Taking advantage of ultra-low interest rates in advanced countries, emerging-market banks and firms have been borrowing like never before. A recent paper by the Bank of International Settlements shows that since the global financial crisis, outstanding dollar credit to non-bank borrowers outside the US has risen by half, from $6 trillion to $9 trillion.
如今，这一情形不但可能再度发生，其规模也可能比以往大得多。利用发达国家极低利率的条件，新兴市场银行和政府以前所未有的规模借贷。国际清算银行（BIS）的最新报告表明，自全球金融危机爆发以来，美国之外非银行借款人的未偿还美国信用增加了一半，从6万亿美元增至9万亿美元。