The
resilience of emerging markets to direct
and indirect shocks from the current financial
crisis in the US will play an important
role in determining global growth and
stability in the near future, since much
of it has been due to expansion in these
economies, notably in Asia. This paper
explores the extent to which growth and
stability in Asian emerging markets can
be decoupled and this the paper argues
crucially depends on prevailing domestic
economic conditions as well as the policy
response to possible shocks from the crisis.
June 03, 2008.
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