Activist central banks aren’t just a rich-nation story anymore. Emerging markets are reclaiming their right to play with money too—and it is probably a good thing.

Traditionally, experimental central bankers were pictured as money printers who inevitably stoked inflation. While a decade of unconventional monetary policy and low inflation has taught investors that Federal Reserve announcements are a signal to buy stocks, this newfound love for stimulus hasn’t often extended to developing nations. There, the same policies still…


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