Emerging markets can't blame Fed for their problems. Here's why

Central banks in developing countries have had to adjust domestic policies in response to these external pressures

Emerging markets have taken a hit from the prospect of even higher US interest rates and a stronger dollar, which increase the cost of servicing external debt. The pressure can be seen in the depreciation of their currencies, with the MSCI Emerging Markets Currency Index dropping 3.54 per cent from its high this year in early April.   

Countries that feasted on the cheap money that resulted from the quantitative easing and near-zero interest rates initiated by the Federal Reserve almost a decade ago are now suffering from a withdrawal of global liquidity. The correction in emerging-market currencies, debt and equities