Huge global capital flows and prolonged ultra-low interest rate policies of adva...
WASHINGTON - Huge global capital flows and prolonged ultra-low interest rate policies of advanced nations have made it harder for emerging economies to protect their financial system, Bank of Thailand Governor Veerathai Santiprabhob said on Sunday.
Given a surge in the past decade of capital flows driven by global investors seeking “speculative returns,” emerging economies have become more vulnerable to exchange-rate volatility that hurt their companies, he said. “The movement of the exchange rate is an important channel for small, open economies and have a real impact on profit margins, competitiveness ... and survival of exporting firms.”
Emerging market central banks need to follow their advanced nations’ counterparts in delaying normalization of ultra-loose monetary policies to prevent their currencies from appreciating, he said.
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