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Resilience and Growth Amid Global Turmoil
Brookings Institution Press
November 2010
On Sale: November 5, 2010
205 pages
ISBN: 0815705646
EAN: 9780815705642
Paperback
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Non-Fiction
Emerging market economies (EMEs) have become the darlings of
international investors and the focus of enormous attention
in academic, media, and policy circles. M. Ayhan Kose and
Eswar Prasad present the definitive account of the evolution
of EMEs and use the lens of the global financial crisis to
evaluate their strengths and weaknesses. Led by a set of large and dynamic countries—including
Brazil, China, India, and Russia—EMEs have become a dominant
presence in the world economy. They now account for a
substantial share of world output and have been a major
driver of global growth during the past decade. They are
significant players in international trade and financial
flows and are beginning to exert rising clout in global
policy debates. However, the financial crisis of 2007–09 and
the worldwide recession that followed cast a pall over the
notion that EMEs had become self-reliant and decoupled from
demand conditions in and financial flows from advanced
countries. Kose and Prasad, prominent experts on emerging market
economies and globalization, draw on their extensive
research to assess the resilience of EMEs in the face of the
global financial crisis. Their analysis shows that EMEs, as
a group, weathered the crisis much better than the advanced
countries, and most of these economies have bounced back
rapidly from the global recession. The authors track down
the reasons for this resilience and explain why some
countries in this group have done better than others. Based
on this analysis, they draw lessons for the durability and
sustainability of these economies long-term growth. This
book is important reading for anyone trying to anticipate
the future growth of emerging markets or contemplating
business opportunities in these economies.
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