Similarly, a potential downside to quantitative easing is that low interest rates send capital to higher-growth, high-interest-rate countries. In theory, as capital floods in, these countries’ exchange rates will appreciate rapidly, making them look unattractive and automatically stemming the flow.
类似地，量化宽松的一个潜在危害是低利率会驱使资本流向高增长、高利率国家。从理论上说，随着资本的流入，这些国家的汇率将很快升值，减少其吸引力，自动地阻止资本流入。但在实际中，随着投资者交易的获利，他们投入了更多的资金，迫使货币进一步升值。而通常这一过程不会平稳结束，多是以崩溃收场。毫不奇怪，流入国要设法阻止热钱进入了。