Tighter US monetary policy could intensify the global credit shortage, thereby increasing pressure on Asia’s economic and financial systems. Overreaction and herding behavior by market participants could trigger a sudden reversal of capital inflows, with a severe dollar shortage – as occurred in 1997 and 2008 – straining Asian banks and corporations.
美国收紧货币政策可能加剧全球信贷短缺，从而增加亚洲经济和金融系统的压力。市场参与者的过度反应和羊群行为可能会引发资本流入的突然逆转，美元严重短缺——正如1997年和2008年发生的那样——将使亚洲各国银行和企业承受巨大压力。