This is all the more problematic given that the 2008 financial crisis laid bare the international reserve system’s inadequacy when it comes to ensuring sufficient liquidity for emerging economies. Although emerging economies have since accumulated larger foreign-exchange reserves and strengthened financial supervision and regulation, they remain vulnerable to external shocks, especially from the US, the eurozone, and Japan.
2008年金融危机让国际储备体系的不足暴露无遗——根本无法保证为新兴经济体提供足够的流动性，这让美国的不情愿问题更大了。尽管新兴经济体此后累积了更大规模的外汇储备并加强了金融监督和监管，但它们仍很容易受到外部冲击，特别是来自美国、欧元区和日本的冲击。这三个经济体最近都采取了扩张性货币政策；而随着美联储政策的正常化，新兴经济体可能因为全球流动性突然撤回而再次受到冲击。