Moreover, the overheating pressures in some countries translated into rising inflation and led to a real appreciation of their currencies, which in turn aggravated the external imbalances further.
Let’s remember that some of the early emerging-market economies have become important markets for Canadian goods and services. The integration of China and India into the world trade order is taking  BIS Review 39/2004  1  place as other emerging-market economies, such as Mexico and Brazil, continue to carve out their niches in world markets.