Had emerging economies resisted the temptation of excessive private-sector credit growth, raising interest rates in order to stabilize currencies would not pose a severe threat to economic performance. But, unsurprisingly, they did not; rather, they succumbed to the notion that unprecedentedly high rates of GDP growth were the new normal.
但如果新兴经济体能抵抗住过度私人部门信贷增长的诱惑，那么为稳定本币而提高利率的做法就不会对经济造成太大威胁。但不出意外，他们没能做到这一点；相反，它们都认为前所未有的高GDP增长是一种新的常态，并因此走向绝路。