Financial stabilization in a U.S. economy overwhelmed by the global turbulence was clearly positive, as it mitigated significant outward contagion. To the extent that a larger collapse was avoided, other countries benefited, a comment that can also be extended to the subsequent U.S. economic rebound.
The search for yield stemming from abundant liquidity since 2010 has translated into substantial capital flows, especially portfolio funds, to emerging economies. Benign financial conditions have helped stock and debt issuers in both local and foreign currencies. In as much as productive opportunities have been exploited, this environment has helped growth. At the same time, vulnerabilities may have surfaced in some countries.