Forget Emerging Markets, Frontier Markets Still Rising

Capital is heading home. Trade deficits are soaring. Reform has stalled. And the easy years of catch-up growth have come to an end.  There are no shortage of reasons why the markets have turned bearish on the emerging markets, and there are plenty of explanations for why they have been so badly hit at the start of 2014.  There is one thing that does not quite add up, however. While the emerging markets have been tumbling, the frontier markets have been doing as well as they ever did. They easily out-performed most other assets last year, and have carried on rising even as a wider crisis has rippled through the developing world. 

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