Putting the Risk Back into Emerging Markets by Morgan Stanley

by Stephen Roach

Needless to say, this has been a rough month for emerging markets. At its low on 13 June, the Morgan Stanley Emerging Markets equity index had fallen 25% from its 8 May high. Over the same period, spreads on a composite basket of emerging market debt have widened by about 45 basis points from their lows. Are these corrections mainly a market phenomenon, driven by a powerful risk-aversion trade, or are there more sinister forces at work?
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