An Emerging Market Assessment
|There have been two waves of emerging markets turmoil, last fall for Brazil and India and this year for Turkey and Russia. Each country has its specifics but there are several themes in common, the most often cited are the change in Federal Reserve policy in December and the various current account deficits. Argentina although close in time to the others is a case by herself. We will examine the factors, common and specific that led to this collapse, make some guesses for the immediate future and judge the potential impact on the major trading currencies.
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