Download PDF: I) Turkey: Back to Coma Again? Various indicators were still flashing red even before President Erdogan fired Naci Agbal – the central bank governor he appointed just four months ago – for pursuing a hawkish monetary policy. Although his firing of Mr. Agbal is akin to shooting himself in the foot and undermineContinue reading “Turkey and EM Policy Normalization”
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EM Taper Tantrum Déjà vu?
Download PDF: Potential for Sizable Portfolio Outflow is Limited. The period before 2013 Taper Tantrum was marked by strong capital flow into EM assets, in contrast to current situation where flow into EM bonds and equities are only beginning to recover (Chart 1). More importantly foreign ownership of EM bonds, especially for the more fragileContinue reading “EM Taper Tantrum Déjà vu?”