Detail Dream On?; Emerging Markets   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 404 no. 8794 (Jul. 2012), page 57-58. Topik: Economic Growth; Emerging Markets; Manycountries; International Trade Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Fifteen years ago this month, Thailand at last allowed its currency, the baht, to fall against the dollar, abandoning a long, losing battle with market forces. "I haven't slept for two months," said the governor of the central bank on the day of the devaluation. "I think that tonight I'll be able to sleep at last." What followed was a five-year nightmare for emerging markets, as the financial crisis spread to Thailand's neighbours, then to Russia and Brazil, before eventually claiming Argentina and Uruguay in July 2002. The crisis-hit countries emerged from devaluation, default and distress with low expectations, cheap and flexible currencies, scope to borrow and room to grow. Global capital markets welcomed them back, buying their equities and their bonds, even when denominated in their own currencies. The popular emerging-markets stockmarket index compiled by MSCI rose by over 350% from the end of 2002 to its peak in October 2007. Rather than spend these capital inflows, emerging economies recycled them. They amassed foreign-exchange reserves as a guarantee against ever again succumbing to a currency crisis or the ministrations of the IMF. Some have even begun to help fund the fight against crises elsewhere. On July 10th Indonesia's central bank confirmed it would buy $1 billion of the IMF's notes, a poignant reversal of roles. But after a dream decade, something is amiss. China is now struggling to grow as fast as 8% (its GDP expanded by 7.6% in the year to the second quarter). India, a country that once aspired to double-digit growth, can now only dream of ridding itself of double-digit inflation. None of the biggest emerging economies stands on the edge of a dramatic financial precipice, like their counterparts in the euro area, or a fiscal cliff, like America's. But their economic prospects have nonetheless started to head downhill. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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