Emerging Lessons from the Crisis
While the US and other advanced countries are still reeling from the effects of the sub-prime mortgage mess, emerging market economies seem to have dodged this bullet, at least until now. But many of them have drawn precisely the wrong lesson, and are halting – or even reversing – the liberalizing reforms needed to sustain rapid growth and macroeconomic stability.
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ITHACA, NY – The US financial system is careening on the edge of a meltdown. All that has kept the much-vaunted font of global capitalism from sliding into cataclysm is the US government, which has effectively become the guarantor and lender of last resort.