First, there are market failures, which occur when, for example, investors display herd behavior, information asymmetries exist, or the structure of incentives for investment managers encourages excessive risk-taking. Second, there are policy failures, which occur when undisciplined macroeconomic policies and inconsistent or ineffective financial regulatory policies heighten the risks associated with volatile capital flows.
首先，当（比如）投资者表现出羊群效应、存在信息不对称或者投资经理的激励结构鼓励他们过度冒险时，会发生市场失灵。其次是政策失灵，这类失灵发生于无纪律的宏观经济政策和矛盾而无效的金融监管政策导致资本流波动相关风险升高时。