They viewed the Fed’s open-ended purchases of long-term securities as an attempt to engineer a competitive devaluation of the dollar and worried that ultra-easy monetary conditions in the United States would unleash a flood of “hot money” inflows, driving up their exchange rates. This, they feared, would not only diminish their export competitiveness and push their external accounts into deficit; it would also expose them to the harsh consequences of a sudden stop in capital inflows when US policymakers reversed course.
几年前，当美联储抛出新一轮“量化宽松”时，一些新兴市场领导人大胜抱怨。他们认为美联储无限期的购买长期债券是在试图造成美元的竞争性贬值，并且担心极端宽松的美国货币条件会导致“热钱”大量涌入，推高他们国家的汇率。他们担心，这不但会削弱他们的出口竞争力，导致他们的对外账户转为赤字；如果美国决策者转变政策方向，这还会造成资本流入突然停止的严重后果。