Although these booms were initially financed by domestic capital, they soon became dependent on foreign capital, which flowed into their economies as advanced-country central banks pumped huge amounts of liquidity into financial markets. Now, just as the US Federal Reserve contemplates an exit from its unconventional monetary policies, emerging economies’ current-account positions are weakening, making their reliance on capital inflows increasingly apparent – and increasingly dangerous.
虽然这些信贷繁荣最初是由国内资本催生的，但这些国家很快就开始依赖外因发达国家央行向金融市场大量注入流动性而产生的国外资本。如今随着美联储计划退出非常规货币政策，新兴经济体的经常帐户状况遭到了削弱，导致其对资本流入的依赖越来越明显——同时也越来越危险。