Latin America, Argentina and Brazil have been running comfortable external surpluses recently. In fact, their new-found resilience to capital-market shocks is due in no small part to their becoming net lenders to the rest of the world, after years as net borrowers.
最为有趣的是，最近几年中表现最佳的国家却是依赖外国融资最少的国家。中国是当今世界经济增长的超级明星，拥有巨大的经常帐户盈余，这就意味着中国是向世界其他各地的净贷方。在其他高增长国家中，越南的经常帐户基本持平，印度则只有些许赤字。在拉美，阿根廷和巴西在最近几年中一直有较高的对外盈余。实际上，历经多年的净借款国，它们成为净贷方，而对近年来的资本市场突发事件能够从容应付。