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Spreads and Ratings

Ratings are up, spreads are down. Chart 1 plots cumulative upgrades for Moody’s and S&P for Emerging Markets (EM’s) and the EMBI global illustrating the dramatic increase in emerging market…

A Thought on Private Investment

Fellow blogger Alex Uriarte has called our attention on the issue of the quality of investment. The focus of his posting is, understandably, on public investment as this is the…

Strikes in Peru

In this recent note I noted (to some people’s displeasure) that things in Peru weren’t all as wonderful as the macroeconomic numbers make out. Less than a month later, my…

Panama: Mid-Year Update

Panama’s external environment could not be better. With global GDP growth running at an annual pace of 5% y/y and global trade flows expanding 8% y/y, there is ample demand…

The Quality of Investments

In January, President Lula announced a Growth Acceleration Plan (PAC, for its acronym in Portuguese) for the four year period 2007-2010. The PAC is a group of measures intended to…