Robert Koenigsberger on What Everyone Gets Wrong About Emerging Markets
Macro Hive Conversations With Bilal Hafeez
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The Importance of Distress in Emerging Markets
Gramacy: We started that analysis with default and recovery. And then you overlay illiquidity on that. So we weren't necessarily saying that Ukraine would default. But typically what happens in these gaps is things go down towards default. In emerging markets, either things trade at the yield is supposed to trade at or they just start trading at dollar price.
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