Emerging markets are back. That's the conclusion of the latest quarterly debt survey by Emta, formerly the Emerging Markets Traders Association. In the second quarter of 2003, total emerging-market debt trading passed $1 trillion for the first time in five years.
Trading volumes peaked at $1.62 trillion in the first quarter of 1997 but were devastated by the series of crises that started in Asia later that year and seemed to continue until the Brazilian presidential election at the end of 2002. But emerging markets have been getting attractive since then, with investors that had...
