The higher interest rates rise to stabilize emerging markets’ currencies, the more severe their crises will be. Ultimately, even if emerging economies manage to diversify their funding away from foreign currencies, they will remain hostages to US monetary-policy cycles.
新兴市场为稳定本币而将利率升的越高，它们的风险就越严重。最终，即便新兴经济体能够将自身融资与外国货币剥离开来，它们依然会遭到美国货币政策的裹胁。