The writer is head of emerging markets economics at Citi
How do policymakers in emerging economies decide how to run their countries? The answer has a lot to do with how policymakers in advanced economies do things.
There is a copycat tendency or, put more politely, a “demonstration effect”: the policy choices of governments in developed countries create a menu of options from which governments in emerging economies make choices.
That fact makes for an uncomfortable prognosis these days. Developed countries are loosening policy to an extent that, if echoed by emerging economies, could end badly for some.
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