This sharp balance-sheet improvement has been instrumental in enabling emerging countries to bounce back strongly from the 2008-2009 global financial crisis, whereas the West continues to hobble along. Indeed, until the recent renewed downturn in America and Europe, the emerging world’s major policy concern was too much growth, mounting inflationary pressure, and economic overheating.
资产负债表方面的巨大改善使新兴国家能够在2008—2009年的全球金融危机中迅速复苏，而西方国家则一直在泥淖中苦苦挣扎。事实上，在最近欧美衰退卷土重来之前，新兴市场的主要政策难题是增长太快、通胀压力剧增以及经济过热。