In the best of all worlds, it would be foreigners with ample reserves who suffer the losses, but those investors might be needed to finance future deficits. So central banks would have to regain anti-inflation credibility very soon after subjecting investors to a punishing inflation.
最理想的情况是，坐拥充足储备的外国人承受所有损失，但未来还要指望这些投资者来替赤字融资。因此，央行不会让投资者长期承受惩罚性通胀，要不了多久就不得不重塑其反通胀名声。这样才能赢得投资者的更多信任。