Since the subprime crisis, ultra-low interest rates in the rich world have caused emerging-market firms to borrow like never before. Some of the debt does not even appear in the official statistics of borrowing countries, because it was often taken on not by domestically-based firms, but by their offshore subsidiaries.
唉，对许多新兴市场经济体来说，这是一个痛苦的现实情景。自次贷危机以来，发达世界的极低利率导致新兴市场企业的借贷行为与以往发生了很大变化。一些债务甚至根本不出现在借款国的官方统计数字中，因为它们由本国企业通过离岸分支借入。