Few economists see credit tightening substantially in the near term. And certainly Mr.

基本没有经济学家认为，近期会大幅收紧信贷。

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That implies a global credit tightening could have as big an impact on emerging markets as slowing import demand in the rich world.

这意味着，全球信贷紧缩对新兴市场的影响与发达国家和地区进口需求放缓对新兴市场的影响一样大。

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Credit tightening in China is already happening and interest rate rises may soon be on the way.

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Or credit tightening in China, political instability in Turkey or inflation in Brazil.

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But each credit tightening causes a further fall in prices, which causes even more defaults, which causes a further credit tightening.

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