When accompanied by currency depreciation, the results can be brutal – as Ukraine is learning the hard way. In such cases, private losses inevitably become a costly public concern, with market jitters rapidly spreading across borders as governments bail out creditors in order to prevent economic collapse.
如今，这一概率比以往更大了。日益开放的金融市场让外国银行和资产管理者能够迅速甩卖债务——通常是出于与经济基本面无关的理由。当甩卖碰巧遇上货币贬值时，结果可能非常残酷——乌克兰正在领教这个惨痛的教训。在这样的情形中，私人损失难免成为代价高昂的公共问题，随着政府出手援助债权人以防止经济崩溃，市场波动很快就会跨国传播。