective and sustainable. Microfinance</p><p>　　needs to become more accessible, more customised and more comprehensive. To scale up activity in this are

38、a, we must build financial skills in microfinance institutions and establish linkages to the debt and equity capital markets. Microfinance can then truly contribute to transforming rural India into an engine of economic

39、growth.</p><p>　　外文題目：Microfinance and Economic Growth ——Reflections on Indian Experience </p><p>　　出 處：Managing Director & CEO, ICICI Bank, CHAPTER 5:85-88

40、. </p><p>　　作 者：K.V.Kamath </p><p><b>　　一、譯文</b></p><p>　　小額信貸與經(jīng)濟(jì)增長，對印度經(jīng)驗的思考</p>

41、<p><b>　　（一）前言</b></p><p>　　實(shí)現(xiàn)具有平衡性和包容性的經(jīng)濟(jì)增長，是世界各國政策制定者所共同面臨的一個關(guān)鍵挑戰(zhàn)。收益性的經(jīng)濟(jì)增長在相當(dāng)大的程度上應(yīng)該是可存取的,這是一個更容易參與的過程。較窮的人，由于遠(yuǎn)離經(jīng)濟(jì)活動相對集中的城市中心地區(qū)，因此必須等待更長的時間才能享受到經(jīng)濟(jì)增長所帶來的好處。從事經(jīng)濟(jì)社會活動的這些主流部分是必須要實(shí)現(xiàn)平衡的增長，這對于社會

42、發(fā)展、經(jīng)濟(jì)繁榮的長期可持續(xù)性至關(guān)重要。金融服務(wù)渠道的關(guān)鍵因素之一是“經(jīng)濟(jì)的授權(quán)”，只有通過在農(nóng)村地區(qū)提供金融服務(wù)，在農(nóng)村地區(qū)的人民和低收入階層才能被劃入經(jīng)濟(jì)活動的范圍內(nèi)。只有這樣，才能使國家的物質(zhì)和人力資源的潛力得以實(shí)現(xiàn)。農(nóng)村經(jīng)濟(jì)的潛在需求包括了信貸，儲蓄和保險等一大批金融產(chǎn)品，各國政府和全世界各地的監(jiān)管機(jī)構(gòu)所進(jìn)行的金融服務(wù)應(yīng)當(dāng)將這些人作為優(yōu)先目標(biāo)來對待。</p><p>　?。ǘ┙鹑诜?wù)的重要性</p&

43、gt;<p>　　對于在農(nóng)村地區(qū)提供金融服務(wù)，尤其是針對低收入戶，面臨一系列獨(dú)特的挑戰(zhàn)。這個客戶群具有的交易價值較低，在時間安排上具有靈活性，以及簡單的程序和文件需要上門服務(wù)。這些都需要不同的金融中介機(jī)構(gòu)利用一套完整的計劃來部署。同時，在物質(zhì)分行網(wǎng)絡(luò)，傳統(tǒng)模式的推廣被證明是不恰當(dāng)?shù)模驗槠涑杀咎吡?。小額信貸作為一種模式，旨在為農(nóng)村地區(qū)的人口提供一個可行的和可持續(xù)的方式金融服務(wù)。</p><p>&

44、lt;b>　?。ㄈ┬☆~信貸</b></p><p>　　小額信貸包括提供廣泛的服務(wù),如存款,貸款、支付服務(wù)和保險產(chǎn)品、窮人的資金轉(zhuǎn)移以及低收入家庭和微型企業(yè)的貸款需要。小額貸款允許從非正式的來源替換高成本的債務(wù),從而增加可支配收入。它灌輸金融紀(jì)律，形成資產(chǎn)的所有權(quán)，并增強(qiáng)了承受外部沖擊的能力，由于產(chǎn)品進(jìn)入儲蓄，信貸和保險。在體制、基礎(chǔ)設(shè)施不足的低收入國家，小額信貸是一個重要的發(fā)展工具，并幫助擴(kuò)

45、大金融服務(wù)的深度和廣度。</p><p><b>　?。ㄋ模┯《鹊那闆r</b></p><p>　　擁有超過10億人口，貧困人口對于貸款數(shù)量的要求估計300到400億美元，印度是最大的小額信貸市場之一。據(jù)估計，很大一部分信貸的需求在這階層目前來源于非正式渠道。在二十世紀(jì)出現(xiàn)了大規(guī)模的努力，以提高印度農(nóng)村地區(qū)的生活質(zhì)量。不同的做法通過政府機(jī)構(gòu)和非政府組織（NGO），以改

46、善農(nóng)村人口的條件。 這些措施包括重新分配土地，建立經(jīng)濟(jì)和政治意識，技術(shù)轉(zhuǎn)讓和提供各種服務(wù)。直到60年代中期，在農(nóng)村地區(qū)，信用部門主要是提供與農(nóng)村合作社、商業(yè)銀行類似的農(nóng)村業(yè)務(wù)來圍繞農(nóng)業(yè)操作和銷售。在1969年和1980年銀行國有化的目標(biāo)之一是增加農(nóng)村信貸的流動。然而，僅僅只是擴(kuò)大農(nóng)村地區(qū)的存在性，實(shí)際上沒有達(dá)到預(yù)期的效果，由于需求覆蓋了主流金融服務(wù)與社會動員的職能，交付模式基本滿足了其發(fā)展目標(biāo)。自助銀行集團(tuán)的小額信貸聯(lián)系方案最初是由農(nóng)業(yè)

47、和農(nóng)村發(fā)展的國家銀行于1992年倡議發(fā)起的。雖然該模型下銀行之間的合作關(guān)系部門和志愿組織達(dá)到了一定程度上的成功,但它仍然是依靠銀行廣泛的網(wǎng)路來創(chuàng)造一項的業(yè)務(wù)。為此,在提高該模型的過程中催生了新的金融中介——小額貸款機(jī)構(gòu)(MFIs)提供小額貸款給窮人,尤其是在農(nóng)村地區(qū)。</p><p><b>　?。ㄎ澹┬☆~信貸機(jī)構(gòu)</b></p><p>　　小額信貸機(jī)構(gòu)通過借款作為

48、商業(yè)來源然后轉(zhuǎn)借給客戶（團(tuán)體/個人）。在印度，多數(shù)微型金融機(jī)構(gòu)開始贈款和優(yōu)惠貸款，并逐步取得小額信貸與經(jīng)濟(jì)增長的同步增長。1987年印度的經(jīng)驗思考是過渡到商業(yè)資助。雖然大部分的增長在最初幾年有來自優(yōu)惠貸款融資機(jī)構(gòu)提供資金，但從2001年開始，籌集股本主要來自國內(nèi)以及國際機(jī)構(gòu)開始和來自銀行界借款。</p><p>　　小額信貸機(jī)構(gòu)已被觀察到的風(fēng)險管理比傳統(tǒng)銀行部門更好管理?？赡苡幸韵碌慕忉專??小額信貸機(jī)構(gòu)通過發(fā)

49、展已開發(fā)出一種適當(dāng)?shù)慕鹑谖幕u價監(jiān)督專用系統(tǒng)、信貸管理系統(tǒng)，以此來切合他們的客戶。</p><p>　　過去幾十年印度政府已認(rèn)識到了反貧困中農(nóng)村金融的重要性, 曾經(jīng)采取了很多措施推動全國農(nóng)村的金融機(jī)構(gòu)建設(shè)。目前, 印度正規(guī)金融機(jī)構(gòu)主要由商業(yè)銀行、地區(qū)農(nóng)村銀行, 以及大量的合作銀行組成。全國農(nóng)村形成了一個總計160 000家零售銀行的龐大網(wǎng)絡(luò)。幾乎每三個村莊就有一家銀行分支機(jī)構(gòu)和一家主要的合作信貸組織?？梢哉f, 印

50、度是世界上擁有最廣泛正規(guī)農(nóng)村信貸系統(tǒng)的國家之一。在聯(lián)系銀行計劃推廣以前, 由于行政干預(yù)過多, 農(nóng)村眾多金融機(jī)構(gòu)虧多盈少。雖然政府投入了大量的補(bǔ)貼資金, 但是大量貧困農(nóng)戶還是由于沒有抵押品、沒有正式職業(yè)的緣故, 要獲得正規(guī)金融機(jī)構(gòu)的貸款仍然困難重重。聯(lián)系銀行計劃在農(nóng)戶和銀行之間架設(shè)了一座橋梁后, 廣泛的農(nóng)村信貸網(wǎng)絡(luò)的存在, 便利了農(nóng)村地區(qū)快速建立起小額信貸網(wǎng)絡(luò), 不僅幫助解決意識問題, 還有助于經(jīng)驗交流和機(jī)構(gòu)水平的提高。截止2005年3月

51、, 全國已有超過560家不同銀行的36 000個分支機(jī)構(gòu)參與到聯(lián)系銀行計劃中。自2003年以來，一些銀行已與創(chuàng)新的小額信貸機(jī)構(gòu)逐步改變發(fā)展的戰(zhàn)略。除了長期貸款，在印度的農(nóng)村地區(qū)建立的金融服務(wù)包括： ?伙伴關(guān)系：一些小額信貸機(jī)構(gòu)在其特定市場有一個良</p><p>　　?證券化：在此模型中，確定了商業(yè)銀行投資組合最低標(biāo)準(zhǔn)和過去的投資組合表現(xiàn)的實(shí)現(xiàn)。雖然小額信貸機(jī)構(gòu)繼續(xù)對借款人收取應(yīng)收款項，其杠桿作用這使它能夠減少

52、來自其進(jìn)一步的資產(chǎn)。此產(chǎn)品帶給了銀行之間的財務(wù)和經(jīng)營之間的差異優(yōu)勢，也控制了小額信貸機(jī)構(gòu)的信貸風(fēng)險，同時加強(qiáng)提高了投資組合的評級，提升了競爭力。該產(chǎn)品還具有潛在的作用，它創(chuàng)造出一個很大的為小額貸款收取賬款的印度市場。同時發(fā)行債券也可以對小額信貸進(jìn)行資產(chǎn)證券化，建立與小額信貸機(jī)構(gòu)相聯(lián)系的資本市場。?“底部證券”：在這種產(chǎn)品中，銀行提供的小額信貸機(jī)構(gòu)積累資金可以與該小額信貸機(jī)構(gòu)建立資產(chǎn)。一旦創(chuàng)建，資產(chǎn)分配給該銀行。小額信貸機(jī)構(gòu)可以繼續(xù)積累

53、資產(chǎn)，然后定期分配給銀行。小額信貸向農(nóng)村家庭提供了信貸投放渠道，小額信貸的主要影響是在底部獲得這些信用金字塔，以便以更容易和更低門檻的信貸投放，并且可用，通過產(chǎn)品的保險范圍為可能的資金損失提供保障。</p><p>　?。┪磥砺窂?-加強(qiáng)小額信貸</p><p>　　擴(kuò)大小額信貸機(jī)構(gòu)模式將涉及以下方面</p><p>　　?提供適當(dāng)?shù)姆?wù)費(fèi)用：適當(dāng)降低成本將對一

54、個小額信貸機(jī)構(gòu)的盈利能力產(chǎn)生直接影響。這可能是通過提高效率來實(shí)現(xiàn)業(yè)務(wù)增長和加強(qiáng)外延服務(wù)。</p><p>　　?服務(wù)更廣泛的客戶：除了資助貧困家庭，小額信貸機(jī)構(gòu)可以延長服務(wù)，比如個人貸款的能力較大的用于興辦企業(yè)，購買農(nóng)用設(shè)備和住房。這將改變對小額信貸機(jī)構(gòu)代理為一體的地方財政代理機(jī)構(gòu)。</p><p>　　?提高銷售利潤率: 在沒有銀行賬戶的地區(qū)，小額信貸機(jī)構(gòu)分支區(qū)可以提供重要的機(jī)會，如保險

55、捆綁服務(wù)和收集儲蓄。銷售收入的增加可能會增加小額信貸機(jī)構(gòu)的利潤。 （七）結(jié)束語</p><p>　　在每一個國家，經(jīng)過一段時間的發(fā)展，可以改善部分由資金需要的地方，但其發(fā)展水平和速度可能不足以維持令每個人滿意的生活水準(zhǔn)。在這種情況下，干預(yù)是為了加快發(fā)展的自然步伐。小額信貸是一種干預(yù)，試圖加快這一個雙管齊下方式——改善和提供及時和充分的家庭收入。小額信貸支持經(jīng)濟(jì)活動，并分享了政府的責(zé)任與主流金融體系。在印度