EM sell-off will have lasting implications for currencies, says Natixis
Doubts regarding the ability of several emerging markets to finance their large external deficits have triggered a balance-of-payments crisis and a sharp depreciation of their currencies. We need only look at the rates of depreciation seen in September to realise there is cause for concern. Countries of particular note include India (32%), Brazil (18%), Turkey (17%), Indonesia (16%), South Africa (16%) and Thailand (12%).
Similar to the effects of the crises seen in the late 1990s in South Korea
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