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“Sudden floods” and sudden stops of capital flows in an environment of ultra-low interest rates: an equal opportunity menace for emerging market and advanced economies alike
Emerging market economies (EMEs) learned painfully from their own crises, especially in the 1990s, that although they could manage some temporary deviations from the strict trilemma of the impossible trinity, any persistent attempt to depart from it could have negative consequences for the market value of their assets.[...]