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QE2 and Emerging Markets

Jamus Lim's picture

America's latest round of quantitative easing---also known as QE2---set sail a few months back, and its departure (or arrival, depending on one's point of view) ushered in approbrium from much of the developing world's central bankers and ministers of finance. In their view, the move is an underhanded way of depreciating the U.S. dollar; indeed, this has already occurred, at least as far as the USD/EUR rate is concerned (see figure).