History
Emerging market debt was historically a small part of bond markets, as primary issuance was limited, data quality was poor, markets were illiquid and crises were a regular occurrence. Since the advent of the Brady Plan in the early 1990s, however, issuance has increased dramatically. The market has continued to be more prone to crises than other debt markets, including the Tequila Crisis in 1994-95, East Asian financial crisis in 1997, 1998 Russian financial crisis and Argentine economic crisis in 2001-02.
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