风险分担与交易成本：来自肯尼亚的移动支付革命翻译及原文
奥巴马2015年3月28日演讲译文
奥巴马2015年3月28日演讲译文Hi, everybody. Five years ago, after the worst financial crisis in decades, we passed historic Wall Street reform to end the era of bailouts and too big to fail.As part that reform, we created an independent Consumer Financial Protection Bureau with one mission: to protect American consumers from some of the worst practices of the financial industry.They’ve already put $5 billion back in the pockets of more than 15 million families. And this week, they took an important first step towards cracking down on some of the most abusive practices involving payday loans.大家好。
五年前，经历了几十年来最严峻的金融危机后，我们通过了历史性的华尔街改革以结束政府救助和金融机构大到不能倒闭的时代。
作为改革的一部分，我们创造了一个独立的只有一个使命的消费者金融保护局：保护美国的消费者们不受金融行业的最恶劣的行径的损害。
他们已经把50亿美元放回了1千5百万家庭的钱包。
本周，他们在粉碎一些涉及发薪日贷款的最严重的滥用恶行的道路上迈出了重要的第一步。
Millions of Americans take out these loans every year. In Alabama, where I visited this week, there are four times as many payday lending stores as there are McDonald’s. But while payday loans might seem like easy money, folks often end up trapped in a cycle of debt. If you take out a $500 loan, it’s easy to wind up pa ying more than $1,000 in interest and fees.The step the Consumer Financial Protection Bureau announced this week is designed to change that. The idea is pretty common sense: if you’re a payday lender preparing to give a loan, you should make sure that the borrower can afford to pay it back first.As Americans, we believe there’s nothing wrong with making a profit. But there is something wrong with making that profit by trapping hard-working men and women in a vicious cycle of debt.成千上万的美国人每年都借这类贷款。
非洲贸易
The World Bank says regional trade barriers are blocking Africancountries from billions of dollars in potential earnings. It says it’seasier for those countries to trade with other parts of the worldthan with each other. The World Bank has released a new report – called De-Fragmenting Africa:Deepening Regional Integration.Paul Brenton is the bank’s trade practice leader for the African region and co-editor of the report,says:“The Africa market is s plit into many individual country markets and many of those countriesare small. And bringing those markets together would bring a lot of opportunities for people totrade across borders, but (also) to exploit the benefits of a much larger market. And the book isabout barriers that ordinary traders face every day in trying to get across borders that arefragmenting those mark ets.”He says there are great opportunities for opening new markets.世界银行称地区性贸易壁垒阻碍非洲国家获得亿万美元的潜在收入。
移动支付和消费者支付意愿外文翻译中英文2020
移动支付便利性和消费者支付意愿中英文原文The effect of credit card versus mobile payment on convenience and consumers’willingness to payJoe Boden，Erik Maier，Robert WilkenAbstractExtant literature on payment methods has focused on comparing cash and credit cards and emphasized the lower pain of paying (i.e., fewer negative consequences) for the latter. This finding, in turn, explains why consumers express higher willingness to pay (WTP) when paying with credit cards. The current study introduces mobile technology as a new payment method to this literature. Specifically, it highlights convenience as a positive driver of increased WTP for mobile payment. However, for consumers to perceive mobile payment as convenient, a personal adoption (enabled through an existing system in the respective country market) is necessary. A set of three studies across several country markets tests these assumptions empirically. Convenience emerges as a new mediator between mobile payment and increased WTP, contingent on personal adoption. These findings thus extend extant literature on the mechanisms consumers use with different payment methods, and they offer differentiated recommendations regarding payment channels for country managers.Keywords：Willingness to pay，Convenience，Mobile payment，Pain of paying，Adoption1. IntroductionA recently introduced payment alternative is mobile payment. Optimistic commentators have described it as the “death of cash” (Pickford, 2015); even the Anglican church uses it for in-church donations (Bowsher, 2017). In some countries, mobile payment has become an established payment mechanism similar to credit or debit cards. For instance, the volume of mobile payment transaction is expected to exceed credit card transaction volume by 30% in China (Wang, 2018).Extant literature on payment methods has focused on comparing cash and credit or debit cards and shows increased levels of consumers' willingness to pay (WTP) when using cards (Prelec and Simester, 2001; Runnemark et al., 2015). This credit card premium (Feinberg, 1986) can be explained by lower pain of paying (”… direct and immediate displeasure or pain from the act of making a payment …” Zellermayer, 1996, p. 2) through, for instance, less transparency or decoupling payment and transaction (Gafeeva et al., 2018; Soman, 2003; Prelec and Loewenstein, 1998). Falk et al. (2016) are the first to also include mobile payment in the investigated means of payment, although only as side aspect in the investigation, but they do not find a significant premium of mobile pay over credit cards, only versus cash. We propose pain of paying alone might be insufficient to explain differences in consumers’ WTP for different payment means. For instance, other mediators might affect the results.Convenience might be a second mediator that influences consumers' WTP. Extant research on mobile solutions in general establishes convenience as key advantage relative to non-mobile alternatives (see mobile travel and banking applications research, e.g., Dahlberg et al., 2015; Mallat, 2007). Also research onpayment means has suggested that convenience might explain why a payment method increases consumers' WTP (Dahlberg et al., 2015; Hirschman, 1979). Indeed, previous research shows that greater convenience in general can increase consumers' WTP (Carow and Staten, 1999; Carrigan and Attalla, 2001). Thus, if mobile payment is more convenient, it should also increase consumers' WTP, and retailers could boost revenues by incentivizing usage of convenient payment methods (e.g., by granting bonus points in a loyalty program). Pain of paying, in contrast, might not be a relevant driver for two reasons. First, mobile payment often charges established payment means (e.g., credit cards, direct debit), which implies that the pain of paying should be the same as for these payment means. Second, mobile phones might detract customers’ focus from pain of paying, as mobile phones offer many non-payment functionalities (e.g., social media, gaming, photography).Convenience of mobile phones, however, might not always be in operation. Specifically, before a technology (e.g., mobile payment) can be considered convenient, it must be adopted: The more consumers are used to a technology, the more convenient its use feels (Huh and Kim, 2008; Zhou, 2011). Word processing software is a well-known example: only adoption and use of such software make its usage convenient (Davis et al., 1989); similarly, adoption to mobile technology requires an initial investment, after which the products can be conveniently used (Kim et al., 2007). In line with the diffusion and adoption literature (Lai and Chuah, 2010; Yang et al., 2007), we connect convenience perceptions of an innovation with its adoption. We argue that an adoption of a technology reflects the acceptance and experience with itand thus enhances the convenience perceptions.We propose that convenience perceptions regarding mobile payment will vary with personal adoption level. Specifically, and as a consequence, higher WTP for mobile payment will emerge only for customers who already adopted mobile payment. We test this moderated mediation in a set of three studies across countries in which we expect meaningful variation of personal adoption (Germany, India, and the United States). Therefore, we contribute by extending the existing pain of paying theory with convenience as a mechanism to explain consumer behavior for mobile versus more traditional means of payment, especially credit cards. Additionally, we introduce adoption of a means of payment as a moderator of the relationship between the payment means and consumers’ WTP. While the adoption of mobile payment has been investigated by extant research (Park et al., 2019) to the best of our knowledge, this is the first investigation where adoption moderates the relationship between the means of payment and WTP. Managerially, we extend the investigation of the effect of payment means to multiple markets.2. Theoretical background2.1. Pain of paying and WTPResearchers have extensively investigated the relationship between payment methods and consumer behavior (see Table 1). Early studies (Feinberg, 1986; Hirschman, 1979) show that consumers pay more when they are asked to use a credit card than when asked to use cash. To explain this credit card premium, Zellermayer (1996) coined the term “pain of paying” to describe the feelingconsumers encounter when paying, which suggests a negative relation between pain of paying and WTP. Prelec and Loewenstein (1998) propose mental coupling as explanation for the differences in pain of paying: the more mentally decoupled the actual payment is from the purchase (e.g., because the transaction happens in the future, such as for credit cards), the lower the pain of paying. Subsequent studies empiri cally establish the credit card premium on consumers’ WTP (Prelec and Simester, 2001). Analogous results have emerged for stored-value cards (Soman, 2003), debit cards (Runnemark et al., 2015), and multifunctional bank cards (Gafeeva et al., 2018). Other studies identify the transparency with which consumers part from money (Raghubir and Srivastava, 2008; Runnemark et al., 2015; Soman, 2003) as a driver of perceived “monetary sacrifice” (Bornemann and Homburg, 2011, p. 490). These studies show that credit cards are the least painful and transparent, followed by debit cards, and that cash is the most painful and transparent payment method.In summary, extant research focuses on pain of paying as mediator of the relationship between means of payment and consum ers’ WTP, despite the fact that other explanations were discussed (e.g., convenience: Dahlberg et al., 2015). Adding additional mediators might complement this theory if they better describe the mechanism between different forms of payment, potentially also rendering the relationship susceptible to new moderators. Further, most studies and experiments were conducted in the U.S., where use of the investigated payment means is very homogenous and potential differences from different convenience perceptions might, thus, simply not have been occurred.We propose that pain of paying using mobile payment is equal to that of using a credit card for two reasons: First, all mobile payments are charged through existing credit or debit cards and, therefore, are financially equivalent to them (e.g., in terms of settlement time). Second, compared to cash, both means provide far less restricted financial resources (e.g., cash restriction for ordering additional fries or a soda if only a 5 USD bill is available, but no restriction with credit card or mobile phone: Thomas et al., 2011). Third, distraction and monitoring effects offset each other for mobile relative to credit card payment. On the one hand, one might argue that mobile payments have lower transparency than credit card payments, because a smartphone has many distracting functions other than paying (Bouwman et al., 2009; Minh et al., 2011), which reduce the latter's transparency (Gafeeva et al., 2018). On the other hand, this effect is likely offset by the ability to constantly monitor spending with smartphone apps (e.g., account balance, purchase notifications; Soman, 2003).Incidental findings in extant research support this suggestion: Falk et al. (2016)assess the effect of payment means on the price image of stores, but also find that credit cards and mobile payment induce higher WTP than cash, but that credit cards and mobile pay do not significantly differ from each other. We suggest this is due to the similar low pain of paying for credit card and mobile payment compared to the pain of paying for cash. As we will explain in Section 2.3, however, a second mediation path (here: convenience) might exist, which –conditional on potential moderators (here: adoption) –will influence consumers’ WTP.2.2. Convenience of payingBesides subconscious influences (e.g., pain of paying) and direct utility from the service (e.g., through bonus points), consumers derive utility from the actual payment process (e.g., through a faster paying process; Feinberg, 1986). They may perceive the act of paying as simply more or less convenient, that is, feeling a high or low effort to perform a transaction (Teo et al., 2015). For instance, a consumer might not want to carry cash (Hirschman, 1979), and it is easier to swipe a credit card than search for coins (Carow and Staten, 1999). Consequently, research on means of payment has called for, but not conducted, an empirical investigation of the mediating effect of convenience (Feinberg, 1986; Dahlberg et al., 2015).Convenience has not bee n investigated as a driver of consumers’ WTP for different means of payment. However, the adoption literature offers first evidence why convenience might be particularly high for mobile phones (e.g., Kim et al., 2007; Kleijnen et al., 2007). First, because most consumers always carry a mobile phone, mobile payment makes them independent of their wallet (containing cash andcredit cards). Second, mobile payment solutions usually do not require consumers to sign a receipt or memorize a PIN code, which is more convenient than using a credit card. Third, many consumers use their mobile phone while queuing (e.g., for checking social media, reading news), which makes the payment means directly available at checkout (i.e., no need to search for a wallet). Finally, mobile payment has the fastest processing at the point of sale (Polasik et al., 2013). That said, we are cautious about positing the unconditional convenience superiority of mobile technology. Instead, we argue that not all consumers find mobile payment moreconvenient; rather, a personal adoption (in the respective country market) is a prerequisite.2.3. Technology adoption and convenience of payingOur key assertion is that convenience perception of paying depends on the adoption of the payment method. Adoption is individual but driven by market conditions. Individually, extant adoption research has established convenience and speed as key drivers for mobile payment (Lai and Chuah, 2010; Park et al., 2019) and credit card usage (Yang et al., 2007). Similar to mobile payment, internet banking (Lichtenstein and Williamson, 2006), sustainable smartcard payment (Liao et al., 2014) and convenience food (Sheely, 2008) needed frequent usage of its users to induce more and more convenience. Also company examples advise that adoption drives convenience perceptions (Chang et al., 2009), as the case of WeChat Pay in China shows (Yap 2017). Because the adoption of the related messenger app (WeChat) is ubiquitous, it is convenient to also use the mobile payment solution (WeChat Pay), resulting in a surge of its market share over the former incumbent (AliPay). In summary, convenience of paying should be higher for those who have already adopted the instrument for conducting the payment.In this light, the non-effect between credit card and mobile in Falk et al. (2016)might be due to not accounting for adoption as a moderator of the mediation through transparency. In summary, we suggest that individual adoption matters for the convenience perception of mobile payment. Formally:The effect of a payment method (credit card; mobile payment) on convenience ofpaying is moderated by its adoption, such that existing adoption (i.e., usage) increases convenience of paying.2.4. Convenience of paying and WTPAs soon as a payment method is perceived as more convenient, consumers should prefer paying through it, which ultimately should also increase WTP compared with less convenient payment methods. Consumers in retail are susceptible to situational characteristics of a purchase (Turley and Milliman, 2000), in that retail solutions that fit consumers' situational needs increase WTP (e.g., fitting shopping trip type and retail environment: Hunneman et al., 2017; ascertaining consumers with reviews: Maier et al., 2015; offering a pleasant shopping environment: Bruner, 1990). Previous research on mobile payment adoption has proposed, but not tested, convenience as a mediator of mobile technology's effect on WTP (de Kerviler et al., 2016; Teo et al., 2015).3. Empirical studiesTable 2 provides an overview of the studies, all of which use online surveys addressed to consumers. We conducted the studies in country markets characterized by different average degrees of adoption of the focal payment methods (mobile payment; credit card), to ensure va riance among consumers’ adoption rates. This is because individual adoption should be conditional on market conditions, especially the availability of a payment technology in a given country. Adoption measured on the country level has a long tradition in diffusion research (Chandrasekaran and Tellis, 2008). Some developing countries (e.g., India, China) have a political agenda to makemobile payment ubiquitously available as a replacement for cash, enabling a high mobile pay adoption (Beyes and Bhattacharya, 2017; Digital India, 2015). In contrast, in countries without such regulation, traditional payment instruments are replaced by new ones much more slowly (e.g., cash in Germany, credit cards in the United States). These market conditions also extend to credit cards: because the government aims to leapfrog from cash to mobile payment, many emerging economies have low credit card adoption, because they proceeded directly to mobile payment (PYMNTS, 2017). To the contrary, the credit card payment infrastructure is excellent in most Western economies (particularly the United States, where almost the entire body of research on the “credit card effect” was conducted; see Table 1), leading to a high individual adoption of credit cards. Consistent with this perspective, average payment system adoption rates vary strongly between countries (eMarketer, 2018).Individual adoption should, at least on average, therefore, depend on the country market, because mobile payment and credit card technology is widely supported in some markets, while it is uncommon in others. Using countries to manipulate variables aligns with extant research (e.g., Comin and Hobijn, 2004). Specifically, studies 1 and 2 compare general low mobile payment adoption countries (United States, Germany) with a general high adoption counterpart (India). To replicate the known credit card effect, both studies measure consumers’ WTP when paying with cash. Study 3 generalizes the investigation by including varied price levels.译文信用卡与移动支付对便利性和消费者支付意愿的影响摘要现有的关于支付方法的文献着重于比较现金和信用卡，并强调了支付的痛苦较小（即较少的负面后果）。
互联网金融中英文对照外文翻译文献
中英文对照外文翻译文献（文档含英文原文和中文翻译）互联网金融对传统金融的影响渗透与融合，是技术发展与市场规律要求的体现，是不可逆转的趋势。
互联网带给传统金融的不仅仅是低成本与高效率，更在于一种创新的思维模式和对用户体验的不懈追求。
而传统金融行业要去积极应对。
互联网金融，对于这样一片足以改变世界的巨大蓝海，是非常值得投入精力去理顺其发展脉络，去从现有的商业模式中发现其发展前景的。
“互联网金融”属于最新的业态形式，对互联网金融进行探讨研究的文献不少，但多缺乏系统性与实践性。
因此本文根据互联网行业实践性较强的特点，对市场上的几种业务模式进行概括分析，并就传统金融行业如何积极应对互联网金融浪潮给出了分析与建议，具有较强的现实意义。
2互联网金融的产生背景互联网金融是以互联网为资源平台，以大数据和云计算为基础的新金融模式。
互联网金融借助于互联网技术、移动通信技术来实现资金融通、支付和信息中介等业务，是传统金融业与以互联网为代表的现代信息科技（移动支付、云计算、数据挖掘、搜索引擎和社交网络等）相结合产生的新兴领域。
不管是互联网金融还是金融互联网，只是战略上的区别，并没有严格定义区分。
随着金融与互联网的相互渗透与相互融合，互联网金融可以泛指一切通过互联网技术来实现资金融通的行为。
互联网金融是互联网与传统金融相互渗透和融合的产物，这种崭新的金融模式有着深刻的产生背景。
互联网金融的出现既源于金融主体对于降低成本的强烈渴求，也离不开现代信息技术迅猛发展提供的技术支撑。
2.1需求型拉动因素传统金融市场存在严重的信息不对称，极大的提高了交易风险；移动互联网的发展逐步改变了人们的金融消费习惯，对服务效率和体验的要求越来越高；此外，运营成本的不断上升，都刺激着金融主体对于金融创新与改革的渴求；这种由需求拉动的因素，成为互联网金融产生的强大内在推动力。
2.2供给型推动因素数据挖掘、云计算以及搜索引擎等技术的发展、金融与互联网机构的技术平台的革新、企业逐利性的混业经营等，为传统金融业的转型和互联网企业向金融领域渗透提供了可能，为互联网金融的产生和发展提供了外在的技术支撑，成为一种外化的拉动力。
普惠金融的典型案例
普惠金融案例研究：肯尼亚MPesa背景普惠金融是指通过创新的金融产品和服务，为低收入群体和农村地区提供可负担的金融解决方案，以帮助他们改善生活和发展经济。
在发展中国家，普惠金融对于解决贫困、促进经济增长和实现可持续发展目标具有重要意义。
肯尼亚的MPesa是一个典型的普惠金融案例，通过移动支付和金融服务，为肯尼亚的低收入人群提供了一种便捷、安全和可负担的金融解决方案。
过程1. MPesa的推出MPesa于2007年由肯尼亚移动通信公司Safaricom推出，成为全球第一个成功的移动支付服务。
在推出之前，肯尼亚的金融服务普及率很低，大部分人无法获得传统银行账户和支付方式。
这给低收入人群和农村地区的经济发展带来了很大的障碍。
2. 便捷的移动支付MPesa利用已经广泛普及的移动电话网络，为用户提供了便捷的移动支付服务。
用户可以通过手机转账、存款、取款、支付账单等操作，实现即时的资金转移。
这种基于移动电话的支付方式极大地方便了用户的日常生活和商业活动，减少了现金交易的风险和不便。
3. 金融服务的拓展除了移动支付，MPesa还逐步拓展了其他金融服务，包括借贷、储蓄、保险等。
用户可以通过MPesa进行小额贷款，帮助他们开展小型商业活动和农业生产。
此外，MPesa还提供了储蓄服务，用户可以将闲置资金存入MPesa账户，获得一定的利息收益。
4. 合作伙伴关系的建立为了提供更多的金融服务，MPesa与各类合作伙伴建立了合作关系。
例如，MPesa与肯尼亚电力公司合作，用户可以通过MPesa支付电费。
此外，MPesa还与电信运营商、商家和政府机构等建立了合作伙伴关系，为用户提供更多的便利和服务选择。
结果1. 提高金融普及率MPesa的推出极大地提高了肯尼亚的金融普及率。
根据数据，MPesa已经覆盖了肯尼亚超过80%的移动电话用户，成为肯尼亚最流行的支付方式之一。
通过移动支付和金融服务，MPesa帮助了数百万肯尼亚人获得了金融服务，改善了他们的生活质量。
翻译
译文 但当硝烟散尽时，他很可能审时度势，发现自己正面临 另一场更大的挑战，即要应对新一轮国际贸易战，也许还有国 内要求实行贸易保护主义的压力。
2 Before the payment of these tariffs, the imported goods will be in the custody of the customs and storage charges are for the importer's account.
译文 除了退休金福利之外，该公司及其子公司还提供 一定医疗保险和人寿保险的福利给退休员工。
7 Victims of loans sharks include owners of small and medium sized enterprises with cash flow problems due to the recession.
译文 在缴关税之前，进口货物由海关保管，存储费由 进口商承担。
注
custody 保管 监护
charge
费用
3 To the Bush administration， the advantages gained by scrapping the tariffs outweigh its loss of support from the steel industry.
译文 非人寿保险公司将给该公司提供关于受损评 估和产品开发方面的知识。 注 nonlife 无生命的 缺乏生命 know-how 专门知识技能
5 The credit guarantee system has been effective in helping small and medium sized company suffering from bank‘s reluctance to extend loans.
商务英语第二版 课文翻译9
Beyond Bretton Woods 2后布雷顿森林体系2.0版WHEN the leaders of the Group of Twenty (G20) countries meet in Seoul on November 11th and 12th, there will be plenty of backstage finger-pointing about the world’s currency tensions. American officials blame China’s refusal to allow the yuan to rise faster. The Chinese retort that the biggest source of distortion in the global economy is America’s ultra-loose monetary policy—reinforced by the Federal Reserve’s decision on November 3rd to restart “quantitative easing”, or printing money to buy government bonds (see article). Other emerging economies cry that they are innocent victims, as their currencies are forced up by foreign capital flooding into their markets and away from low yields elsewhere.当二十国集团领导人于11月11日至12日齐聚首尔，私下里纷纷指责世界货币大战。
美政府官员指责中国拒绝人民币升值过快。
中国人反驳称全球经济扭曲究其根源是美国的过度宽松的货币政策---美联储决定于11月3日重启量化宽松政策，或印刷纸钞购买政府债券（见报道）的举措使扭曲加剧。
反倾销协议,中英
反倾销协议,中英篇一:《美国反倾销条例》《美国反倾销条例》.txt你妈生你的时候是不是把人给扔了把胎盘养大,别把虾米不当海鲜。
别把虾米不当海鲜。
美国商务部于1989年3月28日公布，并于1989年4月28日生效)第一条范围本条例对根据经修正补充过的《1930年关税法》第七编之规定征收反倾销税时应遵守程序和实施细则作了补充和规定。
本条例还融合了根据《1984年贸易和关税法》第六编及《1986年税收改革法》第十八编第二部分第三章之规定而作出的修改条款。
第二条定义1(“关税法”系修正补充过的《1930年关税法》。
2(“委员会”系指美国国际贸易委员会。
3(“外国”系指某一外国国家或外国某一行政区，外国某一附属领土或外国某一占领。
4(“海关”系指美国财政部下属的美国海关总署。
5(“商务部”系指美国商务部。
16(“倾销差价和加权平均倾销幅度”。
(1)倾销差价系指某种产品的外国市场价值高于美国价格的差额。
(2)“加权平均倾销幅度”系指将总的倾销差价除以总的美国价格得到的销倾幅度。
7(“事实性资料”系指:(1)对调查问卷的初次或补充回答;(2)支持起诉的数据和对事实的陈述;(3)其他数据和对事实的陈述;(4)书面证据。
8(“本国”系指生产某种商品的本国。
9(“进口商”系指进口或让他人为其进口货物的人。
10(“产业”系指在美国生产某种相似产品的生产商的整体，但是商务部部长根据关税法第771条第4款B项裁定不能包括在内的生产者除外(比如本身又是该产品进口商，或者与进口商、生产者或出口商有联系的生产商)。
根据关税法第771条第4款C项之规定，如果一批生产者在美国某一特定的区域市场上销售其生产的全部或几乎全部产品，并且对该种相似产品需求的供给不是由位于美国其他区域的生产商大量提供，那么可以将该批生产者视作本条前述的某一产业。
11(“利害关系人”系指:(1)某种产品的生产者，出口商或美国进口商，或由某种产品进口商的大部分组成的行业协会或商会;(2)生产该商品的本国政府;(3)美国生产某种相似产品的生产者或销售商(不限于零售商);(4)由作为2该产业代表的工人或由美国某种相似产品的销售商(不限于零售商)组成的、经政府批准认可的工会或商业团体;(5)由生产或销售美国生产的相似产品的大部分生产者或销售商组成的行业协会或商会;(6)由本条第(3)、(4)或(5)项规定的利害关系方的大部分成员组成的协会。
仓储物流外文文献翻译中英文原文及译文2023-2023
仓储物流外文文献翻译中英文原文及译文2023-2023原文1：The Current Trends in Warehouse Management and LogisticsWarehouse management is an essential component of any supply chain and plays a crucial role in the overall efficiency and effectiveness of logistics operations. With the rapid advancement of technology and changing customer demands, the field of warehouse management and logistics has seen several trends emerge in recent years.One significant trend is the increasing adoption of automation and robotics in warehouse operations. Automated systems such as conveyor belts, robotic pickers, and driverless vehicles have revolutionized the way warehouses function. These technologies not only improve accuracy and speed but also reduce labor costs and increase safety.Another trend is the implementation of real-time tracking and visibility systems. Through the use of RFID (radio-frequency identification) tags and GPS (global positioning system) technology, warehouse managers can monitor the movement of goods throughout the entire supply chain. This level of visibility enables better inventory management, reduces stockouts, and improves customer satisfaction.Additionally, there is a growing focus on sustainability in warehouse management and logistics. Many companies are implementing environmentally friendly practices such as energy-efficient lighting, recycling programs, and alternativetransportation methods. These initiatives not only contribute to reducing carbon emissions but also result in cost savings and improved brand image.Furthermore, artificial intelligence (AI) and machine learning have become integral parts of warehouse management. AI-powered systems can analyze large volumes of data to optimize inventory levels, forecast demand accurately, and improve operational efficiency. Machine learning algorithms can also identify patterns and anomalies, enabling proactive maintenance and minimizing downtime.In conclusion, warehouse management and logistics are continuously evolving fields, driven by technological advancements and changing market demands. The trends discussed in this article highlight the importance of adopting innovative solutions to enhance efficiency, visibility, sustainability, and overall performance in warehouse operations.译文1：仓储物流管理的当前趋势仓储物流管理是任何供应链的重要组成部分，并在物流运营的整体效率和效力中发挥着至关重要的作用。
Balance of Trade(翻译稿)
Balance of TradeMises Daily: Wednesday, September 05, 2012 by Frederic BastiatOur adversaries have adopted tactics that are rather embarrassing. Do we establish our doctrine? They admit it with the greatest possible respect. Do we attack their principle? They abandon it with the best grace in the world. They demand only one thing — that our doctrine, which they hold to be true, should remain relegated to books, and that their principle, which they acknowledge to be vicious, should reign paramount in practical legislation. Resign to them the management of tariffs, and they will give up all dispute with you in the domain of theory."Assuredly," said Mr. Gauthier de Rumilly, on a recent occasion, "no one wishes to resuscitate the antiquated theories of the balance of trade." Very right, Mr. Gauthier, but please remember that it is not enough to give a passing slap to error, and immediately afterwards and for two hours at a time, reason as if that error were truth.Let me speak of Mr. Lestiboudois. Here we have a consistent reasoner, a logical disputant. There is nothing in his conclusions that is not to be found in his premises. He asks nothing in practice but what he justifies in theory. His principle may be false; that is open to question. But at any rate, he has a principle. He believes, and he proclaims it aloud, that if France gives 10, in order to receive 15, she loses 5; and it follows, of course, that he supports laws that are in keeping with this view of the subject."The important thing to attend to," he says, "is that the amount of our importations goes on augmenting, and exceeds the amount of our exportations —that is to say, France every year purchases more foreign products, and sells less of her own. Figures prove this. What do we see? In 1842 imports exceeded exports by 200 million. These facts appear to prove in the clearest manner that national industry is not sufficiently protected, that we depend upon foreign labor for our supplies, that the competition of our rivals oppresses our industry. The present law appears to me to recognize the fact that the economists are wrong in saying that when we purchase we necessarily sell a corresponding amount of commodities. It is evident that we can purchase, not with our usual products, not with our revenue, not with the results of permanent labor, but with our capital, with products that have been accumulated and stored up, those intended for reproduction —that is to say, that we may expend, that we may dissipate, the proceeds of previous economies, that we may impoverish ourselves, that we may proceed on the road to ruin, and consume entirely the national capital. This is exactly what we are doing. Every year we give away 200 million francs to the foreigner."Well, here is a man with whom we can come to an understanding. There is no hypocrisy in this language. The doctrine of the balance of trade is openly avowed. France imports 200 million more than she exports. Then we lose 200 million a year. And what is the remedy? To place restrictions on importation. The conclusion is unexceptionable.It is with Mr. Lestiboudois, then, that we must deal, for how can we argue with Mr. Gauthier? Ifyou tell him that the balance of trade is an error, he replies that that was what he laid down at the beginning. If you say that the balance of trade is a truth, he will reply that that is what he proves in his conclusions.The economist school will blame me, no doubt, for arguing with Mr. Lestiboudois. To attack the balance of trade, it will be said, is to fight with a windmill.But take care. The doctrine of the balance of trade is neither so antiquated, nor so sick, nor so dead as Mr. Gauthier would represent it, for the entire Chamber — Mr. Gauthier himself included — has recognized by its votes the theory of Mr. Lestiboudois.I shall not fatigue the reader by proceeding to probe that theory, but content myself with subjecting it to the test of facts.We are constantly told that our principles do not hold good, except in theory. But tell me, gentlemen, if you regard the books of merchants as holding good in practice? It appears to me that if there is anything in the world that should have practical authority when the question regards profit and loss, it is commercial accounts. Have all the merchants in the world come to an understanding for centuries to keep their books in such a way as to represent profits as losses, and losses as profits? It may be so, but I would much rather come to the conclusion that Mr. Lestiboudois is a bad economist.Now, a merchant of my acquaintance having had two transactions, the results of which were very different, I felt curious to compare the books of the counting-house with the books of the customhouse, as interpreted by Mr. Lestiboudois to the satisfaction of our 600 legislators.M.T. dispatched a ship from Havre to the United States, with a cargo of French goods, chiefly those known as articles from Paris, amounting to 200,000 francs. This was the figure declared at the customhouse. When the cargo arrived at New Orleans it was charged with 10 percent freight and 30 percent duty, making a total of 280,000 francs. It was sold with 20 percent profit, or 40,000 francs, and produced a total of 320,000 francs, which the consignee invested in cottons. These cottons had still for freight, insurance, commission, etc., to bear a cost of 10 percent; so that when the new cargo arrived at Havre it had cost 352,000 francs, which was the figure entered in the customhouse books. Finally M.T. realized upon this return cargo 20 percent profit, or 70,400 francs; in other words, the cottons were sold for 422,400 francs.If Mr. Lestiboudois desires it, I shall send him an extract from the books of M.T. He will there see at the credit of the profit and loss account —that is to say, as profits —two entries, one of 40,000 another of 70,400 francs, and M.T. is very sure that his accounts are accurate.And yet, what do the customhouse books tell Mr. Lestiboudois regarding this transaction? They tell him simply that France exported 200,000 francs' worth, and imported to the extent of 352,000 francs; from which the honorable deputy concludes "that she had expended and dissipated the profits of her previous economies, that she is impoverishing herself, that she is onthe high road to ruin, and has given away to the foreigner 152,000 francs of her capital."Some time afterwards, M.T. dispatched another vessel with a cargo also of the value of 200,000 francs, composed of the products of our native industry. This unfortunate ship was lost in a gale of wind after leaving the harbor, and all M.T. had to do was to make two short entries in his books, to this effect:"Sundry goods due to X, 200,000 francs, for purchases of different commodities dispatched by the ship N.""Profit and loss owed to sundry goods, 200,000 francs, in consequence of definitive and total loss of the cargo."At the same time, the customhouse books bore an entry of 200,000 francs in the list of exportations; and as there was no corresponding entry to make in the list of importations, it follows that Mr. Lestiboudois and the Chamber will see in this shipwreck a clear and net profit for France of 200,000 francs.There is still another inference to be deduced from this, which is that according to the theory of the balance of trade, France has a very simple means of doubling her capital at any moment. It is enough to pass them through the customhouse, and then pitch them into the sea. In this case the exports will represent the amount of her capital, the imports will be nil, and impossible as well, and we shall gain all that the sea swallows up.This is a joke, the protectionists will say. It is impossible we could give utterance to such absurdities. You do give utterance to them, however, and, what is more, you act upon them and impose them on your fellow-citizens to the utmost of your power.The truth is, it would be necessary to take the balance of trade backwards (au rebours), and calculate the national profits from foreign trade by the excess of imports over exports. This excess, after deducting costs, constitutes the real profit. But this theory, which is true, leads directly to Free Trade. I make you a present of it, gentlemen, as I do of all the theories in preceding chapters. Exaggerate it as much as you please —it has nothing to fear from that test. Suppose, if that amuses you, that the foreigner inundates us with all sorts of useful commodities without asking in return — that our imports are infinite and exports nil. I defy you to prove to me that we should be poorer on that account.贸易平衡Mises Daily: Wednesday, September 05, 2012作者：弗雷德里克·巴斯夏翻译：@风灵_（新浪微博）我们的对手采用了令人相当头痛的策略。
肯尼亚发展移动金融的经验及对中国农村金融的启示
随着 MＧPesa项目的推进,用户们很快发现该支 付系统不仅可以用于小额贷款的偿还,还可以进行 各种货币的 支 付 和 转 移.DFID 和 Vodafone也 认 识 到了 MＧPesa的这种功能,经与肯尼亚中央银行沟通 并获得 支 持 后, 迅 速 地 调 整 了 MＧPesa 的 功 能 与 定 位,将目标人群从过去的小额贷款者扩大到更加广 泛的人群.到 ２００７ 年,Safaricom 进 一 步 将 MＧPesa 定位为 “基 于 手 机 短 信 的 货 币 转 账 系 统 ”, 此 后, MＧPesa的业务功能得到了多次拓展 (表１),形成了 更加丰富多元的功能系列.
作者简介: 宋 玲 者 (１９６８—), 女, 河 北 衡 水 人, 副 教 授, 研 究 方向:区域经济、农村金融.
２０18郾05（总 469）
Ｗｏｒｌｄ Ａｇｒｉｃｕｌｔｕｒｅ
１ MＧPesa 的 产 生 与 发 展
MＧPesa (M: Moblie,Pesa:Swahilifor monＧ ey)在肯尼亚当地语言中的含义为 “手机现金”,也 可以称 作 “手 机 银 行” 或 “移 动 钱 包 ”.MＧPesa 起 源于２００５ 年 １０ 月 英 国 国 际 开 发 署 (DFID)、 英 国 电信公司沃 达 丰 公 司 (Vodafone) 及 其 肯 尼 亚 附 属 公司 Safaricom 与 肯 尼 亚 政 府 合 作 的 一 个 旨 在 建 立 移动电子货币系统的项目.该项目旨在建立便利贫 困人群小额贷款偿付的系统,从而达到减少贫困的 目的.
表 １ MＧPesa重 要 业 务 功 能 拓 展 的 过 程
年份
拓展的主要功能
２００７
存款、取款、汇款及手机充值等基本功能
关于移动支付的口译材料
关于移动支付的口译材料Over the last 10 years, the rise of mobile money has demonstrated the power of mobile technology to reach the financially excluded.Today, mobile money is available in two-thirds of the developing world, with 174 million active accounts. In Kenya, mobile finance has recently been shown to help people escape poverty. And around the world, digital finance is giving millions of low-income families a convenient and safe way to pay bills, send assets to loved ones, and store money. In these ways and more, mobile money can play an important role in achieving the UN Sustainable Development Goals.Access and usage of mobile money continue to grow as provided expanded partnerships to offer a broader range of products. Increased competition is delivering greater customer choice, while technological innovations continue to make services more useful.But there are still significant barriers to overcome for mobile money to reach its full potential. In developing markets, it will be vital to build a close tie of/between regulators and providers in order to promote consumer protection and alevel-playing field.Greater investment in connectivity, customer identification, and other public cause is also urgent, given that 1.6 billion people still remain outside of mobile network coverage, and 1.5 billion lack formal identification.。
英语作文-移动支付对非金融机构支付服务的影响与启示
英语作文-移动支付对非金融机构支付服务的影响与启示Mobile payment has revolutionized the landscape of financial transactions, impacting not only traditional banking institutions but also non-financial entities. This transformative technology has brought about significant changes and insights into the realm of non-financial institution payment services.One of the most notable impacts of mobile payment on non-financial institutions is the enhancement of customer experience. By integrating mobile payment solutions into their services, businesses can offer customers greater convenience and efficiency in making payments. Whether it's purchasing goods at a retail store or paying for services online, the ability to complete transactions swiftly and securely through a mobile device has become increasingly valued by consumers.Moreover, mobile payment facilitates seamless transactions across various platforms and channels. Non-financial institutions, such as e-commerce platforms and ride-sharing apps, can leverage mobile payment technology to streamline the checkout process and provide a frictionless payment experience for users. This interoperability not only improves user satisfaction but also fosters loyalty and repeat business.Furthermore, mobile payment has opened up new avenues for revenue generation and business growth for non-financial institutions. By offering mobile payment solutions, businesses can tap into previously untapped markets and demographics, especially those who prefer cashless transactions or are underserved by traditional banking services. This expansion of the customer base can lead to increased sales and profitability for non-financial entities.Additionally, mobile payment has spurred innovation in product and service offerings among non-financial institutions. In order to remain competitive in the digital age, businesses are compelled to adopt or develop cutting-edge payment solutions that cater to evolving consumer preferences and market trends. This culture of innovation notonly benefits customers by providing them with more choices and features but also drives progress and advancement within the industry as a whole.Furthermore, mobile payment has implications for risk management and security practices among non-financial institutions. With the rise of digital transactions, businesses must prioritize data security and fraud prevention to safeguard sensitive information and maintain customer trust. This entails implementing robust authentication measures, encryption protocols, and monitoring systems to detect and mitigate potential threats.Moreover, mobile payment has implications for regulatory compliance and governance frameworks governing non-financial institutions. As mobile payment technology evolves and becomes more ubiquitous, regulators may impose stricter requirements and standards to ensure transparency, fairness, and consumer protection. Non-financial entities must stay abreast of regulatory developments and adapt their practices accordingly to mitigate compliance risks and legal liabilities.In conclusion, mobile payment has had a profound impact on non-financial institution payment services, offering benefits such as improved customer experience, increased revenue opportunities, and enhanced innovation. However, it also poses challenges related to security, risk management, and regulatory compliance. By embracing mobile payment technology and addressing these challenges proactively, non-financial institutions can capitalize on the opportunities presented by this transformative trend and position themselves for success in the digital economy.。
英语演讲原文：奥巴马演讲 签署不当支付消除与回收法案2
奥巴马演讲签署不当支付消除与回收法案2We’re creating a single electronic medical record for our men and women in uniform that will follow them from the day they enlist 1 until the day that they are laid to rest. We’re revamping（修改，翻新） our Social Security and citizenship 2 processes so that folks can book appointments and check the status of their applications online. We’ve created mobile apps that provide everything from disaster assistance to product safety information to the latest wait times for security lines at your local airport. And we’ve begun an unprecedented 3 effort to put an end to a problem known as improper 4 payments, which is the purpose of the bill that I’m signing into law today. Now, these are payments sent by the government to the wrong person, or for the wrong reasons, or in the wrong amount. Payments to a defense 5 contractor 6 that’s been disbarred for（因……不准） shoddy work but somehow managed to get through the system. Payments to companies that haven’t paid their taxes, or to folks who are incarcerated 7 （监禁）–- or who are dead. Sometimesthese payments are the result of innocent mistakes or reflect valid 8 （有效的，正当的） claims that were paid at the wrong time. But sometimes, they result from abuses by scam（欺诈）artists and crooked 9 （弯曲的，不正当的） companies. And all told, they added up to $110 billion. I want everybody to understand -- just get some perspective on that. That is more than the budgets of the Department of Education and the Small Business Administration combined. And that’s unacceptable. That’s why, earlier this year, I directed our federal agencies to launch rigorous（严格的，严密的）audits 11 （审计） conducted by auditors 12 who are paid based on how many abuses or errors they uncover -– the more they find, the more money they make. So they are highly incentivized. We’re also creating a “Do Not Pay”list –- a consolidated 13 （巩固的，统一的） database of every individual and company that’s ineligible 14 （不合格的） for federal payments. Before checks are mailed, agencies will be required to check this list to make sure that the payment is to the right person, in the right amount, forthe right reason. With these new tools, the challenge I’m making to my team today is to reduce improper payments by $50 billion between now and 2012. This goal is fully 15 achievable due in no small part to some of the great work of the members of Congress standing 16 with me today, particularly Senator Tom Carper and Representative PatrickMurph y, who sponsored the bill I’m about to sign and worked with all the other members of Congress who are here today to get it passed. And I think, by the way, it’s worth noting that this bill passed unanimously（全体一致地） in both the House and the Senate -– a powerful reminder 17 of what we can accomplish when we put partisanship 18 （党派偏见）aside and do what’s best for the people we serve. So this bill will dramatically expand and intensify 19 our efforts to end improper payments. And going forward, every agency in our government will be required to conduct annual assessments 20 to determine which of their programs are at risk of making improper payments. Agencies will be required to audit 10 more of their programs and recapture more taxpayer 21 dollars. And we now have rigorous enforcement mechanisms 22 to hold agencies accountable for how much money they save. So, in large part, thanks to the great work of the people in this room, I think we’re headed in the right direction. And today, I’m pleased to announce that I will be charging Jack 23 Lew, my choice for director of Office of Management and Budget -- once Peter Orszag, the current OMB director, departs -- with building on the good work that Peter began. I’m entrusting 24 Jack with carrying forward our Accountable Government Initiative in the months ahead. I will be asking him and Jeff to give me regular updates on our progress incutting waste and making our government more efficient and effective. And as the only OMB director in history to preside over a budget surplus for three consecutive 25 years, Jack Lew knows a thing or two about making government work. I’m confident he’s up to the challenge of building the kind of government that the American people expect and deserve -– one that spends their money wisely, serves their interests well, and is fully worthy 26 of their trust and respect. So I want to again thank these outstanding members of Congress who are here today who have been on the case in both chambers 27 for quite some time. I want to thank all the people who worked on this bill in this room for your outstanding efforts. Thank you. God bless you. God bless America. And let me sign thisbill. (Applause.) (The bill is signed.)(Applause.) END 11:39 A.M. EDT■文章重点单词注释：1enlistvt.谋取(支持等)，赢得；征募；vi.入伍参考例句：They come here to enlist men for the army.他们来这儿是为了召兵。
UPSTREAM,TRADEWINDS,IRNA中英文新闻汇总及翻译
DSME, Songa rig dispute deepensNorwegian rig contractor Songa Offshore says it is not responsible for losses incurred by Daewoo Shipbuilding and Marine Engineering during the construction of one of its rigs. Songa said Tuesday it had received $199 million in claims submissions from the Korean shipbuilder for costs related to the semisubmursible Category D Songa Equinox.DSME asserts that inherent errors and omissions in the rig's design led to cost overruns and construction delays, but Songa says these claims are without substance."DSME is responsible for the delays and any attempt to recover cost overruns is of no merit due to the 'turn-key' nature of the construction contract," Songa said in a release.The confrontation is part of a larger dispute surrounding four Category D rigs: Songa Equinox, Songa Endurance, Songa Encourage and SongaEnabler. DSME launched arbitration proceedings in July.Statoil has hired all four rigs on eight-year firm contracts. Songa Offshore与大宇造船陷超支纠纷海上钻井承包商Songa Offshore和大宇造船就“Songa Equinox”号半潜式钻井平台的建造合同发生纠纷。
IMFPA(中英文)汇编
I irrevocably confirm that I will order and direct our bank to endorse automatic payment orders to the beneficiaries named below; furthermore, I confirm that all pay orders shall automatic transfer funds as directed into each beneficiaries designated bank account within one (1) day after the date of closing and completion of each and every shipment of the product during the contract term plus any/or extensions and rollover of the specified contract.
本不可撤消的佣金保护协议书为下述合同号、卖方代码和买方代码的合同的不可分割的一部分。
Contract Code合同号:
Seller Code卖方代码:
Buyer Code买方代码:
Commodity商品名称:
Contract Quantity合同订货量:
Contract Period合同期:
Payment Terms付款条款:
传真和/或电子邮件签署本不可撤消的佣金保护协议，将视为正签本协议，对于本协议各方均有约束力。本不可撤消的佣金保护协议可以多份签署，具有同等法律效力。
财经英语Chpt1Transcriptoftheessenceofmoney
Transcript of the essence of money:In Medieval times, just like today, people had problems with money. In those days, gold and silver coins were the universally accepted form of money. Precious medals were used as money because their scarcity made them valuable, even in small quantities. Unfortunately, it also made them scarce. Two other qualities made precious metals as money - they did not spoil and they did not get consumed. So they were ideal for saving. Unfortunately, the same properties made them ideal for hoarding. Hoarding worsened the problem of scarcity. Those with wealth beyond their needs could acquire the metal coins and hold on to them, thus depriving other people of money they needed for convenient trading of real goods and services. As a result, the weekly market always offered a wealth of goods and services to be traded, there was often little coin available to make trade work efficiently.So what did the Medieval folks do to solve their coin shortage problem? They invented market money. And this is how they did it. Each seller had a pretty good idea of what his or her sales would be if sufficient coins were available. The sellers had bases upon which to issue credit to themselves. The self-issued credit could be used as money to buy other sellers’wares. People could do this because the participants of the weekly market were both producers and consumers. They went to the market to trade their products, literally. But what would happen when the butcher wanted something from the seamstress and the seamstress wanted something from the shoemakers, not the butcher, and so on?Trading goods and services for other goods and services requires coordination of many trades. It often requires several steps before a seller could acquire what he or she really wanted to buy. Bartering like this has always been a cumbersome process. That is why money was invented. Sometimes, money has to be re-invented.So one day during an economic slowdown caused by a serious shortages of precious coins, that happened. Anton the Baker, his bread was always in demand, could easily count on people who would always buy his bread if they had the money. Anton could reliably expect to sell at least 20 silver pennies worth of bread at each market. Therefore, he reasoned—he could safely issue 20 silver pennies worth of Anton bread vouchers and persuaded his fellow sellers to accept this virtual bread in trade for their actual wares. Anton was a good man trusted by all. So he had little trouble spending his 20 pennies worth of vouchers on the wares of other merchants. Most people were able to understand the elegance of his idea right away. So those who traded their wares for Anton’s vouchers were, in turn, successful in trading the said vouchers for other sellers’goods and services.Because the bread voucher’s value was expressed in silver pennies, everyone knew what the voucher was worth relative to everything else. And they knew every voucher was backed by the abundant supply of Anton’s delicious smelling bread. So soon Anton’s bread vouchers were soon recognized by all as reliable money based solely on the proven demand for Anton’s bread.Throughout the day, Anton’s vouchers would be returned to him in exchange for bread. Eachvoucher had completed a unique journey in the market, some short, and some long. All along the way, the voucher had facilitated trades that had nothing to do with Anton.It was not long before other merchants began writing vouchers against their products and services. Soon the market was flooded with money in the form of virtual goods and services all backed by the abundance of actual goods and services available at the market. With no shortage of money, everyone had unrestricted opportunity to sell their products, or special skills to whatever extent that there was real demand for them. This led to general prosperity and happiness.The only purpose silver served in the system was to provide a widely understood measure of value in the same way that inches and feet, pounds and ounce were necessary for measuring lengths and weights. Anton liked to explain to the amazed people from other markets. No one’s ever stopped from building a house due to a shortage of inches. Similarly, no one in this market has ever stopped from making a trade by a shortage of silver pennies.At the end of each market, the outstanding vouchers were reconciled among the market’s merchants with payments made in three ways: in product, in vouchers for the next market, or as a final resort, in coin. This system was very successful. That is because it fulfilled the essential purpose of money—it guarantees the existence of enough purchasing power to purchase all goods and services in demand.。
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海南大学题目：翻译：风险分担与交易成本学号：20121714310012姓名：年级：2012级学院：经济与管理学院专业：金融学任课教师：风险分担与交易成本：来自肯尼亚的移动支付革命威廉·杰克、塔夫尼特·苏瑞我们通过评估移动支付创新在消费方面的影响来探索降低交易成本在风险分担方面的影响。
在我们的样本中，通过创新的方式从43%提高到了70%。
我们发现，虽然非用户的消费者降低了7%，但家庭用户的消费并不受影响。
收汇款人的多样性在这种机制下，会潜在的影响消费效应的增加。
我们稳健性检验的报告支持这些结果，并通过使用移动支付代理网络四倍的扩张作为外生变化中获得创新的来源。
在发展中国家，非正式的网络提供了一个重要的手段，个人和家庭通过它来分担风险，尽管它们提供的保险往往是不完整的。
经济学家们已经针对上述的不完整性给出了一些原因，其中包括信息不对称，这主要体现在道德风险已经有限的义务与承诺的问题上，它们导致了现实收入与消费呈正相关的关系。
在这篇文章中，我们强调补充不完整性的来源：交易成本，字面意思是个体之间转移资源的成本。
我们从一个大的家庭样本数据分析测试对风险分担的交易成本的影响，通过我们在肯尼亚设计和管理的3年时间捕捉到了“移动货币”的扩张。
这种金融创新允许个体通过简单的短消息服务（SMS）技术传输购买力，大大降低了跨越远距离汇款的成本。
移动支付是现在经济发展中的一个重要创新，目前最成功的例子就是肯尼亚的“移动钱包服务。
”仅仅在它2007年推出后的四年里，移动支付钱包已经被肯尼亚70%的成年人所接受，在我们的数据中，大约四分之三的家庭中至少有一个“移动钱包服务”的用户。
这个产品迅速普及的一部分原因是由于网络“代理”的增长，小的营业网点提供的套现服务。
代理将现金兑换为“电子货币”，这种电子账户通过短信服务将钱从一个账户转到另一个账户。
在一个国家的850个银行分支机构中，大约有28000个移动支付代理（2011年4月），大大扩充了一个最基本的金融服务——发送和接受汇款的能力。
家庭和社会网络在肯尼亚有很大距离的分散，这是由内部迁移、就业和追求其他机会的动机导致的。
在这种背景下，较低的交易成本对国内汇款的规模和频率有很重要的影响，因此，低成本也提高了平滑风险的能力。
移动支付的使用已经并将继续成为人对人汇款的主要方式。
在这项技术应用之前，大多数的家庭通过手或者朋友以及公交车司机来传递汇款。
这种传统的方式是非常昂贵的，并且充满延迟和潜在的被盗窃丢失的风险。
例如，我们数据中的汇款来自平均200公里的，大约相当于5美元公交的车程距离。
在使用移动支付时，所有的家庭所需要做的就是发送一条短信。
不仅是更低的货币传送成本，也有这个过程的安全性和确定性的保证，并且意味着发送和接收汇款成本的大幅度降低。
在肯尼亚，为了研究移动支付如何对风险分担产生影响，我们分析了来自2008年初到2010年底的大的家庭行为的样本调查数据。
首先，我们使用一个选定的差异规格，包括家庭领域中，移动支付的使用者和非使用者在转移消费途径的变化上的对比。
重要的是，我们允许所有被观察的特征主体通过控制自己的收入冲击的互相影响去影响风险分担。
这允许我们在这段时期的金融环境中能够控制一些其他的变化，我们所争论的这段时期内的金融环境是次要的，以及这些变化如何能够影响家庭平滑风险的能力。
此外，为了解决潜在的内生性问题，我们使用家用接近代理网络，作为代理访问服务，它在我们调查周期内的18个月中增长了四倍以上。
同样的，我们我们使用我们自己的数据样本结果我们对比了变化⑴在家庭周围代理商的密度差改变的冲击对家庭消费变化的影响；⑵家庭对于最近代理商的距离的变化冲击对消费变化的影响。
为了支持这一假设的确定性，我们表明，代理点与家庭平滑风险的能力在两个方面没有系统的相关性：一，我们表明，代理点与观测值不相关；二，我们从移动支付的出现之前使用数据的篡改检测。
在这些不同的指标规格中，我们发现，当非使用者家庭经历消极的收入冲击时，他们的人均消费量会出现下降，因为他们缺乏良好的代理网络来源。
而在另一方面，移动支付钱包的家庭使用者在经历这种情况时，人均消费量并没有出现下降。
特别是在一个消极的冲击事件时，这些非使用者的消费量会减少7%-10%，使用者在这一点得到的消费降低量的估计是比非使用者小很多，并且通常在统计学上是无法区分零的。
我们发现对收入底层五分之三的人口有明显的影响——这是被预料到的，因为那些在收入结构顶层的人在移动支付出现之前也能够很好的平滑风险。
我们发现，移动支付的影响至少可以增强风险分担的效果，而不是因为流动性的效果。
在负面冲击中，家庭使用者更容易收到任何汇款，他们收到汇款越多多，他们就获得越大的总价值。
尤其是有13%的家庭更容易受到汇款，这些家庭的年消费量在六个月内达到6%-10%。
我们还发现，使用者接收汇款来自各种来源的更广阔的网络和其网络的较大部分以响应负面冲击。
汤森（1994年、1995年），乌德里（1994年），和罗森茨维格和斯塔克（1989年）早期在发展中国家提出的捐款方法在一定程度上能够保证家庭抵抗风险，通过这样的机制作为非正式的家庭间内部的转移，依存偿还贷款、婚姻和预防性储蓄的状态。
苏瑞（2012年）提供的肯尼亚农村较早的移动支付的证据发现食物消费量非常平滑。
格特勒·格鲁伯（2002年）和德维特和德康（2006年）观察到，非正式的保险能够帮助个人在遭受消极的健康冲击时满足个人的支出需求。
格奥尼发现，在应对健康冲击时，增加家庭成员的劳动供给和家庭间的转移，并不能对冲击产生显著地影响。
这些研究结果提供的证据表明，虽然家庭从事分散风险的交易，但他们所支付的保险仍然是不完整的。
这种不完备性和模型，由艾特纳西和帕沃尼（2011年）给出的一种解释是，私人信息诱导了资源配置效率的低下，限制了最佳的道德风险成本。
另外，继托马斯和沃勒尔（1990年）的早期工作和科艾特和拉瓦雷（1993年），已经发展了完整的信息模型（也见费伦1998年;1998年利根;利根，托马斯和沃勒尔2002年;和热尼科和瑞（2003年）。
这些模型注重保持激励参加保险池，并提供了一个框架，统一保险和状态依存的贷款。
卡普兰（2006年）和金南（2010年）最近的工作研究如何将这些不完全的替代保险的理论可以对对方进行测试，后者还包括一个测试为隐性收入的模型。
同时也出现了对保险网络的形成方式的兴趣。
艾特纳西、佩拉雷诺和佩拉尼雷耶斯用现场试验检查角色信任和家庭纽带关系，确定在风险分担参与者的身份。
发凯姆普和隆德（2003年）、发凯姆普和古比特（2007年）在菲律宾研究保险网络的形成。
金南·汤森德和（2010年）还分析了亲属保险的一个组成部分，同时，查普瑞等人（2011年）发现，同村的家庭成员之间能够更好的分散风险。
很少有研究将显性交易成本纳入非正规的风险分担分析。
这些成本在发展中国家是非常高的，因为那里的金融系统和基础设施都不发达。
许多交易在人身上发生，但所有的最小交易的距离最短的实施真正的资源成本比较大。
最近的一个例外是布鲁门施托克和发凯姆普（2011年），他们在研究手机的瞬间预付转移。
通过对卢旺达地震前后行政交易数据的使用，他们发现，手机支付对个人的转移收到了地震的影响。
他们页发现了一些启发性的证据，这些转移有一部分是因为互惠的原因。
杨、周（2007年）、阿斯内和马提内，杨（2010）提供的两条额外的证据表明，汇款和交易成本对保险网络非常重要。
杨和周（2007年）发现，住在菲律宾的家庭的国际汇款收据伴随着收入冲击，建议汇款行为平滑消费。
阿斯内、马提内和杨（2010）表明低汇款费用导致汇款的频率增加但是不改变每交易金额。
最后，沃尔和安格鲁斯等人允许交易成本理论产生不完全的保险，并且测试了这些模型的整体理论启示，但是在他们的消费平滑测试中，并没有使用确切的交易成本的经验措施。
本文的其余部分的结构如下。
在下面的部分中，我们提供的背景信息是移动支付在肯尼亚的状态和接受程度。
在第二部分中，我们展示了一个保险与固定交易成本的简单模型。
在第三部分中，我们提供了调查数据的描述，在接下来的第四部分中，是我们对于实证框架的一个讨论。
在第五部分中，我们展示了我们的研究结果，并且在第六部分中进行了总结。
I. 移动货币和移动支付钱包的背景移动支付钱包，由Safaricom公司于2007年推出，Safaricom 占主导地位的移动网络运营商，是世界上最广泛被接受的移动手机基础金融服务运营商。
如图一所示，自从产品推出以来，移动支付钱包用户的注册数量一直持续的增加，到2011年4月，用户数量已达14万个。
忽略外国人持有的多个账户，这意味着在四年中大约有70%的成年人拥有了移动支付钱包的账户。
移动支付钱包的代理也在串联增长，如图一所示，到2011年4月，全国各地约有28000个代理。
在同一时期，银行分支机构的数量从2008年的887个增长到了2010年的2063个，并且ATM机网络从1325个增加到了2203个，这与移动支付钱包的增长有着微弱的联系。
如果离开了创建密集的代理商网络，移动支付钱包就不可能被如此迅速的接受，因为移动支付钱包能够将现金转化为电子货币，反之，亦然。
通常情况下，代理经常经营一些其他业务，它们往往涉及到手机行业（如手机分布网点和公用通话收费店），但也包括杂货店、加油站、裁缝店和银行网点等。
手机移动网络在肯尼亚的快速增长也保证了移动支付钱包的增长，它覆盖了4000万人口中的2500万用户（肯尼亚2011年通信委员会）。
使用移动支付钱包，个体可以在全国各地的移动支付钱包代理点将现金转换成单子货币，也可以在全国各地使用任何手机的手机短信服务转移这些存款，即使收款人没有注册移动支付钱包，即使在同一个竞争网络进行操作，都能实现转账的目的。
存入资金是免费的，每条短信的转移费用是30肯尼亚先令（约合40美分），提款则根据转账金额的1%-2%进行收费，如果没有注册移动支付账户，收费会更高。
这些费用从用户的账户中扣除，这些佣金由Safaricom与有关代理共享。
这些账户余额没有利息，移动支付钱包也不发放贷款。
在我们收集数据的时期，央行的规定限制移动支付钱包的交易上线为35,000先令（470美元），并设置50000先令（670美元）的账户余额上限。
如图二所示，几乎所有的移动支付钱包用户使用的服务，是个人对个人汇款（96％）。
42%-75%的用户使用它来购买通话时间，一小部分（15％-25％）用它来支付账单、服务和工资。
图二还显示了家庭用户用它来进行交易的频率。
在2010年采访的1000名用户里，有74%的用户每个月至少使用一次。
II. 风险分担与交易成本模型在这一部分，我们展示了一个简单的理论框架，凸显了交易成本分担风险的作用。