Because interest rates must remain very low in developed countries at least for the next several years, there are now strong incentives to export capital to higher-yielding emerging economies. But such capital inflows threaten exchange-rate overvaluation, rising current-account deficits, and asset-price bubbles, all of which have in the past led to crises in these economies.
特别是，美国（事实上，是所有发达国家）的扩张性货币政策正在给新兴经济体造成很大的风险。由于发达国家至少在未来数年内都不得不将利率维持在极低水平，市场上存在很大的向高收益新兴经济体出口资本的激励。但这类资本流入会造成汇率升值风险，使经常项目赤字升高，产生资产泡沫，而这正是过去新兴经济体发生危机的原因。