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Why Doesn't RON Look More Like HUF? (Webcast)
On paper Romania looks worse than Hungary, in terms of its wide (and growing) external current account deficit, unabated demand surge at home and much lower interest rates. But the RON has outperformed HUF significantly. Even so, fast year the leu was completely spared the dramatic shakeout in the forint. What's going on?Part of the answer lies in the structure of external funding. Romania is relatively more dependent on FDI and EU transfers and less on market portfolio flows than Hungary is. Nonetheless, we worry that currency risks are growing. And as a result we remain cautious on Romanian assets.
Why Doesn't RON Look More Like HUF? (Webcast)
Corporate Chartbook
Our semi-annual guide to EM listed corporate trends by charts and data.
EM Corporate Charbook (2022 Edition)How To Think About Emerging Markets (2022 Edition)
An opinionated guide to emerging markets
What is "EM"? (How to Think About Emerging Markets 2022 Edition, Part 1)What's Wrong With Emerging Markets? (How to Think About Emerging Markets 2022 Edition, Part 2)
Who Makes It, Who Doesn't (How to Think About Emerging Markets 2022 Edition, Part 3)
Is Globalization Over? (How to Think About Emerging Markets 2022 Edition, Part 4)
Four EM Growth Fallacies (How to Think About Emerging Markets 2022 Edition, Part 5)
An Austrian Primer: Savings, Debt and Default (How to Think About Emerging Markets 2022 Edition, Part 6)
Life After China (How to Think About Emerging Markets 2022 Edition, Part 7)
Macro and EM Equities (How to Think About Emerging Markets 2022 Edition, Part 8)
How To Think About China (2021 Edition)
... and an opinionated guide to China
Lies, Damn Lies and Statistics (How to Think About China 2021 Edition Part 1)A State Economy or a Market Economy? (How to Think About China 2021 Edition, Part 2)
Explaining the Miracle (How to Think About China 2021 Edition, Part 3)
The Most Important Sector in the Universe (How to Think About China 2021 Edition, Part 4)
Debt Boom and Debt Bust (How to Think About China 2021 Edition, Part 5)
Is There a New Growth Model? (How to Think About China 2021 Edition, Part 6)
The Future of the Renminbi (How to Think About China 2021 Edition, Part 7)
The Aging of China (How to Think About China 2021 Edition, Part 8)
Commodities, Food and the Next Decade (How to Think About China 2021 Edition, Part 9)