With emerging markets, it's essential to take a step back from time to time and survey the bigger picture, looking at the secular and structural landscape. Here are some papers that we think do that well:
1. Emerging markets: Cyclically challenged, structurally adjusting, secularly promising (March 2015, JP Morgan)
The author, from JP Morgan, examines the cyclical, structural and secular outlook for a variety of emerging markets.
This article explores the characteristics of frontier markets, before questioning whether investors should consider an allocation to the asset class - and, if so, how and why?
Joachim Klement, CIO at Wellershoff, examines whether the Shiller CAPE ratio adds value as a tool for forecasting emerging market returns. Written in 2012, the author examines empirical evidence for 35 different markets, concluding that the Shiller CAPE ratio is a useful tool for asset allocation purposes, particularly over a longer-term horizon.