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首页> 外文期刊>Journal of Economic Literature >The Years of Emerging Market Crises: A Review of Feldstein
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The Years of Emerging Market Crises: A Review of Feldstein

机译：新兴市场危机年代：费尔德斯坦的回顾

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Early 1997 was a time of great optimism in die developing world. The Mexican crisis that had erupted in late 1994 was regarded as a hiccup that had been overcome with a V-shaped recovery (not many people knew, or, if they knew, they didn't seem to care, that Mexican wages were still some 20 percent below their pre-crisis level). The flow of capital to emerging markets was hitting new highs. The East Asian miracle was regarded as a permanent part of the scenery (see the enthusiastic report Asian Development Bank 1997), which China and even India were in the process of emulating, or bettering Latin America had put the debt crisis behind it. Some of the transition economies had emerged from their years of purgatory, and in most of the others there seemed at least to be light at the end of the tunnel. Only Africa and perhaps the Middle East spoiled the picture of a developing world that really was developing.
机译：1997年初是发展中国家非常乐观的时期。 1994年底爆发的墨西哥危机被认为是通过V型复苏得以克服的一个小问题（没有多少人知道，或者，如果他们知道，他们似乎不在乎，墨西哥的工资仍然是比危机前的水平低20％）。新兴市场的资本流入创下新高。东亚奇迹被看作是风景的永久部分（见热情洋溢的报告《亚洲开发银行，1997》），中国甚至印度都在效仿，甚至更好的拉丁美洲也将债务危机抛在了后面。一些转型经济体已经摆脱炼狱的岁月，而在大多数其他转型经济体中，隧道尽头似乎至少是光明的。只有非洲乃至中东破坏了真正正在发展的发展中国家的景象。

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