The economic debate has then focused on whether the tapering will trigger a pull-out of capital from the emerging world and potentially trigger a new wave of turbulence, akin to those from 1990s and 1980s.16 Preliminary research suggests that news about tapering did have indeed an impact abroad.
2  For an exposition of these and other risks and costs, see, for example, Carney, M. (2010), “Living with Low for Long”, speech to the Economic Club of Canada, Toronto, Ontario, December; and Caruana, J. (2012), “International monetary policy interactions: challenges and prospects”, speech given at the conference “CEMLA-SEACEN, Punta del Este”, Uruguay, November.