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offered lower interest rates。
旁白：在九十年代，泰国开放了它的资本市场。当地的企业第一次可以向利息比较低的外国银行贷款了。
ANAND PANYARACHUN： People would e and knock on your door and plead with you to borrow； be they European or Japanese banks。 The Western financial world； the banks or the financial panies； they came and begged us to borrow from them。
ANAND PANYARACHUN：人们会来敲你的门，恳请你借钱，无论是欧洲银行还是日本银行。西方金融界，银行或是金融机构，他们来乞求我们向他们借钱。
NARRATOR： In just four years； loans to Thai businesses had tripled to over 200 billion。 American and European governments encouraged the inflow of money。
旁白：只用了四年，对泰国的企业的贷款就增长了两倍，达到两千亿美元。美国和欧洲国家的政府鼓励这种资本的输入。
ROBERT RUBIN： Oh； yeah。 We were very strong advocates of opening up capital markets and the benefits that could flow there from； but we were also strong advocates at the same time； because we recognized the tie of developing the banking systems； the capital markets； and developing regulatory systems； none of which is easy。
罗伯特。鲁宾：噢，是的。我们当时是非常提倡开放资本市场及宣传由此可以带来的好处的。但是，同时我们也强调发展银行体系，资本市场与发展调控体系的联系。我们意识到这一切都不容易。
DANIEL YERGIN： And there was an underlying flaw in the system that people really didn't focus very much on； which was the institutional weakness。 What that meant is the banking systems were not well developed； securities laws were not well developed。 They had not kept up with the development of these economies and their integration into the world economy。
DANIEL YERGIN：而且，当时在体系的内部有一个没有被人们充分关注的内在的问题，即体制上的弱点。这意味着银行体系并没有得到很好的发展；安全法没有得到很好的发展。它们没能与这些经济的发展保持同步，也没能与世界经济接轨。
NARRATOR： Thailand's Central Bank had kept its currency artificially high； fueling the speculative bubble。
旁白：泰国的中央银行人为地将它的货币币值保持在高水平，助长了投机的泡沫。
The International Monetary Fund； which acts as a bank of last resort to countries in financial trouble； began to worry that Thailand was heading for a fall。
国际货币基金组织，作为那些遇到金融危机国家的最后的救命稻草，开始担心泰国正在走向衰落。
STANLEY FISCHER； First Deputy Managing Director； International Monetary Fund； 19942001： I went to Bangkok in May 1997。 It was full of cranes everywhere； and it looked like the boom would never end。 But they were very weak banks who were lending against buildings which were never going to be filled。
STANLEY FISCHER，国际货币基金组织第一副总干事，19942001：我于1997年5月去了曼谷。当时到处都是吊车，看上去就是感觉这种高速发展永远都不会结束。但是有很多弱小的银行将资金贷给那些以永远都不会建起来的楼房作抵押的项目。
NARRATOR： Muang Thong Thani was a sign of the times a "；new city"； built from scratch for 700；000 people。 It was meant to be bigger than Boston。 But almost no one was moving in。
旁白：MUANG THONG THANI 是那个时代的一个标志 —— 一座为70万人口拔地建起的“新城”。它本来是要建成比波士顿还要大的城市。但是几乎没有人搬进去。
MARK MOBIUS： The vision was great。 The vision was to take this huge tract of land and build a city； basically。 between the downtown congested Bangkok and the airport。 So the concept was excellent。 The problem was it was financed by
MARK MOBIUS：那个愿景是美妙的。那个愿景基本上就是在这一片巨大的土地上建造一座城市。问题出在它是用美元资金来支持的。
NARRATOR： Thailand's currency； known as the baht； was pegged to the dollar。 As the Thai economy weakened； financial markets sensed this policy couldn't last。
旁白：泰国的货币，铢，是和美元挂钩的。当泰国经济疲软下来后，资本市场就意识到这一政策不会长久了。
STANLEY FISCHER： Thailand had fixed the value of its currency in terms of dollars。 It had a fixed exchange rate。 And as people began to wonder； "；Well； do they actually have enough dollars to always be able to give me dollars in exchange for the baht； the Thai currency I have？；"； and when they begin to wonder about that； they start asking for the dollars； and then they attack the currency。
STANLEY FISCHER：泰国固定了本国货币与美元的比价。它固定了兑换率。人们开始猜想了，“他们真的有足够的美元来随时给我兑换我手里的泰铢吗？”而当他们开始考虑这些事情的时候，他们就开始需求美元了，从而打击了泰国货币。
MARK MOBIUS： The Central Bank kept saying no； no； no。 And they were shelling out the ； and of course any hedge fund manager looking at that would say； "；Hey； these guys are going to be in trouble； and I'm going to short the Thai baht。"；
MARK MOBIUS：中央银行一直在说不，不，不。他们出售美元以保护本国货币。所以，他们的外汇储备迅速降低，而那些对冲基金经理人看到这种情况就会说：“哈， 这些人要有麻烦了，我可要对泰铢作空。
NARRATOR： The baht came under relentless market pressure。 In July 1997； the Thai government was forced to devalue。
旁白：泰铢面临强大的市场压力。1997年7月，泰国政府被迫降低币值。
The bubble had burst。 The Asian financial crisis was about to begin。
泡沫破灭了。亚洲金融危机即将开始。
SIRVAT VORAVETVUTHIKUN： When the crisis hit； I realized my fate。 I could not sell a single unit when the crisis hit。
SIRVAT VORAVETVUTHIKUN：当危机来临时，我意识到了我的命运。当危机来临的时候，我一套房子也卖不出去了。
My condominium is called the American dream home； dream condominium。 But we are broke。 Even my clients who were multibillionaires are broke also。
我的豪华公寓叫做“美国梦幻家园”。但是，我们破产了。连我的那些曾经是百万富翁的客户都破产了。
NARRATOR： The economic shock reverberated throughout all levels of Thai society。
旁白：这一经济动荡回旋于泰国社会的各个层面。
PANJIT NIYOMDET； Factory Worker； Bangkok。 Thailand： When the economy went bad； my husband's salary was cut 30 percent。 I was lucky； I kept my job； but I didn't get a raise。 To support our family； my husband had to find other work。
PANJIT NIYOMDET，工厂工人，曼谷，泰国：当经济不好的时候，我丈夫的薪水降低了30％。我算是幸运的。我保住了我的工作，但是，我没有得到加薪。为了养活一家，我丈夫不得不再去找其他工作。
NARRATOR： The cost of living was rising。 Everything was going up water； electricity； even soap。 But the salaries were staying the same； or going down。
旁白：消费水平不断提高。所有东西都涨价 —— 水，电，甚至肥皂。而工资却没有涨甚至下降了。
With its economy in a virtual free fall； Thailand received an emergency rescue loan from the International Monetary Fund。 When that didn't work； the Thai government asked Washington for even more help。
由于泰国的经济的实际下滑，泰国得到了国际货币基金组织的一笔紧急援助贷款。而当这也无济于事时，泰国政府向华盛顿请求更多的帮助。
No one imagined that an economy as small as Thailand's could spark a global crisis。
没有人能想象到一个象泰国经济这样小的经济体竟可以引发一场全球危机。
Chapter 12： Contagion Engulfs Asia ＇7：13＇
第十二章： 危机的影响吞没了亚洲
LAURA TYSON： Thailand is a very small economy。 It didn't have a lot of links； and it's not exactly in your backyard。 So in any event； the ； thinking it was not going to spill over。 Why would it？ The contagion effects were not apparent to anybody； not just the administration。
LAURA TYSON：泰国是一个很小的经济体。它没有太多的联系，也并不在你的后院。因此，在任何事件中，美国都选择不去干预泰国的事情，因为认为它不会蔓延。为什么会呢？传染的效果当时对任何人来说，不仅仅是行政当局，都不明显。
LEE HSIEN LOONG： I think they misjudged the situation。 They misjudged the situation； probably because it was seen too much as a financial issue rather than an overall strategic issue。
LEE HSIEN LOONG：我认为他们错误地判断了形势。错误地判断了形势的原因可能是，大家把它过多地看成是一个金融问题而不是一个整体的战略问题。
NARRATOR： Global markets worried that other Asian countries might have similar hidden flaws。 Like a classic run on the bank； money began to pull out of the entire region。 They called it contagion。
旁白：全球市场都担心其他亚洲国家可能也存在着类似的隐藏着的漏洞。就象一个银行的传统运营方式，资金被从整个这一地区抽走，他们把它叫做恶性蔓延。
Onscreen caption： 116 billion flowed out of Southeast Asian markets。
字幕：一千一百六十亿美元流出东南亚市场。
DANIEL YERGIN： And at each stage； the crisis turned out to have a virulence that became known as contagion； much greater than anticipated。 And what that really reflected was indeed glo