## Figure 1.20. Recent Developments in Emerging and Frontier Markets

## Source details

**Canonical URL:** [Figure 1.20. Recent Developments in Emerging and Frontier Markets](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-20.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-20.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-20.pdf.json)

---

### Panel descriptions (chart labels and scales)
- 1. Equity Benchmarks (Index, April 1, 2018 = 100)
- 2. Currencies against the US Dollar (Index, April 1, 2018 = 100)
- 3. US and Emerging Market Credit Spreads (Basic points)
- 4. Frontier Issuance and Spreads (Billions of US dollars; basis points)
- 5. China: Equity Market Performance (Indexed to end-2017)
- 6. China: Lending Rate and Bond Yields (Percent)

### Timeline and axis values shown on charts
- Date ticks and labels: Jan. 2018; Feb. 18; Mar. 18; Apr. 2018; May 18; Jun. 18; Jul. 18; Aug. 18; Sep. 18; Oct. 18; Nov. 18; Dec. 18; Jan. 19; Feb. 19; Mar. 19; Apr. 18; Dec. 17; Mar. 18; Jun. 18; Sep. 18; Dec. 18; Mar. 19
- Equity index scale examples: 70, 80, 90, 100, 110, 120
- Alternate equity scale examples: 80, 85, 90, 95, 100, 105
- Credit spread / yield scales (examples shown): 50, 75, 100, 125; 200, 300, 400, 500, 600
- China bond/yield scale examples: 0, 2, 4, 6, 8, 10, 12
- Frontier spread / EM spread right-scale examples: 280, 330, 380, 430, 480, 530, 580

### Key time-marked events and annotations from the figure
- "US equity/credit and oil correction"
- "Federal Reserve pause/risk bounce"

### Instruments, markets, and series displayed
- Bond issue rates:
  - Three-year AA-rated bond issue rates
  - Three-year AAA-rated bond issue rates
- Bank lending:
  - Average corporate bank loan
- Market groups:
  - Emerging markets
  - Advanced economies
  - China
  - EM (excluding Venezuela)
  - EM frontiers
  - Frontier markets broken down by Africa, Latin America, Asia, Europe
- Credit categories and indices:
  - US HY
  - EM spread (right scale)
  - Frontier spread (right scale)
- Chinese equity indices and firm-level series:
  - Shanghai Composite
  - CSI 1000 (small cap index)
  - Stocks with >50 percent shares pledged
  - Stocks with >20 percent revenue from United States

### Observations and short analytical statements included on the figure
- "Chinese equities rebounded in early 2019 after declines due to trade tensions and global volatility."
- "Policy easing helped partly offset the tightening in financial conditions, but less so for lower-rated firms."
- "Stability in foreign exchange markets, along with hopes for a US-China trade deal, supported equities."
- "Currencies have been relatively stable after the sharp sell-off last year."
- "Emerging market credit came under pressure led by weaker issuers, before recovering this year."
- "After a lull in the second half of 2018, some frontier market issuers have come back to the market."

### Notes and abbreviations shown
- "Sources: Bloomberg Finance L.P.; Bond Radar; Haver Analytics; JPMorgan Chase & Co; Wind Information Co.; and IMF staff estimates."
- "Note: CSI = China Securities Index; EM = emerging market; HY = high yield."

*Figure 1.20. Recent Developments in Emerging and Frontier Markets — source PDF: figure1-20*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-20.pdf_