国际清算银行：2024新兴市场的弹性报告：是什么造就了它，又是什么动摇了它？（英文版）

In earlier decades, it was not uncommon for monetary tightening in advanced economies to usher in a period of stress in emerging market economies (EMEs). During the late 1970s and early 1980s which featured tighter monetary policy in the United States and elsewhere, many EMEs experienced financial stress and a collapse in GDP growth (Graph 1.A). A similar wave unfolded following the 1994–95 tightening cycle. By comparison, the experience since 2000 has been much more benign.1 The “taper tantr