The End of An Asset Class?

The End of An Asset Class?


Mohamed A. El-Erian What a difference 18 months can make. The consensus market view at the beginning of last year was bullish on Latin America. Brazil was growing again, having overcome its January 1999 crisis. Higher oil prices were supporting Colombia and Venezuela. Even market sentiment towards Argentina was improving, reflecting the hope that the newly elected government of Fernando de la Rúa would decisively overcome years of stagnation and deteriorating debt dynamics. Today, market perceptions are far different. Argentina faces a significant probability of default and/or protracted economic stagnation. Other

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