EME financial markets are still vulnerable – BIS paper
Covid crisis has shown further market development work is needed, writes head of CGFS secretariat
Financial markets in emerging market economies (EMEs) have grown “bigger, broader and more liquid”, but the turbulence triggered by Covid-19 shows vulnerabilities remain, a note published by the Bank for International Settlements says.
Philip Wooldridge, head of the secretariat of the Committee on the Global Financial System, writes that “financial market development has altered rather than eliminated EMEs’ vulnerability to large swings in capital flows and exchange rates”.
In the recent
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