无辜的旁观者们

发自圣地亚哥——在巴西圣保罗市乘出租车是一种奇妙的经历:新兴国家大城市所特有的糟糕交通和脏乱街道尽收眼底,但车费却高得令人仿佛置身波士顿,卢森堡或苏黎世——须知如今巴西货币雷亚尔的币值跟其它新兴国家货币一样高昂,甚至还有望继续攀升。

对此一位资深美国政策官员曾声言:只有强势货币才能造就强势国家。但对那些在欧美市场挣扎求存的新兴国家出口商而言,这可是另一番滋味。

数十年以来,发展中国家都梦想能置身于一个极高商品价格和极低国际利率并存的世界。但或许利马、波哥大,比勒陀利亚和雅加达的财政部长们可不会有如此狂野的理想。而他们恐惧的根源则是一大批由低增长低利率发达国家出逃,并掉头入侵各国的短期资金流。

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