Ironically, today’s pain stems from one of the great successes that emerging economies have achieved: the reduction of foreign-currency funding in favor of local-currency debt. As emerging-market central banks leaned against heavy capital inflows in order to mitigate exchange-rate appreciation, their currencies became less volatile.
具有讽刺意味的是，今天的痛苦源自于新兴经济体过去取得的一个伟大成就：为支持本币债务而减少的外汇债务。随着新兴市场央行依靠大量资本流入来缓解汇率升值压力，于是这些国家的本币变得相对坚挺。由此产生的结果是，汇率风险下降又进一步促进了资本流入。