But the gross flow of capital is from emerging market to emerging market, through big banks now implicitly backed by the state in both the US and Europe.

The countries of emerging Europe must go through a similar bout of introspection, but the fact that they were saved from worst case scenarios seems to make it more difficult to launch this process.

Re Booting Emerging Europe

And savings are particularly good for developing countries.

Without relatively high savings, a developing country like China may never catch up.

China and other developing Asian economies are experiencing an industrial accident crisis of world historical proportions.

Many countries in emerging Europe had similar near death experiences in the recent global crisis.

The situation is more varied in emerging market economies.

And, as the fate of Mexico s northern towns suggests, emerging economies are not immune from this process.

All of this has important implications for emerging economies.

Emerging Europe needs new sources of competitiveness. There are still important gains to be had from further improvements in the broader business environment.

Emerging Europe needs new sources of competitiveness.

These are large countries with huge economies, where conspiring and doling out small perks and favors is not very effective.

Emerging market economies will take some steps, including interest rate cuts, to safeguard domestic growth.

It makes little sense to include Russia, a former superpower, with three developing economies.

That is true for developed economies no less than for a developing economy like China.

Others point to the debt burdens shouldered by poor countries, or to the volatility of emerging markets.

It is also the G 20 s role, but neither the US nor the emerging countries are keen on collective constraints.

But there are signs that it is spreading to emerging markets.

Emerging Europe s fundamental growth model is sound. If these economies introduce the necessary reforms, they will improve their potential growth.

It should assist emerging economies in shaping sound domestic financial markets.

Emerging Europe s fundamental growth model is sound.

Mass consumption in China and other emerging economies is coming of age in the Internet era.

This response is intertwined with a defensive reaction to the growing role of TNC s from emerging markets, the new kids on the block. Established TNC s, and their home countries, will need to adjust to this new constellation of forces and its implications for the world market.

This response is intertwined with a defensive reaction to the growing role of TNC s from emerging markets, the new kids on the block.

Emerging countries are inundated with capital inflows one day, and faced with abrupt and equally destabilizing outflows the next.

The limits on redistribution through the market are much tighter trying to appropriate the rents may lead firms to move to emerging countries, or else to go bankrupt.

In the decade leading up to the crisis, the emerging European economies were remarkably successful.

Many of the emerging market countries, for example, are still underrepresented.

In a watershed with former practice, a new non conditional credit line was introduced for well performing countries.

A failure in both would be disastrous even if the major emerging market countries have attained self sustaining growth.

In the world of old, the West s economic malaise already would have pulled the rug from beneath most emerging market countries.

Some of these countries have been among the world's fastest growing economies in recent decades.

India and other emerging economies must engage with the WTO, keeping pressure on it to give more voice to developing countries.

Even for a developing economy with per capita income of 3,000, such as China, building wealth in the middle classes remains a central issue.

Emerging market countries from Chile to China have been arguing for some time that the International Monetary Fund the nerve center of the international financial system needs to become more democratic.

It must be led by the United States and other advanced economies, and backed up by major emerging economies.

For the last decade, it has been one Africa's most stable nations, a solid Western ally with a fast growing economy.

If it maintains this progress, before 2030 it will no longer be an emerging economy.

On the one hand, despite the economic crisis engulfing neighboring Europe, Turkey remains the world s second fastest growing economy, after China.

Many countries in emerging Europe had similar near death experiences in the recent global crisis.

High growth and financial stability in emerging economies are helping to facilitate the massive adjustment facing industrial countries.

That is the question facing several emerging market economies, and its impact extends well beyond their borders.

Ultimately, however, each crisis multiplied the worries of investors about emerging market risk.

Turkey has been deft in seizing these new opportunities, with exports increasingly headed south and east to the emerging economies, rather than west to high income markets.