This Economic Cycle's Oxymoron: More Growth, Less Cash

Cash has been plentiful in emerging markets. Between 2009-2012 as quantitative easing ramped up, there was a massive expansion in borrowing on global bond markets by emerging market (EM) sovereigns, banks and companies. As a result, EM economies are now closely integrated into global debt markets, and thus more affected by actions taken in Developed Markets (DMs), particularly the withdrawal of quantitative easing (QE).