In that sense, it is not “the end of the party” for emerging markets, as some claimed early last summer, when US Federal Reserve Chairman Ben Bernanke’s suggestion of a possible “taper” of the Fed’s policy of quantitative easing triggered a “mini-crisis” in several of the more vulnerable emerging markets. These economies have since recovered a significant part of the lost ground in terms of exchange rates and asset prices.
照此看，这决非新兴市场“派对结束”。在过去的这个夏天，美联储主席伯南克暗示可能“逐渐收缩”美联储量化宽松政策，这在几个较脆弱的新兴市场引起了“迷你危机”，从而导致一些人迫不及待地放出了“派对结束”论。从汇率和资产价格角度看，这些经济体纷纷收复了迷你危机中的失地。