Brad Tank, CIO of fixed income at Neuberger Berman, asks whether the political trouble in Venezuela will hurt emerging market growth for years to come.
Right on cue for the 20th anniversary of the beginning of the Asian crisis and the 35th anniversary of Mexican default that set off the Latin America crisis, Venezuela has hit the headlines. In 20 years' time, will we be writing about this, reflecting on the events that set off another summer crisis in the emerging world? Echoes of the 1980s There are distinct echoes of the 1980s crisis in Venezuela. Back then, rising oil prices forced commodity importers to borrow to meet their costs, while encouraging exporters to leverage their good fortune for development, in the belief that exp...
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