For example, within minority communities, capital markets do not properly fulfill their functions; they do not provide access to the aggregate flow of funds in the United States. The financial system does not generate the credit or investment vehicles needed for underwriting economic development in minority areas. The problem underlying this dysfunction is found in a rationing mechanism affecting both the available alternatives for investment and the amount of financial resources. This creates a distributive mechanism penalizing members of minority groups because of their socioeconomic differences from others. The existing system expresses definite socially based investment preferences that result from the previous allocation of income and that influence the allocation of resources for the present and future. The system tends to increase the inequality of income distribution. And, in the United States economy, a greater inequality of income distribution leads to a greater concentration of capital in certain types of investment.
For example, within minority communities, capital markets do not properly fulfill their functions; they do not provide access to the aggregate flow of funds in the United States. 资本市场没有在少数民族社区中发挥作用，开始举例说明以前出现的主论点。 后半句中的the aggregate flow of funds不太懂，比较专业，不懂没关系；反正是分号前后，这样前句解释后句，说明资本市场本应当具有provide access to the aggregate flow of funds in the United States的职能。
The financial system does not generate the credit or investment vehicles needed for underwriting economic development in minority areas. 金融系统没有提供少数民族地区经济发展所相应的信用或投资工具。 对我来说，The financial system和capital markets的关系尚不清晰，但如果让我从文章中说出二者的区分来，我会指出金融体系与资本市场职能有点区别，不管这种区别是否在同一层次上：金融体系提供the credit or investment vehicles。
The problem underlying this dysfunction is found in a rationing mechanism affecting both the available alternatives for investment and the amount of financial resources. 问题根源在于rationing mechanism，配额机制。 配额机制，是否如此称谓，还需要专业意见，看来这种机制是影响上面提及的资本市场/金融体系两方面的，两者分别和the available alternatives for investment/the amount of financial resources两方面相关。虽然是专业知识，但可从这里了解一点投资学或金融学的基本概念，具体正确与否，我确实不知道，如果想超出阅读考试范围，了解些相关知识，还需要专业人士分辨。This dysfunction指代少数民族问题中资本市场/金融体系的体系失职问题。
This creates a distributive mechanism penalizing members of minority groups because of their socioeconomic differences from others. 因为社会经济的差异，少数民族受到分配机制的伤害。 This应指上一句中说的根源性现象。rationing mechanism和distributive mechanism应当是有层次上差别的两种机制。
The existing system expresses definite socially based investment preferences that result from the previous allocation of income and that influence the allocation of resources for the present and future. 现有体系源于旧有的分配投资倾向，并影响现在和未来。
The system tends to increase the inequality of income distribution. 这一体系趋向于增加收入分配的不平等。
And, in the United States economy, a greater inequality of income distribution leads to a greater concentration of capital in certain types of investment. 收入分配愈加不平等，资本不平衡的集中度愈大。 后三句表明，这一体系周而复始。
The function of capital markets is to facilitate an exchange of funds among all participants, and
yet in practice we find that certain participants are not on a par with others.金融系统通过合作流转资本运用，但实际上有发现某些人并不与他人合作。Members of society have varying degrees of market strength in terms of information they bring to a transaction, as well as of purchasing power and creditworthiness, as defined by lenders.社会成员在（交易信息、购买力、信用价值）三个方面形成级差。
金融系统概述
For example, within minority communities, capital markets do not properly fulfill their functions;
they do not provide access to the aggregate flow of funds in the United States. The financial
system does not generate the credit or investment vehicles needed for underwriting economic
development in minority areas.（在少数社区，资本市场失效，不能融入主流，也不能产生信用——金融体系应有的功能。） The problem underlying this dysfunction技能紊乱 is found in a rationing mechanism affecting both the available alternatives for investment and the amount of financial resources.（造成这个系统紊乱的是配额机制——影响了投资和金融资源的活性） This creates a distributive mechanism penalizing members of minority groups because of their socioeconomic differences from others.（这种机制导致少数团体受到惩罚，因为他们与其他人的社会经济地位差异） The existing system expresses definite socially based investment preferences that result from the previous allocation of income and that influence the allocation of resources for the present and future（这个系统让以前的分配结构延续到现在和以后）. The system tends to increase the inequality of income distribution（这个系统加大不收入分配的平等）. And, in the United States economy, a greater inequality of income distribution leads to a greater concentration of capital in certain types of investment.（更大的不平等导致某类投资更大的资本集中）
金融市场有加重资本与分配不平等的效应。
Most traditional financial-market analysis studies ignore financial markets’ deficiencies in
allocation because of analysts’ inherent preferences for the simple model of perfect competition.
多数分析忽视金融市场在分配上的问题，因为分析人都喜欢简单的完全竞争模型。Conventional financial analysis pays limited attention to issues of market structure and dynamics, relative costs of information, and problems of income distribution. 传统分析对市场结构动能、信息支出、收入分配很少关注。Market participants are viewed as acting as entirely independent and homogeneous individuals with perfect foresight about capital-market behavior.市场人都被完全当作经济人 Also, it is assumed that each individual in the community at large普遍 has the same access to the market and the same opportunity to transact and to express the preference appropriate to his or her individual interest. 而且，被假说为一切机会和入口都平等，每个人都可以可以表达自己的利益。Moreover, it is assumed that transaction costs for various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided among all community members.而且，被假说为每种金融工具的交易成本都被平等得得知与均摊。
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发表于 2005-2-4 12:31:00
