developed markets- more global, more inclusive, and more integrated-offer more opportunity and choice. underdeveloped markets, more likely in poor countries, tend to be more local and segmented. so, compared with farmers in canada, poor farmers in bangladesh have fewer opportunities and far fewer formal institutions (such as banks and formal courts ) to reduce their risks and increase their opportunities.
what limits market opportunities? the transaction costs stemming from inadequate information and incomplete definition and enforcement of property rights. and barriers to entry for new participants. what increases them? institutions that raise the returns from market exchange, reduce risk, and increase efficiency.
yet not all institutions promote inclusive markets. institutional designs that evolve through historical circumstances or are directed by policy makers are not necessarily the best for all of society or for economic growth and poverty reduction. for instance, state agricultural marketing boards, instead of helping farmers, have often resulted in lower incomes for them in africa. and institutions that once supported market transactions can outlive their usefulness, for example, privatization agencies and bank restructuring agencies. the challenge for policymakers is to shape institutional development in ways that enhance economic development.
（四） 中级口译
考试时间：30分钟
part 1 english into chinese
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international cooperation against transnational organized crime
organized crime groups pose challenges as never before to societies everywhere. whether involved in drug trafficking, money laundering, people smuggling or outright terrorism they operate in a sophisticated way without regard to national frontiers. the profits of crime are vast. the international monetary fund has stated that he aggregate size of money laundering in the world could be somewhere between two and five per cent of the world’s gross domestic product. |
