经济学人下载:埃塞俄比亚的商品交易所:高科技,低影响(2)

In July 2015 the ECX did, however, introduce electronic transactions, now used for almost all trades.
2015年7月，商品交易所引进了电子交易，然而现在几乎使用到所有行业。

Bespoke software is built in-house by Ethiopian engineers.
定制的软件是由埃塞俄比亚工程师制作出来。

Payments the day after purchase are guaranteed.
这个软件是购买后的付款保证。

The ECX can also boast never to have seen a default, in a country known for suicides by indebted farmers whose buyers have welshed.
在一个农民因逃避负债而选择自杀的国度里，这个软件被吹嘘从没有见过一个拖欠款项的。

Ethiopia has shown that it is possible for an exchange to prompt the physical infrastructure of commodity's markets: the ECX oversaw a burst in warehouse construction.
埃塞俄比亚已经表明作为交换促进商品市场的物质基础可能是：交易所去监督仓库建设。

Fledgling exchanges dotted around Africa often visit Addis Ababa to study the ECX.
最初分布在非洲的交易所经常去亚的斯亚贝巴学习埃塞俄比亚商品交易所。

But experts doubt it is a helpful model.
但专家们不能肯定这是不是一个有用的模板。

The government made it viable by mandating that almost all trade in coffee and some other commodities go through the exchange.
政府通过强制几乎所有咖啡豆和一些其他商品的交易使其变得可行。

This might not be possible elsewhere.
这可能不能在别处实现。

A monopoly imposed by fiat makes it more like a state marketing board than an exchange, says Thomas Jayne, an economist at Michigan State University.
密歇根州立大学的经济学家Thomas Jayne说：因命令强制的垄断使得交易所更像是国家的市场委员会。

Another model might be the Agricultural Commodity Exchange for Africa in Malawi, which was set up privately in 2006 at the request of an association of smallholder farmers.
另一个模板可能是在马拉维的非洲农产品交易所，该所是应小农协会的要求在2016年私下里成立的。

But its volumes remain low.
但它的规模很小。

And its concentration on staple foods such as maize and soya leaves it vulnerable to the sort of government interventions that can sink exchanges.
并且它的交易主要集中在基本的食物如玉米和大豆，这使其易受到政府破坏交易性的干涉。

Trading in staples tends to be politically sensitive in times of food scarcity.
在食物短缺期，必需食物的买卖往往具有政治敏感性。

Setting up national exchanges may be the wrong approach.
建立国有的交易所可能是错误的做法。

The Johannesburg Stock Exchange plans to introduce a regional contract for Zambian white maize later this year.
约翰内斯堡证券交易所计划在今年晚些时候为赞比亚白玉米引入区域性合同。

For lucrative export crops like coffee, well-established offshore exchanges may make more sense than starting from scratch at home.
对于利润丰厚的出口作物如咖啡豆，选择久享盛誉的海外交易所可能比从零开始的本土交易所更明智。

Better a functioning exchange somewhere else than a disappointing one on the doorstep.
其他地方正常运营的交易所好过门前让人失望的。