Some emerging markets still dangerously exposed to dollar debt, IMF warns
Spillovers report underscores the importance of net vs gross distinction
Some emerging markets may still face crises in the event of an appreciation of the US dollar, despite a broad reduction in reliance on short-term dollar-denominated debt, the IMF warned on July 23.
This year's 'spillover report' emphasises the importance of studying gross as well as net positions, because while emerging markets have reduced their net reliance on debt denominated in foreign currencies, some are still dangerously exposed.
The IMF draws parallels between current events and the 1995
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