This reflects, in part, better liability management, which also shows up in the enormous reduction in the exposure to foreign currency debt, providing solid grounds for developing a domestic yield curve in local currency. 5)  External strength due to mainly trade dynamism (diversifying destinations and products).
Just as an example, the share of exports to the US, one of the major destinations of foreign sales, from 2002 to 2006 dropped from 33% to 27% of total Latin American exports and from 21% to 18% of emerging Asia’s foreign sales. 6)  Accumulation of international reserves. The later has been, in my opinion, the common pattern all across the emerging world.