Emerging Markets and Global Financial Reform
Other than schadenfreude, emerging-market countries have brought little to the table when it comes to reforming global finance. But indifference is not a tenable strategy, because financial markets are too integrated – and will remain so, like it or not – for whatever rules are established not to profoundly affect emerging markets as well.
BERKELEY – It is fitting that the upcoming G-20 summit is being held in Pittsburg, an old industrial center of an advanced industrial country, for the advanced countries have been allowed to set the agenda for strengthening financial systems. Other than schadenfreude , emerging markets have brought little to the table.