Now that the long bull run in emerging market equities has gone into reverse, the question has to be asked. Was it all hot air? The answer is yes only in the limited sense that most of the surge since the start of the last decade was driven by a change in valuation basis and by investment bankerly hype. Yet the underlying economic story remains largely intact, even if central banks in emerging markets are fighting a difficult battle with inflation and geopolitical risk has re-surfaced.
既然新兴市场股市的长期牛市格局已经逆转，人们必须要问这样一个问题：某非这一切都只是吹嘘？仅仅从特定意义上讲，答案是肯定的：自本世纪初以来新兴市场股市的大幅飙升，主要是源于估值基础的改变和投资银行式的炒作。不过，尽管新兴市场央行正在艰苦地与通胀作斗争，地缘政治风险也再度浮现，但很大程度上，新兴市场的基本manbetx20客户端下载 状况仍未改变。
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