Third, a country’s financial sector must be both open, with no capital-flow restrictions, and sophisticated, with a wide range of instruments and institutions. It must also be safe, with a central bank maintaining economic stability, prudential regulators keeping fraud and speculation in check, macro-prudential authorities displaying adequate financial fire-fighting capabilities, and a legal system that is predictable, transparent, and fair.
第三，一国的金融部门必须是开放的，没有资本管制，并且十分成熟，具备各种工具和机构。它还必须是安全的，有一家维持经济稳定的中央银行，有监督欺诈和投机的审慎监管者，有足够的金融救火能力的宏观审慎当局，有可预测、透明、公正的司法体系。