The author is senior economist at Oxford Economics
To say that emerging markets will struggle in times of global financial squeeze used to be a safe bet — their financial woes were almost a canary in the global economic coal mine.
In the past, such predictions were almost certain to pan out, but this time looks different. After more than a year of worsening, the financial conditions of emerging markets seem to be levelling off. The overall impression is of emerging markets faring the current global financial squeeze rather well. This is mostly a consequence of their newfound macro prudence but as always idiosyncratic factors play a role.
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