Speech by Mr William R White, Economic Adviser and Head of Monetary and Economic Department of the BIS, at the IIF 25th Anniversary Membership Meeting "Financing conditions for EMEs", Washington, 20 October 2007.
Are crises in emerging market economies a thing of the past? Recent high rates of return on financial assets, resilience to the recent financial turmoil in industrial countries and better "fundamentals" all suggest a positive response to this question. Yet, on closer examination, a number of important sources of concern can still be identified. In particular, efforts to resist upward pressure on exchange rates could set the scene for forthcoming problems in some emerging markets, while at the same time aggravating the dangers associated with global trade imbalances.
Event or Meeting:
IIF 25th Anniversary Membership Meeting