Earlier this year, the FT wrote that, as far as emerging market equity investors are concerned, the Brics are dead, and have been replaced by the Ticks.
The rationale was that the collapse in commodity prices has badly holed the economies of Brazil and Russia which, in alliance with China and India, had formed the Brics quartet dreamt up by Jim O’Neill, then chief economist of Goldman Sachs, in 2001.
Instead, equity investors were buying into the Ticks, which feature Taiwan and (South) Korea, alongside China and India, ignominiously dumping Brazil and Russia in the process, as the first chart shows.
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