Once they succeeded in overcoming a painful crisis-management phase, many of these countries accumulated previously unthinkable levels of international reserves as precautionary cushions. They extinguished billions in external indebtedness by generating and sustaining large current-account surpluses.
在成功地克服了痛苦的危机管理阶段后，许多新兴市场经济体积累起了以前不可想象的国际储备，一次作为预防性缓冲。它们通过创造和持续巨额经常项目盈余还清了数十亿美元的外债。它们还扩大了国内金融中介的规模与范围，以增强抵御外部冲击的能力。