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  • 标题:Emerging markets’ vulnerability to a reassessment of risk
  • 本地全文:下载
  • 作者:Irina Balteanu ; Livia Chiţu
  • 期刊名称:Euro Area Balance of Payments and International Investment Position Statistics
  • 印刷版ISSN:1830-3420
  • 电子版ISSN:1830-3439
  • 出版年度:2021
  • 卷号:2021
  • 语种:English
  • 出版社:European Central Bank
  • 摘要:Financial conditions in emerging market economies (EMEs) have weathered the COVID-19 crisis well so far, despite an intense but short-lived stress episode at the onset of the pandemic. Financial conditions in EMEs have rebounded strongly since March 2020; they currently stand at levels similar to before the pandemic thanks to lower bond spreads and higher equity prices. Capital flows have also recovered, with market segments typically judged to be riskier by foreign investors, such as equity and local currency debt, recording strong inflows in the second half of last year. This rebound helped to relieve pressures on financial systems and support activity in EMEs. Nevertheless, recent concerns about rising bond yields and higher than expected inflation in advanced economies have translated in a tightening of financial conditions and slowdown of capital flows to EMEs. In this context, this box assesses potential vulnerabilities facing large EMEs and the risks posed to euro area financial stability.
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