Nor do large international reserves guarantee financial stability. There are better ways to enhance stability, from strengthening prudential supervision to taxing and controlling destabilizing capital flows and letting the exchange rate adjust.
至于新兴市场，它们已经知道出口盈余并非快速增长的保证。巨量国际储备也不能保证金融稳定。有更好的办法可以增强稳定，如加强审慎监管、控制破坏性资本流并对之课税、采取浮动调节等。