As the title of a recent paper published by the International Monetary Fund succinctly puts it, “Capital Flows are Fickle: Anytime, Anywhere.” The mere announcement that the Fed might scale down its unconventional monetary-policy operations has led to today’s capital flight from emerging markets.
乍一看，这些担心不无道理。IMF最新论文的标题言简意赅地指出，《资本流是易变的：不论何时，不论何国》（“Capital Flows are Fickle: Anytime, Anywhere）。仅仅宣布美联储可能缩减非常规货币政策操作的规模便已导致如今资本逃离新兴市场的局面。