EM funding drought requires tough policy choices and weighs on growth prospects
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Over 1/3 of the EM index is locked out of the market and 'higher for longer' reality means this is likely to persist
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A lack of alternative funding sources means governments must 'right size' twin deficits to levels that can be financed
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This requires policy adjustments that could exacerbate the risk of social unrest and reduce long-term growth prospects
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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