Shocks in the International Financial System

Rio de Janeiro, Brazil

August 28, 2008



One of the most salient features the financial turmoil experienced at the time of this conference had been the resilience of emerging economies (EMEs), none of which had experienced an external crisis to date. Indeed, as opposed to previous episodes of financial distress, capital flows towards EMEs had remained relatively sustained. Their sovereign spreads had widened only moderately, the stock of foreign exchange reserves had continued to rise and growth rates had barely budged. To a large extent, EMEs’ resilience to shock was explained by the disciplining of macroeconomic and financial policies over the last decade and to the accumulation of an unprecedented buffer of foreign exchange reserves. This had triggered an intense debate at our conference in Rio on whether shifts in the growth dynamics of the world economy had been intense enough to bring about a ‘decoupling’ of EMEs from the deceleration of advanced economies.



  • Affonso CELSO PASTORE: Director and Economist, AC Pastore
  • Angel UBIDE: Managing Director, Tudor Investments
  • Arminio FRAGA: President, Gaeva Investments
  • Brad SETSER: Senior Fellow, Council on Foreign Relations
  • Charles BEAN: Deputy Governor, Bank of England
  • Felipe LARRAIN: Professor of Economics, Pontificia Universidad Catolica de Chile
  • Gerardo DELLA PAOLERA: Professor of Economics and President, the American University of Paris
  • Ilan GOLDFAJN: Managing Director, Ciano Investments
  • Jerome BOOTH: Head of Research, Ashmore Investment Management
  • Malcolm EDEY: Deputy Governor, Reserve Bank of Australia
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Maria Celina ARRAES: Deputy Governor, Central Bank of Brazil
  • Mario MESQUITA: Deputy Governor, Central Bank of Brazil
  • Mehmet YORUKOGLU: Deputy Governor, Central Bank of Turkey
  • Michael DOOLEY: Partner, Cabezon Capital and Professor of Economics, University of Santa Cruz
  • Ousmene MANDENG: Head of Public Sector, Ashmore Investment
  • Renosi MOKATE: Deputy Governor, Reserve Bank of South Africa
  • Roberto CASTELLO BRANCO: Director of Investors Relations, Vale Group

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