EM: Adverse Conditions in 2002… <ul><li>Flight to quality. </li></ul><ul><li>Anemic world growth </li></ul><ul><li>Commodity prices. </li></ul>… With No Help From Internal EM Factors: <ul><li>Argentina </li></ul><ul><li>Brazil </li></ul><ul><li>Rest of LATAM </li></ul><ul><li>Turkey </li></ul>
The Majority of Non-Oil Commodity Prices Remain Depressed
EM: Something is Different Now—Exchange Rate Flexibility…
EM: Something Else is Different This Time-SELECTIVITY
Selectivity Applies to the Real Sector (Growth) As Well
EM and the World Economy: Something is Different this Time Visit to the Central Bank of Peru Leonardo Leiderman October 17, 2002
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