Governments around the world have been printing money and running huge budget deficits for the last seven years. Policymakers’ actions have greatly inflated the prices of stocks and other assets. Sooner or later, this bubble must surely burst.
Emerging markets are supposedly the most threatened, largely because any credit crunch would stifle their funding.
Yet there’s one emerging market that runs a balanced budget, has avoided monetary stimulus, is growing rapidly, and has a balance of payments surplus that should insulate it against another financial crisis.
That happy country is the Philippines.
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