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Latest articles in Argentina
Macro Analysis / Canada

Global Imbalances and the COVID-19 Crisis

The world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. Foreign exchange intervention, where needed and where reserves are adequate, could help alleviate disorderly market conditions. Over the medium term, reducing...
International Monetary Fund
IMF Blog 4 August 2020
Strategy Note / Global

China challengers in manufacturing with low cost labour (in one chart)

For manufacturing activities not easily replaced by automation or 3D printing, which countries win share from China? Low wages and scale matter most in this segment: We plot wage curve up to China in countries with over 40mn population. Labour flexib...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 13 July 2020
Strategy Note / Global

LatAm equity strategy: Structural weakness plus commodity price headwind

LATAM OFTEN DISPLAYS A DEGREE OF EXCEPTIONALISM COMPARED TO PEERS IN EM. Capital controls are also in place, which means fresh foreign capital can consider the ADR listings alone. However, without confidence that the creditor negotiations will resolv...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 8 July 2020
Strategy Note / Global

Corruption: The ugly truth for EM and ESG investors

DOES CORRUPTION BOTHER YOU? Bangladesh: The use of anti-corruption as a means to persecute and weaken those politicians sitting in the opposition precedes the post-2009 era of the de facto one-party state under the Awami League (ie the Bangladesh Nat...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 7 July 2020
Sovereign Analysis / Argentina

Argentina's proposed new exchange terms could be an important step forward

Argentina announced amendments to its debt exchange offer last night. We will publish our estimates of the revised terms shortly, although we doubt it improves the government's offer by much (previously cUS$50 at a 10% exit yield). However, while thi...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 6 July 2020
Strategy Note / Global

Chasing technology's tail: EM equity strategy overview

In 2006 I was an analyst on global technology equities. This would be unwelcomed for the investment case given the military’s continuing, overbearing indirect grip on the economy and the strain put on the fiscal deficit from Covid-19 disruption. Equi...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 28 June 2020