Emerging economies’ leaders fear spillover effects in commodity markets and distortions of exchange rates and capital flows that may compromise their own focus on financial stability. While it is difficult to track the cross-border flows fueled by quantitative easing in the so-called advanced world, these fears are far from groundless.
发展中世界正在竭力反对主要央行的鲁莽策略。新兴国家领导人担心商品市场的溢出效应、汇率的扭曲，以及干扰他们对金融稳定性专注度的资本流动。尽管追踪所谓发达国家的量化宽松所引起的跨境资本流十分困难，但这些担忧绝不是杞人忧天。