The final option is massive, large-scale, and permanent sterilized intervention – or, equivalently, the use of sovereign wealth funds or other fiscal-stabilization mechanisms – to accumulate the foreign assets needed to compensate for the effects on the currency’s value brought about by long-term inflows. The argument for this option is that long-term secular factors are important drivers of capital inflows, as advanced-economy investors discover that they are underweight in emerging-market assets and reduce their portfolios’ “home bias.”
最后一种办法是采取大规模、大范围和持久的冲销式干预，或者换句话说，运用主权财富基金或其他财政稳定机制，去累积外币资产，以抵消资本长期流入对本币币值的影响。支持这一办法的论据是，长期性、历史性因素是资本流入的重要驱动力，也就是说，发达经济体的投资者发现自己的资产组合中新兴市场资产比重过低，从而采取矫正举措。