What we learned from the financial crises of 2009 in emerging countries
This chapter aims to bring together the major stylized facts that emerge from the observation of such episodes in emerging economies in order to derive some key lessons, first concerning the role of financial globalization and innovation, and second about the forces that shape the international system. Following these two quite distant episodes, the list of countries plagued with the same problem is quite long. Similarly in the 2000s, slower European growth was attributed to the lags in adopting information technologies and in accepting the equivalent of subprime credit and an intensive use of derivatives. Globalization is a catchword that tries to capture a wide range of transformations operating since the early 1980s. Finally, successful countries display a complementarity between public interventions and private initiatives: they are mixed economies, that is, an updated form of the configurations analysed by Andrew Shonfield.