Richard Marney is a senior advisor for risk management at responsAbility Investments AG, where he previously served as the firm’s Chief Risk Officer. Over a 50-year career, Richard has held senior-level business development, riskmanagement, fundraising, and operating roles in: (i) commercial and investment banking, (ii) micro-finance, (iii) impact investment asset management, and (iv) private equity working in globally recognized financial services organizations, including BNY-Mellon and JP Morgan. Additionally, Richard has extensive experience on company boards of directors, and investment and advisory committees across a broad range of sectors and regions, and has lectured in international and development economics at the graduate university level. Along with Timothy Stubbs, he has published Corporate Debt Restructuring in Emerging Markets: A Practical Post-Pandemic Guide (2021) and Debt Restructuring in Emerging Markets: Effectively Navigating Local Institutional Frameworks (2024) through Palgrave Macmillan. Richard is a graduate of the Johns Hopkins University – School of Advanced International Studies, and University College London.

Philipp Waeber is the Chief Economist at responsAbility Investments AG, a leading impact asset manager specializing in private markets across diverse emerging economies. He advises the firm’s credit business on investment decisions and structuring to price and mitigate country risks. In close to two decades of experience as an economist, he has developed a profound understanding of what triggers crises, how they unfold, and where they leave corporates within a country. Philipp holds a bilingual Master’s degree in Economics from the University of Fribourg, Switzerland, and is a CFA charter holder.

Part I – Fundamentals.- 1. EMDEs’ Macroeconomics: Growth Drivers, Policies and Vulnerabilities.- 2. The Foundational Role and State of Institutions.- 3. EMDEs Financial Development: Depth, Structure and Stability.- 4. Financial Crises in EMDEs: Types, Frequency and Interactions.- 5. A Holistic View – The Investment Climate.- Part II – Context: A Changing World.- 6. Geoeconomic Recalibration: Risks and Opportunities for EMDEs.- 7. Climate Change: EMDEs’ Exposure and Mitigants.- 8. Demographic Transitions in EMDEs: Easing Pressures to Youthquakes.- 9. In Search of the Future Growth Model: Promise and Perils of Technology.- 10. A View of the Future: Opportunities, Vulnerabilities, and Adaptive Capacities.- Part III – Investor’s Rutter.- 11. The Investor’s Rutter.- 12. Transaction Lives.- 13. Counterfactuals.- Part IV – Case Studies.- 14. Case Study – 1: Tomorrow’s Energy.- 15. Case Study – 2: General Goods.- 16. Case Study – 3: Enterprise Bank.- 17. Case Study – 4: Emporium.- 18. Summary Learnings.- 19. Closing: Charting Risky Waters.