14  For those who advocate allowing exchange rate adjustment as central to macro-management, it should be sobering that countries that allowed the real exchange rate to appreciate the most during the prior period of quantitative easing suffered the greatest adverse impact to financial conditions (see Eichengreen, Barry and Poonam Gupta (2013), “Tapering Talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets”, Working Paper, University of California, Berkeley and Mishra, Prachi, Kenji Moriyama, Papa N’Diaye and Lam Nguyen (2014), “The Impact of Fed Tapering Announcements on Emerging Markets”, IMF working paper).
10  BIS central bankers’ speeches  have. So, in addition to knowledge sharing, global growth would benefit from an augmentation of the capital base of multilateral institutions like the World Bank, the African Development Bank, and the Asian Development Bank, so that they can provide part of the patient risk tolerant capital the emerging world needs.