Massive outflows from emerging markets
Hot money exiting emerging markets has been a recurring theme over generations. It comes in slowly and then rushes for the exits all at once. It's why a handful of countries, including Chile, argue that capital controls help to stabilize and smooth growth.
The Institute for International Finance this week estimated the extent of outflows last year and this chart from Quartz highlights the extent of the damage.
Given the rout in markets in the first three weeks of 2016, there is no doubt that the pace of capital flight accelerated.
