11  Sorensen, B., and O. Yosha (1998), “International risk sharing and European monetary unification”, Journal of International Economics 45, pp. 211 – 238; Afonso, A., and D. Furceri (2008), “EMU enlargement stabilization costs and insurance mechanisms”, Journal of International Money and Finance 27, pp. 169 – 187.
Second, many central banks of emerging economies have won the initiative by starting their interest rate hiking cycles ahead of the Fed. Third, commodity-exporting emerging economies have been lifted by the rising global commodity prices.