After Argentina, who might be next?

Argentina’s currency crisis and turn to the IMF for financial support have raised questions about how much ammunition EMs’ foreign exchange reserves provide. On the broadest measure of external financing needs, Venezuela, Ukraine and Turkey are, along with Argentina, the EMs whose FX reserves provide least coverage. But it’s also worth keeping an eye on a few other EMs, including South Africa, Romania and Chile, whose reserves are small compared with their foreign funding requirements.