Conclusion elaborate on: Imminent withdrawal of dollar liquidity from global markets still hangs like a Sword of Damocles

over the `BRICS bloc, especially those that have exhausted their own credit cycles and are grappling with structural problems

The IMF forecasts that emerging economies will grow 6 per cent a year between 2013 and 2018. If the Fed does begin to taper its asset purchases, that will be on the back of a stronger US economy, which should help global growth, analysts said. Emerging markets also rely less on foreign investors and overseas debts than in the past, with many having shifted to local bond markets in the wake of past crises. Nevertheless, portfolio adjustments may affect emerging economies differently according to their fundamentals. In general, it is reasonable to expect that countries with better macroeconomic foundations and growth outlooks may suffer less than those characterized by financial imbalances, stringent external funding needs, overheated economies or asset price bubbles Tapering may facilitate the adjustment required in certain economies afflicted by financial disequilibria which, at least in part, may have resulted from the abundance of foreign funds (it is necessary all we can do is prepare for it instead of blaming the Western World policies)