But, in many cases, inflows are driven by short-term factors, fads, and irrational exuberance, which can lead to an overvalued currency, the crowding out of non-traditional export sectors or import-competing sectors, a loss of competitiveness, and eventually a large current-account deficit and thus tighter external constraints on growth.
但在许多情况下，驱动资本流入的是短期因素、市场狂热和非理性繁荣。它们会导致货币高估，非传统出口行业（non-traditional export sectors）和进口竞争型行业（import-competing sectors）被挤出，出口竞争力丧失，最终导致经常项目下的大赤字，使得经济增长面临更严峻的外部制约。