Stock markets and currencies are plunging, and not just in commodity-rich emerging countries, but also in others, like India and Turkey, that had sucked in huge flows of foreign capital. Pessimists are already seeing a replay of the late-1990’s Asian crisis or, worse, an emerging-market echo of the 2008-2009 crisis in the advanced countries.
但如今，涅槃似乎正在走向结束：商品价格在下跌，仅仅是美联储退出量化宽松的可能性便已使发达国家市场利率走高、使资金逃离曾经热的发烫的新兴市场，流回北方的安全港。股市和货币在崩溃，不仅大宗商品富裕国是如此，印度、土耳其等其他此前吸引了巨量外资流入的国家也是如此。悲观者已经看到了20世纪90年代末亚洲危机的重演，甚至2008—2009年发达国家危机在新兴市场的重演。