Global risk-off shocks can cause financial market instability and recessions. Central banks' unconventional policies after the Global Financial Crisis helped prevent severe asset price declines. These policies created a policy-put framework that reduced the impact of risk-off shocks. Countries with strong economic conditions benefited more from these policies, while emerging markets with solid fundamentals were less affected by global shocks. The US monetary policy also influenced long interest rates in the Asia-Pacific region, which can help during risk-off events but may have other consequences.