新兴市场遭遇发展阵痛（Emerging markets suffered throes of development）.docVIP

新兴市场遭遇发展阵痛（Emerging markets suffered throes of development） Emerging markets suffered throes of development You dont keep books when large amounts of money keep pouring out, Peoples happy and grateful faces show you that youve done a good job. Evita (Evita), Tim, Rice (Tim Rice) lyricist Argentina is now a scene of deja vu. So are many other emerging markets. For 6 months, the money poured out of Argentina second times. Emerging markets, such as bonds and equities, are under severe pressure. However, for emerging market crises, the important thing is that the crisis does not begin with emerging markets themselves. On the contrary, the crisis is almost invariably triggered by developed country investors or central banks. In the past 20 years, the emerging market has made great progress. With the exception of a few exceptions, emerging market countries have liberalized their exchange rates, set up the system needed for free market capitalism, and established a well established local debt market to reduce their dependence on foreign investment. However, certain facts remain unchanged. The inflow of foreign capital still dwarfs domestic funds. When the continuous inflow of funds, it is easy to like Eva? (Eva Peron) that resisted. However, when funds flow out, problems can arise. This problem has a lesson -- the last century at the end of 90s that round began in Mexico tequila crisis (tequila crisis) the emerging market crisis. The crisis began in 1994 when the government of Mexico no longer overvalued the pesos exchange rate. Until then, Mexico did not live beyond its means. Yet the crisis began in the United states. In 1994, the Federal Reserve (Fed) hiked interest rates to eliminate inflation. This led to the return of funds to the United States, thus exposing Mexicos problems. What happened last week was a replica of the 90s crisis, but this time China has become the second largest economy in the world. Events in China and the United States have jointly led to rapid