Mohamed A. El-Erian , Columnist

Argentina Sell-Off Risks Dragging Down Emerging Markets

Central bank policies are propping up values. At some point, investors will start insisting on economic progress.

April 25, 2019 at 8:51 PM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

So far, not so good.
Photographer: Sarah Pabst/Bloomberg

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This month’s sell-off of Argentine and Turkish financial assets, two emerging-market benchmarks, is less surprising than the minimal impact it’s had on other emerging-market securities. But before celebrating the resilience of that asset class, investors should take a cautionary look at the reasons for the limited contagion so far.

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