There is no question that emerging markets are highly sensitive to global market conditions, including not only changes in short-term US interest rates, but also other financial risks, as measured, for example, by the volatility index VIX. Capital-flow bonanzas, often spurred by low US interest rates and calm global financial markets, end abruptly when these conditions reverse.
新兴市场无疑对全球市场波动极为敏感，这当中不仅包括美国的利率变化，还包括波动指数等其他金融风险。美国低利率所带来的充足现金流往往能稳定全球金融市场，但一旦条件逆转却会导致资金流突然枯竭。