罗马尼亚的农村发展和金融市场外文翻译.doc

外文翻译 原文 Rural Development and Financial Markets in Romania Material Source: International Advances in Economic Researcha. Springer Netherlands, February1, 2000 Author:Franz Heidhues,Gertrud Schrieder In the transition from a centrally planned to a market-oriented economy, such as in Romania, the domestic financial market plays two important roles. First, the financial market itself must be fundamentally restructured. Second, its efficient functioning is a crucial precondition for economic transformation. In transition economies, however, financial market institutions tend to concentrate their services on urban or larger rural enterprises. So far, small rural enterprises, even those with profitable investment plans, often do not have access to the financial market. This paper briefly characterizes the key issues of agricultural production units and their institutional environment and analyzes the depth and the efficiency of rural finance and its effect on Romanias rural economic transformation. It concludes with policy and institutional recommendations to strengthen rural finance. (JEL E40) Introduction In the transition from a centrally planned to a market-oriented economy, financial market transformation faces two important challenges. First, the financial market itself must undergo fundamental restructuring. Second, its efficient functioning is also a crucial precondition for the required economic transformation. During Romanias central planning era, the financial system channeled government funds to enterprises for financing investments and operations as determined in the plan. In a market-oriented economy, the function of the financial market changes to profit-oriented and competitive financial intermediation. Financial intermediaries need to mobilize savings and lend their funds to efficient investors. This includes selecting and monitoring investment projects and investors in all sectors. In transition economies, however, the financial market presently concen