Since 2009, quantitative easing (QE) by the US Federal Reserve has resulted in record-low interest rates around the world. But, while the resulting surge in capital flows to emerging markets stimulated economic growth, it also inflated asset bubbles.
2009年以来，美联储的量化宽松（QE）给全世界带来了创纪录的低利率。但是，由此产生的流向新兴市场的资本流虽然刺激了经济增长，也带来了资产泡沫。