Three key points:(1)The EM ex-China(EMXC)debt/GDP risesince 2007 seems manageable;(2)EMXC productivity ofincremental credit has improved since 2015;(3)EMXC is stillexposed to a sharp rise in US rates via its sizeable externaldebt linkages.
楼主: zhou_yl
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Morgan Stanley :Global Macro Briefing:Tracking EM Debt Dynamics |
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