On Fed tapering, policy co-ordination and emerging market risk

Today’s commentary
I am concerned about what is happening in the emerging markets but not alarmed. Fed tapering was a proximate trigger but not a cause. All indications are that the crisis is hitting only the most exposed and vulnerable markets and that this doesn't have to boomerang onto other markets. The worry has to be that contagion causes the locus of stress to spread to economic agents that should be less vulnerable, causing the crisis to metastisize and spiral out of control. Policy co-...


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