From the Financial Times:
Article produced by Guillermo Tolosa, Economic Consultant for Oxford Economics
"There are good reasons why emerging markets are back in fashion. Here we focus on recent developments and long-term macroeconomic trends that have been shaping a new risk landscape for the EM asset class."
"The key factor for explaining the behaviour of EM currencies is non-resident capital flows. Such flows have come in three distinct long-term waves over the past 40 years, each of which has consisted of several years of surges in flows followed by a similarly long period of declines."