Whether for self-insurance or to maintain a competitive exchange rate, East Asia has since then accumulated a huge volume of dollar-denominated assets. This time around, thanks to the deterioration of the US fiscal position and the Federal Reserve’s expansionary monetary policy, “the long-term risk [for] emerging markets’ external balance sheets is shifting,” as Eswar Prasad of the Brookings Institution has pointed out, “to the asset side.”
不管是为了自我保险，还是为了维持竞争性汇率，亚洲金融危机后，东亚再一次开始积累过多的美元债务。这一回，由于美国财政状况恶化以及美联储扩张性的货币政策，“新兴市场外部资产负债表的长期风险正在移向资产项，”布鲁金斯研究所的帕莱萨德（Eswar Prasad）。