GILL MARCUS

摘要

Over the past year, emerging market policy-makers have fretted about the US unwinding its huge quantitative easing programme. Launched to stave off a depression, it brought down interest rates in the world's biggest economy and led to a surge of capital to developing markets as yield-hungry investors sought to sustain their returns. The reversal of that trend will have major implications for emerging markets. The perils for them of the US Federal Reserve cutting its monthly bond purchases or raising rates too quickly were demonstrated in the first quarter of 2014 when countries such as Brazil, India and Turkey were hit by rapid outflows that hammered their currencies. Financial officials from those countries were quick to chide the Fed for not taking their plight into account with its decisions.