Why cannot emerging countries use quantitative easing (helicopter money)?

In many emerging countries, there is a temptation to use quantitative easing (helicopter money) to combat poverty and finance useful public investments, as in OECD countries. But the use of quantitative easing and helicopter money in emerging countries should be discouraged: Even if the initial use of the money created is effective, later on the money created, which continues to circulate, will either be invested in a useless way or converted into foreign currencies. It must be understood that this is true even if the first economic agent who receives the money makes good use of it; The main risk in emerging countries is therefore that money creation may fuel capital outflows , leading to a depreciation of the exchange rate and therefore to: A deterioration in the terms of trade and a decline in purchasing power (due to imported inflation) and in domestic demand; The emergence of currency risk premia and expected inflation premia that drive up interest rates. If the emerging country has a low savings rate, stimulating domestic demand through helicopter money leads to an external deficit, accumulation of external debt, and a risk of a balance of payments crisis. Money creation is obviously not a substitute for domestic savings .