But when a  BIS central bankers’ speeches  1  Mexico or a Thailand does the same, the market in effect says “Oh my God, they have no credibility” and launches a massive speculative attack.1 One of the accomplishments of emerging-market macroeconomic policy after 1998 has been burying that double standard.
Emerging markets can build their own credibility, and this was best seen by the steady rise in capital flows into these countries through the 2000s and the expansion of investment analyst capacity to understand them better. For South Africa, the period of integration with the world economy in the 1990s coincided with a steady fall in the price of major commodity exports.