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IN recent years,the bank accounts of India,Brazil and South Africa have been on a path of constant deterioration.These countries rely on short-term foreign capital to hold their current account deficits.And with growing expectation of a U.S.liquidity contraction,the direction of global capital flow has reversed.The three countries’currencies are depreciating on a large scale.Since May,the Indian Rupee’s exchange rate against the dollar hit a series of record lows,exhibiting a trend of currency crises with a depreciation scale over 20 percent.
IN recent years, the bank accounts of India, Brazil and South Africa have been on a path of constant deterioration. These nations rely on short-term foreign capital to hold their current account deficits. And with growing expectation of a US liquidity contraction, the direction of global capital flow was reversed. The May May, the Indian Rupee’s exchange rate against the dollar hit a series of record lows, exhibiting a trend of currency crises with a depreciation scale over 20 percent