The monetary expansion undertaken in developed countries in recent years has no parallel in history, and its repercussions, already significant, are still to unfold in full. Moreover, recent indications by the U.S. Federal Reserve that it might soon start unwinding its unconventional policies have raised a host of questions regarding the characteristics of this and the following stages of its overall exit strategy.
As a consequence, the financial boom emerging markets enjoyed during previous years stemming from lax monetary stances in industrialized countries has begun to be displaced by tighter financial conditions and increased uncertainty. From the beginning, not all emerging economies were affected equally, and this will likely continue to be the case in the future.