To understand what is going on, we need a different explanation of what keeps investment and growth low in most poor nations. Whereas the standard story – the one that motivated the drive to liberalize capital flows – is that developing countries are saving-constrained, the fact that capital is moving outward rather than inward in the most successful developing countries suggests that the constraint lies elsewhere.
为了理解所发生的事情，我们需要对在大多数穷国保持投资和经济增长有一个不同的解释。标准的情形是发展中国家储蓄受到限制，促使资本流动自由化，而事实是资本却是在最成功的发展中国家中，资本向外输出，而非流入。这一情况表明限制存在于其他地方。最为可能的是，真正的限制在于投资方面。