How vulnerable are emerging economies because of all this dollar debt? Optimists like to point out that emerging markets have accumulated a huge stock of international reserves since 2010, enabling them to self-insure against a run on their currencies or their foreign debt.
新兴市场因为其美元债务而脆弱到何种程度？乐观者喜欢说，2010年以来，新兴市场积累了巨量国际储备，这使得它们可以在面临货币或外部债务挤兑时保护自己。的确如此，但是有限度。