To believe that any country issuing debt in its own currency is risk-free as long as the exchange rate is flexible is astonishingly naive. For one thing, there is still inflation risk, particularly for countries with weak fiscal institutions and heavy debt burdens.
但国内借贷并非万灵丹。相信只要汇率具有弹性，一国以本国货币发行债务就是无风险的，这一观点是非常幼稚的。一方面，仍然需要面对通胀风险，特别是财政制度不健全、背负沉重债务负担的国家。