Government bond yields have increased, while equity prices and exchange rates have gyrated
Financial conditions fell especially sharply in external deficit EMEs
Banking sector vulnerabilities have surfaced in some EMEs
External vulnerability indicators in selected EMEs
Direct trade exposures to non-OECD economies are large in some countries
A domestic demand slowdown in the non-OECD could have sizeable adverse activity effects
Banks' foreign claims on emerging market economies
Aggregate financial conditions have tightened slightly in the euro area and the United States
Market participants now expect earlier and faster monetary policy tightening
Household financial liabilities are now declining in more economies