Stephen Roach of Morgan Stanley argues that the weakness of emerging economies is no longer their dependence on external finance, as in the 1990s, but their dependence on external demand.

• 摩根士丹利的史蒂芬?罗奇认为，新兴经济国家的弱点已经改变，在1990年代，它来自于对外部资金的依赖，现在对外部需求的倚重却成为其软肋。