Financial crises in the emerging markets

A new paper just published by the Federal Reserve Bank of New York about financial crises in emerging markets and the role of the public and private sector.

Terrence J. Checki and Ernest Stern say that in the wake of the emerging market turmoil of recent years, a broad consensus has developed on ways of strengthening the institutional framework to create more robust, and thus more crisis-resistant, economies.

But they go on to say that there is no comparable consensus on how best to handle

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