Six years ago, Liliana Rojas-Suarez, senior fellow and director of the Latin American Initiative, researched and published for the Center for Global Development (CGD) an interesting study of emerging marketsâ resilience to external shocks. She compared their performance in 2007, before the Global Financial Crisis (GFC), and seven years later in 2014 covering 21 countries. Rojas-Suarez used as determinants of resilience such macroeconomic factors as, one, cost and availability of external financing (current account balance to GDP ratio, external debt to GDP ratio and short-term external debt to gross international reserves or GIR) and, two, ability to respond (overall fiscal balance to GDP ratio, government debt to GDP ratio, squared value of deviation of inflation from its announced target and presence of credit booms and busts).