That share could increase in the event that an adverse shock led to a deterioration in overall economic conditions. (rba.gov.au)
A key factor is that financial shocks lead to secular reflation, which is to say that governments typically embark on inflationary measures such as public spending to stimulate the economy. (businessinsider.com)
In addition, the EM growth shock led to a widening in EM output gaps during 2014 - 16. (morganstanley.com)