To say that emerging markets faced a tough year in 2013 would be putting it mildly.
The Fed’s mid-year taper announcement and current account deficits roiled emerging market currencies – some lost nearly 20% - and panicked investors rushed for the exits, causing the MSCI index to fall 5% and bond returns to move into negative territory. 2013 was clearly the ‘annus horribilis’ for emerging markets.
Looking ahead to 2014, political concerns are likely to take center-stage compared to the fiscal and currency worries that pummeled emerging market equities in 2013.
Emerging market countries to hold elections
As many as five major emerging market...
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