In recent times, the emerging world has been hit by multiple shocks, including a spike in commodity prices (a positive development for the Middle East, some of Africa and Latin America, but negative for most of Asia), the rise in US bond yields (negative for financially-vulnerable countries such as Turkey and Brazil), inflationary tensions (Turkey, Brazil, etc.), a new wave of Covid-19 (Brazil, some central European countries and, to a lesser extent, India)...