Global risk-off shocks can cause financial market instability and recessions. Central banks' unconventional policies after the Global Financial Crisis helped contain asset price declines and inspired confidence in a policy-put framework. These policies reduced the persistence of risk-off shocks. Countries with solid economic fundamentals benefited more from these policies during risk-off events. Emerging markets with strong fundamentals and deep financial markets were less affected by global risk-off shocks. The US's unconventional monetary policy influenced long interest rates in the Asia-Pacific region, which can help during risk-off events but may have other destabilizing effects.