For six years, emerging markets have lived in a world defined by the US Federal Reserve’s policies of easy money. Tides of liquidity have flowed from developed to developing economies, financing infrastructure and corporate investment and allowing consumers to indulge credit-fuelled retail dreams.
Thus, the Fed’s announcement yesterday that it would draw quantitative easing to an end represents both a watershed and a leap into the unknown.
The end of asset purchases comes at a challenging time for emerging markets, beset by a confluence of adverse and interconnected trends. China’s economy is slowing, as is the eurozone led by subpar German demand.
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