Furthermore, East Asia’s growth model has been sustained ultimately by mobilizing rising domestic savings and pumping out exports. So, although India might initially absorb some international capital, it might ultimately prefer to build foreign reserves by running small external deficits or even a surplus.
新兴市场也许能够利用这一低成本融资。印度毫无疑问将从中受益，尽管它无法吸收中国过剩储蓄的大头。印度占世界投资的比重只有3.4%；即便大大扩张也无法抵消中国投资的小幅下降。此外，东亚增长模式说到底是通过动员国内储蓄增加和刺激出口维持的。因此，尽管印度或许在一开始能够吸收一些投资资本，但最终或许更愿意通过较小的外部赤字甚至盈余构建外汇储备。