Country Dynamics

Updated Daily

#Country Flows

Country Flows are flows both within a country and across borders of countries. For a number of #EM Countries we have high frequency (daily) data with a short lag (showing what has happened within the last few days). For a larger set of #EM Countries we have weekly, monthly and quarterly frequency data.

One of our most popular #Country Flows data are the daily and weekly inflows of capital (‘flows across the border’) to #EM Countries that are due to foreigners (non-residents) buying local-currency-denominated government bonds.

#Country Positions

Country Positions are stocks – either assets or liabilities – both within a country, and across borders of countries.

Similarly to above, one of our most popular #Country Positions data are the foreign holdings of local-currency-denominated sovereign bonds of #EM Countries. These are liabilities, from the issuing country’s perspective.

Bond Market Composition

The resident and non-resident holders of the Hungarian local currency bond market

The resident and non-resident holders of the Malaysian local currency bond market

The resident and non-resident holders of the Colombia local currency bond market

Portfolio Securities Liabilities

The non-resident holders of Brazilian debt and equity securities

The non-resident holders of the different types of Brazilian debt

Coverage

#EM Macro

We have daily frequency data for 8 countries, and monthly frequency for 20.

#Global Macro

We are building this product up, and have completed our work for France.

Country Classifications

Emerging Market / Emerging Market Economy (FlowPro definition)

In FlowPro, an Emerging Market is a United Nations member state that is not a member of J.P. Morgan’s GBI DM Bond Index as of December 2021. This makes for a very broad (large) set, because the J.P. Morgan set is very narrow (it has some notable exceptions, with a selection shown).

JPMorgan PDF

FlowPro	Count
United Nations member state	193
…of which in JPMorgan GBI DM (Dec 2021)	21
…of which remainder	172
Emerging Market (FlowPro)	172

JPMorgan Developed Market	Selected Exceptions (1)	Selected Exceptions (2)
Australia	Macau	Taiwan
Austria	Bahamas	United Arab Emirates
Belgium	Slovenia	Luxembourg
Canada	Brunei	San Marino
China	Czech Republic	Monaco
Denmark	Estonia	Andorra
Finland	Guyana	Liechtenstein
France	Lithuania	Croatia
Germany	Kuwait	Hong Kong
Ireland	Slovakia	Russia
Israel	Poland	Mauritius
Japan	Barbados	Malta
Korea	Greece	Cyprus
Netherlands	Hungary	Saudi Arabia
New Zealand	Latvia	Qatar
Portugal	Uruguay	Bahrain
Singapore	Antigua & Barbuda	Bermuda
Spain	Panama	Switzerland
Sweden		Cayman Islands
United Kingdom		Isle of Man
United States		Norway

Emerging Market Economy (IMF definition)

The country classification in the World Economic Outlook divides the world¹ into (i) advanced economies and (ii) emerging and developing economies.

IMF	Count
Standard Group	190
…of which Advanced Economies	41
…of which remainder	149
Emerging market and developing economies	149

The “world” is currently a standard group of 190 countries, although the IMF also has data on some additional places (which fall into the emerging and developing economies group). ↩︎

World Economic Outlook

Emerging Market Economy (World Bank definition)

The World Bank does not use the word “Emerging” in its classification system. The World Bank includes more places than there are member states of the UN, because it counts (i) countries-within-countries (e.g. Aruba), (ii) unincorporated territories (e.g. American Samoa), (iii) overseas territories of the United Kingdom (e.g. Bermuda) and (iv) various other places.

World Bank	Count
Low Income	28
Lower Middle Income	54
Upper Middle Income	54
High Income	81
Total	217

J.P. Morgan Emerging Market Bond Indices

J.P. Morgan Global Index Research Product Guide 2022

Index	Summary	Count
GBI-EM Global Diversified Bloomberg: JGENVHBR	Local Currency Sovereign	20
Latin America: Brazil, Chile, Colombia, Dominican Republic, Mexico, Peru, Uruguay (8)	CEEMEA: Czech Republic, Egypt, Hungary, Poland, Romania, Serbia, South Africa, Turkey (8)	Asia: China, India, Indonesia, Malaysia, Philippines, Thailand (6)

Index	Summary	Count
EMBI Global Diversified	Hard Currency Sovereign	72
Latin America: tbc	CEEMEA: tbc	Asia: tbc

Index	Summary	Count
NEXGEM	Frontier Markets Sovereign	32
Latin America: Bolivia, Costa Rica, El Salvador, Guatemala, Honduras, Jamaica, Paraguay, Suriname (8)	CEEMEA: Angola, Armenia, Azerbaijan, Belarus, Ethiopia, Gabon, Georgia, Ghana, Iraq, Ivory Coast, Jordan, Kenya, Mozambique, Nigeria, Senegal, Tunisia, Zambia (17)	Asia: Mongolia, Pakistan, Papua New Guinea, Sri Lanka, Tajikistan, Uzbekistan, Vietnam (7)

Index	Summary	Count
JACI	Asia Sovereign & Corporate	18
Asia: Cambodia, China, Hong Kong, India, Indonesia, Macau, Malaysia, Sri Lanka, Maldives, Mongolia, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam