The measured central government fiscal position is also very strong, though the overall public sector position is less so given the build-up in debt among local governments and state-owned enterprises.
4  BIS central bankers’ speeches  Graph 2  Click to view larger  Outside China, country-specific risks seem to have increased in a number of other emerging market economies – for example Brazil, Russia and Turkey. Among the various factors contributing to that in recent times have been falling commodity prices, political instability and excessive corporate leverage.