Global lending conditions more connected than ever, says BIS's Turner

Emerging market corporates have increasingly been looking to international capital markets to fund themselves, making global long-term interest rates more relevant to emerging market domestic economies, according to a new paper by Philip Turner at the Bank for International Settlements (BIS).

In his paper: The global long-term interest rate, financial risks and policy choices in EMEs, Turner argues that ultra-low interest rates in the world's biggest advanced economies have indirectly led to the