This is not meant to diminish the important role played by the public sector, which alone can create the conditions – the rule of law, sound macroeconomic policies, and good regulatory regimes – needed for the private sector to flourish. For example, they catalyze the development of supportive property and customs regimes, including the establishment of credit bureaus and laws to protect creditors’ rights – all necessary prerequisites to channel financing flows.
这并不是要贬低公共部门的重要性，光靠公共部门便能创造出私人部门茁壮成长的条件——法治精神、可靠的宏观经济政策和良好的监管机制。比如，这些条件催化了支持性产权和关税机制的发展，包括建立信用局和制定保护债权人权利的法律——这些都是引导融资流的必要前提。