It has become apparent, however, that emerging-market enthusiasts underestimated at least two critical factors. First, emerging economies’ motivation to transform their growth models was weaker than expected.
但是，已趋明显的是新兴市场热衷者至少低估了两个关键因素。首先，新兴经济体转变增长模式的动机不如预期强。全球经济环境——其特征是发达经济体的非常规货币政策导致了大量流动性和低利率——让大部分新兴经济体用政策空间强化现有增长引擎，而不是开发新推动力。