Innocent Bystanders
For decades, developing countries dreamed of a nirvana of sky-high commodity prices and rock-bottom international interest rates. But perhaps finance ministers in Lima, Bogota, Pretoria, or Jakarta should have been more careful about what they wished for.
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SANTIAGO – Take a taxi in São Paulo nowadays and you will experience the maddening traffic and untidy streets of an emerging-country metropolis. But when the time comes to pay for the ride, you may feel like you are in Boston, Luxemburg, or Zurich: the value of the Brazilian real, like the currencies of many emerging-market countries, is high – and could go higher.