Otaviano Canuto, Catiana García-Kilroy, Anderson Caputo Silva
The year of 2009 will be remembered for endorsing a structural shift in the relative position of emerging market economies (EMEs) in the global investment universe. Compared to the previous decade the world looked upside down on two accounts. The size of the crisis led advanced economies to fiscal deficits unseen since World War II and EMEs managed to weather the downturn with unexpected resilience. EMEs have thus acquired a key role in the overcoming of the global crisis. Furthermore it has become clear that their position as economic engines is increasingly more sustainable and their credibility as investment destination (as illustrated by credit ratings, CDS spreads, and investment flows) is going through a Copernican revolution.
Downloadable here: Foreword by Otaviano Canuto, Catiana García-Kilroy and Anderson Caputo Silva (PDF). Euromoney Emerging Markets Handbook 2011. www.euromoney-yearbooks.com/handbooks. October 2010