The writer is head of emerging markets economics at Citi
Developing countries live their economic lives at the mercy of the US Federal Reserve. This may sound blunt, but that makes it no less true.
When US monetary conditions are loose, capital is pushed towards emerging economies, making it easier for these countries to fund themselves. And when the Fed tightens, as it is doing these days, the wave reverses course as capital seeks higher yields back in the US.
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