The global economy faces a dilemma. Attempts to boost growth have lowered interest rates in advanced economies. The resulting hot money has moved exchange rates out of line with fundamentals, creating inflation and asset appreciation in the developing world. Accumulation of foreign reserves and the imposition of barriers to inward capital flows have begun to replace tariffs and quotas in the trade protectionism arsenals of governments.
全球經濟面臨進退維谷的困境。旨在推動成長的努力壓低了發達國家的利率水準。由此帶來的熱錢已使匯率脫離了基本面，並引發了發展中國家的通膨與資產價格上升。累積外匯儲備和對資本流入設置障礙，已開始取代政府貿易保護主義「兵器庫」中的關稅與配額。
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