What a difference a decade makes. A savvy investor looking at emerging markets in 2003 noticed several tailwinds: trade integration of China; normalisation of balance sheets after the 1998 crisis; a new bullish cycle in commodity prices and falling real yields in the US.
The next five years saw the MSCI Emerging Markets Index post compound annual returns of 36%. By 2007 investors were rushing to emerging markets.
Then came the global financial crisis, rooted in the developed markets but inevitably
The week on Risk.net, July 7-13, 2018Receive this by email