Oil Dividend Proves Elusive for Emerging Markets
Shares of importers such as South Korea, Turkey, and Thailand haven’t enjoyed the expected boost from lower prices. What happened?.
Feb. 27, 2015 11:34 p.m. ET
It’s a common, and seemingly commonsensical, assumption these days that if oil-exporting emerging markets like Russia and Brazil have been hammered by sinking crude prices, oil-importing countries must be sailing. The hot performance of the two oil-buying BRICs, China and India, since the crash started last summer seems to cement the theory—except it doesn’t.