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The US dollar: America's currency, Asia's problem?
After the global financial crisis, many emerging economies scrambled to get access to US dollars to save their economies. A few months later, the US Federal Reserve started quantitative easing and they had the opposite problem as a huge inflow of US dollars pushed up their currencies and inflated their asset prices. Years later, it started tapering its quantitative easing program and an appreciating dollar led to a sharp tightening in global financial conditions, pushing many countries into difficulty or, in Argentina’s case, into a full-blown currency crisis. Things have not improved much since then. US President ... (full story)