I recently discussed the appeal of the iShares MSCI Emerging Markets ETF ( EEM ) and still think that its blue-chip portfolio is gong unappreciated by global investors. Large Trade Deficits Sources: CIA World Factbook, United Nations Note that many emerging-market economies have been home to some of the most dynamic growth rates in the past decade. In the nearterm , a weaker currency for any nation that runs trade deficits means that import prices are rising, and an upward move ininflation can lead central banks to raise interest rates to reverse the trend.