Sterilized intervention usually doesn’t work: if assets in advanced economies and emerging markets remain perfectly substitutable, inflows will continue as long as interest-rate differentials persist. But the demand for emerging-market assets is neither infinite nor perfectly substitutable for the assets of advanced economies – even for given interest-rate differentials – because these assets have very different liquidity and credit risks.
冲销式干预本来是不会奏效的：假如发达经济体和新兴市场两边的资产是相互可以完全替代的，那么利率差维持多久，资本流入就会维持多久。但是，对新兴市场资产的需求不是无限的，它们同发达经济体资产也并非可以完全替代——即便存在利率差。因为两种资产的流动性和信贷风险不可同日而语。