Risks remain despite recent calm

Financial markets in the emerging world have rallied in the past quarter as fears about the impact of Fed tapering and a hard landing in China have eased. But while the latest Capital Economics Risk Indicator (CERI) shows that the risk of a crisis in emerging markets (EMs) as a whole is at a three year low, widening current account deficits and rapid credit growth still give cause for concern in some countries.

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