Borrow young, Lend laterThe fear of

Borrow young, Lend later

The fear of current-account deficits stems from an era when economics were relatively closed. Under the post-war Bretton Woods monetary system, most countries fixed their exchange rates and imposed capital controls, making it hard to borrow from abroad. So having a current-account deficit meant drawing down reserves. Eventually these reserves would run out, and there would be a ‘balance-of-payments crisis’.

Results (Chinese) 1:

借年轻，借稍后

的经常账户赤字恐惧源于时代当经济学相对闭合。在二战后布雷顿森林货币制度下，大多数国家汇率固定，并实行资本管制，很难从国外借款。所以有的经常账户赤字意味着动用外汇储备。最终这些储备将跑出来，会有 '国际收支平衡危机'.

Results (Chinese) 2:

借年轻，后来借的经常账户赤字的恐惧从一个时代茎当经济相对封闭的。在战后的布雷顿森林货币体系，大多数国家的固定汇率和实施资本管制，因此难以从国外借钱。因此，有一个经常项目赤字意味着支取储备。最终，这些储备将耗尽，并且会有一个'平衡国际收支危机“。

Results (Chinese) 3:

借借后

年轻，经常账户赤字的恐惧源于一个时代的经济相对封闭。战后布雷顿森林货币体系下，大多数国家的固定汇率，实行资本管制，使得它很难从海外借款。所以有经常账户赤字意味着动用储备。最终，这些储备将耗尽，这将是一个“国际收支平衡危机”。