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1993年,涌向发展中国家的私人资本从90年代初的400多亿美元猛然增加到1,660亿美元,1994年又达到了1,730亿美元。两年之内,发展中国家新兴资本市场上的资金骤然上升。一时间搅得这些国家的股市动荡不安。从亚洲到非洲,从拉美到东欧,各处都演出了一幕幕既刺激又恐怖的场面。随着墨西哥危机的爆发,这场令人回肠荡气的大戏终于收场了。有人悲哀地断言:世界资金开始大收缩,新兴市场热该降温了。面对此情此景,我们该如何评说?
In 1993, the private capital flowing to developing countries suddenly increased from over 40 billion U.S. dollars in the early 1990s to 166 billion U.S. dollars and reached another 173 billion U.S. dollars in 1994. Within two years, capital in emerging capital markets in developing countries has suddenly risen. For a moment, the stock markets in these countries are in turmoil. From Asia to Africa, from Latin America to Eastern Europe, scenes of both excitement and horror have been shown everywhere. With the outbreak of the Mexican crisis, this evocative drama finally ended. Someone sadly asserted that world capital has started to shrink dramatically and that emerging markets should have cooled down. In the face of this scene, how do we comment?