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The Future of Business in Emerging Markets by Nenad Pacek

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1. AN AGE OF MODERATE AND HIGHLY VOLATILE GLOBAL GROWTH

We have had more economic crises in the last 35 years than in the previous 350 years (see Kindleberger). There are quite a few things that have contributed to this unusual volatility and the recent big global crisis (from which we still have not really recovered). In the last decades we have been living in an age of massive deregulation, primarily of financial markets. Things such as the “securitization” of risk; free flows of often speculative capital to currencies, commodities and other asset classes; liberalization of short-term capital flows, even for the poorest markets; the rise of financial instruments that few authorities understand; selling of so called Triple-A rated securities ...

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