The abundance of liquidity sloshing around the world – the result of developed countries’ ultra-accommodative monetary policies – has made the task more difficult still, as the smallest sign of growth in an emerging economy can attract foreign capital. If not properly managed, these flows can precipitate a credit and asset-price boom and drive up exchange rates.
在全世界游荡的充足的流动性&mdash;&mdash;这是发达国家终极适应性货币政策的结果&mdash;&mdash;让这一任务难上加难，因为新兴经济体只要表现出最低程度的增长信号，就会引来外国资本。如果不予以合理的管理，这些资本流将催生信用和资产价格繁荣，推高汇率。当发达国家货币政策最终收紧时，一些资本有可能离开。新兴市场将不得不保证自己不会受其影响。