15/10/11 17:08:02.73 UjXzWQhj.net
>>253の続き
Another possibility is an international version of the financial accelerator.
As Buiter points out, many emerging markets seem to be vulnerable thanks to
private-sector foreign currency debt (which was so deadly in 1997-98). So
you can imagine that a China-driven slump in exports leads to currency depreciation,
which leads to financial troubles, which leads to much sharper declines in GDP
than a direct export multiplier would have suggested.