On Monday, September 20, equity prices around the world declined significantly. The S&P 500 benchmark fell by nearly 5 per cent at one point, and the UK’s FTSE fell by around 2 per cent. Asian bourses experienced even more severe declines.  The cause of the equity market rout was increasing concerns that one of China’s largest real estate developers was set to default on some of its liabilities – in particular, its US dollar-denominated liabilities, which are owed to mainly foreign lenders. The concerns were heightened by the imminent prospect of the US Federal Reserve announcing plans to taper (reduce)…

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