一个新兴经济体在面临美元升值的负面冲击时能否顶住,要看其自身是否脆弱。而这又主要取决于它的债务水平。5年前,当美国因为次贷危机而启动量化宽松政策的时候,新兴市场陷入了资本流入、货币升值、出口下降、通货膨胀压力上升和经济衰退的货币政策困境。而现在,当美国经济增长渐趋稳健,美联储退出量宽的时候,市场又出现了一种更严重的担心:新兴经济体可能会出现金融危机!仅仅是由于预期的 Whether an emerging economy can withstand the negative impact of the dollar’s appreciation depends on its own vulnerability. And this again depends on its debt level. Five years ago, when the United States launched the policy of quantitative easing because of the subprime mortgage crisis, emerging markets fell into the plight of monetary policy such as capital inflows, currency appreciation, declining exports, rising inflationary pressures and economic downturns. Now, as the U.S. economy grows steadily and the Fed withdraws its mass, there is a more serious worry in the market: the emerging economies may have a financial crisis just because of the expected