对于新兴市场国家而言,全球失衡一直作为经济增长的一个外部重要因素而存在,因而当全球失衡的规模下降之后,新兴市场国家的增速也就放缓了。美联储量宽退出的预期,引发了新兴市场实体经济和金融市场的双重动荡,也再度引发了人们对于发达国家与新兴市场经济体脱钩的热烈讨论。然而,脱钩论并非此次危机的产物,也非此次危机所独有。为正确而全面地认识脱钩问题,需要从一个更长的历史阶段,用连续的、可比的指标来加以衡量和认识。 For emerging market countries, global imbalances have always existed as an external and important factor in economic growth, so that growth in emerging market countries has slowed down as the scale of global imbalances has dropped. The expected withdrawal of the Federal Reserve led to a double turmoil in both the real economy and the financial markets in emerging markets, and once again led to heated discussions on the decoupling of developed countries from emerging market economies. However, decoupling theory is not the product of this crisis nor is it unique to this crisis. To understand the issue of decoupling correctly and comprehensively, it needs to be weighed and recognized from a longer historical period with continuous and comparable indicators.