Emerging-market policymakers believe that they lack recourse to safety nets that would cushion the impact of volatile flows. Their efforts to “self-insure,” by, say, building up their foreign-exchange reserves, perpetuate global economic imbalances.
全球经济缺乏有效治理对于资本流具有重要影响。新兴市场决策者认为他们缺少缓冲资本流波动冲击的安全网资源。他们的“自我保护”措施——比如通过积累外汇储备——促使全球经济长期存在失衡。