First, emerging-market hype is just that. Economic miracles rarely occur, and for good reason.
Governments that can intervene massively to restructure and diversify the economy, while preventing the state from becoming a mechanism of corruption and rent-seeking, are the exception.
Instead, emerging markets’ growth over the last two decades was based on a fortuitous (and temporary) set of external circumstances: high commodity prices, low interest rates, and seemingly endless buckets of foreign finance. more> http://tinyurl.com/qb23ydk
- What’s Next for the BRICS? Scheherazade Rehman, usnews.com
- Everything You Need to Know About the Emerging-Market Currency Collapse, Matthew O’Brien, Atlantic