(Bloomberg) Emerging-market equities have been one of the investment darlings of 2017, handily outpacing their developed-market peers on a narrative of accelerating global growth. The idea that a booming world economy is consistent with EM outperformance seems so obvious that it isn’t even worth checking—but is that actually the case? I’m a macro strategist who writes Bloomberg’s Macro Man column and I decided to take a look at what really drives the relative returns of emerging markets. To do that, I took a Mythbusters-style approach to find the answer.
What’s Really Driving the Emerging Markets Boom?
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