The final problem contributing to weakness in global aggregate demand was emerging markets’ massive buildup of foreign-exchange reserves – partly motivated by the mismanagement of the 1997-98 East Asia crisis by the International Monetary Fund and the US Treasury. Countries recognized that without reserves, they risked losing their economic sovereignty.
造成全球总需求疲软的最后一个问题是新兴市场囤积了大量的外汇储备——部分是因为1997—98年东亚危机期间IMF和美国财政部治理不善造成的。东亚国家认定，没有储备，就会带来失去经济主权的危险。很多人说“绝不一错再错”。但是，囤积储备——新兴和发展中经济体当前的外汇储备大约为6.7万亿美元——固然能够保护它们，流入储备的钱却是花不掉的。