Developing-country central banks keep interest rates artificially low to ensure sufficient low-cost financing for the public sector, while avoiding large fiscal deficits and high inflation. But, in the long run, such low interest rates may also discourage households from saving, lead to insufficient private-sector investment, and eventually result in economy-wide underinvestment, as occurred in many Latin American countries in the past.
发展中国家央行人为地压低利率，目的是确保公共部门能充分得到低成本融资的同时，避免出现高通胀和巨额财政赤字。可从长远看，这样的低利率也可能损害普通家庭的存款倾向，从而使私营部门投资不足，并最终导致整个经济投资低迷，这样的情形在很多拉美国家曾经发生过。