ii)  Deterioration in terms of trade: the global recession has not only reduced the volume of exports for emerging countries, but also led to a change in relative prices. In particular, commodity prices have declined significantly, although they have experienced some recovery recently. BIS Review 157/2009  2. An external financial shock.
The rise in international investors’ risk aversion and the losses incurred by many large cross-border banks have led to a substantial decrease in risk positions held in the majority of EMEs. i)  Restricted access to external financing: Many EMEs faced a reduction in the amount of external financial funds available.