But, while it is true that such expansionary policies can have a recessionary impact on other economies, modern international-finance theory shows that the concept of a “currency war” is a myth. The reality is that, under a flexible exchange-rate regime, competitive devaluations do not produce undesirable imbalances.
但是，尽管这些扩张政策确实可能给其他经济体带来衰退性影响，但现代国际金融理论表明“货币战争”的概念纯属神话。现实是，在浮动汇率机制下，竞争性贬值不会导致不利的失衡。相反，竞争性贬值可以给实施这一战略的国家带来更强劲的复苏。