Could someone please help me understand below? Thanks. “The relatively high interest rates of emerging market economies leads to an inverted pricing curve with forward prices of the emerging market currencies below their spot prices. This raises hedging cost for sellers of the currency, not buyers; sellers receive negative roll yield while buyers receive positive roll yield. EM currencies do have relatively high bid/asked spreads which increase in periods of crisis. Contagion and tail risk refer to infrequent events. Contagion refers to all EM currencies tending to decline together in periods of crisis, and tail risk to the downside in those periods of crisis being large in relation to typical upside movement in the currencies.”