When capital flows out of the country – as is happening now in some emerging markets – it may be helpful if the central bank allows the currency to depreciate in an effort to boost exports and reduce imports. But if the country’s borrowers have a lot of dollar-denominated debt, depreciation can be ruinous.
但这样的观点很容易演变为陷阱。当资本开始流出时——一些新兴市场国家就是如此——央行允许货币贬值以提振出口、降低进口是大有裨益的。但如果该国借款人有大量美元计价债务，贬值就可能变成一场灾难。