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The capital-freeze index 资金冻结指数 Stop signs 停止的迹象 Which emerging markets are most vulnerable toa freeze in capital inflows? 哪些新兴市场最容易在资本流入时冻结? THE risk of an abrupt end to capital inflows is now a worry for much of the emerging world. 资本流入突然结束的风险是现在大部分新兴世界的心头之患。 Some places are more vulnerable than others. 而且有些市场比其他更容易被冻结。 A large current-account gap implieslots of net borrowing from abroad, which could presage a credit crunch if funding dries up. 一个巨大的往来账户缺口意味着将从国外引进大量的净借贷，这样一旦资金枯竭就可能造成信贷紧缩。 A high level of short-term external debt relative to a government s stock of reserves meansan economy lacks the means to tide borrowers through temporary difficulties. 一个短期外债相对于政府的库存水平很高意味着缺乏经济手段来度过暂时的困难。 Rapid credit growth often signals overstretched firms and overvalued asset prices. 信贷的快速增长往往意味着公司的捉襟见肘和对资产价格的高估。 | 
