“We find that an expansionary US QE shock has significant effects on financial variables in EMEs. It leads to an exchange rate appreciation, a reduction in long-term bond yields, a stock market boom, and an increase in capital inflows to these countries.”
[disclosure: not an economist or investment professional]
This seems wrong — the spillover effects of 2008–13 QE on EM capital markets are fairly well-established (cf the ‘Taper Tantrum’ of 2013).
see e.g. Effects of US Quantitative Easing on Emerging Market Economies