Fed policy liftoff and emerging markets

Julia Bevilaqua and Fernanda Nechio

FRBSF Economic Letter, 2016

Abstract: Following reports in 2015 that the Federal Reserve would likely begin to raise the short-term policy interest rate?after seven years of near-zero levels?net capital outflows from emerging economies intensified. Many of these countries also experienced large currency depreciations. These developments were similar to those following reports in 2013 about the possible tapering of the Fed?s asset purchases. Furthermore, in both episodes, financial market reactions varied across these developing economies according to each country?s own economic situation.

Date: 2016
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