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Some 695 million netizens used mobile phones to access the Internet in 2016, with a growth rate exceeding 10 percent for the third straight year, the report said. Smartphone-based Internet use accounted for 95.1 percent of all Internet users, up from 90.1 percent in 2015.
The first chart shows the total incidence of banking, currency and debt default crises in emerging markets since the 1970s, set against the nominal federal funds rate. Mr Koepke gives this as evidence that high and rising rates typically precede periods of EM crisis.