Robin Brooks, an economist at Goldman Sachs, has worked out a measure ofnet capital inflows from figures on countries’ foreign reserves and current-account balances.
Emerging economies, in net terms, have exported capital to the rich world as their central Banks have built up vast quantities of foreign-exchange reserves.
以净值计算,新兴市场已经成为富裕国家所需资本的来源地,因为他们的中央银行积攒了大量的外汇储备。
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That encourages exports and depresses spending at home. The result is a high level ofnet national saving, much of which ends up in central banks’ foreign-exchange reserves.