{"id":572392,"date":"2020-06-23T04:36:03","date_gmt":"2020-06-23T04:36:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/em-central-bankers-starting-to-become-fond-of-quantitative-easing-policies\/"},"modified":"2020-06-23T04:36:03","modified_gmt":"2020-06-23T04:36:03","slug":"em-central-bankers-starting-to-become-fond-of-quantitative-easing-policies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/em-central-bankers-starting-to-become-fond-of-quantitative-easing-policies\/","title":{"rendered":"EM central bankers starting to become fond of quantitative easing policies"},"content":{"rendered":"

<\/a> Nearly a dozen emerging-market central banks are starting to become fond of <\/strong>quantitative easing,<\/strong> a practice traditionally limited to the developed world, says the Financial Times<\/a>. This is a shift from previous crisis handling policies in EMs, which have usually stayed away from QE. The experiment \u2014 which involves central banks buying government bonds to inject liquidity into the financial system and hold down yields \u2014 could have potentially destructive implications if it starts to get out of control.<\/p>\n

Who\u2019s on board with QE?<\/strong> South Korea and Israel, which both have experience with QE from the 2008 financial crisis, relaunched bond buying programs in response to the pandemic. Now, they\u2019re being joined by a host of first-timers, including Poland, Hungary, Malaysia, the Philippines, Indonesia, Turkey and South Africa.<\/p>\n

Countries with risky debt profiles,<\/strong> including large fiscal deficits, less independent central banks and high inflation can\u2019t risk getting involved too heavily in QE, some experts warn. Others are raising doubts about whether EM central banks have the political will to stop the programs when conditions improve. \u201cJudgment day will be when things have normalized,\u201d said Drausio Giacomella, head of EM research at Deutsche Bank. \u201cAre central banks going to be willing to tighten monetary policy or stop their asset purchases?\u201d Others say emerging market QE programs are strikingly similar to those seen in the US, EU and Japan \u2014 just on a really limited scale. \u201cAt this stage we don\u2019t see any cause for concern given the limited nature\u201d of EM-led QE policies, head of EM debt strategies at AllianceBernstein Shamaila Khan says.<\/p>\n

The wall of money unleashed by central banks around the world is raising fears of irrational exuberance: <\/strong>Foreign investor portfolios continue to be susceptible to large swings away from EMs, as we saw with March\u2019s large drop in inflows. And with the latest pile into EM assets being driven by the Federal Reserve\u2019s flood of stimulus, some investors are hesitant to get on board. \u201cThis rally is close to the end and it would be very dangerous to chase it,\u201d said Arthur Budaghyan<\/a>, chief EM strategist at BCA Research. \u201dManias are not driven by fundamentals and rational forecasters cannot forecast them.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly a dozen emerging-market central banks are starting to become fond of quantitative easing, a practice traditionally limited to the developed world, says the Financial Times. This is a shift from previous crisis handling policies in EMs, which have usually stayed away from QE. The experiment \u2014 which involves central banks buying government bonds to […]<\/p>\n","protected":false},"author":1,"featured_media":572393,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[107,7106,115,72,5367,4222,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-covid-19","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-money-supply","tag-quantitative-easing","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"74047cd2-151f-4c66-9239-c2544e280994","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/253.jpg","photo_position":"above","related_issue":[572377],"teaser":"","voice_url":""},"yoast_head":"\nEM central bankers starting to become fond of quantitative easing policies - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/em-central-bankers-starting-to-become-fond-of-quantitative-easing-policies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EM central bankers starting to become fond of quantitative easing policies\" \/>\n<meta property=\"og:description\" content=\"Nearly a dozen emerging-market central banks are starting to become fond of quantitative easing, a practice traditionally limited to the developed world, says the Financial Times. 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The result? \u201cFor EM investors there is an\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572858,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/12\/ybgs-guide-to-surviving-the-pandemic\/","url_meta":{"origin":572392,"position":4},"title":"YBG\u2019s guide to surviving the pandemic","author":"enterpriseam admin","date":"12 July 2020","format":false,"excerpt":"Stop worrying and love the deficit \u2014 YBG\u2019s guide to surviving the pandemic: Governments are going to have to get used to deploying interventionist policy if economies are going to survive the current crisis. This was the key takeaway from an interview on Al Kahera Wal Nas with Mubarak-era finance\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/77.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569800,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/global-growth-could-fall-to-1-this-year-iif\/","url_meta":{"origin":572392,"position":5},"title":"Global growth could fall to 1% this year -IIF","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Global growth could fall to 1% this year -IIF: Global economic growth could fall to just 1% this year due to the impact of the covid-19 outbreak on the services and manufacturing sectors, the International Institute of Finance (IIF) has said. In a report published on Thursday, the financial association\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=572392"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572392\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572393"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572392"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572392"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}