Economics Focus: Domino Theory  

Oleh:

The Economist

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 390 no. 8620 (Feb. 2009), page 75.
Topik: Economics; Domino Theory; Europe; Currencies; Shares; Bonds

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.54 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

THE drought of foreign capital is beginning to wreck many economies in central and eastern Europe. Currencies, shares and bonds are tumbling, and some economists fear that one or more of these countries could default on its foreign debts. Emerging-market crises have a nasty habit of spreading as investors flee one country after another. Some Middle Eastern markets, notably Dubai, are already in trouble. But which of the larger emerging economies are most vulnerable? To answer that question in the past, economists used to pay most attention to the solvency of governments, and hence their debt-to-GDP ratios. But today, the biggest risk in the emerging world comes not from sovereign borrowing, but from the debts of firms and banks. As foreign capital dries up, they will find it harder to refinance maturing debts or to raise new loans.

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