The effect of recent asset purchases by the US Federal Reserve on emerging markets are diminishing, said the International Monetary Fund, giving rich countries the green light to carry on with quantitative easing.
Although the US central bank’s first round of QE in 2009 caused a large rise in emerging market currencies, bond yields and equity prices, the IMF said the third round in 2012 had “more muted effects”.
Emerging markets have complained that QE in rich countries has led to huge capital inflows, driving up their currencies, threatening financial stability and making their exports less competitive. But the IMF analysis said that effect had weakened.
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