•  Eighth, an additional challenge for the EMEs is that they are exposed to the volatile international capital flows necessitating suitable regulatory policies depending on the macro economic conditions for ensuring financial stability.
In some cases, turnover in money markets dropped sharply, almost to zero, for anything other than overnight maturities. An important dimension of this phenomenon was the shortage of dollar liquidity for non US entities trying to fund their US asset positions. The pressure this placed upon swap markets ultimately saw them effectively close for a couple of weeks during September.