But several years of ultra-loose monetary policy in the advanced countries has led to significant liquidity spillover abroad, putting excessive upward pressure on higher-yielding developing countries’ currencies. With developing countries finding it difficult to deter massive capital inflows or mitigate the effects – owing to economic constraints, like high inflation, or to domestic politics – the “currency wars” metaphor, coined in 2010 by Brazil’s finance minister, Guido Mantega, has resonated widely.
但发达国家多年的极端宽松货币政策已经导致巨大的流动性溢出，高收益发展中国家货币出现了过度的升值压力。发展中国家发现难以阻止巨量资本流入或者减轻其影响——这是拜高通胀等经济约束或国内政治所赐——于是2010年巴西财政部长曼特加提出的“货币战争”比喻得到了热烈响应。