2. Net interest margins — the difference between interest paid on deposits and interest gained from loans — suffered as China lifted its remaining controls on the interest rates paid on deposits. The average margin declined by about 46 basis points to 2.54 per cent in 2015.
5. When a cup is placed on a dispenser, a magnet lifts to let beer flow in.
The first chart shows the total incidence of banking, currency and debt default crises in emerging markets since the 1970s, set against the nominal federal funds rate. Mr Koepke gives this as evidence that high and rising rates typically precede periods of EM crisis.