If they let the exchange rate rise, they might deter some capital inflows, but they would also penalize their exporters and push up domestic unemployment. Emerging-market policymakers in big countries such as Brazil, China, and Turkey routinely attack the US and its monetary policy as a source of inflation, social tension, and political instability.
结果，世界上最有活力的若干经济体陷入两难。如果它们为了紧缩经济而加息，只会吸引更多的资本流入。如果它们让本币升值，虽然可以部分缓解资本流入，但也会打击出口行业，推高失业率。新兴市场大国如巴西、中国、土耳其的政策制定者，反复批评美国及其货币政策是通胀、社会紧张和政治不稳定的源头。