Following the low interest rate policies adopted by industrialized countries after the 2008 financial crisis, there has been a reduction in capital outflows from emerging countries to industrialized countries. Together with the lower outflows of capital, emerging countries experienced a decline in output growth bigger than industrialized countries. This paper develops a model capable of replicating this pattern. Contrary to conventional wisdom, the model shows that lower interest rates in industrialized countries could have negative macroeconomic consequences for emerging countries even though emerging economies experience increased inflows (or decreased outflows) of capital.

中文翻译：

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工业化国家的货币政策对新兴经济体的影响

继2008年金融危机之后工业化国家采取低利率政策之后，新兴国家向工业化国家的资本外流有所减少。加上资本外流减少，新兴国家的产出增幅下降幅度大于工业化国家。本文开发了一种能够复制此模式的模型。与传统观点相反，该模型表明，即使新兴经济体的资本流入增加（或流出减少），工业化国家的较低利率也会对新兴国家产生负面的宏观经济影响。