It is the year of the taper in 2014. By outlining a timetable for scaling back its third round of monetary stimulus starting in January, the US Federal Reserve believes that the world’s largest economy is strong enough to slowly withdraw life support.
This has implications across the globe. If all goes according to plan, stronger US demand will pick up the slack in the global economy and suck in exports from across the globe.
But there are potential pitfalls. For some emerging economies any reversal of capital inflows further exposes the need for reforms they will be reluctant to undertake during election years.
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