Conventional wisdom also once held that dollar borrowing binges occur only in countries with fixed exchange rates, with the central bank de facto insuring borrowers against currency risk. Today, most emerging-market economies have (or at least pretend to have) floating exchange rates, and yet locals continue to borrow heavily in foreign currency.
传统智慧曾经还认为，美元借贷狂欢只发生在固定汇率国家，由中央银行为借款人提供货币风险的事实保险。如今，大部分新兴市场经济体已经（或至少看似已经）采取了浮动汇率，但本地人仍大量借入外币。