About this work
Emerging market inflows increasingly reward domestic resilience rather than broad exposure to global markets. The July 2025 assessment contrasts reform momentum and disinflation with fiscal weakness, tariff exposure and currency risk. Strong local bond returns coexist with growing country differentiation, making the durability of policy frameworks central to understanding where capital goes.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Global Macro Views: From Shock to Strategy: Resilience Defines the New EM Playbook. Institute of International Finance.