Given the reality of financial globalization, market distorting responses from emerging markets may well be inevitable
On 11 February 2014, in her first public appearance as the Federal Reserve chairperson, Janet Yellen told the US Congress that the Federal Reserve shall not be swayed by the happenings in the developing world. Of course, more than her testimony, commentators have pointed to paragraphs in the report that the Federal Reserve presented to the Congress that identify vulnerabilities in emerging economies as the source of the weakness that their currencies and assets have recently faced in financial markets.
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