This is significant because counter-cyclical policy was seen to be largely the domain of advanced economies, and in crisis situations, emerging markets instead opted to tighten monetary policy as they sought to defend the value of their currencies, contain capital flight and reinforce policy credibility.
In February 2012, the Board of Governors of the Federal Reserve System published a discussion paper entitled “Monetary policy in Emerging Market Economies: What Lessons  1  Proposed by Charles Evans of the Federal Reserve Bank of Chicago.