j u n e 2 0 5 bilateral seminar on foreign trade and investment brazil switzerland joaquim ferreira levy national treasure secretariat ministry of finance international macro conditions led to historically low spreads high yield emerging markets m a c r oeco nom i o ver v iew 1 500 1000 1500 2000 2500 dec 98 apr 99 aug 00 01 02 03 04 05 usa yields embi due favorable liquidity treasuries 10 years 3 4 6 7 an 96 ma y 9 sep 97 8
