Most emerging-market borrowers had learned their lesson by the turn of the century, as exchange-rate volatility had made the risks of currency mismatch more tangible. When international investors came knocking again in 2003, many emerging markets declined to borrow in dollars or other foreign currencies.
截止世纪之交，随着汇率波动凸显货币错配风险，多数新兴市场借款人已经吸取了教训。当国际投资者2003年再次上门推销贷款时，很多新兴经济体都谢绝借款采取美元或其他外汇形式。相反，他们关注那些采取直接投资、股权或以本币形式计价的债务。