The global economy faces a dilemma. Attempts to boost growth have lowered interest rates in advanced economies. The resulting hot money has moved exchange rates out of line with fundamentals, creating inflation and asset appreciation in the developing world. Accumulation of foreign reserves and the imposition of barriers to inward capital flows have begun to replace tariffs and quotas in the trade protectionism arsenals of governments.
全球經(jīng)濟(jì)面臨進(jìn)退維谷的困境。旨在推動(dòng)增長的努力壓低了發(fā)達(dá)國家的利率水平。由此帶來的熱錢已使匯率脫離了基本面，并引發(fā)了發(fā)展中國家的通脹與資產(chǎn)價(jià)格上升。累積外匯儲(chǔ)備和對(duì)資本流入設(shè)置障礙，已開始取代政府貿(mào)易保護(hù)主義“兵器庫”中的關(guān)稅與配額。
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