These capital flows created a boom – and a loss of long-term competitiveness – in some regions, which was followed by an all-too-predictable bust. To the extent that monetary and fiscal arrangements fail to reduce or eliminate moral hazard, the risk that capital flows create these endogenous asymmetric shocks will remain commensurately high.
这些资本流创造了一些地区的繁荣和长期竞争力损失，随之而来的是意料中的幻灭。由于货币和财政安排没能抑制或消除道德风险，资本流造成这些内生不对称冲击的风险将继续维持相当高的水平。