Despite clear improvements in emerging markets economic data, not all investors are convinced that the structural bear market in emerging markets is over. Adding to the cautionary mood are expected headwinds from US inflation and rising US rates under a pro-growth Trump administration. Exogenous factors have strongly influenced emerging markets assets for several years now, and are expected to pose significant negative tail risks in the months ahead. In outlook for 2017, authors examine these risks to better understand the “wall of worry” Lazard Asset Management believes investors will need to climb this year. However, they believe it is equally important to note that fundamentals could continue to strengthen this year. […]