Deutsche Bank
Finding the weakest EM: macro adjustment in major EM economies
has been limited since the Fed taper tantrum
India has adjusted Brazil has not... ...and nor has TOrkiye
Growth Growth Growth
Fiscal 1.0 Fiscal ,..--
1.9 -" --..-
Fiscal nflation ..... Inflation
Inflation balance balance
balan
Public \ Credit Public ` Credit Public / Credit
debt growth debt growth debt growth
FX Private FX Private FX Private
valuation \ / debt valuation / debt valuation \ / debt
•
Reserve eal Rese eal Rese eal
cover rates cover rates cover rates
Current Current Current
account account account
Current Pre taper tantrum —Current —Pre taper tantrum Current —Pre taper tantrum
The chart show vulnerability scores for ten indicators from 0 (least vulnerable) to 1 (most vulnerable) such that a move
towards the centre of the web represents a reduction in vulnerability
Source: Haver Anatyhcs and Deutsche Bank
Deutsche Bank
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0070027
CONFIDENTIAL SDNY_GM_00216211
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