The International Monetary Fund and the World Bank can serve as lender of last resort to emerging markets at risk of losing market access, conditional on appropriate policy reforms. And countries, like China, that rely excessively on net exports for growth should accelerate reforms, including more rapid currency appreciation, in order to boost domestic demand and consumption.
第八，新兴市场经济体所能动用的政策工具比发达经济体更多，它们应该放松货币和财政政策。IMF和世界银行可以作为最后贷款人，当新兴市场国家无法从市场上获得融资时，可以求助于IMF和世行，但要以适当的政策改革为条件。而中国等国家过于依赖进出口刺激增长，它们应该加速改革，包括让货币快速升值，以提振内需和消费。