Even punishing shareholders is counterproductive, because that makes raising capital harder just when capital is what the financial system needs most.

甚至连惩罚股东都会适得其反，因为此举在金融系统最需要资本之时，导致资本的募集变得更加困难。

youdao

Mr Prasad also highlights a third side-benefit. Capital flows should improve a country's macroeconomic stewardship by rewarding prudence and punishing profligacy.

普拉萨德先生同样也强调了第三种间接好处，即资本流动应当能通过奖俭惩奢来完善一国的宏观经济管理。

youdao

Capital flows should improve a country's macroeconomic stewardship by rewarding prudence and punishing profligacy.

ECONOMIST: Economics focus

Here the object is not to shelter past growth from capital gains, but to pass assets--particularly appreciating ones--to heirs without incurring punishing estate taxes.

FORBES: The new giving game