BEIJING – Before July 2007, most economists agreed that global imbalances were the most important threat to global growth. It was argued that the United States’ rising net foreign debt-to-GDP ratio – the result of chronic current-account deficits – would put a sharp brake on capital inflows, in turn weakening the dollar, driving up interest rates, and plunging the US economy into crisis.
发自北京——在2007年7月以前，大多数经济学家都认为全球增长的最重大威胁来自于全球贸易不平衡。他们觉得美国净外债与GDP比率的不断上升——这是长期经常账户赤字所引发的后果——将导致资金流入急剧减少，随之削弱美元，而后利率上涨，并最终令美国经济陷入危机当中。