Fed not to blame for recent emerging market sell-off, says BIS

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Emerging markets facing an outward rush of capital have little reason to blame recent action by the Federal Reserve, according to the Bank for International Settlements' (BIS) latest quarterly review.

Published yesterday, the report contrasts the recent emerging market sell-off, which began in late January, with the episode experienced in May 2013 following the Fed's announcement that it would soon begin tapering its asset purchases.

The earlier episode, the BIS says, was largely a result of mar

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