During the global financial crisis of 2008-2009, however, EMs were in general much betterprepared and investors showed themselves more willing to discriminate. Even traditionallycrisis-prone countries like Brazil came through reasonably well as long as they were inmoderately good economic shape (in Brazil’s case, those were the days) and had built up largeforeign exchange reserves. Unlike the Asian crisis, where a series of pegged currencies couldbe attacked, there was no one obvious way in which all EMs were vulnerable.
但在2008年至2009年的全球金融危机中,新兴市场总体上准备充分得多,投资者也表现得更愿意对它们进行区分。甚至连巴西等在传统上容易爆发危机的国家也相当不错地挺了过来,只要它们的经济处于适度良好的状况(巴西今不如昔了)并且积累了高额外汇储备。在之前的亚洲危机中,一系列挂钩美元的货币都可能成为攻击对象,与此不同,在全球金融危机中,没有哪个明显因素让所有新兴国家都显出脆弱性。
And with the crisis being essentially one of the rich world, investors proved themselvescapable of distinguishing those EMs with very direct exposure and those that did not. TheBaltic states, pegged to the euro and with strong banking links to the eurozone countries, cameunder much more pressure than even neighbouring economies like Poland with itsindependent currency and a low debt to GDP ratio.
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