Indeed, my research with the Asian Development Bank’s Xuehui Han has shown that when the US raises or lowers interest rates, most developing countries tend to follow suit, even when they have a flexible exchange rate. The key reason is that they want to avoid large swings in the value of their currency.
事实上，笔者与亚洲开发银行的韩雪辉研究表明，当美国提高或降低利率时，大多数使用弹性汇率的发展中国家往往也会跟风。关键原因是他们要避免本国币值出现大的波动。升值会损害竞争力，而贬值会增加外币债务的偿还成本，削弱市场信心，并导致更高的通货膨胀。