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Synopsis
The primary message of the contributors—economists at universities, international organizations, and banks around the world—is that the integration of emerging economies into the global financial system poses much larger policy challenges that had previously been anticipated. They point out that as the number of potential targets for investment grows, now 31, there is an increased probability of financial crises in developing countries that have become reliant on volatile capital flows, and that a crisis in one country increases the probability of a crisis in others.
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