Emerging markets are going through another period of volatility – and the most popular boogeyman is the US Federal Reserve.
Turmoil in emerging markets: What’s missing from the story?
Kristin Forbes, 5 February 2014
Unconventional monetary policy normalisation and emerging-market capital flows
Andrew Burns, Mizuho Kida, Jamus Lim, Sanket Mohapatra, Marc Stocker, 21 January 2014
Quantitative easing (QE), which started in 2008, swelled the Federal Reserve’s balance sheet to an unprecedented $3.4 trillion. In May 2013, the Fed announced that it would evaluate the possibility of a reversal of its unconventional monetary policies – QE in particular .
The next sudden stop
Sebnem Kalemli-Ozcan, 7 January 2014
The ominous facts are well known – the strongest predictors of financial crises are domestic credit booms and external debts (Reinhart and Rogoff 2011). In emerging markets, credit booms are generally preceded by large capital inflows (Reinhart and Reinhart 2010).
Tapering talk: The impact of expectations of reduced Federal Reserve security purchases on emerging markets
Barry Eichengreen, Poonam Gupta, 19 December 2013
In May 2013, Federal Reserve officials first began to talk of the possibility of the US central bank tapering its securities purchases from $85 billion a month to something lower. A milestone to which many observers point is 22 May 2013, when Chairman Bernanke raised the possibility of tapering in his testimony to Congress.
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