The fickleness of capital markets poses once again the paradox of thrift. As capital withdraws from emerging markets, these countries soon will be forced to adopt their own austerity measures and run current-account surpluses, much like the eurozone periphery today.
资本市场的易变性再次造成了节俭悖论。随着资本撤出新兴市场，这些国家将被迫采取自身的紧缩措施并形成经常项目盈余，一如欧元区外围国今天的行为。但谁可以——也愿意——形成赤字？