Emerging markets whack-a-mole is a distraction格里尔：尽管今年新兴市场国家负面消息层出不穷，但长期利好因素没有改变，老道的新兴市场投资者会留意未来几个月出现的机会。
更新于2018年9月21日 06:00 by Paul Greer
During much of this year, emerging markets have resembled a giant game of country whack-a-mole. Just when you thought one idiosyncratic story was temporarily under control, another one popped up. Whether it was Turkish policy mistakes, Argentine capital flight, Brazilian political risk, South African land reform or Russian sanctions fears, there has been no shortage of negative headlines.
The result has been “EM contagion” fears hitting levels not seen in years. While the collection of country fragilities has not helped, however, we do not believe they have been the cause of EM’s weakness this year. Instead, they are a symptom of the overarching investment theme for 2018: US dollar liquidity withdrawal.