4  However, drastic changes took place in Japan's economic environment from the latter half of the 1980s -- for instance, the yen's rapid appreciation following the Plaza Accord, the completion of the catching-up process, the end of the Cold War, advances in globalization, and the rise of emerging economies.
18  Simulations of the Federal Reserve Board’s econometric models of the global economy suggest that the effects are roughly offsetting, so that accommodative monetary policies in the advanced economies do not appear, on net, to have adverse consequences for output and exports in the emerging market economies. Similar results are obtained model analysis presented in International Monetary Fund (2013).