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September 13, 2018
EM stress is still largely idiosyncratic, but the risk of a broader fallout is increasing. We have argued that external factors account for two-thirds to three-fourths of EM’s performance – especially for credit markets. The worsening of these external conditions is exposing the weakest links across EM and taking a disproportionate toll on several important economies. So far they are bearing the brunt of EM’s stress. [more]
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