| Will Emerging Markets Escape the Next Big Systemic Financial Crisis?
Rogoff, Kenneth
Cato Journal, Spring/Summer 2006,v26, #2, pp337-341
For the past four centuries, emerging market debt crises have broken out like clockwork, but in today's world emerging market debts are near record lows and most countries are able to borrow liberally on international capital markets. Rogoff summarizes both the optimistic and the pessimistic views of globalization's impact on the financial future of emerging markets. He concludes globalization has helped yield a deeper and more sustained expansion than in the past, but he also expects emerging market debt crises are likely to recur during the next decade. Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard Univeristy
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