Many emerging-market companies are in the highly vulnerable position of having borrowed heavily in foreign currencies. If capital flight occurs, the consequences will be dire: tightened credit, balance-of-payments difficulties, inflation, rising interest rates, fiscal stress, and downgrades by the major credit-rating agencies – all of which implies more capital flight.
原因在于新兴经济体对低利率和高大宗商品价格产生了危险的依赖。许多新兴市场公司十分虚弱，背负着沉重的外币债务。如果发生资本逃离，后果将十分可怕：信用收紧，收支平衡出现困难，通货膨胀，利率上升，财政压力，以及被主要评级机构降级——所有这些都意味着更多的资本逃离。