Issuance of local currency bonds also increased substantially in 2004, although these bonds remain a small proportion of total emerging market bonds.

Emerging market stocks and bonds are down for the year and their economic growth is slowing.

Since then, emerging market currencies and fixed income securities (government and corporate bonds) have taken a hit.

As in the case of the emerging market bonds, portfolio equities retrenched in the second quarter of 2005.

Emerging Market Resilience

Emerging Market Target Practice

The Emerging Market Currency Rout

The Great Emerging Market Bubble

Trouble in Emerging Market Paradise

The Emerging Market Growth Engine

The first is below market fixed rate bonds.

The improvement in net private flows reflects an increasing incidence of credit rating upgrades of emerging market sovereign debt issuers, resulting in a new high in average credit quality and an increasing percentage of emerging market sovereign bonds with an investment grade rating.

As the bond market begins, finally, to price in greater relative risk in euro zone sovereigns, the intellectual underpinnings of the idea of a global division between emerging market and developed market bonds will be fundamentally tested.

The Coming Emerging Market Debt Squeeze

Recently it has become very much in fashion to call women the emerging market of the emerging market.

If rich country central banks can buy long term bonds, then emerging country central banks can buy dollar denominated bonds.

Emerging market crises do hold important lessons.

Emerging market countries face an additional problem.

The End of the Emerging Market Party

Likewise, India s public finances are stronger than they are in most emerging market countries, let alone emerging market countries in crisis.

Suddenly, the Fund has moved to center stage as the only agency seemingly capable of stemming the vicious downward spiral that is currently seizing emerging market stocks and bonds.

This improvement in credit ratings and the inclusion of emerging market bonds in global bond indices has led to a broadening of the investor base to include institutional investors.

Beban Utang Tersembunyi pada Negara negara Emerging Market

Emerging market demand has pushed up commodity prices.

Similar lessons are relevant in emerging market economies.

For emerging markets as a whole, nearly 90 per cent of the increase in debt securities now reflects domestic issuance and at the end of 2002, domestic bonds accounted for around 80 per cent of total outstanding emerging market bonded debt.

Since then, most emerging market currencies have rebounded sharply.

Emerging market interest rate spreads now are abnormally low.

Emerging market countries could also invest in euros, if only they were offered such liquid assets as US Treasury bonds therein lies the current debate over the proposed creation of eurobonds.

In 2003, Mexico successfully issued new bonds which included CACs without incurring an increase in spreads, thus paving the way for a more frequent inclusion of CACs in emerging market bond issues.

Nevertheless, the market for Japanese Government Bonds (JGBs) has so far remained stable.

Indeed, the number of excellent emerging market candidates is remarkable.

Personally, I would urge emerging market countries to support Shanmugaratnam.

The emerging market economies are at risk as a result.

Traditionally, sovereign risk has been concentrated in emerging market economies.

To be sure, political and market volatility in a broad range of emerging market economies will continue.

I suspect that emerging market policymakers hearts are advocating the former.

Emerging market central banks diversified out of dollars and into gold.

Many of the emerging market countries, for example, are still underrepresented.

But the gross flow of capital is from emerging market to emerging market, through big banks now implicitly backed by the state in both the US and Europe.

Big banks, not small banks, are the major players in the market for short term debt, which makes their bonds riskier than small banks bonds.

Because emerging economies have relatively weak asset markets, their citizens seek safe haven in advanced country government bonds.

These proportions will rise even higher as emerging market countries urbanize rapidly.

Already, world class American and emerging market companies are investing in Liberia.

Less advanced and emerging market economies in Europe are facing major challenges.