Emerging Market Local Currency Debt: Recovering Trade Balances
In 2018, one issue for emerging market (EM) debt was that growth was very unipolar: we had decent growth out of the US but it was fairly lacklustre in Europe. This was partly due to a succession of special factors: new pollution regulations knocked the car industry, low water levels in the Rhine impacted manufacturing and yellow vest protests in France were widely disruptive. The Brexit fiasco has not helped, either.
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