Risk is back in fashion. Those repositories of risk assets, emerging markets, are off to the races, with equities and even currencies pushed higher by inflows of foreign money. Perkiness is further buoyed by upwardly mobile forecasts for economic growth. Overall, emerging east Asia is expected to grow 6 per cent next year, roughly in line with 2008 and up from 3 per cent this year, according to the latest forecasts from the Asian Development Bank. Fund managers may be cheering, but Asia has flunked – at least so far – the longer term economic rebalancing that the crisis was supposed to bring about.
風險再度大行其道。作爲風險資產的集散地，新興市場開始活躍，外資的流入推高了股市、甚至貨幣匯率。經濟成長預期的上調進一步提振了樂觀情緒。亞洲開發銀行(ADB)的最新預期顯示，整體而言，預計東亞新興國家明年經濟將成長6%，與2008年基本持平，高於今年的3%。基金經理們可能在歡呼，但亞洲卻錯過了——至少到目前爲止——危機本該帶來的較長期經濟調整。