Even within the same EMEs, the impact could vary across different entities such as the Government, the corporate sector, the households and the financial sector, depending upon the country-specific and institution-specific operating environment, the stage of development and the degree of integration with and exposure to the international financial markets.
In view of the diversity of the EMEs and the complexity of impact of  1  There is no single acceptable definition of EMEs, although they are commonly referred to as economies with high growth prospects.