The Current Global Financial Turmoil and Asian Developing Countries Yilmaz Akyüz

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.

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