Morgan Stanley 8 月 9 日英文报告，19页。
　　Three key points：（1）The EM ex-China（EMXC）debt/GDP risesince 2007 seems manageable；（2）EMXC productivity ofincremental credit has improved since 2015；（3）EMXC is stillexposed to a sharp rise in US rates via its sizeable externaldebt linkages.