在过去十年，中国经济的崛起使得商品价格激增。这为商品出口国带来一笔可观收入，并推动了其经济增长。

The rise of China’s economy in the last decade has created a boom in commodity prices. This has brought a windfall of revenues and a boost to economic growth for commodity exporters.

During the last years the balance of risks has moved to a more favorable Risk-Return profile for the Emerging Markets (EM).

Financial Stress increased rapidly during the fourth quarter as the European Sovereign Crisis remained unsolved. Stress levels increased also in the US and EM markets showing a high degree of inter-connection.

Financial Stress increased rapidly during the fourth quarter as the European Sovereign Crisis remained unsolved. Stress levels increased also in the US and EM markets showing a high degree of inter-connection.

欧洲主权危机没有解决，四季度财务压力迅速上升。美国和新兴市场的压力也有所上升，表明内部联系程度较高。

Although after the liberalization of many financial systems in LATAM in the late eighties market-determined interest rates became predominant, a few countries did maintain interest-rate caps in the regulator's toolkit as an instrument to prevent excessive levels.

World trade recovered momentum in September driven by advanced economies……but new export orders continue to declineHigh frequency cargo volume data signals further weakening ……and the most recent data based on shipping signals a contraction

Emerging Europe undershoots. Eastern Europe (EE) countries are being especially penalized by punished by global riskaversion, especially when comparing with other Emerging Markets (EM), such as Latin America and especially Southeast Asia.

Social unrest risks remains. Geopolitical risk is moving to a more worrisome area.