介绍： In 1979 an IMF negotiator met Julius Nyerere, Tanzania's socialist president, and urged him to weaken the country's currency.

1979年，一名IMF谈判代表会见了坦桑尼亚的社会党总统朱利叶斯·尼雷尔，并敦促他削弱该国的货币。
"I will devalue the shilling over my dead body," Nyerere fumed afterwards.
尼雷尔事后生气的说...

介绍： In 1979 an IMF negotiator met Julius Nyerere, Tanzania's socialist president, and urged him to weaken the country's currency.

1979年，一名IMF谈判代表会见了坦桑尼亚的社会党总统朱利叶斯·尼雷尔，并敦促他削弱该国的货币。
"I will devalue the shilling over my dead body," Nyerere fumed afterwards.
尼雷尔事后生气的说，“要让先令贬值，除非我死了。”
Over the next decade, many African leaders took similar stands.
在接下来的十年里，许多非洲领导人采取了类似的立场。
But faced with worsening terms of trade and foreign-currency shortages, they eventually let their currencies slide.
但面对不断恶化的贸易条件和外汇短缺，他们最终让本币贬值。
Tanzania bowed to the inevitable in 1986, after Nyerere had left office.
1986年，尼雷尔下台后，坦桑尼亚向命运低头。
Most African exchange rates are now about where markets think they should be.
目前，大多数非洲国家的汇率处于市场认为它们应该处于的位置。
Could governments go further? An undervalued currency makes a country's exports cheaper,
政府能更进一步吗？被低估的货币会使一个国家的出口产品更便宜，
and so acts as an implicit subsidy to firms that sell abroad.
因此对出口产品的公司来说，这是一种暗补。
That can counterbalance institutional failures, such as the difficulty of enforcing contracts,
这可以抵消制度上的失败，比如执行合同的困难，
which hurt exporters more than they do local businesses—barbers, taxi-drivers and the like.
这对出口商的伤害比对当地企业——理发师、出租车司机等——的伤害更大。