Also, the terms of trade for the EMEs have severely deteriorated since mid-2014, essentially due to the fall that  1  According to IMF data, per capita GDP in the EMEs (in PPP-adjusted terms), as a share of the corresponding figure in the AEs, increased from 14.5 percent in 2000 to 18 percent in 2007.
BIS central bankers’ speeches  1  commodity prices, especially oil, have displayed. Lastly, capital flows to EMEs have not only declined, but are significantly more volatile with respect to previous years. How important are external conditions for economic growth in EMEs?