In short, the Fed’s exit from zero policy rates will cause serious problems for those emerging market economies that have large internal and external borrowing needs, large stocks of dollar-denominated debt, and macroeconomic and policy fragilities. China’s economic slowdown, together with the end of the commodity super-cycle, will create additional headwinds for emerging economies, most of which have not implemented the structural reforms needed to boost their potential growth.
简言之，美联储退出零政策利率将给存在巨量内部和外部借贷需求、巨量美元计价债务存量以及宏观和政策脆弱性的新兴市场经济体造成严重问题。中国经济的减速，加上大宗商品超级周期的结束，将给新兴经济体带来更多阻力，大部分新兴经济体都还没有采取提振潜在增长所需要的结构改革。