In This Issue: Developing Countries Are Actually Developing: The healthy world economy has created a boom in many developing countries. After decades during which the term "developing country" was a euphemism, growth has increased in most of the world's poorer economies and, as a group, at a rate that's far outpacing the developed world. Overall world growth was 4.8% last year and Standard & Poor's expects it to be 4.9% in 2006.Emerging Markets Sovereigns Hike The Upgrade Trail: Despite a less benign external environment, sovereign upgrades should continue to exceed downgrades in the near term, as positive outlooks on ratings of emerging market sovereigns outnumber negative outlooks nine to two. Emerging Market Bonds: Cause For Pause : After three years of supersized returns, a faint whiff of circumspection appears in the air for emerging market bonds. Volatility and risk aversion have dissipated after a brief outbreak in May/June, but they wreaked enough damage to give investors cause for pause. The Pursuit Of Best Banking Practices In Emerging Markets: Among the far-reaching results of the financial crisis in the 1980s and 1990s was an accentuated focus on credit risk in emerging market economies that led to sounder banking systems driving more stable and sustainable growth rates. Banking In Emerging Markets: A New Academic Study Provides Valuable Data: The results support the view that the existence of a single supervisory authority makes sense in EMEs, where skilled banking personnel are relatively scarce and simplicity in institutional arrangements is preferred to minimize room for political pressures and corruption. Behind The Boom In Emerging Markets Equity Investing: The story for equities in emerging markets in the past couple of decades has been one of explosive growth. Once written off as highly risky assets, attracting only niche investors or those who are less averse to risk, equities in emerging markets are becoming more and more palatable to mainstream investors. Asia And Latin America: A Tale Of Two Emerging Markets: The growing economic dynamism of Asia and its expanding role in the world economy stand in contrast to Latin America's modest economic progress in recent decades. Emerging Market Infrastructure: How Shifting Rules Can Stymie Private Equity: This next round of infrastructure investment could top $1 trillion over the next 10 to 15 years. According to the International Energy Agency, 1.6 billion people worldwide do not have access to electricity. If Another Downturn Hits, India's Banks Will Be Ready: Could India's banking sector be set for another fall like the one it suffered during the economic downturn of 1994- 1996? Despite some similarities today, CRISIL sees India's banks as much more resilient than they were a decade ago. Can Emerging Markets In Asia-Pacific Duplicate Mexico's RMBS Success?: The progress that Mexico's RMBS market has made over the past decade is being heralded as one of the great success stories in Latin America's financial markets. And now Asia-Pacific seems set to follow. Structured Finance Is Making A Home In EEMEA: Structured finance in Eastern Europe, the Middle East, and Africa (EEMEA) may still be in its formative period, but it is growing up fast and has made progress toward becoming fully established. Pushing Asia-Pacific's Developing Bond Markets Onto The World Stage: Just as the economies of the Asia-Pacific region are diverse, so are its bond markets. The level and direction of development varies significantly-from Japan's huge and highly advanced but largely domestic-focused market to Thailand's small but rapidly developing market. Gazprom And Pemex: Both Energy Giants, But So Different: Both Pemex and OAO Gazprom are huge hydrocarbon companies and government-related entities. Both play an economic role in their respective countries and are majority controlled by the state. But they are not the same. Bolivia And Venezuela: Energy Policy Gets Thrown Into Reverse: In the late 1990s, Latin America was seeing a clear trend toward increased competition from the private sector, but how quickly things have changed. Two countries in particular, Bolivia and Venezuela, have reversed course, and nowhere is the new direction clearer than in the changes they have been making in the regulatory framework of their oil and gas industries. | 
