Monday, April 09, 2012

Captain Nemo said it best...

...when, in Jules Verne's classic "Twenty Thousand Leagues under the Sea" he uttered:

"Professor, you must not confound statics with dynamics or you will be exposed to grave errors"

And so...

“The relative risk of emerging markets compared with developed markets has changed,” said Campbell R. Harvey, a professor of international business at Duke University.

The average debt level of emerging-market countries like Brazil and China is far lower than that of developed ones like the United States and Japan, Professor Harvey said. In addition, emerging economies have continued to surge, even as much of the developed world keeps struggling with the aftermath of the 2008 financial crisis. Today, emerging markets represent about one-third of world G.D.P., and that share should increase in coming decades, he said.

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