Capital controls and exposure to China help EMs weather taper storm
IMF working paper isolates determinants of taper impact on emerging markets
Emerging markets that placed restrictions on capital inflows at the height of the Federal Reserve's quantitative easing programme suffered less from outflows after the ‘taper' was announced, an IMF working paper has found – while a tighter macroprudential policy stance also helped.
In Impact of Fed Tapering Announcements on Emerging Markets, Prachi Mishra, Kenji Moriyama, Papa N'Diaye and Lam Nguyen analyse the market reaction in 21 EMs from January 1, 2013, to January 22, 2014 following Federal
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