They and other emerging-market countries are victims of a rational flight to safety, exacerbated by an irrational panic. The public guarantees that rich countries’ governments have extended to their financial sectors have exposed more clearly the critical line of demarcation between “safe” and “risky” assets, with emerging markets clearly in the latter category.
它们和其他新兴市场国家都是在非理性的恐慌下理性地逃向安全地的牺牲品。富有国家对金融部门所作出的公共担保更清晰地暴露了“安全”和“有风险”的资产之间的界线，而新兴市场上的资产显然属于后一类。在这里经济基本面被甩在了一边。