一小段英文翻译，关于国际资本流动的。比较容易，但求准确。

We survey several mechanisms that explain the composition of international capital flows: foreign direct investment, foreign portfolio investment and debt flows (bank loans and bonds). We focus on information frictions such as adverse selection and moral hazard, and exposure to liquidity shocks, and discuss the following implications for composition of capital flows: 1. home court information advantage; 2. panic-based capital-flow reversals; 3. information-liquidity trade-off in the presence of source and host country liquidity shocks; 4. moral hazard in international debt contracts; and 5. risk sharing role of domestic bonds in the presence of home bias in goods and equity.

有些专业名词拿不太准，请指正！


我们研究了阐明国际资本流动组成的机制，其中包括，外国直接投资，外国证券投资和债务流动（银行贷款和债券）。我们的研究专注于信息摩擦方面，例如逆向选择和道德风险，以及流动性冲击。并讨论了资本流动组成的如下含义：1. 主场信息优势; 2.恐慌为基础的资本流动逆转; 3.资源和东道国的流动性冲击存在情况下信息的流动性权衡; 4.国际债务合同的道德风险;5. 在主场偏向存在情况下国内债券和股票的风险共担作用。