Contrary to many analysts’ expectations, emerging markets have not spiraled into a debt crisis. This can be partly attributed to central banks’ decision to reject populist policy proposals in favor of a modern iteration of macroeconomic orthodoxy.
CAMBRIDGE – As finance ministers and central bankers convened in Marrakesh for the International Monetary Fund and World Bank annual meetings on October 9-15, they faced an extraordinary confluence of economic and geopolitical calamities: wars in Ukraine and the Middle East, a wave of defaults among low- and lower-middle-income economies, a real-estate-driven slump in China, and a surge in long-term global interest rates – all against the backdrop of a slowing and fracturing world economy.
CAMBRIDGE – As finance ministers and central bankers convened in Marrakesh for the International Monetary Fund and World Bank annual meetings on October 9-15, they faced an extraordinary confluence of economic and geopolitical calamities: wars in Ukraine and the Middle East, a wave of defaults among low- and lower-middle-income economies, a real-estate-driven slump in China, and a surge in long-term global interest rates – all against the backdrop of a slowing and fracturing world economy.