The Mega-Bankruptcies of the Early 2000s
As we move closer to what might be the terminal crisis — the Great Crisis of 2007–09 — of this political-economy cycle of finance, the pernicious series of systemic crises in emerging economies seems to be exhausted. This apparent tranquillity does not depend on the fact that the international financial order has found a new coherent direction. Rather, the emerging countries have experienced the danger of high dependence on foreign capital and are now trying to limit that dependence. This is the motivation behind the counterintuitive new situation in which, owing to their intense accumulation of currency reserves and of foreign assets more broadly, from 2003 emerging countries switched from being net borrowers to being net lenders (Bongini et al., 2009).
KeywordsHedge Fund Audit Firm Foreign Asset Generally Accept Account Principle Chief Financial Officer
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