Indeed, one could argue that the spillovers to the rest of the world could be positive on net, as the enhanced domestic demand draws in substantial imports, offsetting the higher exports. Matters are less clear in the circumstances we find ourselves in today, and with the unconventional policies countries are adopting.
Of course, going forward the questions remain of how the tapering will be undertaken, in terms of its size and pace, and of how interest rate normalization will be engineered. The lack of a global jurisdiction was cited as one of the causes underlying the Global Financial Crisis. However, a global jurisdiction has still not been properly established.