เกี่ยวกับการบริหารความเสี่ยง EM FX ในช่วงที่นโยบายแตกต่างกัน

That's a good question. Many experienced players I know lean heavily on a robust VaR model, often supplemented with stress testing specific scenarios, to gauge their exposure to those divergences. It's not just about the rate differential, but also the potential for capital flight if the narrative shifts.

That's a great point about the practicalities of sizing. Beyond just rate differentials, I wonder how much the market's perception of political stability and external account vulnerability in those EM countries influences the actual risk premium demanded, even with attractive carry.