2018: The year in review

Year in review 2018
Clockwise from right: Jerome Powell, Shaktikanta Das, Mary Daly, Lael Brainard and Recep Tayyip Erdoğan
Fed; India PIB; Laura Freeze/San Fran Fed/US Department of Commerce

If 2017 was a period of relative calm for most central banks, 2018 marked the end of it. Instability in emerging markets kicked off over the summer, and by the end of the year many advanced economies were suffering from turbulence as well.

One of the main contributors to the instability seems to have been the Federal Reserve. Though it has been hiking its policy rate since late 2015, a series of four rate hikes this year added to capital outflows from emerging markets (EMs), while the roll-off

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