Fed Tightening and Capital Flow Reversals in Emerging Markets: What Do We Know?
Publication | February 2023
This brief shows how US Federal Reserve interest rate hikes risk sparking a wave of capital withdrawals from Asia’s emerging markets and outlines how speeding up much needed reforms can help governments cushion vulnerable economies.
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It outlines key global inflation drivers, identifies capital inflows at risk, illustrates the economic knock-on effects of capital reversals, and suggests potential policy responses. Noting the challenges of carrying out major structural reforms, it argues that commitment to long-term macroeconomic measures is key to protecting developing economies against major shocks.
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