LONDON — Emerging economies not long ago deemed at risk of crisis are seeing steady balance of payments improvements, while for oil exporters in the Gulf and elsewhere once-mighty cash surpluses have all but melted away.
The so-called taper tantrum of mid-2013 unleashed a wave of selling of assets from developing countries whose big funding or current account deficits left them vulnerable to the withdrawal of cheap money resulting from a slowdown, or taper, in the rate of US money printing.
With oil prices at the time over $100 a barrel these tended to be fast-growing energy importers such as India and …read more
Source: Saudi Gazette
