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Meanwhile,investorsdon’tseemtorealisethatAsianmarketsarelessriskythanotheremergingregions,saysJosephLittleofCazenove。

UnlikeeasternEuropeandLatinAmerica,majorAsiancountriesnowhavecurrent-accountsurplusesand,withtheexceptionofIndonesia,arenetcreditors,withtheirforeignexchangereserveseclipsingtheirexternaldebt。

Furthermore,45%ofAsiandebtisinlocalcurrency,issuedatafixedyieldandofmorethanfiveyears’duration。

Historyshowsthatthisisthesafestwayforemergingcountriestoborrow。

LatinAmerica’sdebt,bycontrast,isstronglyweightedtowardsshort-term,foreign-currency-denominatedorvariable-interest-rateborrowing。

AllthismakesAsiafarlessvulnerabletoafinancialcrisisthanitsemergingcounterparts;indeed,“theregionlooksmorelikeadevelopedcountrywhenweconsideritsfinancialriskiness”。

Yetthisisnotreflectedinequityprices–emergingmarketsremainhighlycorrelated。

Givenitssuperiorriskprofile,Asiaistoocheapandis“dueforarerating”;itshoulddecoupleasinvestorscottonon。

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