(iii)  EMs are attracting capital flows because of pull factors, not push factors. (iv)  Spillover of QE is in fact positive because if AE growth recovers, it will provide a boost to EM exports and more than offset the impact of currency appreciation. The net impact of QE is +ve for EMs. •  Where does IMF Stand on currency wars?
(i)  Does the IMF have an unbiased understanding of “currency wars”? (ii)  Is the IMF being even handed in its evaluation of countries’ forex intervention and capital control policies? (iii)  Is the IMF’s job done just by bringing out the spillover reports? Should it not go beyond that to more assertively sensitize AEs to the spillover impact of their policies?