The Brazilian action in imposing a tax on certain kinds of foreign inflows to moderate the rise in its currency is of great importance, substantive and symbolic. The symbolic value lies in signalling an end to an era in which emerging markets were enamoured with foreign finance, and in expressing willingness to take action to moderate inflows of foreign finance. Substantively, it is important in increasing the arsenal of weapons that countries can deploy to moderate over- heating of their economies. It is a good illustration of the type of measure policymakers can use to arrest incipient asset price overheating.
巴西政府對某些類別的外資流入徵稅、以抑制本幣升值的做法，在實質功效和象徵意義上，都極具重要性。其象徵意義在於，這標誌着新興市場癡迷於外資的時代已經終結，也表明這些國家願意採取行動，減緩外資流入。從實質功效角度講，增加可以動用的政策工具，爲經濟過熱現象降溫，對於新興市場而言十分重要。對於政策制定者可以採用哪種措施來抑制初期資產價格過熱現象，這是一個很好的實例。