The idea that emerging markets will converge with the developed world is under increasing strain, even as the amount of debt in EMs rises to new highs.
One cause of slowing growth in emerging markets as a whole is the changing nature and slowing pace of growth in China — the chief source and driver of EM and global growth this century.
So it is important to keep an eye on Beijing’s ability to stimulate China’s economy without racking up unsustainable debts. One indicator of the potential stresses this involves is the relationship between China’s M2 measure of money supply and its stock of foreign exchange reserves.
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