With hindsight, it has become clear that there was in fact no coherent growth story for most emerging markets. Scratch the surface, and you found high growth rates driven not by productive transformation but by domestic demand, in turn fueled by temporary commodity booms and unsustainable levels of public or, more often, private borrowing.
事后看来，多数新兴市场国家显然没有连贯的增长前景。究其原因，你会发现它们的高增速源于需求拉动而非生产率转变，反过来又受到不可持续的公私借贷所带来的暂时商品繁荣的驱动。