But, because they flooded global markets with liquidity, large portfolio flows have moved into emerging-market countries, whose currencies often are not as liquid as the dollar. When investment moves back into dollars, the currency fluctuations in these less liquid markets can become excessive.
如果美联储抢先升息，还会带来货币市场波动扩大的风险。美联储的非常规货币政策对美国来说是必要的。但是，这些政策给全球市场注入了流动性，巨大的投资组合流流向了新兴市场国家，而它们的货币流动性常常不如美国。当投资流回美元时，这些流动性较差的市场的货币就会过度波动。