Emerging Markets Compared With the 2015-2016 Episode

I think on emerging markets last year was quite an instructive one in many ways. It was a year when the commodity price shop together with the very strong dollar and high inflation around the world did actually make both advanced and emerging economies confront some difficulties. The emerging markets as a whole performed much better than one might have expected before the event. For example as Nadia mentioned if you look at Brazil and Mexico the two largest and the two very big emerging markets in the global financial markets. Their exchange rates actually either state stable against the dollar or in the case of Brazil actually appreciated. That was a great contrast with some other emerging markets more manufacturing based or indeed advanced economies.