持续多年的大规模货币宽松政策使全球经济充斥着流动性,推动了金融市场繁荣,但也令新兴市场面临政策退出后资本流动逆转的风险发达国家宽松货币政策推动了新兴市场的资产市场繁荣自2008年金融危机爆发以来,许多国家采取各种措施向实体经济提供支持,在开展财政整顿的同时,实施了接近于零的利率政策。发达经济体还推出了大量非常规政策工具,导致了 The massive monetary easing that has lasted for many years has flooded the global economy with liquidity and boosted the prosperity of financial markets but has also exposed emerging markets to the risk of reversing capital flows after the exit of policies. Developed countries Looser monetary policy has boosted the prosperity of asset markets in emerging markets since Since the outbreak of the financial crisis in 2008, many countries have adopted various measures to provide support to the real economy. While implementing fiscal consolidation, they have implemented near-zero interest rate policies. The developed economies also introduced a large number of unconventional policy instruments that led to