ABSTRACT
The year 2008 proved to be one of the most turbulent and volatile in modern global economic history. With the benefit of hindsight, it is difficult to understand how trends that had been gathering pace over the last five years could have been overlooked by most economic analysts — from the surge in innovative financial instruments to widening global financial imbalances. The crash, when it came, was spectacular and almost derailed the international financial system. The domino effect on real economies and their output, trade and employment were felt across the globe, with developing countries impacted as severely as developed ones.
