Of VaR Shocks And ‘Sucking Sounds’

Of VaR Shocks And ‘Sucking Sounds’

Since Turkey began to melt down in earnest starting about two weeks ago, the focus of market participants when it comes to spillover risk to other developing economies has generally centered around "classic" contagion via currency depreciation and the exposure of balance of payment risks. That's understandable given similarities between Turkey's situation and some other "at-risk" EM high-yielders like, for instance, South Africa. The rand had a rather rough go of it this week amid a negative Mo
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