李月芬：我曾告诫一些非洲国家，大量借款时要小心(16)

Facing this situation, what can the developing countries do? First of all, we know that countries with good economic fundamentals suffer less. The countries with weak economic fundamentals, they plunge into crisis. For these countries, it"s important for them to look very carefully at their fiscal position. I would not recommend austerity because people are already suffering a great deal. I think they should try to introduce preemptive measures to maintain financial stability in the country as much as the country can.
Capital control is one measure that countries can use. Because of interest rate hikes, capital has been flying out of developing countries and going back to the developed countries. Whenever it"s necessary and possible, capital control is one measure that countries can use to lessen or mitigate the financial volatility in the country.
And of course, social safety net is important. Whenever the fiscal position allows, the government should consider how to introduce targeted social service for the vulnerable population in the country.