Abstract
As the global financial crisis has intensified, even such asset classes as emerging market debt that are removed from the epicenter of the crisis have come under pressure. Decoupling is untenable, but emerging market debt is likely to be supported, at least on a relative basis, by the potential of emerging market economies to continue outpacing those of the developed world. In considering the outlook for emerging market debt and its position in a well-diversified portfolio, analysts need to recognize that it has experienced important changes in the past several years. In particular, emerging market debt should now be viewed as consisting of three distinct asset classes: (1) dollar-denominated debt, (2) local currencies, and (3) local interest rates.
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