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。

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But many owners of such firms resist any loss of control and even dislike relying on external finance.

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But once the state has eliminated its primary deficit, it will not need external finance to fund its day-to-day operations.

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And if interest rates start to rise in the rich world, especially in America, Turkey could suddenly see its external finance dry up.

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