Exchange rate appreciation in capital-receiving countries, induced by easy monetary policy in funding countries, increases the expected net worth of firms in receiving countries and their ability to buy assets. Anticipating this higher liquidity for their assets, corporations in capital-receiving countries lever up, and neglect alternative sources of debt capacity such as maintaining the pledgeability of their cash flows. When monetary policy in source countries tightens, receiving country exchange rates depreciate, and liquidity dries up in their corporate sector even if country prospects are sound. Since pledgeability has been neglected, debt capacity plummets, leading to a sudden stop in funding and subsequent financial distress. Exchange rate intervention by recipient countries to slow appreciation (and depreciation) may improve outcomes.

中文翻译：

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宽松流动性带来的溢出效应及其对多边主义的启示

资金接受国采取宽松的货币政策，导致资金接受国的汇率升值，增加了接受国企业的预期净资产及其购买资产的能力。预期接受资本的国家会增加资产的流动性，因此，资本接受国的公司会大举借贷，而忽略债务能力的其他来源，例如维持其现金流量的可抵押性。当来源国的货币政策收紧时，即使国家前景良好，接受国的汇率也会贬值，其公司部门的流动性也会枯竭。由于忽略了质押性，债务能力直线下降，导致资金突然停止和随后的财务困境。受援国进行汇率干预以减缓升值（和贬值）可能会改善结果。