Another more recent illustration of this resilience is the Lehman Shock and the subsequent global financial crisis. After the crisis, the Asian economy continued to follow a relatively high growth path. BIS central bankers’ speeches  1  The resilience and robustness of the Asian economy and its markets was also evident in the aftermath of the so-called taper tantrum in May 2013.
Global interest rates and domestic monetary policy A related question is: does the fact that we are concerned about the impact of Fed normalisation mean that we simply follow global interest rates in conducting monetary policy? The simple answer is: no.