Most of the economic crises over the past few decades have had their roots in developing and emerging countries, often resulting from abrupt reversals in capital flows, and from loose domestic monetary and fiscal policies. In contrast, the current ongoing global financial crisis has had its roots in the US. Though emerging market economies, such as India, do not have direct or significant exposure to stressed financial instruments or troubled financial institutions, they are not immune to the adverse effects of the financial crisis. Reinforcing the notion that, in a globalized world, no country can be an island, growth prospects of emerging economies have been undermined by the cascading financial crisis. This book contains 16 analytical contributions which - with regional dimensions - give deep insights into the origins, the causes, the consequences, and the remedial measures related to the current financial crisis.
Publication Date: 7/30/2010