Uzbekistan was nearly closed off to foreign investors until 2016. Unlike Russia, Kazakhstan and other Soviet states, However in recent years, Uzbekistan has started to change in a big way. In 2017 the new president started a reform program, simplifying business regulations, divesting SOEs, floating the exchange rate, allowing visa free access for tourists and […]
Chile was once the neoliberal poster child for Latin America and the broader world of emerging markets. The nominal cause of protests that broke out in October 2019 was a slight increase in the subway fare. But it was connected to something much bigger. According to OpenDemocracy: How could a mobilization that began with an […]
We’ve written in the past about how the way deglobalization is creating a new opportunity set. Trade policy changes will drive a rearranging in company supply chains. In general the latest wave of trade policies encourage more regional supply chains. Additionally, they encourage companies to diversify suppliers across markets. Covid-19 will accelerate these changes. Investors […]
Whether its war, terrorist attacks, populism or protectionism, investors can’t escape geopolitics. This is especially true for emerging markets, where politics sometimes matters as much as economics.Geopolitical risk is becoming increasingly important. Trump has drastically altered America’s foreign policy. Radical populist leaders are rising around the world. Fiscal and monetary policy is increasingly intertwined. Covid-19 […]
Studies of extreme medical abnormalities have led to breakthroughs in understanding how anatomy and physiology works in normal people. Early studies of industrial and transport accidents led to more advanced engineering, and created the field of materials science. Extreme Economies, by Richard Davies applies this principle to apply the same concept to economics. This approach […]
Currency substitution or “dollarization” is when a country legally recognizes the US dollar as legal tender, in place of or in addition to its own. Dollarization has many advantages for emerging market countries, according to a recent article in National Review. By dollarizing, an emerging market country can eliminate exchange rate risk, and completely avoid […]
There is a broad trend towards deglobalisation, and an increasing emphasis on regional groupings. This is especially true in international trade policy. Developed countries are becoming more protectionist, but developing countries are opening up to each other, creating regional trade agreements. The result is a patchwork of regional trade agreements, and a reversal of the […]