Emerging Markets Are Stuck on Fed’s Elevator Ride
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Back in the 1960s, a French finance minister called the U.S.’s ability to borrow in its own currency -- thanks to the dollar’s pre-eminence and reserve-currency status -- an “exorbitant privilege.” It’s an advantage that the rest of the world has to pay for, one way or another. This has lately given many emerging-market governments cause for complaint.
If they had the will, one or two of them could do something about it. Maybe it’s time they did.