On the whole, emerging markets appear to be relatively more resilient today than they were in the 1990s, for example, when rising US interest rates precipitated a widespread crisis.
Since the financial crisis and the depths of the recession, substantial progress has been made in restoring the economy to health and in strengthening the financial system. Still, there is more to do. Too many Americans remain unemployed, inflation remains below our longer-run objective, and the work of making the financial system more robust has not yet been completed.