(2012), “Surges”, IMF Working Paper, WP/12/22, January; and Fratzscher, M. (2011), “Capital flows, push versus pull factors and the global financial crisis”, ECB Working Paper Series, No. 1364, July.
2  BIS central bankers’ speeches  vulnerabilities in some countries, such as significant FX exposure, as well as indications of overheating and excess credit, and additional information, especially as monetary tapering proceeds, may uncover further financial imbalances in these or other nations.5 The beginning of unwinding Since last May, there has been a negative change in investor sentiment towards emerging markets, expressed in sharp asset-price drops and heightened volatility.