Emerging Markets: Prospects and Challenges

Emerging Markets: Prospects and Challenges
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Volume/Issue: Volume 2022 Issue 035
Publication date: February 2022
ISBN: 9798400202698
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Topics covered in this book

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Finance , Inflation , Economics- Macroeconomics , Public Finance , Economics / General , Emerging markets , COVID-19 , Monetary Policy , EM inflation , emerging market bond yields , EM NEER , EM policymakers' ability , monetary policy tightening , Emerging and frontier financial markets , Inflation , Exchange rates , Global

Summary

This article documents recent developments in emerging markets in the context of the COVID-19 pandemic, assesses their prospects and challenges, and discusses appropriate policy settings for the medium term. It argues that EM policymakers’ ability to grapple with an incomplete and uneven recovery will be constrained by high public debt and uncertain inflation prospects as well as external risks surrounding capital flows and exchange rate developments. The paper also discusses potential impact of a tightening in global financial conditions and appreciation of the US dollar that could be triggered by a general increase in risk aversion or a reassessment of the likely path of US monetary policy.