A stronger dollar and firmer oil prices threaten capital flows to emerging markets

In many ways the story of the last month has been the weakness of emerging markets, with Turkey and Argentina being in the spotlight due to the idiosyncratic responses of their governments to pressures on currencies, but with a more general theme also playing out as higher US interest rates, a stronger dollar and firmer oil prices threaten capital flows to those countries with large deficits, high inflation and reliance on foreign funding.

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