While the stronger a country’s fundamentals are, the more resilient it could be to external disturbances,  5  Own calculations based on the International Financial Statistics database, IMF. 6  Dudley, W. (2014), “U.S.
Monetary Policy and Emerging Market Economies.” Remarks at the Roundtable Discussion in Honor of Terrence Checki: Three Decades of Crises: What Have We Learned?, Federal Reserve Bank of New York , New York City, March. BIS central bankers’ speeches  3  empirical evidence to support this hypothesis is inconclusive. Thus, the authorities should continue to watch the financial risks carefully.