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Into the storm

机译:陷入风暴

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For much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world's financial firms. Commodity ex-rnporters were thriving, thanks to high prices for raw materials. China's economic juggernaut powered on. And, from Budapest to Brasilia, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.rnNo longer. As foreign capital has fled and confidence evaporated, the emerging world's stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.
机译:在过去一年的大部分时间里,新兴经济体快速增长的经济体远远地注视着西方的金融飓风。他们自己的银行所持有的抵押资产几乎没有破坏富裕世界的金融公司。得益于原材料的高价,大宗商品出口国正在蓬勃发展。中国的经济霸主上台。而且,从布达佩斯到巴西利亚,大量的信贷推动了国内需求。即使人们谈论富裕国家遭受自大萧条以来最严重的金融崩溃,新兴经济体似乎离风暴的中心还有很长的路要走。随着外国资本的逃离和信心的蒸发,新兴世界的股票市场暴跌(在某些情况下损失了一半的价值),货币暴跌。由于外国银行突然停止放贷,甚至退出了​​包括贸易信贷在内的最基本的银行服务,信贷市场的紧缩造成了严重破坏。

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    《The economist》 |2008年第8603期|13-14|共2页
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